£1926.7m market cap
393p last close
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.
Investment summary
JLG posted strong growth in FY18, with the principal benchmark, NAV per share, up 15% (18.2% including dividends paid). The growth in the NAV per share was achieved thanks to a strong increase in the fair value (72p/share) boosted by continuing growth in ‘embedded value’ (29p/share) and by a significant rise in ‘value enhancements’ to the portfolio (+27p/share) derived from the above book value disposal of Intercity Express Programme Phase I and the subsequent impact on IEP Phase 2. JLG can now point to a compound growth rate in NAV per share (with dividends) of 15.8% since its IPO in 2015. Global appetite for infrastructure assets remains strong and we believe JLG’s strengthened balance sheet, track record and geographic capabilities should allow it to exploit these opportunities. Our revised FY19e NAV per share is 360p (previously 355p).
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 196.7 | 138.1 | 126.0 | 31.9 | 12.3 | N/A |
| 2018A | 397.4 | 331.9 | 296.6 | 63.1 | 6.2 | N/A |
| 2019E | 312.7 | 247.9 | 233.4 | 47.7 | 8.2 | N/A |
| 2020E | 349.9 | 283.8 | 264.6 | 53.1 | 7.4 | N/A |
| Last updated on 17/04/2019 | ||||||
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 17/04/2019
Sector |
|---|
| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 131.4 |
| Forecast gearing ratio (%) | 12 |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Dr Phil Nolan | Chairman |
| Olivier Brousse | CEO |
| Patrick Bourke | FD |
You may also be interested in…
- APQ Global
- Cenkos Securities
- Circle Property
- Custodian REIT
- GCP Student Living
- Globalworth Real Estate
- ICG-Longbow SSUP
- Lighthouse Group
- MedicX Fund
- Numis Corporation
- Palace Capital
- Park Group
- Picton Property Income
- Primary Health Properties
- Raven Property Group
- Record
- Regional REIT
- S&U
- Secure Trust Bank
- Share
- Shore Capital Group
- Supermarket Income REIT
- Target Healthcare REIT
- Town Centre Securities
- Tungsten Corporation