Initiating Coverage of Narrow-Moat Janus Henderson Group With a $33/AUD 43.50 per Share FVE
We are initiating coverage of Janus Henderson Group with a $33/AUD 43.50 per share fair value estimate. Formed by the merger of Janus Capital Group, a U.S.-based asset manager, with Henderson Global Group, a U.K.-based asset manager, Janus Henderson Group provides investment management services to individual and institutional investors. We believe that the combined firms have a narrow moat around their business, but that the moat trend is negative.We're generally not fans of mergers and acquisi...
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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