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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.£1386m
Last close282.40p
High / Low (52 weeks)291.7p / 239.9p
Stock market listingLN
Forecast net debt (£m)16.5
Forecast gearing ratio (%)1
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(1.2)10.95.4
Relative *(0.4)4.01.5

* % 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)
2016A 260.8 203.2 192.1 51.9 5.4 8.3
2017A 196.7 138.1 126.0 31.9 8.9 N/A
2018E 260.3 200.5 189.6 40.6 7.0 N/A
2019E 289.8 228.8 217.4 44.4 6.4 N/A

Last updated on 18/04/2018

Investment summary

JLG's FY17 results delivered further growth, with the NAV per share +10.5%, to 306p, and the DPS (including special), +30.2% to 10.61p (figures unadjusted for recent rights issue). FY17 was characterised by high levels of activity as JLG disposed of investments worth £289m and entered into investment commitments of £383m. JLG guides to investment commitments and disposals of c £250m for FY18 and FY19 (before the rights issue) and the pipeline of new investment opportunities now stands at £2.15bn. Following the successful conclusion of the rights issue, JLG's share price has risen and now stands at around its NAV (adjusted for rights issue) of 281p/share. The prospects for investment in international infrastructure remain strong and, given JLG’s reduced reliance on the UK PFI market, we believe the outlook appears attractive.

Last updated on 27/04/2018

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 27/04/2018

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