New business model provides opportunities to generate higher earnings growth, but risks increase.
No-moat Lendlease Group reported fiscal 2016 net profit after tax of AUD 698 million, or AUD 1.20 per security, up 12% on the previous level of AUD 1.12 per security. Reflecting the diversity of the business operations, the result was mixed, and was complicated in part by yet another change in reporting structure. The AUD 103 million uplift in EBITDA primarily resulted from a AUD 114 million increase in development earnings, more than offsetting declines of AUD 20 million in investment managemen...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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