Intrinsic value of Janus Capital Group - JNS

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$13.15

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.15

 
Intrinsic value

$19.84

 
Up/down potential

+51%

 
Rating

str. buy

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as JNS.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of JNS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -6.04
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,011
  1,031
  1,055
  1,082
  1,112
  1,146
  1,183
  1,224
  1,267
  1,314
  1,365
  1,419
  1,476
  1,537
  1,603
  1,672
  1,745
  1,822
  1,904
  1,991
  2,083
  2,179
  2,281
  2,388
  2,501
  2,620
  2,746
  2,878
  3,017
  3,163
  3,316
Variable operating expenses, $m
 
  649
  663
  679
  696
  715
  736
  759
  784
  811
  840
  811
  844
  879
  916
  955
  997
  1,041
  1,088
  1,138
  1,190
  1,245
  1,303
  1,365
  1,429
  1,497
  1,569
  1,644
  1,724
  1,807
  1,895
Fixed operating expenses, $m
 
  117
  120
  123
  126
  129
  132
  136
  139
  142
  146
  150
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  217
  222
  228
  233
  239
Total operating expenses, $m
  749
  766
  783
  802
  822
  844
  868
  895
  923
  953
  986
  961
  997
  1,036
  1,077
  1,120
  1,166
  1,214
  1,266
  1,320
  1,377
  1,436
  1,499
  1,566
  1,635
  1,708
  1,786
  1,866
  1,952
  2,040
  2,134
Operating income, $m
  262
  265
  272
  281
  291
  302
  315
  329
  344
  361
  379
  458
  479
  502
  526
  551
  579
  608
  638
  671
  706
  742
  781
  822
  866
  912
  960
  1,011
  1,065
  1,122
  1,182
EBITDA, $m
  298
  371
  380
  390
  401
  414
  428
  444
  461
  480
  500
  522
  546
  571
  598
  626
  657
  689
  724
  761
  799
  840
  884
  930
  978
  1,029
  1,084
  1,141
  1,201
  1,264
  1,331
Interest expense (income), $m
  16
  16
  17
  19
  20
  22
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  51
  55
  59
  63
  68
  72
  77
  83
  88
  94
  100
  107
  114
  121
  129
Earnings before tax, $m
  242
  249
  255
  262
  271
  280
  291
  303
  317
  331
  347
  424
  442
  461
  482
  504
  528
  553
  580
  608
  638
  670
  704
  740
  777
  817
  860
  904
  951
  1,001
  1,053
Tax expense, $m
  91
  67
  69
  71
  73
  76
  79
  82
  85
  89
  94
  114
  119
  124
  130
  136
  142
  149
  156
  164
  172
  181
  190
  200
  210
  221
  232
  244
  257
  270
  284
Net income, $m
  146
  182
  186
  191
  198
  205
  213
  221
  231
  242
  253
  309
  322
  337
  352
  368
  385
  404
  423
  444
  466
  489
  514
  540
  568
  597
  628
  660
  694
  731
  769

