reports
- Greggory Warren
- CFA
Janus Goes into Merger with Henderson in Much Weaker Position; No Chan...
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...
Janus Capital Group Inc. Announces First Quarter 2017 Results
DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported first quarter 2017 net income of $30.9 million, or $0.17 per diluted share, compared with fourth quarter 2016 net income of $30.9 million, or $0.17 per diluted share, and net income of $35.1 million, or $0.19 per diluted share in the first quarter 2016. First quarter 2017 net income adjusted for merger-related costs was $43.8 million, or $0.23 per diluted share. Fourth quarter 2016 net income adjusted for merger-related costs was $37.2 milli...
Janus Capital Group to Announce First Quarter 2017 Results Thursday, A...
DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (NYSE:JNS) will release its first quarter 2017 financial results before the market opens Thursday, April 20, 2017. The company will host a conference call and webcast that day at 10 a.m. ET to discuss its results. To participate in the conference call, please dial (888) 397-5338 in the U.S. and Canada or (719) 325-2145 internationally. The webcast as well as the slides used during the presentation can be accessed via the investor relations section of Janus Capital Group’s website (htt...
- Greggory Warren
- CFA
Janus' merger with Henderson Group makes sense strategically but doesn...
In a widely anticipated move, the Federal Reserve raised its target for the federal funds rate by 25 basis points to 0.50%-0.75%. As we noted ahead of the Federal Open Market Committee meeting, however, inflation is still below the committee’s 2% goal and business fixed investment remains below desired levels. We believe these data points support our view that low real interest rates are needed to ensure full utilization of labor and capital for some time. We incorporate a federal funds rate...
- Greggory Warren
- CFA
Janus Posts Weaker-Than-Expected 4Q Results; Henderson Merger on Track...
There was little in narrow-moat-rated Janus Capital Group's fourth-quarter results that would alter our view of the firm. That said, we are lowering our fair value estimate, which is based on the purchase price ascribed to the "merger of equals" between Janus and the Henderson Group, to $14 per share based on changes in the value of the British pound and Henderson's shares since the deal was announced. Management continues to project a second quarter of 2017 (likely end of May) close for the mer...
Janus Capital Group Inc. Announces Fourth Quarter and Full-Year 2016 R...
DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported fourth quarter 2016 net income of $30.9 million, or $0.17 per diluted share, compared with third quarter 2016 net income of $41.1 million, or $0.22 per diluted share, and net income of $46.6 million, or $0.25 per diluted share, in the fourth quarter 2015. For the full year 2016, net income totaled $146.1 million, or $0.78 per diluted share, compared with net income of $155.8 million, or $0.80 per diluted share for 2015. Fourt...
Janus Capital Group to Announce Fourth Quarter and Full-Year 2016 Resu...
DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (NYSE:JNS) will release its fourth quarter and full-year 2016 financial results before the market opens Tuesday, January 24, 2017. The company will host a conference call and webcast that day at 10 a.m. ET to discuss its results. To participate in the conference call, please dial (888) 397-5338 in the U.S. and Canada or (719) 325-2145 internationally. The webcast as well as the slides used during the presentation can be accessed via the investor relations section of Janus Capital Grou...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Greggory Warren
- CFA
Fed Tightens, but Low Inflation and Lackluster Business Investment Sup...
In a widely anticipated move, the Federal Reserve raised its target for the federal funds rate by 25 basis points to 0.50%-0.75%. As we noted ahead of the Federal Open Market Committee meeting, however, inflation is still below the committee’s 2% goal and business fixed investment remains below desired levels. We believe these data points support our view that low real interest rates are needed to ensure full utilization of labor and capital for some time. We incorporate a federal funds rate...
- Greggory Warren
- CFA
What Is the 10-Year Rate Telling Us?
Just a few weeks after the 2016 U.S. presidential election, the yield on U.S. 10-year Treasuries is up roughly 50 basis points as investors reassess their outlook for the country’s economic prospects. Data from the CME Group indicates a 93% probability that the Federal Reserve will raise its Fed Funds target by 25 basis points at the Dec. 14 meeting. Bank stocks have responded in dramatic fashion, in some cases exceeding our fair value estimates. We note that relatively rate-insensitive names,...
