John Laing Group

LN: JLG

Market Cap£1980.4m

Last Close 399.6p

John Laing is an international originator, active investor and manager of infrastructure projects.

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Investment summary

Following JLG’s announcement on 6 May that it was in discussions with KKR, on 19 May it announced a cash offer at 403p per share which has been unanimously recommended by the JLG board. The offer price represents a 35% premium to the December 2020 net asset value of 299p (adjusted for the recently paid dividend).

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 179.0 111.0 100.0 20.2 19.9 N/A
2020A 25.0 (24.0) (65.0) (13.3) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

For the purposes of the Takeover Code, Edison is deemed to be connected with John Laing Group as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Last updated on 03/08/2021
Content on John Laing Group
John Laing Group – From transition to implementation
Industrials | Update | 10 March 2021
John Laing Group – Grow, optimise and enhance
Industrials | Outlook | 17 February 2021
John Laing Group – Steady as she goes
Industrials | Update | 3 November 2020
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.3 30.5 35.4
Relative* (0.1) 29.0 11.7
52-week high/low 404.4p/273.6p
*% relative to local index
Key management
Ben Loomes CEO
Rob Memmott CFO
Kellie McAvoy Head of IR