Reset and refocus

John Laing Group 26 August 2020 Update
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John Laing Group

Reset and refocus

Interims

Investment companies

26 August 2020

Price

284p

Market cap

£1,400m

Net debt (£m) at H120

£105m (re-presented accounts), £431m (Edison calculation based on statutory accounts)

Shares in issue

493m

Free float

99%

Code

JLG

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(7.9)

(19.3)

(20.1)

Rel (local)

(7.2)

(20.9)

(7.5)

52-week high/low

401p

280p

Business description

John Laing Group 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.

Next events

Analyst day

November 2020

Analysts

Dan Gardiner

+44 (0)20 3077 5700

Graeme Moyse

+44 (0)20 3077 5700

John Laing Group is a research client of Edison Investment Research Limited

COVID-19 and a further cut to power price assumptions saw NAV per share fall to 309p in H120 (FY19: 337p). However, PPP performed well, bidding momentum has picked up recently and John Laing Group (JLG) expects ‘modest’ NAV growth in H2. New CEO Ben Loomes highlighted digital connectivity and energy transitions as potential future investment themes, and will set out further details in November. We cut our FY20 NAV per share forecast by 14% to 308p. The share price stands at an 8% discount to FY20e NAV per share.

Year end

NAV/share (p)

EPS*
(p)

DPS
(p)

P/NAV
(x)

P/E
(x)

Yield
(%)

12/18

323

63.1

9.5

0.9

4.5

3.3

12/19

337

20.4

9.5

0.8

13.9

3.4

12/20e

308

(14.6)

8.2

0.9

N/A

2.9

12/21e

315

5.9

9.8

0.9

48.3

3.5

Note: *EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

H1: PPP solid but offset by renewables and COVID-19

The 8% fall in NAV in H1 to 309p was 6% pre-dividend and would have been 10% without an FX tailwind. PPP (74% of total PV) made a 3% positive contribution to NAV, but renewables (26%) was affected by a further cut to long-term power price assumptions and transmission issues in Australia (-16p). COVID-19 had a relatively modest direct impact (-4p) but prompted a reduction to short-term macro assumptions (-8p) and reduced value enhancements (just +3p vs +16p in H119).

Portfolio development slows but pipeline intact

Operational performance during the period was robust without any continuity issues and short delays to only two construction projects. Understandably, procurement processes were affected by COVID-19, reducing JLG’s investment activity to just £2m. However, the pipeline remains intact. The company has seen no project cancellations and bidding activity has picked up since June. Disposal activity held up better (£88m vs £137m in H119), with the company selling five assets (four in renewables) and proceeds in line with book value.

Forecast: Cutting FY20e NAV per share to 308p

JLG guides to a modest rise in underlying NAV/share in H2 vs H1. We model a 9p increase, but assume it will be offset by FX (-8p) and reduced a further 2p by the interim dividend. Our FY20 NAV/share is 308p (-14% vs March estimate). Forecasting FY21 is tougher in the current macro climate, but management believes valuations are now conservative, and the yield on secondary PPP should prove resilient in a downturn and attractive to potential buyers. We estimate an NAV/share of 315p (a 20% cut) based on a 17p a lift in asset value and a 9.8p dividend.

Valuation: 8% discount to NAV per share

At 284p, JLG trades at an 8% discount to FY20e NAV/share and close to the bottom of its historical range. Yet its core PPP portfolio continues to generate value and, with renewable valuations reset and exposure falling, the worst could be behind it. We expect CEO Ben Loomes to set out the details of a new strategy addressing both digital connectivity and energy transition themes in November. Both areas look set to benefit from a substantial boost in infrastructure spending.

H120: Contrasting performance

PPP opportunity remains, momentum has picked up since June

JLG remains confident in the long-term opportunity in its core PPP (Public Private Partnerships) business (74% of Portfolio Value). These assets performed well in H1, contributing a 3% growth to NAV (1% in constant currency) despite a downward adjustment to near-term inflation assumptions prompted by COVID-19. Operational performance in key projects was robust, with no impact on continuity for availability assets, delivery of key projects largely on track and volume-related activities (13% of PPP PV) recovering following the extreme falls in traffic seen during the early phases of lockdown.

COVID-19 has resulted in delays in the bidding process. JLG invested just £2m in H120 and expects minimal investment activity in H2. However, it has seen no project cancellations and activity levels have picked up since June. It has added three new short-listed projects in the US (an express lanes project in Georgia and the I-495 investment programme in Maryland, and one further unnamed project) and is a preferred bidder on the ViA15 road project in the Netherlands. The combined pipeline of preferred and short-listed deals for JLG rose by £129m in H1 from £443m to £572m. While the PPP opportunity in the UK and Europe is mature, JLG sees significant growth opportunities in Australia and North America. Since IPO, average realisations in PPP have exceeded the original investment by more than three times.

