Janus Henderson Group plc

JHG

Financial ServicesAsset ManagementNYSE

$51.69

Market Cap: $7.96B

Janus Henderson Group plc (JHG) Valuation Summary

Updated May 11, 2026 19:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$70.95 – $271.89	$109.43	+111.7%
Growth Exit 10Y	$71.66 – $252.83	$106.86	+106.7%
EBITDA Exit 5Y	$57.11 – $117.77	$84.89	+64.2%
EBITDA Exit 10Y	$62.42 – $124.54	$88.89	+72.0%
▸ Trading Multiples
P/E	$51.15 – $69.61	$50.50	-2.3%
EV/EBITDA	$31.78 – $63.18	$45.46	-12.0%
EV/Revenue	$51.01 – $220.00	$71.84	+39.0%
▸ PEG
PEG Fair Value	$52.39 – $52.39	$52.39	+1.3%
▸ Earnings Power Value
Earnings Power Value	$66.63 – $97.89	$79.07	+53.0%
▸ Dividend Discount
Dividend Discount	$21.15 – $53.95	$29.53	-42.9%

Valuation History

DCF Analysis

Fair Value

$109.43

Market Price

$51.69

Upside / Downside

+111.7%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Janus Henderson Group plc's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -21.7% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 63, DPO 3, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (83% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $109.43 per share, suggesting JHG is undervalued by 111.7% at the current price of $51.69.

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,138
(−) Net Interest	15	16	18	19	19	20
(+) D&A	74	84	94	106	118	121
EBITDA	967	1,020	1,133	1,204	1,248	1,280

(−) Tax	210	220	244	258	265	272
(−) CapEx	61	64	71	75	77	79
(−) ΔWC	553	26	61	35	19	19
Free Cash Flow (FCFF)	144	711	757	836	887	910

Terminal Value						18,740
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	139	639	634	652	645	13,142

Enterprise Value	15,851
Projection Period	2,709	17.1%
Terminal Value	13,142	82.9%

(−) Current Net Debt	(858)

Equity Value	16,710
(/) Outstanding Shares	153

Fair Price	$109.43

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$143	$161	$185	$219	$272
6.4%	$114	$124	$137	$154	$177
7.4%	$95	$101	$109	$119	$132
8.4%	$81	$86	$91	$97	$105
9.4%	$71	$74	$78	$82	$88

Current price: $51.69. Green = undervalued, Red = overvalued.

Fair Value

$106.86

Market Price

$51.69

Upside / Downside

+106.7%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Janus Henderson Group plc's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -21.7% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 63, DPO 3, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (65% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $106.86 per share, suggesting JHG is undervalued by 106.7% at the current price of $51.69.

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,143	1,176	1,210	1,246	1,283	1,315
(−) Net Interest	15	16	18	19	19	20	20	21	22	22	23
(+) D&A	74	84	94	106	118	69	73	76	79	81	83
EBITDA	967	1,020	1,133	1,204	1,248	1,232	1,269	1,308	1,347	1,387	1,421

(−) Tax	210	220	244	258	265	273	281	289	298	307	314
(−) CapEx	61	64	71	75	77	79	81	84	86	89	91
(−) ΔWC	553	26	61	35	19	19	20	21	22	22	23
Free Cash Flow (FCFF)	144	711	757	836	887	860	887	914	941	969	993

Terminal Value											20,462
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	139	639	634	652	645	582	559	537	515	494	10,064

Enterprise Value	15,459
Projection Period	5,396	34.9%
Terminal Value	10,064	65.1%

(−) Current Net Debt	(858)

Equity Value	16,318
(/) Outstanding Shares	153

Fair Price	$106.86

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$145	$160	$180	$209	$253
6.4%	$115	$123	$134	$147	$166
7.4%	$96	$101	$107	$114	$124
8.4%	$82	$85	$89	$94	$99
9.4%	$72	$74	$77	$80	$83

Current price: $51.69. Green = undervalued, Red = overvalued.

Fair Value

$84.89

Market Price

$51.69

Upside / Downside

+64.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Janus Henderson Group plc's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -21.7% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 63, DPO 3, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (78% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 10.5x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $84.89 per share, suggesting JHG is undervalued by 64.2% at the current price of $51.69.

