John Laing Share Discussion Threads

[danielbird193] 18/4/2019 12:27

Ex-div date today and the 2%-ish drop is right in line with the nice divvy which will now be payable on 17 May. It's past midday and the share price already seems to be rallying again.

Nothing to worry about, steady as she goes.

[skinny] 15/4/2019 16:36

Uncrossed at the high 402p and on decent volume.

[danielbird193] 15/4/2019 16:07

JLG has pushed through the 400p barrier today to reach yet another all-time high. This has been a lovely share to own over the past few months and I for one will be holding on for more to come. Solid, well-run company which I am glad to have bought into.

[jonwig] 04/4/2019 06:44

Citywire:

John Laing Group (JLG), the infrastructure investment group that last year lost the management contract to the John Laing Infrastructure Investment Fund when pension funds took over the company, is ‘still misunderstood’ despite the correction in the undervaluation, according to Peel Hunt.

Analyst Andrew Shepherd-Barron retained his ‘buy’ recommendation and target price of 451p after the company reported a 15% increase in net asset value in 2018 with profits before tax jumping to £296.6 million from £126 million and a 6.5% rise in dividends to 9.5p per share.

Shares, which have surged 49.5% since a rights issue a year ago, rose a further 1.2%, or 4.8p, to 397p on Wednesday.

‘The first stage in correcting John Laing’s undervaluation is now complete, with its rating now consistent with that of the closest peer 3i,’ he said.

‘The second stage lies ahead, with the origination business accelerating its penetration of overseas markets.’

Shepherd-Barron said the group was ‘the real deal’ and ‘positioned to benefit from many countries’ continuing need for investment in infrastructure and renewable energy’

[skinny] 03/4/2019 10:40

Another new high @ 397.60p.

[skinny] 03/4/2019 07:08

John Laing will today publish on the Company's website its Annual Report for the year ended 31 December 2018 (the "Annual Report"), together with its 2019 Annual General Meeting Notice (the "AGM Notice"). The Annual Report is available at www.laing.com/investor-relations/results-and-reports and the AGM Notice is available at www.laing.com/investor-relations/shareholder-information.

In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority, the Annual Report, AGM Notice and proxy forms for the 2019 Annual General Meeting will in due course be available for inspection at www.morningstar.co.uk/uk/NSM.

[soilderboy] 02/4/2019 08:34

This for LTHs is a £5 share. That is more of the true value. Slowly, slowly.

[capricious71] 02/4/2019 08:05

400p, at last!

[capricious71] 01/4/2019 15:43

A great, under the radar share. It'd be great to see it breach 400p.

[skinny] 01/4/2019 13:14

RBC Capital Markets Outperform 389.00 330.00 425.00 Upgrades.

[jonwig] 09/3/2019 08:35

Edison Research:

[1steverc] 06/3/2019 11:13

It’s proba because they knew the shares would fall after this blocklisting. Pity the rest of us hadn’t known!

[jonwig] 06/3/2019 10:45

BlackRock a big seller of 7.2m shares. Happened on Monday, though - strange!

[danielbird193] 05/3/2019 12:59

Lovely jubbly.

[skinny] 05/3/2019 12:23

Suffice to say - another new high @389.40p

[skinny] 05/3/2019 12:21

Peel Hunt Buy 387.40 400.00 451.00 Reiterates

[jonwig] 05/3/2019 11:01

Dividend dates now out: xd 18/04, pay 17/05, 7.7p.

[danielbird193] 05/3/2019 09:11

Dividend needs to be voted on at AGM (9 May) so I would expect it to be paid a week or so after that.

A very solid set of results in my opinion, I'm very happy with how this company is performing at present.

[skinny] 05/3/2019 08:19

No, nothing obvious on their website either as yet.

[jonwig] 05/3/2019 07:53

Can't find the dates for the 7.7p dividend. Any help, Skinny?

One or two niggles about legal issues and performance, but they say they've provided for them.

I wouldn't get too excited at the eps of 63.1p and PER of 6x, as most of eps is asset revaluation which can be pretty volatile. NAV (323p) suits me better.

[skinny] 05/3/2019 07:04

Highlights



· Strong value creation: net asset value (NAV) per share at 31 December 2018 of 323p (31 December 2017 - 281p1)

- 15.0% increase since 31 December 2017

- 18.2% increase including dividends paid in 2018

· NAV of £1,586.5 million at 31 December 2018 (31 December 2017 - £1,123.9 million)

· £302.0 million in investment commitments (2017 - £382.9 million)2

· Strong pipeline of £2.4 billion of investment opportunities

· Realisations of £296.1 million from the sale of investments in project companies (2017 - £289.0 million)

· Profit before tax of £296.6 million (2017 - £126.0 million) and earnings per share (EPS) of 63.1p (2017 - 31.9p)3

· Portfolio value at 31 December 2018 of £1,560.2 million representing 29.4% increase on rebased portfolio value4 at 31 December 2017

· Final dividend of 7.7p per share in line with policy (including a special dividend of 4.1p per share), giving a total 2018 dividend of 9.5p (2017 - total dividend of 8.92p5), an increase of 6.5% from 2017

· 1 for 3 rights issue in March 2018 raising £210.5 million, net of costs (the Rights Issue)

Olivier Brousse, John Laing's Chief Executive Officer, commented:

"We are pleased with the net asset value we generated in 2018. Our diversified portfolio of projects has once again proved resilient and our teams have actively managed our projects both under construction and operation. Since the rights issue in March 2018, we have continued to grow our pipeline of investment opportunities whilst looking to reduce our exposure to local political and macroeconomic uncertainties through a more diversified portfolio. We are carefully expanding our model into new sectors and new countries, on the back of strong relationships with international partners and with the benefit of our expanded capital base. Looking forward, we are confident in our ability to continue to generate value from our existing portfolio and to take advantage of both an active secondary market to recycle our capital and a strong pipeline of opportunities in order to invest in existing and new markets. The successful completion of our projects makes a positive impact on the communities we serve, proving time and again the benefits of private investment in new infrastructure."

more.....

[jonwig] 05/3/2019 05:45

ollie - sure, it's not cheap, but like 3IN maybe it's earned its premium rating. I'm certainly happy to hold even if it reverts nearer to NAV (320p would be my guess). Maybe the biggest threat to its rating would be soft Brexit and switching to UK stocks.

[olliemagern] 04/3/2019 11:04

FY results tomorrow, with the dilution effect of the rights issue and the lack of any realisations completed in the second half, I expect net assets to be little changed at around 310p tomorrow.
So JLG looks overbought and over priced at 384p.