John Laing Group


£1752.1m market cap

343.4p last close

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

Investment summary

JLG’s trading update for FY19 (released in December 2019) stated that the underlying health of the business remained strong, both in terms of PPP project delivery and ongoing value enhancements and the company believes it remains on track to meet its targets for investment commitments and realisations for the period 2019–21. However, JLG expects negative impacts from the strength in sterling in H2 (£50m – 10p share), a decline in power price forecasts (c £40m – 8p share) and changes in macroeconomic and tax assumptions (c £7m – 1p share) to lead to an FY19 NAV per share ‘before the impact of foreign exchange…to be marginally below market expectations’. Market consensus for NAV per share before the announcement was 355p (Edison: 353p/share). To reflect these trends, we revised our NAV per share for FY19e to 343p.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 196.7 138.1 126.0 31.9 11.1 N/A
2018A 397.4 331.9 296.6 63.1 5.6 N/A
2019E 228.8 164.0 151.5 30.9 11.5 N/A
2020E 329.7 263.6 246.9 49.5 7.2 N/A
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 25/02/2020
Share price graph
Balance sheet
Forecast net debt (£m) 154.2
Forecast gearing ratio (%) 14
Price performance
Actual (9.3) (3.9) (4.0)
Relative* (7.3) (7.0) (8.5)
52-week high/low 402.0p/345.6p
*% relative to local index
Key management
Olivier Brousse CEO
Luciana Germinario CFO

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