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

EV/EBITDA Exit Multiple

10.47x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,138
(−) Net Interest	15	16	18	19	19	20
(+) D&A	74	84	94	106	118	121
EBITDA	967	1,020	1,133	1,204	1,248	1,280

(−) Tax	210	220	244	258	265	—
(−) CapEx	61	64	71	75	77	—
(−) ΔWC	553	26	61	35	19	—
Free Cash Flow (FCF)	144	711	757	836	887	—

Peers' EBITDA Multiple						10.5x
Terminal Value						13,397
WACC / Discount Rate	7.35%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	139	639	634	652	645	9,395

Enterprise Value	12,104
Projection Period	2,709	22.4%
Terminal Value	9,395	77.6%

(−) Current Net Debt	(858)
Equity Value	12,962
(÷) Outstanding Shares	153M
Fair Price	$85	+64.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	6.5x	8.5x	10.5x	12.5x	14.5x
5.4%	$66	$79	$92	$105	$118
6.4%	$64	$76	$88	$101	$113
7.4%	$61	$73	$85	$97	$108
8.4%	$59	$70	$82	$93	$104
9.4%	$57	$68	$79	$89	$100

Current price: $51.69. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$88.89

Market Price

$51.69

Upside / Downside

+72.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Janus Henderson Group plc's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -21.7% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 63, DPO 3, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 10.5x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $88.89 per share, suggesting JHG is undervalued by 72.0% at the current price of $51.69.

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

EV/EBITDA Exit Multiple

10.47x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,143	1,176	1,210	1,246	1,283	1,315
(−) Net Interest	15	16	18	19	19	20	20	21	22	22	23
(+) D&A	74	84	94	106	118	69	73	76	79	81	83
EBITDA	967	1,020	1,133	1,204	1,248	1,232	1,269	1,308	1,347	1,387	1,421

(−) Tax	210	220	244	258	265	273	281	289	298	307	—
(−) CapEx	61	64	71	75	77	79	81	84	86	89	—
(−) ΔWC	553	26	61	35	19	19	20	21	22	22	—
Free Cash Flow (FCF)	144	711	757	836	887	860	887	914	941	969	—

Peers' EBITDA Multiple											10.5x
Terminal Value											14,883
WACC / Discount Rate	7.35%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	139	639	634	652	645	582	559	537	515	494	7,320

Enterprise Value	12,715
Projection Period	5,396	42.4%
Terminal Value	7,320	57.6%

(−) Current Net Debt	(858)
Equity Value	13,574
(÷) Outstanding Shares	153M
Fair Price	$89	+72.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	6.5x	8.5x	10.5x	12.5x	14.5x
5.4%	$80	$91	$102	$113	$125
6.4%	$75	$85	$95	$105	$115
7.4%	$71	$80	$89	$98	$107
8.4%	$66	$75	$83	$91	$100
9.4%	$62	$70	$78	$85	$93

Current price: $51.69. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$50.50

Market Price

$51.69

Upside / Downside

-2.3%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Janus Henderson Group plc (JHG) has a fair value of $50.50 based on 8 comparable companies in the Asset Management industry.

P/E Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Janus Henderson Group plcJHG	7,893	9.9x	12.9x
Affiliated Managers Group, Inc.AMG	8,080	13.3x	11.9x
Pinnacle Financial Partners, Inc.PNFP	7,583	12.2x	14.6x
Voya Financial, Inc.VOYA	7,392	12.6x	8.9x
Blue Owl Technology Finance Corp.OTF	5,052	6.2x	8.1x
Hamilton Lane IncorporatedHLNE	4,964	16.5x	17.8x
Main Street Capital CorporationMAIN	4,867	9.8x	10.1x
Federated Hermes, Inc.FHI	4,247	10.9x	11.3x
Affiliated Managers Group, Inc.MGRE	644	1.1x	0.9x
Industry Median		11.6x	10.7x
(*) Profit after tax		798	613
Equity Value		9,221	6,203
(/) Outstanding shares		153	153
Fair Price		$60	$41

Selected Fair Value (avg of trailing + forward)

$50.50

-2.3%

Fair Value

$45.46

Market Price

$51.69

Upside / Downside

-12.0%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Janus Henderson Group plc (JHG) has a fair value of $45.46 based on 8 comparable companies in the Asset Management industry.

