Macquarie updates valuation, assumptions and sensitivities after the merger. The broker’s model is based on historical pro forma disclosures provided by the group.
The target price of $49.89 implies the group currently trades at a -4% discount to global fund manager peer comparables in FY18. Rating is set at Outperform.
Sector: Diversified Financials.
Target price is $49.89.Current Price is $43.86. Difference: $6.03 – (brackets indicate current price is over target). If JHG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).