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Janus Henderson Group (JHG)
NYSE:JHG
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Janus Henderson Group
(NYSE:JHG)
Rating:77Outperform
Price Target:
$43.00
▲( 17.68% Upside)
Positive Factors
Growth and Performance
JHG is on a unique growth path due to its differentiated product offerings and strength in the retail channel which should drive sustained, positive organic growth.
Partnership and Diversification
The partnership with Guardian Life is strategically compelling for scale, diversification, and future opportunities.
Negative Factors
Earnings Projection
The adjusted EPS for 2025 is expected to decrease by 0.8% due to softer revenues resulting from lower assets under management.
Future Earnings Concerns
The 2026 adjusted EPS is projected to decrease by 0.5% as a result of lower revenues slightly offset by reduced expenses.
Janus Henderson Group (JHG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.76B
Dividend Yield4.28%
Average Volume (3M)1.48M
Price to Earnings (P/E)14.5
Beta (1Y)1.38
Revenue Growth17.41%
EPS Growth-4.75%
CountryUS
Employees2,308
SectorFinancial
Sector Strength81
IndustryAsset Management
Share Statistics
EPS (TTM)0.79
Shares Outstanding157,557,820
10 Day Avg. Volume1,435,600
30 Day Avg. Volume1,484,376
Financial Highlights & Ratios
PEG Ratio-9.07
Price to Book (P/B)1.19
Price to Sales (P/S)0.00
P/FCF Ratio8.30
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue0.52
Enterprise Value/Gross Profit2.81
Enterprise Value/Ebitda2.20
Forecast
1Y Price Target
$39.67Price Target Upside8.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
Janus Henderson Group Business Overview & Revenue Model
Company DescriptionJanus 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.
How the Company Makes MoneyJanus Henderson Group generates revenue primarily through management fees charged on the assets under management (AUM). These fees are typically calculated as a percentage of the AUM and vary depending on the type of investment product and the specific client agreement. In addition to management fees, the company may earn performance fees, which are contingent on achieving specific investment benchmarks or targets. The firm also benefits from its global distribution network and strategic partnerships, which help in expanding its client base and enhancing asset growth. Janus Henderson's diversified investment offerings and commitment to active management play a crucial role in maintaining its competitive position and driving revenue growth.
Janus Henderson Group Financial Statement Overview
Summary
Janus Henderson Group exhibits solid financial health across all statements, with strong profitability margins, a robust balance sheet with minimal leverage, and stable cash flow generation. While revenue growth is modest, effective cost management and strong equity positioning provide a stable foundation for future growth. The company's financial management appears prudent, supporting its long-term financial stability.Income Statement
The income statement shows a stable financial performance with a strong gross profit margin at around 71.2% for TTM (Trailing-Twelve-Months), indicating efficient cost management. The net profit margin stands at 15.7%, reflecting healthy profitability. Revenue growth was modest, increasing by 1.9% from the previous year. EBIT margin is strong at 27.3%, while EBITDA margin is slightly lower at 21.5%, suggesting good operational efficiency. Overall, the company exhibits solid profitability and efficiency, though revenue growth is modest.75
Positive
Balance Sheet
The balance sheet is robust with a low debt-to-equity ratio of 0.08, indicating minimal financial leverage and a strong equity base. The return on equity (ROE) for TTM is 8.4%, showing effective use of shareholder funds to generate profit. The equity ratio is high at 66.0%, suggesting a strong reliance on equity financing, which enhances financial stability. Overall, the balance sheet reflects a stable financial position with low leverage and effective capital management.80
Positive
Cash Flow
The cash flow statement demonstrates strong cash generation capabilities, with a free cash flow growth rate of 0.9% over the last year, indicating stable cash flow performance. The operating cash flow to net income ratio is 1.77, and the free cash flow to net income ratio is 1.75, both reflecting efficient cash conversion from earnings. Overall, cash flows are healthy and indicative of strong liquidity management, although growth is modest.78
Positive
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 2.52B | 2.47B | 2.10B | 2.20B | 2.77B | 2.30B | Gross Profit |
| 1.79B | 1.76B | 1.46B | 1.59B | 2.07B | 1.68B | EBIT |
| 688.60M | 645.70M | 483.70M | 489.80M | 823.40M | 717.20M | EBITDA |
| 540.70M | 654.40M | 550.00M | 557.30M | 983.50M | 766.40M | Net Income Common Stockholders |
| 395.70M | 399.00M | 392.00M | 274.50M | 620.00M | 130.30M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 1.65B | 2.07B | 1.88B | 1.16B | 1.56B | 1.59B | Total Assets |
| 6.27B | 6.96B | 6.50B | 6.24B | 6.74B | 6.69B | Total Debt |
| 303.90M | 486.50M | 382.50M | 332.00M | 310.40M | 458.50M | Net Debt |
| -618.40M | -748.30M | -785.60M | -830.30M | -796.90M | -649.60M | Total Liabilities |
| 1.57B | 1.88B | 1.64B | 1.64B | 1.91B | 1.87B | Stockholders Equity |
| 4.43B | 4.59B | 4.54B | 4.36B | 4.66B | 4.72B |
| Cash Flow | Free Cash Flow | ||||
| 690.60M | 684.50M | 430.80M | 455.70M | 885.00M | 627.90M | Operating Cash Flow |
| 698.90M | 694.60M | 441.60M | 473.30M | 895.40M | 645.70M | Investing Cash Flow |
| -457.70M | -285.40M | -328.90M | 58.50M | -283.30M | 129.40M | Financing Cash Flow |
| -65.60M | -324.40M | -151.90M | -419.10M | -588.10M | -491.00M |
Janus Henderson Group Technical Analysis
Negative
36.54
Price Trends
34.60
Positive
38.13
Negative
38.60
Negative
Market Momentum
1.07
Negative
54.41
Neutral
31.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JHG, the sentiment is Negative. The current price of 36.54 is above the 20-day moving average (MA) of 35.94, above the 50-day MA of 34.60, and below the 200-day MA of 38.60, indicating a neutral trend. The MACD of 1.07 indicates Negative momentum. The RSI at 54.41 is Neutral, neither overbought nor oversold. The STOCH value of 31.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JHG.
