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I am interested to know if your team thinks Janus Henderson ( JHG) and Clydesdale Bank (CYB) are value traps or materially undervalued. Both are trading at a significant PE discount to their peers, no doubt significantly impacted by Brexit. I recall Charlie Aitken was a fan of these two in particular CYB.
I would appreciate your thoughts.
A: ST Wong wrote about Janus Henderson (JHG) in today’s Switzer Report:
“Although JHG is trading on low PE multiples relative to its history, it’s difficult to pinpoint a positive catalyst in the near term,” ST says. “JHG continues to suffer net outflows in both equities and fixed income. Meanwhile, volatile equity markets and Brexit are likely to cap its share price performance,” he adds.
With CYB, I am a shareholder and see little reason to take any action. It is a second or third tier UK bank – in my portfolio only because of the NAB demerger – and apart from legacy, see no reason why it should be a core holding. It is too cheap to sell – but don’t want to add to it. As for the brokers that follow the stock, according to FN Arena, there are 2 buys and 1 neutral. Macquarie and Citi both have targets around $5.00, Morgans $4.39. Pass.
