John Laing Group

LN: JLG

£1939.5m market cap

393.4p 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

John Laing Group (JLG) believes it remains on track to meet its targets for investment commitments and realisations for 2019–21, despite the run rate being below the level required to achieve this in 2019 to date. However, the adverse impact from exchange rates and reduced power price forecasts has led us to reduce our FY19e NAV per share from 353p to 343p. JLG’s share price now stands at c 9% premium to its last disclosed NAV per share, broadly in line with its peers. A continuation of the rapid growth achieved in recent years should help underpin further share price appreciation.

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 228.8 164.0 151.5 30.9 12.7 N/A
2020E 329.7 263.6 246.9 49.5 7.9 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 11/12/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) 154.2
Forecast gearing ratio (%) 14
Price performance
%
1m
3m
12m
Actual 8.1 10.1 31.9
Relative* 9.2 10.9 22.5
52-week high/low 402.0p/308.4p
*% relative to local index
Key management
Olivier Brousse CEO
Luciana Germinario CFO

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