Lendlease’s Construction Division Entering a High-Margin Period, but We Question the Sustainability
Unsurprisingly, Craig Laslett, the head of Leaselease Group’s Australian Engineering & Services division, provided an upbeat market update on the outlook for the division. The firm anticipates a doubling in the dollar value of work done across Australia on all major road and rail projects--those over AUD 500 million--to approximately AUD 9 billion per year for fiscal 2018-26.We make no change to our AUD 12.50 fair value estimate, with no-moat-rated Lendlease screening as overvalued, current...
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.
We have operations in 27 countries.
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