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1. Company Snapshot

1.a. Company Description

Janus Henderson Group plc is an asset management holding entity.Through its subsidiaries, the firm provides services to institutional, retail clients, and high net worth clients.It manages separate client-focused equity and fixed income portfolios.


The firm also manages equity, fixed income, and balanced mutual funds for its clients.It invests in public equity and fixed income markets, as well as invests in real estate and private equity.Janus Henderson Group plc was founded in 1934 and is based in London, United Kingdom with additional offices in Jersey, United Kingdom and Sydney, Australia.

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1.b. Last Insights on JHG

Janus Henderson Group plc's recent performance was positively driven by its Q3 2025 earnings beat, with quarterly earnings of $1.09 per share surpassing the Zacks Consensus Estimate of $1.01 per share. The company's operating income was $172.0 million, with an adjusted operating income of $204.5 million. A rating upgrade to Buy by Zacks, citing growing optimism about its earnings prospects, also contributed to the positive momentum. Additionally, the company's early moves in tokenized funds and inorganic growth initiatives, such as the Guardian Life alliance, have positioned it for significant growth.

1.c. Company Highlights

2. Janus Henderson's Strong Q3 Earnings Reflects Robust Business Momentum

Janus Henderson Group's (JHG) financial performance in the third quarter was impressive, with adjusted diluted earnings per share (EPS) reaching $1.09, a 20% increase from the same period last year. Adjusted revenue rose 11% quarter-over-quarter and 14% year-over-year. The net management fee margin stood at 42.7 basis points, contributing to an adjusted operating income improvement of 22% quarter-over-quarter. The company's ability to deliver such robust financials is a testament to its diversified business model and effective cost management.

Publication Date: Nov -02

📋 Highlights
  • AUM Growth:: Assets under management reached $483.8 billion, a 6% increase quarter-over-quarter and 27% year-over-year.
  • Adjusted EPS Surge:: Adjusted diluted earnings per share hit $1.09, up 20% compared to the same period last year.
  • Net Inflows Record:: Positive net flows of $7.8 billion marked the sixth consecutive quarter, driven by global distribution and strategic partnerships.
  • Private Market Expansion:: Privacore raised $1.4 billion in private wealth channel funds, while a $300 million Shariah-compliant MENA private credit fund closed.
  • Shareholder Returns:: $67 million in stock buybacks executed, with a $200 million buyback target expected by next year’s AGM and a $0.40 dividend declared.

Investment Performance and Asset Growth

The company's investment performance remains solid, with over 60% of assets under management (AUM) beating respective benchmarks on a 3-, 5-, and 10-year basis. AUM reached $483.8 billion, a 6% increase over the prior quarter and 27% compared to the same period last year. The September AUM was the highest quarterly figure ever, at nearly $500 billion. This growth is driven by the company's global distribution capabilities and a wide range of strategies and vehicles, resulting in six consecutive quarters of positive net flows.

Capital Allocation and Shareholder Returns

JHG returned nearly $130 million to shareholders through dividends and share buybacks in the quarter. The cumulative share count reduction since the accretive buyback program started in 2018 stands at 23%. The company's strong liquidity profile, with cash and cash equivalents of $1 billion as of September 30, provides flexibility to invest in the business and return cash to shareholders. The Board has declared a $0.40 per share dividend, to be paid on November 26.

Strategic Progress and Outlook

The company is making progress in its strategic vision, particularly in private markets through Privacore, Victory Park Capital, and its emerging markets private investment team. The acquisition of Victory Park Capital is performing well, with positive growth in AUM since the deal closed. The company's focus on active management, particularly in fixed income, is critical in the current market environment. Analysts estimate next year's revenue growth at 11.3%, indicating a positive outlook for the company.

Valuation and Relative Performance

With a P/E Ratio of 11.71 and a Dividend Yield of 3.63%, JHG's valuation appears reasonable, considering its robust financial performance and growth prospects. The company's Return on Equity (ROE) stands at 12.18%, indicating efficient use of shareholder capital. The actual EPS of $1.09 beat estimates of $1.01, further reinforcing the positive outlook.

