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Janus Henderson Group PLC JHG

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Stock XNYS Rating as of
$33.50 +0.34 (1.03%)
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As of Delayed Price Closed
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Company Report

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US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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Price vs Fair Value

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JHG is trading at a 418% premium.
Price
$33.50
Fair Value
$44.00
Uncertainty
High
1-Star Price
$25.89
5-Star Price
$43.20
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

With $352.6 billion in AUM at the end of March 2024, Janus Henderson is a medium-size asset manager with a product portfolio that remains more heavily weighted toward equities.

Bears

Janus Henderson's near- to medium-term active equity fund performance remains weak, with 60%, 48%, and 55% of AUM outperforming benchmarks on a one-, three-, and five-year basis at the end of the first quarter.

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Trading Information

Previous Close Price
$33.16
Day Range
$33.12–33.52
52-Week Range
$22.18–34.96
Bid/Ask
$33.50 / $35.26
Market Cap
$5.38 Bil
Volume/Avg
2.1 Mil / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
11.88
Price/Sales
2.46
Dividend Yield (Trailing)
4.71%
Dividend Yield (Forward)
4.71%
Total Yield
7.32%

Company Profile

Janus Henderson Group provides investment management services to retail intermediary (55% of managed assets), self-directed (23%) and institutional (22%) clients. At the end of December 2023, active equities (61%), fixed-income (21%), multi-asset (15%) and alternative (3%) investment platforms constituted the company's $334.9 billion in assets under management. Janus Henderson sources 59% of its managed assets from clients in North America, with customers from Europe, the Middle East, Africa, and Latin America (31%) and the Asia-Pacific region (10%) accounting for the remainder.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
2,196
Website
https://www.janushenderson.com

Competitors

Valuation

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Metric
JHG
BEN
AMG
Price/Earnings (Normalized)
 11.888.617.57
Price/Book Value
 1.200.941.42
Price/Sales
 2.461.423.25
Price/Cash Flow
 10.518.126.65
Price/Earnings
JHG
BEN
AMG

Financial Strength

Metric
JHG
BEN
AMG
Quick Ratio
 3.703.382.63
Current Ratio
 3.923.382.63
Interest Coverage
 46.5313.5210.02
Quick Ratio
JHG
BEN
AMG

Profitability

Metric
JHG
BEN
AMG
Return on Assets (Normalized)
 7.00%4.56%8.30%
Return on Equity (Normalized)
 9.99%11.46%21.52%
Return on Invested Capital (Normalized)
 8.93%5.16%11.44%
Return on Assets
JHG
BEN
AMG
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