A review of other platform businesses leads us to increase our valuation of JHP and drives a positive shift in our group sum-of-the-parts ‘relative’ valuation to €2.45, (was €2.15). Our DCF ‘absolute’ valuation is now €2.33. The mid-point is €2.39.
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Inflexion point
A review of other platform businesses leads us to increase our valuation of JHP and drives a positive shift in our group sum-of-the-parts ‘relative’ valuation to €2.45, (was €2.15). Our DCF ‘absolute’ valuation is now €2.33. The mid-point is €2.39.