3. NewsRoom

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Janus Henderson Global Sustainable Equity Fund Q3 2025 Portfolio Review

Nov -28

Source: seekingalpha.com

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Janus Henderson Group plc $JHG Shares Acquired by Creative Planning

Nov -26

Source: defenseworld.net

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Janus Henderson's Denny Fish on AI: We'll continue to see models ‘leapfrogging each other'

Nov -25

Source: youtube.com

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Starlab, Developer of Commercial Space Stations, Secures Strategic Investment from Janus Henderson

Nov -20

Source: businesswire.com

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Nelson Peltz's Strategic Moves: U-Haul Holding Co Exit Impacts Portfolio by -0.56%

Nov -14

Source: gurufocus.com

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Aviva PLC Buys Shares of 13,543 Janus Henderson Group plc $JHG

Nov -14

Source: defenseworld.net

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Janus Henderson: Trian Finally Makes A Move (Rating Upgrade)

Nov -12

Source: seekingalpha.com

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Janus Henderson Announces Appointment of Financial Advisor and Legal Counsel to the Special Committee of the Board of Directors

Nov -10

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Investment and Related Activities

Expected Growth: 4.0%

Janus Henderson Group plc's 4.0% growth in Investment and Related Activities is driven by increasing demand for actively managed funds, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on ESG and sustainable investing, as well as its robust distribution network, have contributed to its growth.

7. Detailed Products

Equities

Janus Henderson Group plc offers a range of equity investment strategies that aim to deliver long-term growth and income to investors.

Fixed Income

The company provides fixed income investment solutions that aim to generate stable returns and manage risk for investors.

Multi-Asset

Janus Henderson Group plc offers multi-asset investment strategies that combine different asset classes to manage risk and optimize returns.

Alternatives

The company provides alternative investment solutions, including real assets, private equity, and hedge funds, to diversify portfolios and enhance returns.

Sustainable and Responsible Investment (SRI)

Janus Henderson Group plc offers SRI strategies that integrate environmental, social, and governance (ESG) considerations into the investment process.

Index and ETFs

The company provides index and ETF solutions that track various market indices, offering investors diversified exposure to different asset classes.

8. Janus Henderson Group plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Janus Henderson Group plc operates in a highly competitive industry, and there are many substitutes available to investors. However, the company's strong brand reputation and diversified product offerings help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Janus Henderson Group plc's customers are primarily institutional investors and individual investors, who have limited bargaining power due to the company's strong brand reputation and diversified product offerings.

Bargaining Power Of Suppliers

Janus Henderson Group plc has a diversified supply chain, and its suppliers have limited bargaining power due to the company's large scale and strong negotiating position.

Threat Of New Entrants

The asset management industry has high barriers to entry, including regulatory hurdles and the need for significant capital investment. This limits the threat of new entrants and provides a competitive advantage to established players like Janus Henderson Group plc.

Intensity Of Rivalry

The asset management industry is highly competitive, with many established players competing for market share. Janus Henderson Group plc faces intense competition from other asset managers, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.92%
Debt Cost 4.00%
Equity Weight 93.08%
Equity Cost 11.58%
WACC 11.05%
Leverage 7.43%

11. Quality Control: Janus Henderson Group plc passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
KBC Ancora

A-Score: 7.4/10

Value: 4.2

Growth: 4.8

Quality: 8.6

Yield: 9.4

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
MandG

A-Score: 6.7/10

Value: 7.5

Growth: 1.8

Quality: 4.2

Yield: 10.0

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Amundi

A-Score: 6.2/10

Value: 5.5

Growth: 5.0

Quality: 5.3

Yield: 9.4

Momentum: 5.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Janus Henderson

A-Score: 6.1/10

Value: 5.4

Growth: 4.2

Quality: 8.5

Yield: 7.5

Momentum: 6.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
GBL

A-Score: 6.1/10

Value: 5.8

Growth: 3.9

Quality: 3.4

Yield: 7.5

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Ninety One

A-Score: 6.0/10

Value: 5.2

Growth: 2.0

Quality: 7.5

Yield: 8.8

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

44.71$

Current Price

44.71$

Potential

-0.00%

Expected Cash-Flows