Intrinsic value of Janus Henderson Group - JHG

Previous Close

$23.34

  Intrinsic Value

$66.28

stock screener

  Rating & Target

str. buy

+184%

Previous close

$23.34

 
Intrinsic value

$66.28

 
Up/down potential

+184%

 
Rating

str. buy

We calculate the intrinsic value of JHG 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 0001), $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 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  49.40
  44.96
  40.96
  37.37
  34.13
  31.22
  28.60
  26.24
  24.11
  22.20
  20.48
  18.93
  17.54
  16.29
  15.16
  14.14
  13.23
  12.40
  11.66
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
Revenue, $m
  2,605
  3,776
  5,323
  7,312
  9,808
  12,870
  16,551
  20,893
  25,931
  31,688
  38,178
  45,406
  53,370
  62,062
  71,469
  81,575
  92,366
  103,823
  115,934
  128,684
  142,064
  156,069
  170,697
  185,949
  201,832
  218,357
  235,538
  253,397
  271,955
  291,240
Variable operating expenses, $m
  1,634
  2,155
  2,844
  3,730
  4,841
  6,204
  7,843
  9,776
  12,019
  14,582
  16,998
  20,216
  23,762
  27,632
  31,821
  36,321
  41,125
  46,226
  51,618
  57,295
  63,253
  69,488
  76,001
  82,792
  89,863
  97,221
  104,871
  112,822
  121,085
  129,671
Fixed operating expenses, $m
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
  80
  82
  84
  86
  88
  90
  92
  94
  96
  98
  100
Total operating expenses, $m
  1,687
  2,209
  2,900
  3,787
  4,899
  6,263
  7,904
  9,838
  12,082
  14,647
  17,064
  20,284
  23,831
  27,703
  31,893
  36,395
  41,200
  46,303
  51,697
  57,375
  63,335
  69,572
  76,087
  82,880
  89,953
  97,313
  104,965
  112,918
  121,183
  129,771
Operating income, $m
  918
  1,567
  2,424
  3,526
  4,909
  6,607
  8,647
  11,055
  13,848
  17,041
  21,113
  25,122
  29,539
  34,359
  39,576
  45,181
  51,166
  57,520
  64,237
  71,308
  78,730
  86,497
  94,610
  103,069
  111,879
  121,044
  130,574
  140,479
  150,772
  161,469
EBITDA, $m
  1,468
  2,151
  3,053
  4,213
  5,669
  7,456
  9,604
  12,138
  15,078
  18,439
  22,227
  26,446
  31,095
  36,169
  41,660
  47,561
  53,860
  60,548
  67,618
  75,062
  82,873
  91,049
  99,589
  108,493
  117,766
  127,413
  137,444
  147,870
  158,704
  169,963
Interest expense (income), $m
  0
  24
  98
  199
  332
  504
  719
  982
  1,299
  1,673
  2,107
  2,603
  3,161
  3,784
  4,470
  5,218
  6,028
  6,898
  7,828
  8,814
  9,857
  10,955
  12,107
  13,313
  14,572
  15,886
  17,253
  18,676
  20,156
  21,694
  23,292
Earnings before tax, $m
  894
  1,468
  2,225
  3,194
  4,406
  5,888
  7,665
  9,756
  12,175
  14,934
  18,511
  21,960
  25,755
  29,889
  34,358
  39,153
  44,267
  49,693
  55,423
  61,451
  67,775
  74,390
  81,297
  88,497
  95,993
  103,791
  111,898
  120,323
  129,078
  138,177
Tax expense, $m
  241
  396
  601
  862
  1,190
  1,590
  2,070
  2,634
  3,287
  4,032
  4,998
  5,929
  6,954
  8,070
  9,277
  10,571
  11,952
  13,417
  14,964
  16,592
  18,299
  20,085
  21,950
  23,894
  25,918
  28,024
  30,212
  32,487
  34,851
  37,308
Net income, $m
  653
  1,072
  1,624
  2,331
  3,216
  4,298
  5,595
  7,122
  8,888
  10,902
  13,513
  16,031
  18,801
  21,819
  25,081
  28,582
  32,315
  36,276
  40,459
  44,860
  49,476
  54,305
  59,347
  64,603
  70,075
  75,767
  81,685
  87,836
  94,227
  100,869

