John Laing Group - NAV growth despite challenges
John Laing Group (JLG) stands at a c 6% premium to its FY19 NAV of 337p per share compared to peer-group NAV premiums of over 10%. This appears modest for a business that, since its 2015 IPO, has delivered 14% compound annual growth in NAV per share (including dividends paid), which we expect to continue to grow at c 10% pa (including dividends). Successful disposal of its renewable assets could be a catalyst for share price appreciation.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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