JHG - Janus Henderson: Impact Of Weak Net Flows Softened By Strong Markets
Summary
- Janus Henderson’s 4Q22 result was well-received by the market, with the stock up 13.4% on the day of the release.
- Net flows were particularly weak in 4Q22, but management pointed to the potential for relative improvement in FY23E.
- With the company’s buyback program apparently dormant, it appears that CEO Ali Dibadj is pushing to divert excess capital toward acquisitions.
- Although JHG stock is trading slightly cheap, consideration of downside risks relating to operational performance and strategic execution results in a HOLD rating.
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Janus Henderson: Impact Of Weak Net Flows Softened By Strong Markets