DDM Analysis: JHG

Valuation Snapshot

Stable Growth	$41.49 - $69.80	$53.89
Multi-Stage	$67.98 - $74.61	$71.23
Blended Fair Value	$62.56
Current Price	$44.51
Upside	40.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.69%	5.63%	1.62	1.67	1.68	1.65	1.70	1.76	1.78	1.65	1.02	1.04
YoY Growth	-	-	-3.32%	-0.27%	1.33%	-2.62%	-3.49%	-0.98%	7.46%	62.54%	-2.17%	11.34%
Dividend Yield	-	-	4.47%	5.16%	6.29%	4.72%	5.45%	11.49%	7.00%	5.00%	4.95%	4.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	534.50
(-) Cash Dividends Paid (M)	249.70
(=) Cash Retained (M)	284.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.90	66.81	40.09
Cash Retained (M)	284.80	284.80	284.80
(-) Cash Required (M)	-106.90	-66.81	-40.09
(=) Excess Retained (M)	177.90	217.99	244.71
(/) Shares Outstanding (M)	154.80	154.80	154.80
(=) Excess Retained per Share	1.15	1.41	1.58
LTM Dividend per Share	1.61	1.61	1.61
(+) Excess Retained per Share	1.15	1.41	1.58
(=) Adjusted Dividend	2.76	3.02	3.19
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.44%	1.44%	2.44%
Fair Value	$41.49	$53.89	$69.80
Upside / Downside	-6.79%	21.07%	56.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	534.50	542.19	550.00	557.92	565.95	574.10	591.32
Payout Ratio	46.72%	55.37%	64.03%	72.69%	81.34%	90.00%	92.50%
Projected Dividends (M)	249.70	300.23	352.16	405.53	460.36	516.69	546.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.44%	1.44%	2.44%
Year 1 PV (M)	277.49	280.26	283.02
Year 2 PV (M)	300.85	306.87	312.95
Year 3 PV (M)	320.20	329.86	339.71
Year 4 PV (M)	335.97	349.55	363.54
Year 5 PV (M)	348.52	366.21	384.62
PV of Terminal Value (M)	8,939.87	9,393.85	9,866.10
Equity Value (M)	10,522.89	11,026.60	11,549.94
Shares Outstanding (M)	154.80	154.80	154.80
Fair Value	$67.98	$71.23	$74.61
Upside / Downside	52.72%	60.03%	67.63%

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Janus Henderson Group plc (JHG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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