Janus Henderson Group Risk Analysis
Janus Henderson Group disclosed 40 risk factors in its most recent earnings report. Janus Henderson Group reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Janus Henderson Group Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.37B | 11.99 | 24.98% | 2.92% | 2.32% | 1.08% | |
77 Outperform | $5.76B | 14.52 | 8.55% | 4.28% | 17.41% | -4.75% | |
76 Outperform | $4.49B | 10.95 | 20.69% | 8.15% | ― | 53.17% | |
73 Outperform | $6.78B | 12.14 | 5.50% | 5.60% | 5.69% | ― | |
70 Outperform | $4.99B | 13.77 | 12.81% | 0.02% | -6.37% | -28.43% | |
70 Outperform | $16.05B | 15.01 | 20.38% | 3.19% | 62.87% | ― | |
64 Neutral | $12.66B | 9.79 | 7.67% | 17015.07% | 12.23% | -6.06% |
* Financial Sector Average
Performance Comparison
JHG
Janus Henderson Group
36.54
4.13
12.74%
AMG
Affiliated Managers
175.50
18.40
11.71%
AB
AllianceBernstein
38.84
8.34
27.34%
FHI
Federated Hermes
42.56
11.09
35.24%
IVZ
Invesco
14.58
-0.15
-1.02%
CG
Carlyle Group
44.43
1.75
4.10%
Janus Henderson Group Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: 11.27%|
Next Earnings Date:Jul 30, 2025
Earnings Call Sentiment Positive
Janus Henderson showed resilience with consistent positive net flows and strong investment performance amid market volatility. Strategic growth through partnerships and financial returns to shareholders were notable, though challenges remain in equity flows and AUM decline.Q1-2025 Updates
Positive Updates
Consistent Positive Net Flows
Janus Henderson delivered a fourth consecutive quarter of positive net flows, reflecting a 44% increase in year-over-year gross sales. Net inflows for the quarter were $2 billion, compared to net inflows of $3.3 billion last quarter and an improvement over net outflows of $3 billion a year ago.
Strong Investment Performance
Despite short-term volatility, at least 65% of assets beat respective benchmarks on a three, five, and ten-year basis. Over 70% of AUM is in the top two Morningstar quartiles over all-time periods.
Strategic Partnership with Guardian Life
The partnership with Guardian Life includes managing a $45 billion investment-grade public fixed-income portfolio and a $400 million seed capital commitment, expanding Janus Henderson's fixed-income AUM significantly.
Financial Growth and Shareholder Returns
Adjusted diluted EPS of $0.79 marks an 11% increase from the first quarter of 2024. A 3% increase in quarterly dividend and a new share buyback authorization of up to $200 million were announced.
Negative Updates
Decrease in Assets Under Management
Assets under management decreased by 1% to $373.2 billion due to market declines, despite being partially offset by positive net flows and favorable currency adjustments.
Negative Performance Fees
First-quarter performance fees were negative $4 million, albeit an improvement from negative $13 million a year ago.
Equity Flows Challenges
Equity flows were negative $4.2 billion, exacerbated by market dislocation and risk-off sentiment.
Company Guidance
During the Janus Henderson Group's first-quarter 2025 results briefing, the company reported a slight 1% decrease in assets under management (AUM) to $373.2 billion, despite significant market challenges. Positive net flows of $2 billion and favorable currency adjustments helped offset market declines. The company achieved a 44% year-over-year increase in gross sales and maintained positive net flows for the fourth consecutive quarter. Over 70% of AUM was in the top two Morningstar quartiles across all time periods, indicating strong investment performance. Janus Henderson's adjusted diluted EPS increased by 11% to $0.79 compared to Q1 2024, and the company announced a 3% dividend increase alongside a new $200 million share buyback authorization. The strategic partnership with Guardian Life Insurance Company will manage a $45 billion investment-grade public fixed-income portfolio, expected to lower the aggregate net management fee rate by 5 to 6 basis points once fully onboarded.Janus Henderson Group Corporate Events
Executive/Board Changes
Janus Henderson COO James Lowry to Step Down
Neutral
May 16, 2025
James R. Lowry will step down as Global Chief Operating Officer of Janus Henderson Group plc effective May 31, 2025. A Settlement Agreement will provide him with certain benefits, including a pro-rated bonus for 2025, with his departure finalized by August 31, 2025.
The most recent analyst rating on (JHG) stock is a Buy with a $53.00 price target. To see the full list of analyst forecasts on Janus Henderson Group stock, see the JHG Stock Forecast page.
Executive/Board Changes
Janus Henderson Group Announces New CEO Agreement
Neutral
May 9, 2025
On May 9, 2025, Janus Henderson Group plc announced a new employment agreement with CEO Ali Dibadj, effective May 12, 2025, to retain him for the next five years. The agreement includes a base salary of $725,000 and a performance-based variable compensation program, with a special award to align the CEO’s interests with shareholders and enhance retention.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.