Lendlease’s Google Deal is Massive but our Unchanged AUD 15.20 FVE Factored in Big Improvement
No-moat Lendlease’s AUD 21 billion development agreement with Google in the greater San Francisco area is a positive step. It signals a desire to move past its recent struggles with cost over-runs and timing delays in engineering and construction. The multiyear development includes affordable housing for rent and sale, along with colocated retail and hospitality offerings. At a 15% margin--our assumption for the long-term profitability of Lendlease’s U.S. development pipeline--we estimate the co...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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