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$13.21 - $19.01$16.04
Multi-Stage$22.58 - $24.73$23.64
Blended Fair Value$19.84
Current Price$25.67
Upside-22.72%
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 Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.21$16.04$19.01
Upside / Downside-48.55%-37.52%-25.95%

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 Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)247.46249.99252.51
Year 2 PV (M)235.83240.67245.56
Year 3 PV (M)224.01230.94238.01
Year 4 PV (M)212.15220.94230.01
Year 5 PV (M)200.39210.82221.69
PV of Terminal Value (M)3,478.733,659.883,848.49
Equity Value (M)4,598.584,813.245,036.26
Shares Outstanding (M)203.62203.62203.62
Fair Value$22.58$23.64$24.73
Upside / Downside-12.02%-7.91%-3.65%

High-Yield Dividend Screener

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