The company is currently in discussions to sell its IEP East project, which could modestly boost NAV in H2. In addition, it believes the yield of its secondary PPP should prove both relatively resilient to an economic downturn and attractive to potential buyers in a low inflation environment.

Offset by renewables

As highlighted in the trading statement, renewable performance was weak in H1. The combination of specific project performance issues in solar and biomass (-16p), a further cut to long-term power price assumptions (-14p) and transmission issues (-2p) resulted in a 29p (-7%; -9% in constant currency) reduction to NAV per share. The reduction to valuation predominantly affected assets with short PPAs (Purchase Price Agreements) that are therefore more exposed to merchant power prices in the long term. JLG disposed of £70m of renewable assets in H1 at prices marginally ahead of book value. The combination of the decision not to invest further in renewables, lower valuations and disposals has seen the value of the renewable portfolio shrink by £190m (31%) in six months. Renewables now account for just 26% of PV, down from 34% in FY19.

Reset and refocus

New CEO Ben Loomes highlighted the themes of digital connectivity and energy transition as additional areas JLG will look to invest in under his tenure. Both are expected to be growing markets. Infrastructure spending will be needed to both accelerate the shift to low carbon and enhance productivity, and cash-strapped governments will be looking to attract private capital to help stimulate the economy post-COVID-19. These are also areas where he has personal investment experience.

Aside from fleshing out the details of the opportunity, the strategic review will aim to establish what resources the company will need to execute on this plan. With a strong reputation for investment in greenfield projects and substantial cash available (net available financial resources of £311m at H1), JLG is well positioned, but building out in these areas will require additional capability. The full outcome of the strategic review is expected in November and we will look to preview some of the issues in a forthcoming note.

Forecast and valuation: Is an 8% discount to NAV sustainable?

JLG is guiding to a ‘modest’ rise in underlying NAV per share in H2 vs H120. We model a 9p increase (lower than in previous years),but assume this will be largely offset by an 8p adverse move in FX. Both the Australian dollar and US dollar (NAV exposure of 34% and 29%, respectively) have moved against the company since June. Factoring in the 2p interim dividend payment, our FY20 NAV per share of 308p represents a cut of 51p or 14% from our previous forecast (see NAV growth despite challenges). The disposal of IEP East, JLG’s largest primary asset (valued at over 5% of total NAV), could deliver modest upside to this figure if achieved.

Forecasting FY21 is more speculative in the current macro climate. The impact of lower asset acquisitions during FY20 is likely to limit growth in value creation, but management believes that its lowered valuations (in renewables particularly) are now conservative and the PPP assets should prove both resilient in an economic downturn and attractive to potential buyers. We forecast a 17p (5%) rise in underlying NAV per share and, factoring in a 9.8p dividend, a reported NAV per share for FY21 of 315p.

On our new forecasts and with the shares at 284p, JLG trades at an 8% discount to our forecast FY20 NAV per share. Historically, JLG’s share price has traded between a 25% premium to NAV per share and a 15% discount, so the current valuation is certainly towards the bottom of the range. Given a recent history of relatively weak execution, a discount is potentially understandable, but, between its 2015 IPO and December 2019, JLG delivered 14% compound annual growth in NAV per share (including dividends paid). Increasing investor interest in the new strategy plus further disposals (at or above book value) of its renewable assets could be a catalyst for share price appreciation.


Exhibit 1: Financial summary

Accounts: IFRS, year-end: December, £m

 

 

2017

2018

2019

2020e

2021e

Total revenues

 

 

196.7

397.0

179.0

6.0

106.3

Cost of sales

 

 

0.0

0.0

0.0

0.0

0.0

Gross profit

 

 

196.7

397.0

179.0

6.0

106.3

SG&A (expenses)

 

 

(58.9)

(66.0)

(68.0)

(65.0)

(66.3)

Other income/(expense)

 

 

0.0

(21.0)

0.0

0.0

0.0

Depreciation and amortisation

 

 

0.0

0.0

0.0

0.0

0.0

Reported EBIT

 

 

137.8

310.0

111.0

(59.0)

40.0

Finance income/(expense)

 

 

(11.8)

(14.0)

(11.0)

(13.7)

(10.6)

Other income/(expense)

 

 

0.0

0.0

0.0

0.0

0.0

Reported PBT

 

 

126.0

296.0

100.0

(72.7)

29.3

Income tax expense (includes exceptionals)

 

 

1.5

0.0

0.0

0.0

0.0

Reported net income

 

