John Laing Group - Grow, optimise and enhance
CEO Ben Loomes set out his strategic vision for John Laing Group (JLG) at its capital markets day in November. He intends to accelerate growth by investing in ‘core-plus’ infrastructure while also enhancing operating and balance sheet efficiency. This note assesses the opportunity. Many of the initiatives will take time to fully realise, but the direction of travel is clear and activity levels look to be rising. The shares have recovered recently, but, at an FY20e P/NAV of 1.02x, the rating remains below its peers.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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