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  796
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,950
  2,199
  2,249
  2,307
  2,372
  2,444
  2,523
  2,609
  2,702
  2,802
  2,910
  3,025
  3,147
  3,278
  3,417
  3,564
  3,721
  3,886
  4,061
  4,245
  4,441
  4,646
  4,863
  5,092
  5,333
  5,587
  5,855
  6,136
  6,432
  6,743
  7,071
Adjusted assets (=assets-cash), $m
  2,154
  2,199
  2,249
  2,307
  2,372
  2,444
  2,523
  2,609
  2,702
  2,802
  2,910
  3,025
  3,147
  3,278
  3,417
  3,564
  3,721
  3,886
  4,061
  4,245
  4,441
  4,646
  4,863
  5,092
  5,333
  5,587
  5,855
  6,136
  6,432
  6,743
  7,071
Revenue / Adjusted assets
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
Average production assets, $m
  1,364
  1,391
  1,423
  1,460
  1,501
  1,546
  1,596
  1,651
  1,709
  1,773
  1,841
  1,914
  1,991
  2,074
  2,162
  2,255
  2,354
  2,459
  2,569
  2,686
  2,809
  2,940
  3,077
  3,222
  3,374
  3,535
  3,704
  3,882
  4,069
  4,266
  4,474
Working capital, $m
  731
  -66
  -68
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
Total debt, $m
  406
  434
  465
  500
  540
  584
  633
  685
  742
  804
  870
  940
  1,015
  1,095
  1,181
  1,271
  1,367
  1,468
  1,575
  1,688
  1,808
  1,934
  2,067
  2,208
  2,355
  2,511
  2,675
  2,847
  3,029
  3,220
  3,421
Total liabilities, $m
  1,320
  1,348
  1,379
  1,414
  1,454
  1,498
  1,547
  1,599
  1,656
  1,718
  1,784
  1,854
  1,929
  2,009
  2,095
  2,185
  2,281
  2,382
  2,489
  2,602
  2,722
  2,848
  2,981
  3,122
  3,269
  3,425
  3,589
  3,761
  3,943
  4,134
  4,335
Total equity, $m
  1,630
  851
  870
  893
  918
  946
  976
  1,010
  1,046
  1,084
  1,126
  1,171
  1,218
  1,269
  1,322
  1,379
  1,440
  1,504
  1,571
  1,643
  1,718
  1,798
  1,882
  1,971
  2,064
  2,162
  2,266
  2,375
  2,489
  2,610
  2,737
Total liabilities and equity, $m
  2,950
  2,199
  2,249
  2,307
  2,372
  2,444
  2,523
  2,609
  2,702
  2,802
  2,910
  3,025
  3,147
  3,278
  3,417
  3,564
  3,721
  3,886
  4,060
  4,245
  4,440
  4,646
  4,863
  5,093
  5,333
  5,587
  5,855
  6,136
  6,432
  6,744
  7,072
Debt-to-equity ratio
  0.249
  0.510
  0.530
  0.560
  0.590
  0.620
  0.650
  0.680
  0.710
  0.740
  0.770
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.980
  1.000
  1.030
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
Adjusted equity ratio
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  146
  182
  186
  191
  198
  205
  213
  221
  231
  242
  253
  309
  322
  337
  352
  368
  385
  404
  423
  444
  466
  489
  514
  540
  568
  597
  628
  660
  694
  731
  769
Depreciation, amort., depletion, $m
  36
  107
  108
  109
  110
  112
  113
  115
  117
  119
  122
  64
  66
  69
  72
  75
  78
  82
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
  136
  142
  149
Funds from operations, $m
  270
  288
  294
  300
  308
  316
  326
  337
  348
  361
  375
  373
  389
  406
  424
  443
  464
  486
  509
  533
  559
  587
  616
  647
  680
  715
  751
  789
  830
  873
  918
Change in working capital, $m
  8
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  262
  300
  295
  302
  310
  319
  328
  339
  351
  364
  378
  376
  392
  410
  428
  448
  468
  491
  514
  539
  565
  593
  623
  654
  687
  722
  759
  798
  839
  882
  928
Maintenance CAPEX, $m
  0
  -45
  -46
  -47
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -136
  -142
New CAPEX, $m
  -9
  -28
  -32
  -37
  -41
  -45
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -83
  -88
  -93
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
Cash from investing activities, $m
  13
  -73
  -78
  -84
  -90
  -95
  -102
  -107
  -114
  -120
  -127
  -134
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -213
  -224
  -235
  -248
  -260
  -273
  -287
  -301
  -316
  -333
  -349
Free cash flow, $m
  275
  227
  217
  218
  220
  223
  227
  232
  237
  243
  251
  242
  251
  261
  271
  282
  294
  307
  321
  336
  352
  369
  388
  407
  427
  449
  472
  496
  522
  550
  578
Issuance/(repayment) of debt, $m
  -9
  28
  31
  35
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  172
  182
  191
  201
Issuance/(repurchase) of shares, $m
  -64
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -76
  28
  31
  35
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  172
  182
  191
  201
Total cash flow (excl. dividends), $m
  199
  255
  248
  253
  260
  267
  275
  284
  294
  305
  317
  313
  326
  341
  356
  373
  390
  409
  429
  450
  472
  496
  521
  547
  575
  605
  636
  669
  704
  740
  779
Retained Cash Flow (-), $m
  -47
  -17
  -20
  -22
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -68
  -71
  -75
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -115
  -121
  -127
Prev. year cash balance distribution, $m
 
  796
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,034
  228
  231
  235
  239
  245
  251
  258
  266
  275
  268
  279
  290
  302
  316
  330
  345
  361
  378
  396
  416
  437
  459
  482
  506
  532
  560
  589
  620
  652
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  991
  209
  201
  193
  186
  178
  170
  161
  153
  144
  127
  119
  110
  102
  93
  84
  75
  66
  58
  50
  43
  36
  30
  25
  20
  16
  12
  9
  7
  5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Janus Capital Group, Inc. is a publicly owned asset management holding company with approximately $167.7 billion in assets under management. It also provides retirement planning, investment planning, tax planning, investment for college, and tax planning services to its clients. The firm primarily provides its services to investment companies, retail investors, institutions, and individuals. Through its subsidiaries, it manages equity, fixed income, money markets, and balanced mutual funds for its clients and invests in the public equity and fixed income markets across the globe. The firm was formerly known as Stilwell Financial Incorporated. Janus Capital Group was founded in 1969 and is based in Denver Colorado with additional offices in the United States, Hong Kong; London; Milan; and Tokyo, Japan.