 

127.5

296.0

100.0

(72.7)

29.3

Basic average number of shares, m

 

 

367.0

466.9

491.9

493.5

494.4

Adjusted EPS (p)

 

 

31.9

63.1

20.4

(14.6)

5.9

 

 

 

 

 

 

 

 

EBITDA

 

 

137.8

331.0

111.0

(59.0)

40.0

Adjusted NAV (p/share)

 

 

281

323

337

308

315

Adjusted Total DPS (p)

 

 

8.9

9.5

9.5

8.2

9.8

 

 

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

 

 

Property, plant and equipment

 

 

0.1

0.0

0.0

0.0

0.0

Goodwill

 

 

0.0

0.0

0.0

0.0

0.0

Intangible assets

 

 

0.0

0.0

0.0

0.0

0.0

Other non-current assets

 

 

1,346.9

1,700.0

1,914.0

1,708.8

1,695.6

Total non-current assets

 

 

1,347.0

1,700.0

1,914.0

1,708.8

1,695.6

Cash and equivalents

 

 

2.5

5.5

2.0

373.0

400.3

Inventories

 

 

0.0

0.0

0.0

0.0

0.0

Trade and other receivables

 

 

7.6

8.0

6.0

6.0

6.0

Other current assets

 

 

0.0

0.0

0.0

0.0

0.0

Total current assets

 

 

10.1

14.0

8.0

379.0

406.3

Non-current loans and borrowings

 

 

0.0

0.0

4.0

4.0

4.0

Trade and other payables

 

 

0.0

0.0

0.0

0.0

0.0

Other non-current liabilities

 

 

41.3

42.0

9.0

9.5

9.5

Total non-current liabilities

 

 

41.3

42.0

13.0

25.5

13.5

Trade and other payables

 

 

17.3

20.0

15.0

15.0

15.0

Current loans and borrowings

 

 

173.2

66.0

236.0

515.0

515.0

Other current liabilities

 

 

1.4

0.0

0.0

12.0

0.0

Total current liabilities

 

 

191.9

86.0

251.0

542.0

530.0

Equity attributable to company

 

 

1,123.9

1,586.0

1,658.0

1,520.4

1,558.4

Non-controlling interest

 

 

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

 

 

 

Cashflow statement

 

 

 

 

 

 

 

Profit before tax

 

 

126.0

310.0

111.0

(59.0)

40.0

Net finance expenses

 

 

11.8

0.0

0.0

0.0

0.0

Depreciation and amortisation

 

 

0.0

0.0

0.0

0.0

0.0

Share based payments

 

 

3.0

3.0

4.0

0.0

0.0

Fair value and other adjustments

 

 

(189.7)

(369.0)

(174.0)

(22.9)

(120.0)

Movements in working capital

 

 

1.6

2.0

(2.0)

0.2

(2.9)

Cash from operations (CFO)

 

 

(47.3)

(54.0)

(61.0)

(81.7)

(82.9)

Capex

 

 

(0.1)

0.0

0.0

(0.1)

(0.1)

Cash transf. from inv. Held at FV

 

 

(1.7)

58.0

74.0

49.1

36.2

Portfolio Investments - Disposals

 

 

79.1

(46.0)

(124.0)

190.0

100.0

Cash used in investing activities (CFIA)

 

 

77.3

12.0

(50.0)

239.0

136.1

Net proceeds from issue of shares

 

 

0.0

210.0

(4.0)

0.0

0.0

Movements in debt

 

 

11.0

(106.0)

169.0

279.0

0.0

Other financing activities

 

 

(40.1)

(59.0)

(58.0)

(50.1)

(51.6)

Cash from financing activities (CFF)

 

 

(29.1)

45.0

107.0

213.8

(25.9)

Currency translation differences and other

 

 

0.0

0.0

0.0

0.0

0.0

Increase/(decrease) in cash and equivalents

 

 

0.9

3.0

(4.0)

371.0

27.3

Currency translation differences and other

 

 

0.0

0.0

0.0

0.0

0.0

Cash and equivalents at end of period

 

 

2.5

5.5

2.0

373.0

400.3

Net (debt) cash

 

 

(170.7)

(60.0)

(238.0)

(146.0)

(118.7)

Movement in net (debt) cash over period

 

 

(10.9)

110.7

(178.0)

92.0

27.3

Source: Company accounts, Edison Investment Research (based on JLG’s statutory accounts)


General disclaimer and copyright

This report has been commissioned by John Laing Group and prepared and issued by Edison, in consideration of a fee payable by John Laing Group. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by John Laing Group and prepared and issued by Edison, in consideration of a fee payable by John Laing Group. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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