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.£1242.8m
Last close254.00p
High / Low (52 weeks)291.7p / 239.9p
Stock market listingLN
Forecast net debt (£m)244.5
Forecast gearing ratio (%)22

Price performance

Relative *

* % Relative to local index

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Company news

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 9.2 N/A
2016A 260.8 203.2 192.1 51.9 4.9 7.5
2017E 189.9 134.2 122.1 33.3 7.6 N/A
2018E 215.1 158.3 144.7 39.4 6.4 N/A

Last updated on 15/02/2018

Latest research

Investment summary

JLG's December trading update and announcements of additional investment commitments (Melbourne Metro Project) and disposals (Llynfi Wind Farm for £43m, taking the total for the year to £299m) confirmed the strength of the underlying infrastructure project market and highlighted the increased level of activity within the business. We revised our forecasts (13 December) and now expect a special dividend payment of 5.3p/share (based on 6.5% of £299m), offering an attractive yield on the final and special payments combined, of over 3.0%. We forecast that JLG will show further NAV growth in FY17 and believe the current rating of the shares is undemanding. We expect that during the period 2016-21, JLG will continue to reduce the geographical focus of the business on the UK, grow the NAV and DPS, and close the valuation gap with its peers.

Last updated on 02/03/2018

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 02/03/2018

Key management

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

Company address

1 Kingsway
United Kingdom
+44 (0)20 7901 3200
View website