John Laing Share Discussion Threads

[igoe104] 18/8/2015 14:20

Lack of news is making these drift, investors get far to bored easily.

[skinny] 04/8/2015 12:09

igoe104 - you should post the above on the

[igoe104] 04/8/2015 11:52

John Laing Environmental Assets Group seals £20 million solar park purchase.


Asset management firm John Laing Environmental Assets Group (JLEA) has continued to grow its solar portfolio by purchasing stakes in two solar farms for £20.37 million.

JLEA has acquired the remaining 36% stake in the Branden Solar project in Bodmin, Cornwall, which comprises two separate solar farms with a total generation capacity of 14.7MW. The company acquired a 64% stake in the project earlier this year and has exercised its first offer agreement to own the asset outright.

John Laing has also purchased the entirety of ‘B’ shares in the 10.7MW Monksham Solar farm in Frome, Somerset, as well as other interests from the park’s developer Green Nation. Holders of ‘A’ shares are to remain invested in the project, but JLEA will take over operational management of the farm and provide a loan to repay finance used in its construction.

While JLEA confirmed that both assets are unaffected by recent announcements by the Department for Energy and Climate Change to Renewables Obligation support, it did note that acquisition prices had been amended to reflect the removal of the Climate Change Levy exemption for renewable energy. After the exemption was removed as part of Chancellor George Osborne’s summer budget, a host of asset management firms said it would dent revenues by around 3-4%.

The acquisitions were financed using proceeds from JLEA’s recent fundraising and Richard Morse, chairman at JLEA, said it was “pleasing” to secure the deals shortly after financing.

“They [the acquisitions] demonstrate the company’s ability to acquire assets from parties other than John Laing in parallel with the continuing successful operation of our first offer agreement with John Laing,” Morse added.

The deals take JLEA’s renewable energy asset portfolio past the 100MW barrier, representing a “significant milestone” for the company according to Morse.

Finlay Colville, head of market intelligence at Solar Intelligence, said: “John Laing’s current portfolio of UK solar farms accounts for approximately 1.5% of completed solar assets built in the UK since 2011. According to the Solar Intelligence Report 4 – Completed Assets, John Laing is ranked at position number 21 for completed MW portfolios of UK solar farm assets

[igoe104] 09/7/2015 17:10

Peer John Laing Group fared a lot better, however, up 1% after it responded to the Budget change, saying the net impact on the company’s net asset value as at 31 March 2015 is estimated to be a reduction of around 0.6 pence per share with any loss of revenue from LECs being broadly offset by a reduction in the corporation tax rate. The dividend target remains unchanged at 6.054p per share for the year to 31 March 2016, and increasing with inflation thereafter, although the loss of revenues from LECs is likely to have a minor impact on dividend cover in the near term. “The limited impact on JLEN from the Budget reflects the benefits of diversification in the Company's portfolio with a number of assets being net beneficiaries of the changes announced in the Budget," the company said.

[jonwig] 08/7/2015 07:40

Thanks for that - here's the link:

...............

dated 19 June

Skinny's Link, rather! (He's sharp with this hrefs!)

[igoe104] 08/7/2015 07:19

Good summary here.

John Laing

John Laing (JLG), which floated in early 2015, invests in 40 projects across transport, renewable energy and social infrastructure sectors, all valued at £772 million. Barclays expects impressive net asset value (NAV) growth of 14% between 2015 and 2017, up from £650 million last December.

The investment group also has an attractive £1.3 billion pipeline in public private partnership and renewable energy, for which it has been able to generate returns of 23% and 25% respectively in the past. For those income hungry investors, John Laing wants to return £20 million, with special dividends paying 5-10% of realisations, implying a 4.5% yield at a 230p share price.

Management have found expansion opportunities in international public–private partnership (PPP) growth to protect itself from a slowdown in the UK. But Barclays' analysts warn that the group is highly sensitive to discount rates, so when interest rates inevitably go up, NAV will be hit.


We rate John Laing Overweight due to its attractive portfolio valuation and NAV growth. This should be delivered on the back of deployment of an existing outsized PPP pipeline as well as a falling discount rate applied to assets in construction as they are de-risked. The share is currently trading at a 2016E P/BV of 0.8x and P/E of 6.3x.

