John Laing Group

LN: JLG

£1881.3m market cap

381.6p 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) expects the FY19 NAV to be broadly in line with management expectations on a constant currency basis (Edison FY19e +11%). JLG also believes it remains on track to meet its 2019–21 targets for investment commitments and realisations. Both the investment pipeline and the market for secondary assets are also said to remain strong. The positive outlook is reflected in the premium rating of the shares. Our forecasts remain unchanged.

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 12.0 N/A
2018A 397.4 331.9 296.6 63.1 6.0 N/A
2019E 312.7 247.9 233.4 47.7 8.0 N/A
2020E 349.9 283.8 264.6 53.1 7.2 N/A
Last updated on 25/07/2019
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 25/07/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) 131.4
Forecast gearing ratio (%) 12
Price performance
%
1m
3m
12m
Actual (1.9) (2.4) 31.1
Relative* (3.0) (2.9) 34.8
52-week high/low 402.0p/283.2p
*% relative to local index
Key management
Olivier Brousse CEO
Luciana Germinario CFO

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