EV/EBITDA Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Janus Henderson Group plcJHG	7,893	12.5x	14.9x
Affiliated Managers Group, Inc.AMG	8,080	6.8x	8.0x
Pinnacle Financial Partners, Inc.PNFP	7,583	7.8x	12.8x
Voya Financial, Inc.VOYA	7,392	31.7x	30.8x
Blue Owl Technology Finance Corp.OTF	5,052	15.6x	14.5x
Hamilton Lane IncorporatedHLNE	4,964	13.1x	13.7x
Main Street Capital CorporationMAIN	4,867	13.8x	17.3x
Federated Hermes, Inc.FHI	4,247	7.1x	7.2x
Affiliated Managers Group, Inc.MGRE	644	1.8x	2.1x
Industry Median		10.5x	13.2x
(*) EBITDA		565	473
= Enterprise Value		5,912	6,256
(-) Net Debt		-858	-858
Equity Value		6,771	7,114
(/) Outstanding shares		153	153
Fair Price		$44	$47

Selected Fair Value (avg of trailing + forward)

$45.46

-12.0%

Fair Value

$71.84

Market Price

$51.69

Upside / Downside

+39.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Janus Henderson Group plc (JHG) has a fair value of $71.84 based on 8 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Janus Henderson Group plcJHG	7,893	2.3x	2.7x
Affiliated Managers Group, Inc.AMG	8,080	4.2x	4.9x
Pinnacle Financial Partners, Inc.PNFP	7,583	2.2x	3.7x
Voya Financial, Inc.VOYA	7,392	1.1x	1.1x
Blue Owl Technology Finance Corp.OTF	5,052	10.6x	9.8x
Hamilton Lane IncorporatedHLNE	4,964	7.1x	7.4x
Main Street Capital CorporationMAIN	4,867	11.3x	14.1x
Federated Hermes, Inc.FHI	4,247	2.3x	2.3x
Affiliated Managers Group, Inc.MGRE	644	1.1x	1.3x
Industry Median		3.2x	4.3x
(*) Revenue		3,097	2,593
= Enterprise Value		9,973	10,250
(-) Net Debt		-858	-858
Equity Value		10,831	11,108
(/) Outstanding shares		153	153
Fair Price		$71	$73

Selected Fair Value (avg of trailing + forward)

$71.84

+39.0%

PEG Fair Value

Fair Value

$52.39

Market Price

$51.69

Upside / Downside

+1.3%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 10.0%, the company has a fair value of $52.39 based on TTM EPS (FY2025) of $5.23. The current PEG ratio is 0.99.

PEG Ratio

0.99Undervalued

01.02.03.0+

PEG = P/E ÷ Growth = 9.9 ÷ 10.0% = 0.99

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateHistorical	10.0%
Adjusted Growth (clamped 8–25%)	10.0%
Fair P/E	10.0x
TTM EPS (FY2025)	$5.23
Fair Value	$52.39

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$620.0M	$3.57	—
FY2022	$372.4M	$2.23	-37.5%
FY2023	$392.0M	$2.37	+6.3%
FY2024	$408.9M	$2.56	+8.0%
FY2025	$798.3M	$5.23	+104.3%

4Y Historical EPS CAGR: 10.0%

Earnings Power Value

Fair Value

$79.07

Market Price

$51.69

Upside / Downside

+53.0%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 7.4% and normalized earnings of $824.8M, the company has a fair value of $79.07 per share. The EPV range is $66.63 – $97.89 based on WACC sensitivity (5.9% – 8.9%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	825	825	825
(/) WACC	8.9%	7.4%	5.9%
Enterprise Value	9,316	11,216	14,090
(-) Net debt	-858	-858	-858
Equity Value	10,174	12,074	14,948
(/) Outstanding shares	153	153	153
Fair Price	$66.63	$79.07	$97.89

Dividend Discount Model

Fair Value

$29.53

Market Price

$51.69

Upside / Downside

-42.9%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.5% and projected dividend growth of 0.0%, the fair value is $29.53 per share. The DDM range is $21.15 – $53.95 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.61

Dividend Yield

0.00%

Payout Ratio

0.0%

Dividend Coverage

N/A

DPS CAGR (3Y)1.9%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	—	0.0%	-100.0%
2024	$1.61	61.2%	-0.4%
2023	$1.61	66.0%	+0.7%
2022	$1.60	69.7%	+5.4%
2021	$1.52	41.3%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.61	0.0%	0.9304	$1.49
2027	$1.61	0.0%	0.8657	$1.39
2028	$1.61	0.0%	0.8054	$1.29
2029	$1.61	0.0%	0.7494	$1.20
2030	$1.61	0.0%	0.6972	$1.12
Terminal Value	$1.65 DPS	2.5%		$23.03

