John Laing Share Discussion Threads

[jonwig] 30/3/2015 07:54

Right, miti, thanks for that.

[miti 1000] 30/3/2015 07:39

jonwig ,

They will definitely qualify. Minimum 25% free float required. Have also had that confirmed by the company.

[jonwig] 29/3/2015 20:26

miti - I think the Henderson holding means the free float is only 47%, so the full MCap won't qualify. Also they are subject to a 180 day lock-up.
That's assuming I've understood the rules correctly.

Yes, I thought the presentation was excellent - both CEO and CFO very impressive.

[miti 1000] 29/3/2015 13:18

With Ftse 250 entry in June , I think you will get your target by June. The presentation was very good.

[jonwig] 29/3/2015 10:23

Webcast and presentation very interesting.

Manchester projects (now secondary portfolio) operating well: very pleased with them.

Planned dividend is around 5p for 2015, plus between 5% and 10% of realisation value which will be £100m or so. That's 2p say. A total of 7p gives a yield of 3.5%.

Another thought - JLIF sits on a premium to NAV of 17% (using an average discount rate of 7%), JLEN a premium of 8% (discount rate 9%).
JLG is currently on a discount of 5% to NAV, which reflects its higher risk profile, but ... it uses a higher discount rate (average 10%), so the risk aspect is double-counted! I'd guess JLG should, on this basis, stand at a premium of about 12% to NAV, giving a target price of 235p which, coincidentally, is the mean of the two broker targets we have already!

For what it's worth, I added some on Friday.

[jonwig] 26/3/2015 18:27

Digital Look hasn't anything yet - give them a while!

Brief IC comment includes:

House broker Barclays expects adjusted EPS of 33.2p this year and a dividend of 6.8p.

and concludes:

Management intends to pay a base dividend of £20m this year, which would equate to 5.5p a share. The group has a healthy PPP pipeline and management has stated that there are significant investment opportunities overseas, the exploitation of which was partly the reason for last month's IPO. The group's shares are trading on an undemanding six times forecast earnings. Buy.

[mapmagic] 26/3/2015 15:10

Anyone know what 2015 Profit Before Tax Forecast is please? Thanks

[skinny] 26/3/2015 10:33

And another ..

JLG Barclays Capital Overweight 207.13 204.00 - 240.00 Initiates/Starts

[jonwig] 26/3/2015 09:47

Thanks Skinny - 230p would do nicely!

(Recent broker targets now in header.)

[skinny] 26/3/2015 08:30

RBC Capital Markets Outperform 0.00 204.00 - 230.00 Initiates/Starts

[jonwig] 25/3/2015 20:18

Results presentation:

[jonwig] 25/3/2015 07:33

The key figure for me is the NAV, £650m at 31/12, and ahead of my expectations.
To get "adjusted NAV per share" you add net IPO proceeds of £120m and divide by 367m shares.
Hence 210p which is about 5p ahead of my target.

I think it should trade at least at this level.
The biggest worry at IPO was the pair of Manchester waste projects, which seems to have been resolved quite nicely:

The additional cost and associated time delays to complete both VLCo and TPSCo have been funded by liquidated damages from the principal contractors which limited the impact on the value of our investment.

Now that they've been moved to "secondary" project status, no doubt they will be sold to JLEN during the year!

[mike740] 25/3/2015 07:21

Expecting Broker UPGRADES and UPDATES in the next 48 hours.

[jamdan1] 25/3/2015 07:06

All looks good.

[skinny] 25/3/2015 07:04

John Laing Group plc (John Laing or the Company or the Group) announces another year of growth in profits and net asset value.

Financial highlights

· Record year for new investments with £217.2 million1 committed to infrastructure projects
· Realisations of £198.5 million from the sale of investments
· Investment portfolio valuation of £772.0 million, up 13% on 2013
· Group profit before tax of £120.4 million, up 7% on 20132,3
· 23% increase in Net Asset Value (NAV), from £528.0 million at 31 December 2013 to £649.8 million3
· Adjusted NAV per share at 31 December 2014 of 210p (30 September 2014 - 204p, 31 December 2013 - 177p)4
· 28% increase in external Assets under Management to £1,020 million5

Operational highlights

· Successful listing on the London Stock Exchange in February 2015, raising net proceeds of £120 million
· Further international growth with two investment commitments in Australia and one in the US
· Expansion of renewable energy activities, including the Group's first investment in a biomass project
· Both phases of the Manchester Waste project, one of our largest investments, operational from January 2015
· Launch of JLEN in March 2014, a listed fund targeting environmental infrastructure investments
· £100 million special contribution in February 2015 to reduce our pension deficit as part of the IPO process

[mike740] 20/3/2015 07:11

John Laing schedules FY results
3 March 2015 | 08:43am

John Laing, the leading originator, active investor and manager of international infrastructure projects, intends to announce its results for the 12 months to 31 December on 25 March.

[cockneyrebel] 08/3/2015 09:46

Here Khtriap:



Click 'FTSE Ranking' at the top of the page and it gives you the recent FTSE rankings - very useful in determining FTSE reshuffles - tho not perfect as some of the FTSE rules often seem laws to themselves I think.

CR

[khatriap] 06/3/2015 21:23

Typo's site?

[dual313] 06/3/2015 16:14

Good to see you here CR.. Always a good sign when u buy in :)

[cockneyrebel] 05/3/2015 10:05

okay, cheers - Typo's site was showing it as a potential entrant last week but I see today he's changed it.

Will watch out for the results - bought a few recently.

Cheers.

CR

[jonwig] 05/3/2015 09:52

CR - I doubt it, as the free float is only 38.7% (maybe less) - see header. On MCap alone, it would.
I think the rules weight it to 39% of the MCap.

[cockneyrebel] 05/3/2015 09:27

Do these get into the FTSE250 on the reshuffle?

CR

[skinny] 03/3/2015 08:44

John Laing, the leading originator, active investor and manager of international infrastructure projects, intends to announce its results for the 12 months to 31 December on 25 March.

[tenapen] 22/2/2015 17:03

A long term hold IMO so I for one are happy for this to hover.