Janus Goes into Merger with Henderson in Much Weaker Position; No Change to $14 per Share FVE
There was little in narrow moat-rated Janus Capital Group's first-quarter results that would alter our view of the firm. We are leaving our $14 per share fair value estimate, which is based on the purchase price ascribed to the "merger of equals" between Janus and the Henderson Group, in place. Management continues to expect the deal to close at the end of May.Janus closed out the March quarter with $204.7 billion in total AUM, up 4.0% sequentially and 7.0% on a year-over-year basis. The firm's...
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