John Laing Share Discussion Threads

[skinny] 25/2/2019 14:13

Yes another new high @384p.

05 March 2019 Full year results.

[danielbird193] 25/2/2019 14:11

Nice strong start to the week with the price shooting above 380p today for the first time ever. How long til we reach 400p?

[jonwig] 17/2/2019 11:06

Yes - I've just looked at the first few posts. Remarks that it was sold cheaply (lower end of offer range).

FY results 5th March, and I'll be looking at the balance sheet for signs of another fundraising. Last one was announced a year ago with the results. With the share price going such great guns, I bet they're thinking about tapping the market.

[skinny] 17/2/2019 10:50

I'm up 94% on these plus 4 years of dividends.

[danielbird193] 15/2/2019 17:28

Just keeps on flying. Plenty more to come!

[capricious71] 15/2/2019 16:04

Heading towards 400.

I'm 50% up on this. Just saying. ;)

[skinny] 14/2/2019 08:32

And again @371p

[skinny] 12/2/2019 09:04

Yes a new high earlier @367.60p.

[capricious71] 12/2/2019 08:54

Onwards to 400p. Just keep pressing f5. :)

[danielbird193] 31/1/2019 12:21

I think you're right. Previously this seems to have been overlooked but I think the market may slowly be waking up to the business model and the way the company creates value.

It's a difficult share to value but a 16% premium to book value looks reasonable given the nature of the assets and the fact that there is a asset management business which sits alongside the investment portfolio. The asset management side is very profitable and capital light so contributes to the excellent ROCE / ROE numbers.

I sometimes find their cash position difficult to understand, although the banks increased the company's banking facility from £400 million to £475 million in 2017 which is a clear vote of confidence in their ambitions. They reported plenty of headroom on those facilities as well which will support future growth.

Overall a share I'm very happy to continue holding and, like capricious71, I do think there's more to come in 2019.

[capricious71] 31/1/2019 11:22

Wonderful steady progress upwards. I think there's further to go, as well.

[igoe104] 17/1/2019 07:45

Masdar buying John Laing's interest in 179 MW of US wind farms
Source: Twitter @Masdar
January 16 (Renewables Now) - Abu Dhabi Future Energy Company PJSC, better known as Masdar, has agreed to acquire John Laing Group Plc’s (LON:JLG) stakes in two US wind parks with a combined capacity of 178.9 MW.
The share purchase agreement covers the divestment of the 149-MW Rocksprings wind park in Texas and the 29.9-MW Sterling plant in New Mexico, the seller said on Tuesday. The UK infrastructure investor’s partner in the two projects is French renewable power producer Akuo Energy.
"This investment realization with Masdar will release capital to recycle into new greenfield opportunities in the US and internationally where we remain committed to our strategy investing in renewable energy and other infrastructure,̶1; said Joign Jaing’s CEO Olivier Brousse.
The deal is subject to government and financing partner consents process and is expected to be completed in the first half of this year. It will mark Masdar’s first investment in North America’s renewables sector, the company said in a Twitter post.
The 149-MW Rocksprings wind farm in Texas’ Val Verde County consists of 53 units of General Electric’s 2.3-MW turbines and 16 units of its 1.72-MW machines. The Sterling wind park, meanwhile, uses 13 GE 2.3 MW turbines. Both plants were commissioned in 201

[jonwig] 16/1/2019 11:38

So the special dividend will be 3p - 6p.

[skinny] 16/1/2019 11:20

John Laing Group plc (John Laing), the international originator, active investor and manager of infrastructure projects, issues an update on investment commitments and realisations.

2018 investment activity

In our pre-close update on 13 December 2018, we reported that investment commitments were £267 million, slightly ahead of our guidance for the year ending 31 December 2018 of approximately £250 million, and that a further £20 - £30 million investment was possible before the year end.

In late 2018, two further investment commitments were entered into, totalling £35 million:

· Cherry Tree Wind Farm (Australia): £19 million

· Buckleberry Solar Farm (US): £16 million

Total investment commitments in 2018 were therefore £302 million.

2018 realisations

In our pre-close update, we also said that we expected the agreed sale of our 37.43% shareholding in Manchester Waste TPS Co for £54.5 million to complete in Q1 2019 following customary EU anti-trust clearance. This clearance took less time than anticipated and the transaction completed in late December 2018.

Total realisations completed for 2018 were therefore £296 million and we expect the 2018 special dividend to be based on this total. The Group's dividend policy includes a special dividend of approximately 5-10% of gross proceeds from the sale of investments, subject to specific investment requirements in any one year. While the proposed special dividend for 2018 has not yet been determined, the revised 2018 level of realisation proceeds is not expected to result in a materially different level of special dividend from what was indicated in the pre-close update.

2019 realisations

In the pre-close update, we also referred to other realisation processes being underway, but not expected to reach completion before year end. In late December 2018, we agreed the sales of both our 95.3% shareholding in the Rocksprings wind farm in Texas and our 92.5% shareholding in the Sterling wind farm in New Mexico to the Abu Dhabi Future Energy Company (Masdar).

The combined agreed consideration was in excess of US$100 million, in line with the expected portfolio valuation for the two investments at 31 December 2018, and is subject to potential adjustment. The sale is also subject to governmental and financing partner consents and is expected to complete in the first half of 2019.

Further realisation processes remain underway. We expect to provide guidance on both 2019 investment commitments and realisations when we announce our results for the year ended 31 December 2018 on 5 March 2019.

[skinny] 15/1/2019 14:25

New high @352.80.

[igoe104] 09/1/2019 08:31

Its one share in your portfolio that you can see rising 20% year on year, plus the divi not bad either. good long term hold.

[skinny] 09/1/2019 08:30

A new high @346.80p.

05 March 2019 Announcement of full year results

[danielbird193] 09/1/2019 08:29

2018 really does appear to have been a transformative one for the company. The rights issue was well-timed and their continued focus on international diversification bodes well for the future. One of my more confident holds going in to 2019!

[capricious71] 08/1/2019 23:09

What a great share this is. A lot of market uncertainty and it's almost at an all-time high.

[jonwig] 15/12/2018 08:32

Edison note published yesterday:



End-year NAV est. 318p and div 9.2p

[danielbird193] 14/12/2018 09:06

Thanks jonwig, nice commentary from IC.

[jonwig] 14/12/2018 06:47

IC repeats its buy recommendation.
Summary:

Since our previous buy recommendation, John Laing has repeatedly outpaced forecasts on NAV and pre-tax profit. Investors rightly have concerns about the state of the UK's PPP, but with an increasingly diverse portfolio and booming profits we think these concerns are overdone. The shares trade a touch below Peel Hunt’s forecast of 320p NAV for June 2018; however, given the strength of Laing's pipeline, its impressive recent performance and significantly higher underlying value per share, the shares are a buy.

[danielbird193] 13/12/2018 07:57

I somewhat agree, although my investment decisions are based on the way the world is, not the way I think it should be. Lovely update from JLG with positive news on both new investments and disposals, plus encouraging words on the dividend.

[igoe104] 13/12/2018 07:39

The UK is stupid, you would think it would encourage companies like JLG in invest, not put them off.

[jonwig] 13/12/2018 07:20

Trading update:



New investments all outside UK, disposals within UK! Definitely what I wanted to see!