- Greggory Warren
- CFA
Removal of DOL Rule Will Not Eliminate Longer-Term Trends Affecting U....
While news of Donald Trump's election has sparked a rally in the shares of the U.S.-based asset managers, we think an overturning of the Department of Labor fiduciary rule, although more likely, does not alter the long-term secular trends affecting the industry. If anything, a reversal of the DOL rule will decelerate what we had expected to be an acceleration of the fee and margin compression we envision for the industry--driven by poor relative active investment performance and the growth and a...
SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation Of J...
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.: Do you own shares of Janus Capital Group, Inc. (NYSE: JNS)? Did you purchase any of your shares prior to October 3, 2016? Do you think the proposed merger value is too low? Do you want to discuss your rights? Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Janus Capital Group, Inc. (“Janus” or the “Company”) (NYSE: JNS) ...
- Greggory Warren
- CFA
Janus Posts Mixed Third-Quarter Results; No Change to $15 Fair Value E...
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. ...
Janus Capital Group Inc. Announces Third Quarter 2016 Results
DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported third quarter 2016 net income of $41.1 million, or $0.22 per diluted share, compared with second quarter 2016 net income of $39.0 million, or $0.21 per diluted share, and net income of $19.9 million, or $0.10 per diluted share in the third quarter 2015. Third quarter 2016 net income adjusted for merger related costs was $45.3 million, or $0.24 per diluted share while third quarter 2015 net income adjusted for the loss on extinguishment of de...
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Inve...
NEW YORK--(BUSINESS WIRE)-- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Janus Capital Group, Inc. (“Janus”) (NYSE: JNS) stock prior to October 3, 2016. You are hereby notified that Levi & Korsinsky, LLP continues an investigation into the fairness of the sale of Janus to Henderson Group plc. Under the terms of the transaction, Janus shareholders will receive 4.7190 shares of Henderson for each share of Janus stock they own. To learn more about the action...
INVESTOR ALERT: Brower Piven Commences An Investigation Into The Propo...
STEVENSON, Md.--(BUSINESS WIRE)-- The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Janus Capital Group, Inc. (NYSE: JNS) (“Janus” or the “Company”) relating to the proposed buyout of Janus by Henderson Group plc (“Henderson”). The new entity will be called Janus Henderson Global Investors plc. Under the terms of the agreement, Janus shareholders are anticipated t...
Janus Capital Group to Announce Third Quarter 2016 Results Tuesday, Oc...
DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (NYSE:JNS) will release its third quarter 2016 financial results before the market opens Tuesday, October 25, 2016. The company will host a conference call and webcast that day at 9 a.m. ET to discuss its results. To participate in the conference call, please dial (888) 397-5338 in the U.S. and Canada or (719) 325-2145 internationally. The webcast as well as the slides used during the presentation can be accessed via the investor relations section of Janus Capital Group’s website (htt...
INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investig...
NEW YORK--(BUSINESS WIRE)-- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Janus Capital Group, Inc. (“Janus”) (NYSE:JNS) stock prior to October 3, 2016. You are hereby notified that Levi & Korsinsky, LLP continues an investigation into the fairness of the sale of Janus to Henderson Group plc. Under the terms of the transaction, Janus shareholders will receive 4.7190 shares of Henderson for each share of Janus stock they own. To learn more about the action ...
SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces an Investigation of ...
BALA CYNWYD, Pa.--(BUSINESS WIRE)-- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Janus Capital Group, Inc. ("Janus” or "the Company") (NYSE: JNS) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Henderson Group plc (“Henderson”). Click here to learn more about the investigation http://brodsky-smith.com/1123-jns-janus-capital-group-inc.html, or call: 877-534-2590. There is no cost or oblig...
- Greggory Warren
- CFA
Raised Janus FVE to $15 per Share based on Terms of the Merger With He...
We've increased our fair value estimate for narrow-moat rated Janus Capital Group to $15 per share from $14 to adjust for the "merger of equals" announced this week between the firm and Henderson Group. With the all-stock deal slated to exchange 4.719 shares of Henderson for every share of Janus held when the acquisition closes in the second quarter of 2017, Janus was being valued at $2.6 billion (based on Henderson's stock price of GBX 232.00 per share and an exchange rate of $1.2976 per GBP), ...
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