Edison Investment Research Limited: Edison issues outlook on John Laing Group (JLG)

London, UK, 10 September 2018

Edison issues outlook on John Laing Group (JLG)

Continuity of strategy and personnel has enabled John Laing Group (JLG) to capitalise on the opportunities in the international market for infrastructure investment and establish an impressive track record of growth. With the demand for infrastructure projects remaining strong, we believe JLG is well placed financially, operationally and competitively to deliver attractive returns to shareholders.

After the recent strong performance, JLG's shares trade at a small premium (c 2%) to the H118 NAV per share of 307p. The share price is now broadly in line with our revised FY18 forecast NAV per share of 318p. However, despite its recent strong run, JLG stands at a discount to peer group averages (c 8% premium). At a 8% premium to H118 NAV per share of 307p, JLG would be worth c 332p/share. Given the undemanding relative rating, proven track record of growth and the prospect of continuing increases in the NAV per share and DPS, we believe JLG offers the potential for attractive returns for investors.Click here to view the full report.

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