Meanwhile, the US-listed Novavax says it is cloning the...

Meanwhile, the US-listed Novavax says it is cloning the coronavirus to develop a vaccine, in the same way it developed one for MERS in 2013. Novavax started the year at $4.10 and is now trading at $6.83 — the US listing has a market capitalisation of about $200m against just $47m at Biotron. But then again Biotron is taking a quieter approach than in 2016, when it spruiked its zikabusting potential when the mosquito-bearing virus was causing concerns at the Rio Olympics. Johns Lyng Group (JLG) $2.48 How lucky is a builder specialising in insurance disaster repairs at a time of devastating bushfires, floods and hailstorms? Amid the misery, Johns Lyng has upgraded its full-year profit expectations to EBITDA of $32m, 11 per cent higher than previous guidance. Revenue is forecast to be $420m, 5 per cent higher. On February 25 the company will also report first-half underlying earnings (EBITDA) of $18m, up 75 per cent on the previous corresponding period. Revenue is forecast to be $234m, 53 per cent higher. The upgrade doesn’t relate to the current summer of pain, but to earlier disasters such as Cyclone Debbie and the Townsville floods of early 2018. Chief executive Scott Didier reports a “significant flow” of new job registrations, so expect the 2020-21 year to be buoyant as well. The company is engaged directly by the insurers, which are seeking to reduce the number of providers on their builder panels. As the only national provider, Johns Lyng is likely to consolidate its presence. Johns Lyng has operated since 1953, with Melbourne entrepreneur Didier buying the business in 2003. The helicopter-flying Carlton Football Club fanatic fostered an eclectic array of side businesses including golf tournament software, a wine company and the (lucrative) domestic Nike franchise. But by the time of the October 2017 listing Johns Lyng had returned to its more staid foundations. However, the company has non-disaster sidelines in floorcoverings shop fitting and a property-styling business called Dressed for Sale. Last year Johns Lyng paid $15.3m for 50.1 per cent of the apartment and facilities management mob Bright & Duggan. Struck at $1 a share, Johns Lyng’s $220m valuation at the time of listing looked toppish. Now worth $557m, the company trades on a current-year earnings multiple of more than 30 times. CCZ Equities pencils in 2021-22 revenue of $544m and $46m of EBITDA, a beefy 43 per cent increment on the company’s current-year guidance. Sensibly, the broker notes that disaster-related job flows are hard to predict. Tim Boreham edits The New Criterion