John Laing Group - Diversified portfolio continues to deliver growth
John Laing Group’s (JLG) FY17 results delivered further growth in DPS and NAV and highlighted the increasing internationalisation of the business. The announcement of a rights issue to fund future growth was unexpected, but we see significant opportunity in the global infrastructure market. At the current share price of c 260p, JLG stands at a significant discount to its adjusted NAV per share of 281p.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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