John Laing Group (JLG)

Business description

John Laing is an originator, active investor in, and manager of greenfield infrastructure projects. John Laing operates internationally and its business is focused on the transport, energy, social and environmental sectors.

Stock data

Market cap.£1060.5m
Last close289.00p
High / Low (52 weeks)317.8p / 252.0p
Stock market listingLN
Forecast net debt (£m)221
Forecast gearing ratio (%)20
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(0.86)(5.59)5.05
Relative *(4.05)(6.95)(2.89)

* % Relative to local index

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Company news

TOP NEWS: John Laing Group Net Asset Value Grows But Profit Declines

Thu, 24 Aug 2017 07:30:00 GMT

John Laing Acquires Texas Wind Farm For GBP63 Million

Fri, 29 Sep 2017 07:18:45 GMT

TOP NEWS: Pennon, John Laing And Costain Confirm Manchester Completion

Fri, 29 Sep 2017 07:07:30 GMT

The Expert View: John Laing, Redrow and Savills

Thu, 23 Mar 2017 05:02:33 GMT

John Laing Group plc completes its first investment in an offshore wind farm

Fri, 19 Aug 2016 08:03:45 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 167.6 113.4 100.9 27.6 10.5 N/A
2016A 260.8 203.2 192.1 51.9 5.6 8.5
2017E 197.6 141.9 129.8 35.4 8.2 N/A
2018E 231.2 174.3 161.1 43.9 6.6 N/A

Last updated on 13/09/2017

Latest research

Investment summary

H117 results from JLG showed a further 2.3% increase (to 284p) in the NAV per share, despite a £25.5m (c 7p/share) reduction in the carrying value of its investment in the Manchester Waste project and the payment of last year’s final and special dividends (£23.1m, c 6p/share). The interim DPS increased by 3% (vs H116) and further increases over time should be sustained by a growing cash yield on an expanding secondary portfolio. The outlook for infrastructure investment on a global basis is encouraging and JLG’s management remains confident of the company’s prospects (pipeline of £1.9bn at 30 June 2017, with a record 11 PPP projects shortlisted). We expect that, over time (in the period 2016-21), JLG will continue to grow the NAV and DPS and simultaneously close the valuation gap with its peers.

Last updated on 03/10/2017

Industry outlook

Predicted population growth and a drive for increased renewable energy generation create a favourable outlook for investment in infrastructure projects.

Last updated on 03/10/2017

Key management

Dr Phil Nolan, Chairman
Olivier Brousse, CEO
Patrick Bourke, FD

Company address

1 Kingsway
London
WC2B 6AN
United Kingdom
+44 (0)20 7901 3200
View website