PV of Projected Dividends$6.50

PV of Terminal Value$23.03

Fair Value per Share$29.53

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
5.5%	$49	$49	$49	$52	$54
6.5%	$37	$37	$37	$39	$40
7.5%	$30	$30	$30	$31	$32
8.5%	$25	$25	$25	$26	$27
9.5%	$21	$21	$21	$22	$23

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Janus Henderson Group plc (JHG) Valuation Summary

Updated May 11, 2026 19:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$70.95 – $271.89	$109.43	+111.7%
Growth Exit 10Y	$71.66 – $252.83	$106.86	+106.7%
EBITDA Exit 5Y	$57.11 – $117.77	$84.89	+64.2%
EBITDA Exit 10Y	$62.42 – $124.54	$88.89	+72.0%
▸ Trading Multiples
P/E	$51.15 – $69.61	$50.50	-2.3%
EV/EBITDA	$31.78 – $63.18	$45.46	-12.0%
EV/Revenue	$51.01 – $220.00	$71.84	+39.0%
▸ PEG
PEG Fair Value	$52.39 – $52.39	$52.39	+1.3%
▸ Earnings Power Value
Earnings Power Value	$66.63 – $97.89	$79.07	+53.0%
▸ Dividend Discount
Dividend Discount	$21.15 – $53.95	$29.53	-42.9%

Valuation History

DCF Analysis

Fair Value

$109.43

Market Price

$51.69

Upside / Downside

+111.7%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,138
(−) Net Interest	15	16	18	19	19	20
(+) D&A	74	84	94	106	118	121
EBITDA	967	1,020	1,133	1,204	1,248	1,280

(−) Tax	210	220	244	258	265	272
(−) CapEx	61	64	71	75	77	79
(−) ΔWC	553	26	61	35	19	19
Free Cash Flow (FCFF)	144	711	757	836	887	910

Terminal Value						18,740
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	139	639	634	652	645	13,142

Enterprise Value	15,851
Projection Period	2,709	17.1%
Terminal Value	13,142	82.9%

(−) Current Net Debt	(858)

Equity Value	16,710
(/) Outstanding Shares	153

Fair Price	$109.43

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$143	$161	$185	$219	$272
6.4%	$114	$124	$137	$154	$177
7.4%	$95	$101	$109	$119	$132
8.4%	$81	$86	$91	$97	$105
9.4%	$71	$74	$78	$82	$88

Current price: $51.69. Green = undervalued, Red = overvalued.

Fair Value

$106.86

Market Price

$51.69

Upside / Downside

+106.7%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,143	1,176	1,210	1,246	1,283	1,315
(−) Net Interest	15	16	18	19	19	20	20	21	22	22	23
(+) D&A	74	84	94	106	118	69	73	76	79	81	83
EBITDA	967	1,020	1,133	1,204	1,248	1,232	1,269	1,308	1,347	1,387	1,421

(−) Tax	210	220	244	258	265	273	281	289	298	307	314
(−) CapEx	61	64	71	75	77	79	81	84	86	89	91
(−) ΔWC	553	26	61	35	19	19	20	21	22	22	23
Free Cash Flow (FCFF)	144	711	757	836	887	860	887	914	941	969	993

Terminal Value											20,462
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	139	639	634	652	645	582	559	537	515	494	10,064

Enterprise Value	15,459
Projection Period	5,396	34.9%
Terminal Value	10,064	65.1%

(−) Current Net Debt	(858)

Equity Value	16,318
(/) Outstanding Shares	153

Fair Price	$106.86

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$145	$160	$180	$209	$253
6.4%	$115	$123	$134	$147	$166
7.4%	$96	$101	$107	$114	$124
8.4%	$82	$85	$89	$94	$99
9.4%	$72	$74	$77	$80	$83

Current price: $51.69. Green = undervalued, Red = overvalued.

Fair Value

$84.89

Market Price

$51.69

Upside / Downside

+64.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Janus Henderson Group plc's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -21.7% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 63, DPO 3, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (78% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 10.5x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $84.89 per share, suggesting JHG is undervalued by 64.2% at the current price of $51.69.

