We See Continued Near-Term Risk for Lendlease, but Maintain our AUD 15.20 FVE
We reiterate our AUD 15.20 fair value estimate for no-moat Lendlease following transfer of coverage to a new analyst. Shares screen as slightly undervalued. While there remains near-term risk from construction and engineering delays and cost-blowouts, we remain optimistic about the firm’s fund management operations and growth through urban regeneration.We forecast 2% to 3% long-term revenue growth in Lendlease's construction segment (outside of its planned wind-down of the engineering business)...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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