UK based JHG with a current $8bn valuation is likely to be a buyer in the industry consolidation cycle unless an overseas player eyes up the UK based business which is still trading on 9.7x earnings, even after bouncing 20% in recent weeks. On balance we like JHG at current levels but we would definitely be leaving ammunition to average into another dip towards / under $40.
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Performance update for March, stocks that drove returns & our current positioning
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Wednesday 24th April – ASX200 +17pts, Silver Lake (SLR), Kogan (KGN) & CPI
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Market Matters Research Lead Shawn Hickman with David Koch
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Wednesday 24th April – DOW +263pts, SPI +27pts
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MM is neutral to positive JHG
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