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Definitive Analysis

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Janus Henderson Triton Fund Class D (JANIX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$12.59 - $17.94$15.22
Multi-Stage$20.73 - $22.68$21.69
Blended Fair Value$18.45
Current Price$25.67
Upside-28.11%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.00%7.11%1.271.271.261.291.340.001.260.770.790.71
YoY Growth---0.27%1.33%-2.62%-3.49%0.00%-100.00%62.54%-2.17%11.20%11.19%
Dividend Yield--4.95%4.91%4.35%4.31%7.99%0.00%6.47%4.82%5.84%4.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)380.70
(-) Cash Dividends Paid (M)258.70
(=) Cash Retained (M)122.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)76.1447.5928.55
Cash Retained (M)122.00122.00122.00
(-) Cash Required (M)-76.14-47.59-28.55
(=) Excess Retained (M)45.8674.4193.45
(/) Shares Outstanding (M)203.62203.62203.62
(=) Excess Retained per Share0.230.370.46
LTM Dividend per Share1.271.271.27
(+) Excess Retained per Share0.230.370.46
(=) Adjusted Dividend1.501.641.73
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.59$15.22$17.94
Upside / Downside-50.94%-40.70%-30.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)380.70376.89373.12369.39365.70362.04372.90
Payout Ratio67.95%72.36%76.77%81.18%85.59%90.00%92.50%
Projected Dividends (M)258.70272.73286.46299.88313.00325.84344.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)246.24248.75251.26
Year 2 PV (M)233.51238.30243.14
Year 3 PV (M)220.71227.53234.50
Year 4 PV (M)207.99216.61225.49
Year 5 PV (M)195.48205.66216.26
PV of Terminal Value (M)3,116.643,278.933,447.91
Equity Value (M)4,220.574,415.784,618.57
Shares Outstanding (M)203.62203.62203.62
Fair Value$20.73$21.69$22.68
Upside / Downside-19.25%-15.52%-11.64%

High-Yield Dividend Screener

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