John Laing Group - Steady as she goes
After negative surprises in its last three reports, John Laing Group’s (JLG) Q3 update brought welcome good news. NAV per share rose 2% to 314p as an FX headwind and pension charges failed to offset another strong PPP performance. The performance of the renewable portfolio, now just 22% of the total, was stable. JLG retains its guidance for ‘modest’ underlying NAV growth in H2 and we nudge up our NAV per share forecast from 308p to 310p. The share price stands at a 9% discount to FY20e NAV per share.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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