FINANCIAL RATIOS  of  Janus Capital Group (JNS)

Valuation Ratios
P/E Ratio 16.5
Price to Sales 2.4
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 9.5
Growth Rates
Sales Growth Rate -6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.7%
Cap. Spend. - 3 Yr. Gr. Rate 2.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 24.9%
Total Debt to Equity 24.9%
Interest Coverage 16
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.1%
EBITDA Margin - 3 Yr. Avg. 30%
Operating Margin 25.9%
Oper. Margin - 3 Yr. Avg. 27.6%
Pre-Tax Margin 23.9%
Pre-Tax Margin - 3 Yr. Avg. 24.8%
Net Profit Margin 14.4%
Net Profit Margin - 3 Yr. Avg. 15%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 52.7%

JNS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JNS stock intrinsic value calculation we used $1011 million for the last fiscal year's total revenue generated by Janus Capital Group. The default revenue input number comes from 2016 income statement of Janus Capital Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our JNS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for JNS is calculated based on our internal credit rating of Janus Capital Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Janus Capital Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of JNS stock the variable cost ratio is equal to 63.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $114 million in the base year in the intrinsic value calculation for JNS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Janus Capital Group.

Corporate tax rate of 27% is the nominal tax rate for Janus Capital Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the JNS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for JNS are equal to 134.9%.

Life of production assets of 54.6 years is the average useful life of capital assets used in Janus Capital Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for JNS is equal to -6.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1630 million for Janus Capital Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 185.606 million for Janus Capital Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Janus Capital Group at the current share price and the inputted number of shares is $2.4 billion.


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COMPANY NEWS

▶ Janus Capital Up Modestly   [Apr-20-17 02:49PM  Barrons.com]
▶ Janus beats 1Q profit forecasts   [07:18AM  Associated Press]
▶ Gross: High growth rates are of a bygone era   [Apr-13-17 01:11PM  CNBC Videos]
▶ 5 Things Mutual-Fund Investors Should Know About Mutual-Fund T Shares   [Apr-10-17 12:12AM  The Wall Street Journal]
▶ 5 Things Mutual-Fund Investors Should Know About New 'T' Shares   [Apr-09-17 10:41PM  The Wall Street Journal]
▶ Janus/Henderson: Lifting The Veil   [Mar-21-17 02:47PM  Barrons.com]
▶ Janus/Henderson: Lifting The Veil   [02:47PM  at Barrons.com]
▶ [$$] Fund Managers Need Mergers to Keep Trim And Catch Assets   [Mar-13-17 12:49AM  The Wall Street Journal]
▶ [$$] Fund Managers Need Mergers to Keep Trim And Catch Assets   [12:49AM  at The Wall Street Journal]
▶ [$$] Fund Managers Need Mergers to Keep Trim And Catch Assets   [08:31AM  at The Wall Street Journal]
▶ Janus bond king Bill Gross: 'Don't be allured by the Trump mirage'   [Mar-09-17 11:54AM  at bizjournals.com]
▶ [$$] Standard Life acquires rival Aberdeen for £3.8bn   [Mar-06-17 03:26AM  at Financial Times]
▶ [$$] The seven-year pitch: Standard Life's pursuit of Aberdeen   [Mar-05-17 02:38PM  at Financial Times]
▶ Active Managers Feel the Urge to Merge   [Feb-24-17 04:20PM  at Barrons.com]
▶ Janus Analyst Expects OPEC to Work Down Excess Inventory   [Feb-13-17 04:00PM  at Bloomberg]
▶ Bill Gross: Asset Markets Run in a Circular Motion   [Feb-06-17 09:06AM  at The Wall Street Journal]
▶ Janus Seeks SEC Approval For Clean Shares   [Jan-26-17 11:11AM  at Barrons.com]
▶ Henderson shareholders to get Q1 dividend   [Jan-24-17 04:42PM  AAP]
▶ [$$] Janus Capital Revenue, Profit Fall   [08:59AM  at The Wall Street Journal]
▶ Line Drawing With Gross and Gundlach   [Jan-11-17 03:28PM  at The Wall Street Journal]
▶ Bill Gross: 2.6% is the Magic Number   [01:00AM  at Barrons.com]
▶ Student Debt Piling Up---For Seniors   [Jan-10-17 12:01AM  at Barrons.com]
▶ Can Janus make it in the ETF market?   [Jan-09-17 09:49AM  at MarketWatch]
▶ 3 ways to profit in the year of the dollar   [09:00AM  at MarketWatch]
▶ [$$] Can Janus Make It in the ETF Market?   [01:14AM  at Barrons.com]
▶ Is Equity Rally a Reversion From a Fear-Based Economy?   [Jan-04-17 01:22PM  at Bloomberg]
▶ [$$] US mutual fund launches hit by changing landscape   [Dec-29-16 12:02AM  at Financial Times]
▶ Five Takes on the Fed Rate Hike in 90 Seconds   [Dec-15-16 08:50AM  at Bloomberg]
▶ Gross on Fed Policy, Bonds, Global Economy   [Dec-14-16 04:12PM  at Bloomberg]
▶ [$$] Anxious Mutual-Fund Industry Looks to Curtail Withdrawals   [Dec-13-16 04:33PM  at The Wall Street Journal]
▶ 10 Cheap High-Quality Dividend Payers   [06:00AM  at Morningstar]
▶ [$$] Aberdeen Asset Management: bring it back home   [Nov-28-16 11:57AM  at Financial Times]
▶ Janus Launches First Actively Managed ETF   [11:17AM  at Barrons.com]
Stock chart of JNS Financial statements of JNS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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