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Share Name Share Symbol Market Type Share ISIN Share Description
John Laing Environmental Assets Group LSE:JLEN London Ordinary Share GG00BJL5FH87 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.50p +0.48% 105.00p 104.50p 105.00p 105.00p 104.00p 104.50p 425,007 16:29:34
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 21.1 5.7 18.4 521.87

John Laing Environmental Share Discussion Threads

Showing 101 to 122 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
10/12/2018
16:34
Thanks for the pointer to The Global Sustainability Trust IPO - I don't think I am in for this one for two reasons a) new issues often go to a discount and b) you don't get much of a dividend in the first year. So better to wait. Besides I took part in the A J Bell IPO and don't want to sell any just yet. kind regards - A00
a0002577
10/12/2018
11:07
Tipped in the current IC. They give as reasons - the high yield (6.2%), small premium to NAV (6.1%) and it's defensive nature as a 'diversifier' thus: "The trust has been managed by Chris Tanner since launch in 2014, and since the share price total return has hit 37 per cent. This may not sound as glamorous as returns on offer in stock markets, but diversifiers such as JLEN should be judged on their ability to protect capital when markets go south and how correlated they are to other asset classes." Better methinks than the Prefs people get excited by.
a0002577
26/11/2018
16:30
A000 ... - you're well-organised. I try to be then fail by keeping everything in my head. That, though, is getting older and less reliable. From the presentation pages, I think JLEN's standout point is AD, and the potential growth is considerable: p21 for example. My only related investment are much larger ones in TRIG and JLG.
jonwig
26/11/2018
11:36
Good Morning, Jonwig The comments by the "boss of JLG" - and your added comments - largely coincide with my thoughts - and thanks for putting them down so clearly. Do I ever lose a dividend when I switch? Very rarely and not unless I make a deliberate decision to do so - for example if one fund announces a surprise fund raise then I will sell almost immediately - and buy back when the price drops close to the fund raising price. More often than not I get an 'extra' dividend Otherwise I look to my spread sheet which has yields, bid offer prices, dividend amount and the ex-div and payment dates against each share I am interested in. This data is then fed into a little macro which calculates what I will get (no of shares and next dividend, and whether this will increase the income to the portfolio or not). I made a switch out of NESF this morning which will increase the portfolio yield by a little - but also allows me to add a few £s (from dividends and usually in the high hundreds) to the purchase thus saving trading costs. I usually find that my broker buys within the spread so the actual switch gets me more shares than the macro shows. If I am planning a swirch close to ex-div day I will try to do it on the actual ex div day (the Thurday) just as the market opens as sometimes (say 1 in 3) you can get yesterday's price very first thing.
a0002577
25/11/2018
17:15
OK, thanks for both posts today. As I said, I was put into this by a broker who has a discretionary mandate over some funds, and I am happy to trust them. And fairly wobble-free over Oct-Nov is a plus!. Discount rate - the boss of JLG said once (in a conference call) that these infra funds watch each others' discount rates very closely and certainly don't apply purely objective criteria. JLG of course manages this fund (via JLCM) and also managed JLIF which was bought for a big premium to its published NAV. (Also HICL has been selling assets at a premium.) Obviously PFI funds shouldn't be compared directly with JLEN and similar, but I sense there's a lot of conservative valuation going on here with a discount rate rather higher than they could have chosen. A000... - do you ever lose a dividend when you switch?
jonwig
25/11/2018
16:46
One of the major factors affecting the reported NAV is the discount rate applied to the assets. The report says this on Discount Rates: "Taking the above into account, and the change in mix of the portfolio during the period due to new acquisitions, the overall Weighted Average Discount Rate ("WADR") of the portfolio was 8.2% at 30 September 2018 (8.1% at 31 March 2018)." Insofar as I understand it, the lower the discount rate the higher the NAV - and there is at least one fund which has been gradually reducing its rate to massage the NAV. I think JLEN is at the top of the range selected. I keep trying to find the time to compare all the Green Infrastructure funds to see how they manage their NAV but as you will appreciate it is a fair amount of work. I think there are seven if you include Gore Street - there are also some VCTs which have similar portfolios so will include them in the mix as well. As I have said before, I have no particular loyalty to any of the funds and am fully prepared to switch in and out as their prices go on annual walkabout. On checking, I seem to have made 8 switches in and out of JLEN in the past 3 years - each one profitable in its own right as well as taking a profit on each share I went into before switching out again. I am in at the moment.
a0002577
25/11/2018
15:40
@Jonwig - personally, I don't think the political angle is priced in to something trading on a premium. Then again, I'm more pessimistic than most on Corbyn's chances (ie I think he's got a decent chance of being the next El Presidente!). Fair point re accounting period but surely that does say that NAV would have been lower this time, had they stuck to previous methodology. Again - I've little faith in any power price forecasts, and maybe they can be as likely wrong one way as the other.
spectoacc
25/11/2018
06:14
A000..., Spec - I read that passage a bit differently. In the past, they've used one source for forecasting, now they combine forecasts from two. "NAV per share would have been 2.3 pence lower" refers to one particular accounting period (of 6 months) to the next one. It does not imply it would have been consistently lower historically. The threat to JLEN and others is lies in an unexpected political decision, and that can't be modelled.
