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Lendlease Corp Ltd (ASX: LLC)

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Question asked 22/08/2026

Lendlease Corp Ltd (ASX: LLC)

Hi MM. I have been the beneficiary of your service for a number of years and have benefited and greatly enjoyed your robust commentary and guidance. My Q; I have unfortunately been the holder of LLC (Leand Lease) and ridden their downward spiral......has their valuation finally plateaued and is it now at a price where you may think about adding; or should one just take whatever value is left and run. Of course, general advice only. Many thanks, John

Answer

Hi John,

Lendlease was banished from the ASX 100 in March, but it remains in the ASX 200 although it’s no longer the quality and revered company it was more than a decade ago – the $1.9bn property and infrastructure group once enjoyed a market cap well over A$12bn.

The stock has fallen another ~15% this week after delivering a weak FY26 result in a tough environment:

Weak FY26 result: Lendlease reported a A$749m net loss, far worse than the A$270m consensus loss, while revenue fell 30% year-on-year. The result highlighted the ongoing challenges as the group works through its major strategic reset.
Housing market headwinds: Sales at key Sydney developments, including One Circular Quay and One Darling Point, have come under pressure as prospective buyers—particularly downsizers—remain cautious amid economic uncertainty and elevated interest rates.

Broker downgrades followed as would be expected, and the impacts of this tend to linger longer these days. Ultimately, we think LLC is probably near a low, but with earnings momentum negative, and a lot more work to be done on the turnaround, we don’t think it will be a quick recovery story. We wouldn’t buy the stock today, which means holding just because it’s a losing position doesn’t stack up, when there are likely better uses for the capital.

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Lendlease Corp Ltd (LLC)

LAST UPDATED 21/08/2026 12:23

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