Continued Outflows Weigh on Janus Henderson; Expect No End to Negative Organic Growth
There was little in narrow-moat-rated Janus Henderson's fourth-quarter results that would alter our long-term view of the firm. We are, however, lowering our USD 26/AUD 36 per share fair value estimate to USD 24/AUD 33 following what were weaker than expected near-term results from the asset manager.Janus Henderson closed out the December quarter with USD 328.5 billion in managed assets, down 13.1% sequentially and 11.4% on a year-over-year basis, and worse than our forecast calling for assets ...
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