Lendlease’s Evolving U.S. Pipeline Prompts FVE Upgrade to AUD 14.80
Following an update on Lendlease’s strategic growth initiatives in the Americas, we have a more positive view on the firm’s U.S. development and construction earnings and raise our fair value estimate by 6% to AUD 14.80 from AUD 14.00. With no-moat-rated Lendlease currently trading around AUD 17.80, the stock screens as overvalued. We believe the lofty price is due to some investors extrapolating the high margins in recent years long into the future. We believe much of the margin expansion of la...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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