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  10,058
  14,580
  20,553
  28,233
  37,870
  49,692
  63,902
  80,667
  100,118
  122,346
  147,404
  175,312
  206,062
  239,621
  275,941
  314,963
  356,624
  400,863
  447,620
  496,848
  548,511
  602,584
  659,060
  717,948
  779,273
  843,076
  909,415
  978,365
  1,050,017
  1,124,477
Adjusted assets (=assets-cash), $m
  10,058
  14,580
  20,553
  28,233
  37,870
  49,692
  63,902
  80,667
  100,118
  122,346
  147,404
  175,312
  206,062
  239,621
  275,941
  314,963
  356,624
  400,863
  447,620
  496,848
  548,511
  602,584
  659,060
  717,948
  779,273
  843,076
  909,415
  978,365
  1,050,017
  1,124,477
Revenue / Adjusted assets
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
Average production assets, $m
  2,279
  3,304
  4,658
  6,398
  8,582
  11,261
  14,482
  18,281
  22,689
  27,727
  33,405
  39,730
  46,699
  54,304
  62,535
  71,378
  80,820
  90,845
  101,442
  112,598
  124,306
  136,561
  149,360
  162,705
  176,603
  191,062
  206,096
  221,722
  237,960
  254,835
Working capital, $m
  -297
  -431
  -607
  -834
  -1,118
  -1,467
  -1,887
  -2,382
  -2,956
  -3,612
  -4,352
  -5,176
  -6,084
  -7,075
  -8,147
  -9,300
  -10,530
  -11,836
  -13,216
  -14,670
  -16,195
  -17,792
  -19,459
  -21,198
  -23,009
  -24,893
  -26,851
  -28,887
  -31,003
  -33,201
Total debt, $m
  1,562
  3,162
  5,277
  7,996
  11,407
  15,592
  20,622
  26,557
  33,443
  41,311
  50,182
  60,062
  70,947
  82,827
  95,684
  109,498
  124,246
  139,906
  156,458
  173,885
  192,174
  211,316
  231,308
  252,155
  273,864
  296,450
  319,934
  344,342
  369,707
  396,066
Total liabilities, $m
  3,561
  5,161
  7,276
  9,995
  13,406
  17,591
  22,621
  28,556
  35,442
  43,310
  52,181
  62,061
  72,946
  84,826
  97,683
  111,497
  126,245
  141,905
  158,457
  175,884
  194,173
  213,315
  233,307
  254,154
  275,863
  298,449
  321,933
  346,341
  371,706
  398,065
Total equity, $m
  6,498
  9,419
  13,277
  18,239
  24,464
  32,101
  41,280
  52,111
  64,676
  79,035
  95,223
  113,252
  133,116
  154,795
  178,258
  203,466
  230,379
  258,957
  289,163
  320,964
  354,338
  389,269
  425,753
  463,795
  503,410
  544,627
  587,482
  632,024
  678,311
  726,412
Total liabilities and equity, $m
  10,059
  14,580
  20,553
  28,234
  37,870
  49,692
  63,901
  80,667
  100,118
  122,345
  147,404
  175,313
  206,062
  239,621
  275,941
  314,963
  356,624
  400,862
  447,620
  496,848
  548,511
  602,584
  659,060
  717,949
  779,273
  843,076
  909,415
  978,365
  1,050,017
  1,124,477
Debt-to-equity ratio
  0.240
  0.340
  0.400
  0.440
  0.470
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.550
  0.550
Adjusted equity ratio
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  653
  1,072
  1,624
  2,331
  3,216
  4,298
  5,595
  7,122
  8,888
  10,902
  13,513
  16,031
  18,801
  21,819
  25,081
  28,582
  32,315
  36,276
  40,459
  44,860
  49,476
  54,305
  59,347
  64,603
  70,075
  75,767
  81,685
  87,836
  94,227
  100,869
Depreciation, amort., depletion, $m
  550
  584
  629
  687
  760
  849
  957
  1,083
  1,230
  1,398
  1,114
  1,324
  1,557
  1,810
  2,085
  2,379
  2,694
  3,028
  3,381
  3,753
  4,144
  4,552
  4,979
  5,424
  5,887
  6,369
  6,870
  7,391
  7,932
  8,494
Funds from operations, $m
  1,203
  1,656
  2,253
  3,018
  3,976
  5,148
  6,552
  8,205
  10,118
  12,300
  14,626
  17,355
  20,358
  23,629
  27,166
  30,961
  35,009
  39,304
  43,840
  48,613
  53,619
  58,857
  64,326
  70,026
  75,962
  82,136
  88,555
  95,227
  102,159
  109,364
Change in working capital, $m
  -98
  -134
  -176
  -227
  -285
  -349
  -420
  -495
  -574
  -656
  -740
  -824
  -908
  -991
  -1,072
  -1,152
