Janus Posts Mixed Third-Quarter Results; No Change to $15 Fair Value Estimate
There was little in narrow-moat Janus Capital Group's third-quarter results that would alter our view of the firm. We are leaving our $15 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. We continue to expect the firm to trade more on changes in the value of the British pound and Henderson's shares than the fundamentals of its own operations until the deal closes in the second quarter of 2017....
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