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

EV/EBITDA Exit Multiple

10.47x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,138
(−) Net Interest	15	16	18	19	19	20
(+) D&A	74	84	94	106	118	121
EBITDA	967	1,020	1,133	1,204	1,248	1,280

(−) Tax	210	220	244	258	265	—
(−) CapEx	61	64	71	75	77	—
(−) ΔWC	553	26	61	35	19	—
Free Cash Flow (FCF)	144	711	757	836	887	—

Peers' EBITDA Multiple						10.5x
Terminal Value						13,397
WACC / Discount Rate	7.35%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	139	639	634	652	645	9,395

Enterprise Value	12,104
Projection Period	2,709	22.4%
Terminal Value	9,395	77.6%

(−) Current Net Debt	(858)
Equity Value	12,962
(÷) Outstanding Shares	153M
Fair Price	$85	+64.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	6.5x	8.5x	10.5x	12.5x	14.5x
5.4%	$66	$79	$92	$105	$118
6.4%	$64	$76	$88	$101	$113
7.4%	$61	$73	$85	$97	$108
8.4%	$59	$70	$82	$93	$104
9.4%	$57	$68	$79	$89	$100

Current price: $51.69. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$88.89

Market Price

$51.69

Upside / Downside

+72.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Janus Henderson Group plc's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -21.7% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 63, DPO 3, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 10.5x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $88.89 per share, suggesting JHG is undervalued by 72.0% at the current price of $51.69.

FCFF Present Value Calculation

WACC

7.35%

3% – 20%

EV/EBITDA Exit Multiple

10.47x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	877	920	1,021	1,080	1,111	1,143	1,176	1,210	1,246	1,283	1,315
(−) Net Interest	15	16	18	19	19	20	20	21	22	22	23
(+) D&A	74	84	94	106	118	69	73	76	79	81	83
EBITDA	967	1,020	1,133	1,204	1,248	1,232	1,269	1,308	1,347	1,387	1,421

(−) Tax	210	220	244	258	265	273	281	289	298	307	—
(−) CapEx	61	64	71	75	77	79	81	84	86	89	—
(−) ΔWC	553	26	61	35	19	19	20	21	22	22	—
Free Cash Flow (FCF)	144	711	757	836	887	860	887	914	941	969	—

Peers' EBITDA Multiple											10.5x
Terminal Value											14,883
WACC / Discount Rate	7.35%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	139	639	634	652	645	582	559	537	515	494	7,320

Enterprise Value	12,715
Projection Period	5,396	42.4%
Terminal Value	7,320	57.6%

(−) Current Net Debt	(858)
Equity Value	13,574
(÷) Outstanding Shares	153M
Fair Price	$89	+72.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	6.5x	8.5x	10.5x	12.5x	14.5x
5.4%	$80	$91	$102	$113	$125
6.4%	$75	$85	$95	$105	$115
7.4%	$71	$80	$89	$98	$107
8.4%	$66	$75	$83	$91	$100
9.4%	$62	$70	$78	$85	$93

Current price: $51.69. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$50.50

Market Price

$51.69

Upside / Downside

-2.3%

Verdict

Overvalued

P/E Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Janus Henderson Group plcJHG	7,893	9.9x	12.9x
Affiliated Managers Group, Inc.AMG	8,080	13.3x	11.9x
Pinnacle Financial Partners, Inc.PNFP	7,583	12.2x	14.6x
Voya Financial, Inc.VOYA	7,392	12.6x	8.9x
Blue Owl Technology Finance Corp.OTF	5,052	6.2x	8.1x
Hamilton Lane IncorporatedHLNE	4,964	16.5x	17.8x
Main Street Capital CorporationMAIN	4,867	9.8x	10.1x
Federated Hermes, Inc.FHI	4,247	10.9x	11.3x
Affiliated Managers Group, Inc.MGRE	644	1.1x	0.9x
Industry Median		11.6x	10.7x
(*) Profit after tax		798	613
Equity Value		9,221	6,203
(/) Outstanding shares		153	153
Fair Price		$60	$41

Selected Fair Value (avg of trailing + forward)

$50.50

-2.3%

Fair Value

$45.46

Market Price

$51.69

Upside / Downside

-12.0%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Janus Henderson Group plc (JHG) has a fair value of $45.46 based on 8 comparable companies in the Asset Management industry.