  -1,230
  -1,306
  -1,381
  -1,454
  -1,525
  -1,597
  -1,668
  -1,739
  -1,811
  -1,884
  -1,959
  -2,036
  -2,116
  -2,199
Cash from operations, $m
  1,301
  1,789
  2,429
  3,245
  4,261
  5,497
  6,972
  8,700
  10,692
  12,956
  15,366
  18,179
  21,265
  24,620
  28,238
  32,113
  36,239
  40,610
  45,221
  50,066
  55,145
  60,453
  65,993
  71,765
  77,772
  84,020
  90,514
  97,262
  104,275
  111,562
Maintenance CAPEX, $m
  -51
  -76
  -110
  -155
  -213
  -286
  -375
  -483
  -609
  -756
  -924
  -1,114
  -1,324
  -1,557
  -1,810
  -2,085
  -2,379
  -2,694
  -3,028
  -3,381
  -3,753
  -4,144
  -4,552
  -4,979
  -5,424
  -5,887
  -6,369
  -6,870
  -7,391
  -7,932
New CAPEX, $m
  -753
  -1,025
  -1,354
  -1,741
  -2,184
  -2,679
  -3,220
  -3,799
  -4,408
  -5,037
  -5,679
  -6,325
  -6,969
  -7,605
  -8,231
  -8,843
  -9,442
  -10,025
  -10,596
  -11,156
  -11,708
  -12,254
  -12,799
  -13,345
  -13,898
  -14,459
  -15,034
  -15,626
  -16,238
  -16,874
Cash from investing activities, $m
  -804
  -1,101
  -1,464
  -1,896
  -2,397
  -2,965
  -3,595
  -4,282
  -5,017
  -5,793
  -6,603
  -7,439
  -8,293
  -9,162
  -10,041
  -10,928
  -11,821
  -12,719
  -13,624
  -14,537
  -15,461
  -16,398
  -17,351
  -18,324
  -19,322
  -20,346
  -21,403
  -22,496
  -23,629
  -24,806
Free cash flow, $m
  497
  689
  966
  1,349
  1,863
  2,531
  3,376
  4,418
  5,675
  7,162
  8,763
  10,741
  12,973
  15,458
  18,197
  21,185
  24,418
  27,891
  31,596
  35,529
  39,683
  44,056
  48,642
  53,441
  58,451
  63,674
  69,111
  74,767
  80,646
  86,756
Issuance/(repayment) of debt, $m
  1,182
  1,601
  2,114
  2,719
  3,411
  4,185
  5,030
  5,935
  6,886
  7,869
  8,871
  9,880
  10,885
  11,880
  12,857
  13,814
  14,748
  15,660
  16,552
  17,427
  18,288
  19,142
  19,993
  20,846
  21,709
  22,586
  23,484
  24,408
  25,365
  26,359
Issuance/(repurchase) of shares, $m
  1,497
  1,849
  2,234
  2,630
  3,009
  3,339
  3,584
  3,709
  3,678
  3,458
  2,675
  1,998
  1,063
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,679
  3,450
  4,348
  5,349
  6,420
  7,524
  8,614
  9,644
  10,564
  11,327
  11,546
  11,878
  11,948
  11,880
  12,857
  13,814
  14,748
  15,660
  16,552
  17,427
  18,288
  19,142
  19,993
  20,846
  21,709
  22,586
  23,484
  24,408
  25,365
  26,359
Total cash flow (excl. dividends), $m
  3,176
  4,139
  5,315
  6,698
  8,284
  10,055
  11,990
  14,062
  16,238
  18,488
  20,308
  22,618
  24,921
  27,338
  31,054
  34,999
  39,167
  43,551
  48,148
  52,955
  57,972
  63,198
  68,635
  74,287
  80,160
  86,260
  92,595
  99,175
  106,011
  113,115
Retained Cash Flow (-), $m
  -2,150
  -2,921
  -3,858
  -4,961
  -6,225
  -7,637
  -9,180
  -10,830
  -12,565
  -14,359
  -16,188
  -18,029
  -19,864
  -21,679
  -23,463
  -25,208
  -26,913
  -28,578
  -30,205
  -31,801
  -33,374
  -34,931
  -36,484
  -38,042
  -39,616
  -41,217
  -42,855
  -44,542
  -46,287
  -48,101
Prev. year cash balance distribution, $m
  489
  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
  1,516
  1,218
  1,456
  1,737
  2,059
  2,418
  2,811
  3,231
  3,673
  4,129
  4,121
  4,590
  5,057
  5,659
  7,592
  9,791
  12,253
  14,973
  17,943
  21,154
  24,598
  28,266
  32,151
  36,246
  40,544
  45,043
  49,740
  54,633
  59,724
  65,013
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
  1,453
  1,115
  1,267
  1,430
  1,596
  1,755
  1,899
  2,019
  2,110
  2,165
  1,957
  1,959
  1,923
  1,900
  2,229
  2,488
  2,666
  2,757
  2,763
  2,688
  2,544
  2,345
  2,107
  1,846
  1,577
  1,314
  1,068
  845
  652
  490
Current shareholders' claim on cash, %
  73.7
  57.0
  45.8
  38.0
  32.4
  28.4
  25.5
  23.3
  21.7
  20.6
  19.9
  19.5
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3

