JHG - Janus Henderson: Dai-ichi Exit Provides A Buying Opportunity

• Janus Henderson is trading on a PE of less than 10x, with a dividend yield of over 4.5% and a strong balance sheet.
• The company delivered a solid set of 4Q20 numbers, with net flows almost back to break even.
• The 4Q20 sales performance was the strongest quarter since the merger in 2017, and 4Q20 net flows were the best that they have been for over three years.
• The exit of 17% shareholder Dai-ichi from the share register could make Janus Henderson a more attractive takeover target.
• I step through an updated analysis framework to assess the valuation appeal.

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