[igoe104] 08/7/2015 07:06

I`ve joined the party yesterday, this looks like a solid stock to add to my portfolio.

[investorneil1] 29/6/2015 08:00

Good support at around £2. Buy order placed.

[dual313] 25/6/2015 14:49

Sold out. Had to protect some of the profit. Good luck to everyone holding

[saj3] 24/6/2015 12:20

Don't know why this is falling?

[jonwig] 24/6/2015 07:19

Two more broker targets added to the header.
Beaufort publishes their research foc on their website, but the JLG one isn't there yet:

[jonwig] 22/6/2015 06:28

I don't see any issues here - especially which could warrant all that share price volatility last week.

[skinny] 22/6/2015 06:09

Highlights
· Total investment commitments of £72 million with a strong pipeline and positive outlook in core markets
· Total realisations to date of £42 million, on track to achieve full year target of c.£100 million
· John Laing's shares will be included in the FTSE250 Index with effect from today

Investment Activity
· International Primary Investment activities continuing as planned, with good levels of bidding activity across all our core markets of Europe, North America and Asia Pacific
· Public Private Partnerships ("PPP"): £41 million investment commitment in February 2015 to the Sydney Light Rail project
· Renewable Energy: Two wind farm investment commitments in the second quarter of 2015 totalling £31 million with estimated installed capacity of c.55MW, in Ireland and Sweden

Realisations
· Three operational renewable energy assets sold in April 2015 for total cash consideration of £42 million
· Further disposals are in progress, in line with the Group's target for the full year

Investment Portfolio
· Major projects under construction progressing according to schedule
· Operational projects continuing to perform to plan
· First train for Phase 1 of the Intercity Express Programme undergoing testing on the UK rail network
· First distribution from Manchester Waste projects expected shortly
· As announced on 15 June 2015, agreement reached with the Victorian Government regarding the cancellation of the East West Link project, resulting in the return in full of John Laing's investment commitment

Pension Fund
· £27 million scheduled contribution paid in late March 2015 to the John Laing Pension Fund in line with the agreed deficit recovery plan

Outlook
· Pipeline of new investment opportunities remains strong in both PPP and Renewable Energy, supported by our relationships with key partners
· Full year investment commitment target remains at £150 - 200 million, with potential commitments weighted towards the second half of 2015 as previously flagged
· Market demand remains strong for secondary infrastructure investments

more....

[paulturner006] 20/6/2015 10:05

What's happening ? Falling and falling?

[jonwig] 15/6/2015 19:10

It looks as though the bid went below 200, but the offer was at least 219 over that period. Is that right?

And a huge number of small trades (look how many were for 284 shares!) suggests bots or some such - I'm not au fait with how - or why - this goes on!

[drewlittler] 15/6/2015 18:37

What happened at 13:52 today? Price dropped to sub-200p for a few minutes with a huge number of trades? Was it someone off-loading a ton of shares and pushing the price down?

[nickpauls] 15/6/2015 16:50

Thanks Stockrod.

[stockrod43] 15/6/2015 15:23

over reaction imo good time for top up

[nickpauls] 15/6/2015 13:21

A 7.5p drop at time of writing appears heavy IMO so would anyone be so kind as to clarify my possibly naieve understanding: JLG were going to be involved in a project in Australia that is no longer going ahead. JLG's money is therefore being returned to them.I've read the posts mentioned (54 et seq (or possibly 57)).Many thanks.

[saj3] 15/6/2015 12:55

That's a big drop?

[wirralowl] 15/6/2015 10:28

Thanks Jonwig. I see this as a long-termer, so must admit I'd missed the original discussion, but your post No: 57, clarifies the situation perfectly.

[jonwig] 15/6/2015 10:08

Wirral - go back to the posts from #53 onwards.

[wirralowl] 15/6/2015 09:46

So JLG are to have £60m+ returned shortly in full, yet this project was ascribed no value in its portfolio valuation in December? I'm surprised we haven't seen a more positive share price reaction to this news, or is it just the general market weighing down on sentiment here?