JLG

1.08%

$3.67 johns lyng group limited

Ann: H1 FY2021 Results Presentation, page-3

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rholm

3 Posts.

23/02/21

11:41

Post #: 51242787
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Originally posted by Hopeful9: ↑

I listened to the presentation and was going to ask a question but didn't seem to get through.

There is a great deal more in cladding rectification opportunities, with NSW and Queensland likely to have similar building problems as Victoria has. So far, good relationship with Cladding Safety Victoria as works are underway on some buildings. NSW is appointing a panel of experts. I couldn't hear JLG saying anything specific about Queensland.

The strata repair business is hiring staff/contractors weekly with a focus at present in obtaining estimators. MD and CEO Scott Didier said (amusingly) 'the more we price, the more (contracts) we win.'

Its insurance repair target is to attend within one hour. JLG management said that this results in very happy clients (I assume such as householders). Historically, if I heard correctly, the target was to attend within 24 hours.

Organic growth is occurring with a 26 per cent rise in 'business as usual' work.

It isn't generally hard for JLG to obtain tradesmen as the company claims it's known as a good payer and is reputable. It has a particular focus on paying subcontractors promptly, a bone of contention in the sector as we saw publicly recently when the Grollo companies in Melbourne went under.

A private investor named Maurice asked about JLG shares' illliquidity. CFO Matthew Lunn said that this (naturally) was a function of management holding 35 to 40 per cent of issued capital so the free float is relatively low (although not as low as say REH that I hold where Directors/the Wilson family hold 67 per cent).

In response to another question from the same chap, Mr Lunn said that while a share split was not on the agenda at present, in future it may be an option to be considered. (I would add that this may be some time down the track as if I'm not mistaken, significant share price appreciation is generally the trigger).

The company does not forecast 'catastrophic events' (impossible) but is suggesting margins will increase to 12.3 per cent. One analyst asked why margins have been rising: synergies from an increased work pipeline were one reason given.

The USA business (Steamatic) is going well but the management didn't elaborate as much as I'd have liked, as I think it's from a small base. They commented that there's a lot of enquiries in Texas for (rectification?) works.

Overall this was a stellar result. The CEO/MD and CFO sounded extremely optimistic.

I love these sorts of solidly performing companies that aren't well known by retail investors (and perhaps some institutional investors as well) as unlike APT that as Mr Robert Millner of SOL/BKW says 'isn't profitable: how does that work?', JLG is profitable and has a sustainable business model.

As a recent shareholder I'd have to say 'great work fellas!'

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Nice work Hopeful19.. I am going to buy more shares as a good quality business

JLG Price at posting: $3.32 Sentiment: Buy Disclosure: Held
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Last $3.67		Change -0.040(1.08%)		Mkt cap ! $1.022B

Open	High	Low	Value	Volume
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