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John Laing Environmental Assets Group (FGEN) Fair Value & Analysis

Financial Services · GB · Market cap 519M GBX

JL John Laing Environmental Assets Group FGEN · LSE
Price£0.8520
Fair Value£1.52
Upside+78.4%
Quality75/100
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Mixed Growth
Highly profitable · 47.0% net margin
negative free cash flow
9.43% dividend yield
Mixed vs. peers (6/11)
Moderate moat 46/100
Evidence: Low Range £1.14 – £1.91 Share as image

Fair value as of: Jun 25, 2026

From 2 valuation models · updated 45 days ago

Share price +1.8% over the past month.

A strong business, screening 78% undervalued on our models.

What matters now

  • The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (£1.14). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£0.9413 £0.5523 Fair Value £1.52 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 25, 2026.

How to read this chart

60‑month range £0.5523 – £0.9413 · fair‑value band £1.14 – £1.91 · the £0.8520 price screens below the £1.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jun 25, 2026.

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Analysis

John Laing Environmental Assets Group (FGEN) currently trades at £0.8520, while our model-based Fair Value estimate is £1.52, implying the stock looks roughly 78.4% undervalued today. The Quality Score stands at 75/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, John Laing Environmental Assets Group generated revenue of £15.4M at a net margin of 47.0%. Revenue grew 223.8% year over year. It earns a return on equity of 1.1%. The balance sheet holds a net cash position of £2.6M. Fundamentals as of Jun 25, 2026

Our scenario range runs from £1.14 (bear case) to £1.91 (bull case); at £0.8520, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 78%, FGEN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
P/B Multiple £0.6900 £0.9300 £1.16 55
NCAV (Graham) £0.5400 £0.7300 £1.09 50
All 2 models by family
Multiples
P/B Multiple £0.6900 £0.9300 £1.16 55
Asset-Based
NCAV (Graham) £0.5400 £0.7300 £1.09 50

Widest divergence: Multiples (£0.9300) versus Asset-Based (£0.7300). Highest evidence: P/B Multiple (55).

Key figures & financial health

Revenue (TTM) 15.4M GBX
Revenue growth (YoY) +224%
Net margin 47.0%
Return on equity 1.1%
Free cash flow −9.3M GBX FY2025
P/E ratio 83.3
More key figures
Operating margin 69.9%
EPS (TTM) £0.0100
Dividend yield 9.4%
Net cash 2.6M GBX FY2025

Figures from reported company fundamentals · as of Jun 25, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 71 · Market factors (momentum, volatility) 75

Profitability 27
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 74
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

John Laing Environmental Assets Group Limited is a fund of John Laing Capital Management Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

John Laing Environmental Assets Group reported revenue of −£1.3M in FY2025 versus £9.2M in FY2021. Reported net income was −£2.8M in FY2025.

Growth Quality 50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2023)
£100.0M
Latest YoY
−46.3%
Avg. growth/yr (5Y)
+35.4%
Avg. growth/yr (7Y)
+46.6%
Revenue
FY21 £9.2M
FY22 £186M
FY23 £100.0M
FY24 −£12.3M
FY25 −£1.3M
Net income
FY21 £8.1M
FY22 £185M
FY23 £98.3M
FY24 −£13.9M
FY25 −£2.8M

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Cite: Fair Value Calculator (2026). "John Laing Environmental Assets Group Fair Value". https://www.fairvalue-calculator.com/stock/FGEN

Peer Group

Asset Management · 973 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 71 · Top 25%
Fair Value upside +78% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 47% · Above median
Operating margin (TTM) 70% · Above median
Revenue growth 224% · Top 25%
Dividend yield (TTM) 9.4% · Top 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 83.3× · Pricier than 75% of peers
P/B 1.03× · Pricier than median
P/S (TTM) 45.51× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 100 · sector 6
PAST 4 · sector 26
HEALTH 0 · sector 95
DIVIDEND 100 · sector 69

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jun 25, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is John Laing Environmental Assets Group (FGEN) overvalued or undervalued?
As of Jun 25, 2026, our model estimates a fair value of £1.52 versus a price of £0.8520, about +78% (undervalued).
What is the fair value of FGEN?
Our model-based fair value for John Laing Environmental Assets Group is £1.52 (as of Jun 25, 2026), built from audited fundamentals. The current price is £0.8520.
What is the quality score of FGEN?
John Laing Environmental Assets Group has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of John Laing Environmental Assets Group (FGEN)?
John Laing Environmental Assets Group reported trailing-twelve-month revenue of about £15.4M (latest available figure, as of Jun 25, 2026).
What is the net profit margin of FGEN?
The net profit margin of John Laing Environmental Assets Group is about 47.0%, meaning it keeps roughly 47.0% of revenue as net income. Based on the latest reported figures.
Does John Laing Environmental Assets Group pay a dividend?
John Laing Environmental Assets Group currently shows a dividend yield of about 9.43% relative to its recent price (as of Jun 25, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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