jonwig
24/11/2018
11:17
@A0002577 - yes to name ;) And good spot - no, hadn't seen that. To be fair to JLEN, if it's just "bringing them into line with the rest of the sector", then fair enough. But one thing I've noticed via another holding is - no one seems able to predict the wind speed, or the amount of sunshine over a year, or, in particular, where the hell power prices are going. You could argue they'll be as wrong as often as they're right, and maybe that's why they're adopting a methodology that "..reduce(s) the volatility observed in portfolio valuations..". But as you say - NAV down not up, so the premium as per previous NAV is even greater. That's not to say JLEN aren't a good buy/hold, and that they won't always trade at a decent premium. But it's amazing how much eventually goes to a discount.
spectoacc
24/11/2018
10:59
Probably wise to sell SpecToAcc ?Speculate to Accumulate?, as I have just spotted this in the report: After the initial two-year period, the project cash flows assume future electricity and gas prices in line with a blended curve informed by the central forecasts from two established market consultants, adjusted by the Investment Adviser for project-specific arrangements and price cannibalisation as required. This is a change in valuation policy from the year ended 31 March 2018, where electricity and gas price assumptions were based on the forecast of a single market consultant. The Directors have adopted the new policy to bring the Company in line with the majority of other funds within the listed renewable's sector to aid comparison and also with the intention of reducing the volatility observed in portfolio valuations due to reflecting additional views on medium and long-term electricity and gas prices. Changes to forecast power prices have added 0.7 pence per share to the NAV compared to the previous forecasts. If the Directors had maintained the previous policy in updating power price forecasts, NAV per share would have been 2.3 pence lower. so in reality on a like for like basis the NAV has fallen over the year!
a0002577
24/11/2018
00:09
Personally i think think AD is vastly underused in this country i would like to see it used much more by the water companies for treatment of the free feedstock they receive, sludge, fatbergs and agricultural feedstock from contaminated ground. Also diverting food waste from landfill to AD. Therefore there has to be a political risk to subsidies for using productive land for feedstock. However at present it is going to be lucrative for JLEN.
cyfran101
22/11/2018
11:32
Sold mine today. 5p NAV premium enough to make me think I can pick something up "cheap" in this dip instead. Will prob be back into JLEN again for a 3rd time at some point tho.
spectoacc
22/11/2018
11:18
The HY results look to be very satisfactory. I was put into this by one of my brokers (discretionary) in the open offer. It's survived the current sell-off pretty well. here's the presentation: Https://jlen.com/wp-content/uploads/2018/11/JLEN-HY-2018-Presentation.pdf
jonwig
08/11/2018
10:53
Price has moved up since purchase but it is a bit odd at the moment. Bid 105 Offer : 106. Many trades going thru at 105.377 being marked as sells by ADVFN but one of those trades was mine and it was a purchase. So, it seems that many more are buyers than ADVFN are telling us.Also makes a nonsense of the bid/offer spread quoted. This trade was a switch by the way selling FSFL (ex-div today) at the overnight price first thing and then reinvesting the lot in JLEN a bit later when the published spread narrowed.
a0002577
25/10/2018
14:10
All mine were in an iDealing ISA and only got 83.6% Such is life.
tugwil
24/10/2018
08:33
Glad you got them, SpectoAcc. All bids for the same investor were aggregated so your ISA bid and your dealing account bid were put together. I would be interested to know if you got 84% of the total you received and that it was your nominee deciding to give you 100% in your ISA (sensible) and only 62% in your dealing account.
a0002577
24/10/2018
07:36
Ha got mine now - 100% of allocation in ISA, 62% of allocation in Dealing a/c. Same broker. All exactly the same nominee a/c, so the clowns appear to have split it per their own opinion.
spectoacc
23/10/2018
12:36
Nothing here, either message or allocation.
spectoacc
23/10/2018
10:19
olliemagern, Mine were bought via a nominee and they magically appeared in the account yesterday morning. The allocation was almost 84% of what I had asked for and the remaining cash was 'unlocked' in the account - therefore free to use.
a0002577
23/10/2018
08:30
The announcement of allocation and scaling back was due on the 22nd October. Now the 23rd and still no statement issued, it is really annoying.
olliemagern
22/10/2018
09:40
I seem to have ended up with 84% of what I had asked for in the intermediaries offer - as did my wife. Quite happy with that so selling out early and then buying this way saved quite a lot on the drop in price and gave me an immediate paper profit of about 1.5%. And they are eligible for the next dividend. See that TRIG are having yet another placing (announced this morning) but only a minor hit on their share price to date. Wish they would do an intermediaries offer as well as a placing as it very difficult to get on on that. They seem to be only looking after institutions whereas as JLEN are very fair to PIs
a0002577
19/10/2018
15:19
Yes they've done well - I particularly like that they've not been greedy and taken in extra as non-earning cash. Instead they've managed to remove the interest charge on the entire revolving credit facility.
spectoacc
Chat Pages: 5  4  3  2  1
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