£1835.9m market cap
372.4p 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 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. Appetite for infrastructure assets remains strong and we believe JLG’s balance sheet, track record and geographic capabilities should allow it to exploit these opportunities. JLG currently trades at a premium to our FY19e NAV per share of 360p.
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 | 11.7 | N/A |
| 2018A | 397.4 | 331.9 | 296.6 | 63.1 | 5.9 | N/A |
| 2019E | 312.7 | 247.9 | 233.4 | 47.7 | 7.8 | N/A |
| 2020E | 349.9 | 283.8 | 264.6 | 53.1 | 7.0 | N/A |
| Last updated on 17/06/2019 | ||||||
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 17/06/2019
Sector |
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| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 131.4 |
| Forecast gearing ratio (%) | 12 |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Olivier Brousse | CEO |
| Luciana Germinario | CFO |
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