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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$13.11 - $18.84$15.91
Multi-Stage$22.29 - $24.41$23.33
Blended Fair Value$19.62
Current Price$25.67
Upside-23.57%
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 Rate9.18%9.18%9.18%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.11$15.91$18.84
Upside / Downside-48.92%-38.01%-26.60%

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 Rate9.18%9.18%9.18%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)247.28249.80252.33
Year 2 PV (M)235.49240.32245.20
Year 3 PV (M)223.52230.43237.48
Year 4 PV (M)211.53220.30229.33
Year 5 PV (M)199.65210.05220.87
PV of Terminal Value (M)3,420.893,599.023,784.50
Equity Value (M)4,538.354,749.914,969.71
Shares Outstanding (M)203.62203.62203.62
Fair Value$22.29$23.33$24.41
Upside / Downside-13.17%-9.12%-4.92%

High-Yield Dividend Screener

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