Lowering Henderson's Fair Value Estimate to Reflect Currency Changes
After rolling our model to 2017 and updating for recent currency changes, we are reducing our fair value estimate to AUD 3.90 from AUD 4.20 per share. Our fair value estimate implies one-year forward price/earnings of about 16 times and an enterprise value to EBITDA multiple of roughly 11 times. Our forecast assumes that inflows continue to grow assets under management and boost absolute management fees. We assume GBP 1/AUD 1.61 as of March 10.ÂWe expect that revenue will grow at an average ann...
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