EV/EBITDA Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Janus Henderson Group plcJHG	7,893	12.5x	14.9x
Affiliated Managers Group, Inc.AMG	8,080	6.8x	8.0x
Pinnacle Financial Partners, Inc.PNFP	7,583	7.8x	12.8x
Voya Financial, Inc.VOYA	7,392	31.7x	30.8x
Blue Owl Technology Finance Corp.OTF	5,052	15.6x	14.5x
Hamilton Lane IncorporatedHLNE	4,964	13.1x	13.7x
Main Street Capital CorporationMAIN	4,867	13.8x	17.3x
Federated Hermes, Inc.FHI	4,247	7.1x	7.2x
Affiliated Managers Group, Inc.MGRE	644	1.8x	2.1x
Industry Median		10.5x	13.2x
(*) EBITDA		565	473
= Enterprise Value		5,912	6,256
(-) Net Debt		-858	-858
Equity Value		6,771	7,114
(/) Outstanding shares		153	153
Fair Price		$44	$47

Selected Fair Value (avg of trailing + forward)

$45.46

-12.0%

Fair Value

$71.84

Market Price

$51.69

Upside / Downside

+39.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Janus Henderson Group plc (JHG) has a fair value of $71.84 based on 8 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Janus Henderson Group plcJHG	7,893	2.3x	2.7x
Affiliated Managers Group, Inc.AMG	8,080	4.2x	4.9x
Pinnacle Financial Partners, Inc.PNFP	7,583	2.2x	3.7x
Voya Financial, Inc.VOYA	7,392	1.1x	1.1x
Blue Owl Technology Finance Corp.OTF	5,052	10.6x	9.8x
Hamilton Lane IncorporatedHLNE	4,964	7.1x	7.4x
Main Street Capital CorporationMAIN	4,867	11.3x	14.1x
Federated Hermes, Inc.FHI	4,247	2.3x	2.3x
Affiliated Managers Group, Inc.MGRE	644	1.1x	1.3x
Industry Median		3.2x	4.3x
(*) Revenue		3,097	2,593
= Enterprise Value		9,973	10,250
(-) Net Debt		-858	-858
Equity Value		10,831	11,108
(/) Outstanding shares		153	153
Fair Price		$71	$73

Selected Fair Value (avg of trailing + forward)

$71.84

+39.0%

PEG Fair Value

Fair Value

$52.39

Market Price

$51.69

Upside / Downside

+1.3%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 10.0%, the company has a fair value of $52.39 based on TTM EPS (FY2025) of $5.23. The current PEG ratio is 0.99.

PEG Ratio

0.99Undervalued

01.02.03.0+

PEG = P/E ÷ Growth = 9.9 ÷ 10.0% = 0.99

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateHistorical	10.0%
Adjusted Growth (clamped 8–25%)	10.0%
Fair P/E	10.0x
TTM EPS (FY2025)	$5.23
Fair Value	$52.39

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$620.0M	$3.57	—
FY2022	$372.4M	$2.23	-37.5%
FY2023	$392.0M	$2.37	+6.3%
FY2024	$408.9M	$2.56	+8.0%
FY2025	$798.3M	$5.23	+104.3%

4Y Historical EPS CAGR: 10.0%

Earnings Power Value

Fair Value

$79.07

Market Price

$51.69

Upside / Downside

+53.0%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	825	825	825
(/) WACC	8.9%	7.4%	5.9%
Enterprise Value	9,316	11,216	14,090
(-) Net debt	-858	-858	-858
Equity Value	10,174	12,074	14,948
(/) Outstanding shares	153	153	153
Fair Price	$66.63	$79.07	$97.89

Dividend Discount Model

Fair Value

$29.53

Market Price

$51.69

Upside / Downside

-42.9%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.61

Dividend Yield

0.00%

Payout Ratio

0.0%

Dividend Coverage

N/A

DPS CAGR (3Y)1.9%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	—	0.0%	-100.0%
2024	$1.61	61.2%	-0.4%
2023	$1.61	66.0%	+0.7%
2022	$1.60	69.7%	+5.4%
2021	$1.52	41.3%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.61	0.0%	0.9304	$1.49
2027	$1.61	0.0%	0.8657	$1.39
2028	$1.61	0.0%	0.8054	$1.29
2029	$1.61	0.0%	0.7494	$1.20
2030	$1.61	0.0%	0.6972	$1.12
Terminal Value	$1.65 DPS	2.5%		$23.03

PV of Projected Dividends$6.50

PV of Terminal Value$23.03

Fair Value per Share$29.53

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
5.5%	$49	$49	$49	$52	$54
6.5%	$37	$37	$37	$39	$40
7.5%	$30	$30	$30	$31	$32
8.5%	$25	$25	$25	$26	$27
9.5%	$21	$21	$21	$22	$23