FINANCIAL RATIOS  of  Janus Henderson Group (JHG)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

JHG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JHG stock intrinsic value calculation we used $1743.7 million for the last fiscal year's total revenue generated by Janus Henderson Group. The default revenue input number comes from 0001 income statement of Janus Henderson 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 JHG stock valuation model: a) initial revenue growth rate of 49.4% 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 JHG is calculated based on our internal credit rating of Janus Henderson 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 Henderson 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 JHG stock the variable cost ratio is equal to 71.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $52 million in the base year in the intrinsic value calculation for JHG 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 6.3% for Janus Henderson Group.

Corporate tax rate of 27% is the nominal tax rate for Janus Henderson 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 JHG 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 JHG are equal to 87.5%.

Life of production assets of 56.8 years is the average useful life of capital assets used in Janus Henderson 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 JHG is equal to -11.4%. 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 - $4837.3 million for Janus Henderson 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 200.406 million for Janus Henderson 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 Henderson Group at the current share price and the inputted number of shares is $4.7 billion.

COMPANY NEWS

▶ Janus Henderson Group plc Announces Dividend Rates   [Nov-12-18 06:00AM  Business Wire]
▶ Janus Henderson to Report Third Quarter 2018 Results   [Oct-05-18 04:00AM  Business Wire]
▶ A Bold--Albeit Pricey--Bond Fund   [Sep-28-18 06:03AM  Morningstar]
▶ Global dividends soar to new record   [Aug-20-18 07:30AM  PR Newswire]
▶ Janus Henderson Group Announces Dividend Rates   [Aug-12-18 06:30PM  Business Wire]
▶ Janus Henderson drops co-CEO structure, names Weil 'sole CEO'   [Jul-31-18 05:45PM  American City Business Journals]
▶ Best Cheap Stock in June   [Jun-20-18 10:02AM  Simply Wall St.]
▶ Janus Henderson Group Announces Dividend Rates   [May-20-18 06:30PM  Business Wire]
▶ Cheap Dividend Yielding Stocks To Profit From   [Apr-30-18 04:05PM  Simply Wall St.]
▶ Janus Henderson Group Announces Change to ETF Line-Up   [Apr-19-18 08:30AM  PR Newswire]
▶ Janus Henderson to Report First Quarter 2018 Results   [Apr-12-18 04:00PM  Business Wire]
▶ [$$] Big Stock Bets: GE, Activision; Selling AT&T   [Mar-13-18 02:01PM  Barrons.com]
▶ Janus Henderson Group Announces Change to ETF Line-Up   [Mar-06-18 06:19AM  PR Newswire]
▶ [$$] Janus Henderson co-chiefs awarded bumper pay rises   [Mar-03-18 02:00AM  Financial Times]
▶ Janus Henderson Group Announces Dividend Rates   [Feb-15-18 04:30PM  Business Wire]
▶ Janus Henderson Co-CEO Weil on Investing, Asian Markets   [Jan-23-18 03:33PM  Bloomberg Video]
▶ New Equity Risk Metrics Suggest Increased Market Stress   [Jan-17-18 08:10AM  PR Newswire]
▶ Now This: 4X-Leveraged Currency ETNs   [Dec-13-17 02:49PM  Benzinga]
▶ Stocks With Rising Relative Price Strength: Janus Capital   [03:00AM  Investor's Business Daily]
▶ Where the Moats Are   [Nov-30-17 06:00AM  Morningstar]
▶ Surging global dividends breaking records for 2017   [Nov-20-17 08:00AM  GlobeNewswire]
▶ Janus Henderson Group Announces Dividend Rates   [Nov-19-17 04:30PM  Business Wire]
▶ Close Enough! Janus Henderson Misses, Jumps Anyway   [Nov-09-17 10:15AM  Barrons.com]
▶ Global Asset Manager Intech Unveils New Brand   [Oct-02-17 07:30AM  GlobeNewswire]

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