Lendlease’s Development Pipeline Shows Greater Promise; FVE Increased to AUD 17.50
Following a series of meetings with management, we have increased confidence in Lendlease Group’s processes around capital allocation and risk management. We’ve made a series of revisions to our forecasts, which include higher return on equity for the development business, increased near-term earnings from asset sales, and a faster rate of growth in assets under management. Following these revisions, our fair value estimate increases to AUD 17.50 from AUD 16.00, with no-moat Lendlease continuing...LendLease operates a regional management structure in Australia, Asia, Europe and the Americas. Co.'s segments include: Development, which is involved in the development of communities, inner-city mixed-use developments, apartments, retirement, retail, commercial assets and social and economic infrastructure; Construction, which provides project management, design, and construction services, predominantly in the infrastructure, defence, mixed-use, commercial, and residential sectors; and Investments, which includes a wholesale investment management platform and also includes Co.'s ownership interests in property and infrastructure Co-Investments, Retirement Living and U.S. Military Housing.
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