$JHG: Looked appealing but quickly became very uninteresting due to non-recurring earnings and a pending merger

Janus Henderson Group (JHG) screens cheaply on the surface with a quote around $47 a share, a Price to Earning (P/E) of 9.9 and Price to Book value (P/B) of 1.56 but there is more to the story. There looms a pending acquisition by Trian and General Catalyst that was announced at the end of December in 2025 that values JHG at $49 per share. Most of the analysis covering this stock focus on the merger arbitrage angle but I am going to take a different approach. I am going to apply Benjamin Graham’