Continued Outflows Weigh on Janus Henderson's First-Half Results; Lowered FVE to USD 34 per Share
We've lowered our fair value estimate for narrow-moat rated Janus Henderson to USD 34 (AUD 46) from USD 36 (AUD 47) after updating our assumptions about AUM, revenue and profitability following the release of weaker than expected results from the firm during the first half of 2018. We use a 9% cost of equity and a 0.74 USD/AUD foreign currency exchange rate in our valuation. All discussions of Janus Henderson's operating results are in U.S. dollars.The company closed out the June 2018 with $370...
Janus Henderson Group is a global investment manager. Co. manages a range of investment products for institutional and retail investors, across five capabilities, being European Equities, Global Equities, Global Fixed Income, Multi-Asset and Alternatives, including Private Equity and Property. Management operates across product lines, distribution channels and geographic regions. All investment product types are sold in most, if not all, of these regions and are managed in various locations. As of Dec 31 2016, Co. had total assets under management of £101.00 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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