John Laing Group - From transition to implementation
John Laing Group’s (JLG) performance improved significantly in H2. Activity levels (short-listed positions, investments and realisations) all picked up and underlying NAV/share grew 5%. This rebound looks set to continue into FY21 as JLG implements its new strategy amid a resurging infrastructure market. Its greenfield business model gives investors a unique way to gain exposure to this growth. While foreign exchange headwinds may mask growth in underlying NAV/share in FY21, for FY22 we forecast a 7.6% total return (ie growth in NAV/share plus dividend).John Laing Group is engaged in the origination, investment in and management of international infrastructure projects. Co. has three key areas of activity: Primary Investment, which sources, originates, bids for and win greenfield infrastructure projects, typically as part of a consortium in the case of Public-Private Partnership projects; Secondary Investment, which owns a substantial portfolio of investments in operational infrastructure projects; and Asset Management, which manages Co.'s primary and secondary investment portfolios and provides investment advice and asset management services.
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