£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 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Key management |
|
|---|---|
| Olivier Brousse | CEO |
| Luciana Germinario | CFO |
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