11/07/2024 09:17

Lendlease Corp (LLC) $5.75

This week, UBS upgraded LLC from sell to neutral while they slapped a sell call on the market favourite Goodman Group (GMG). May's strategy update aligned with investor expectations, with a commitment to exit offshore Development and Construction while maintaining a global Investment footprint.

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27/05/2024 16:33

Lendlease (LLC) $6.36

LLC +7.98%: the property developer hosted a strategy day today, announcing a widely expected divestment of the bulk of their international exposure in an effort to clean up the business and refocus on areas that are performing well. The company will retain their Asian platform and the Australian development and construction while looking to sell down assets in the US and UK along with other exposure in Europe and Asia over the next 18 or so months.

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14/05/2024 09:15

Lendlease Corp Ltd (LLC) $6.10

LLC has been the company that keeps on taking since COVID. The stock has more than halved over the last few years as management goes from bad to worse; subscribers may recall that between the 18th of December and the 19th of February, just two months, LLC effectively downgraded their full-year earnings by 20%, a very bad Christmas!

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06/03/2024 09:43

Active Growth Portfolio – Amendments

We are making several changes to the Active Growth Portfolio

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05/03/2024 09:48

Switch Lendlease (LLC) into Corporate Travel (CTD)

LLC $6.27 - delivered a poor result last month, which was a significant disappointment after guidance in December was reiterated; the stocks down -16.1% so far in 2024, and MM hasn’t been slow to criticise LLC after its recent result. We also think there is an outside chance they may need capital with the balance sheet under some short term pressure, depending on the patience of lenders and how they look at covenants. They have a planned Investor Day on  May which is the next catalyst, however the stock looks heavy following downgrades across the board after their result.

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19/02/2024 16:58

Lendlease (LLC) $6.46

LLC -13.98%: It was hard to find anything in today’s result that was a positive, other than perhaps this is as bad as it gets for the property company. 1H24 results  were a huge miss to expectations, with a core operating profit after tax of $61m, down -42% YoY and ~70% below consensus. While this is clearly a poor 6-months, we don’t think it’s the reason for the share price weakness given the period was always going to be a tough one.

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08/02/2024 08:55

Lendlease Corp (LLC) $7.39

This globally integrated real estate group is a turnaround play, which is taking its time remaining unchanged from where we bought it mid-last year. LLC has reduced balance sheet pressure over recent months, and although the sales were thought by many to be the “low-hanging fruit”, we believe that refocusing on being an investment-led operation in core countries with select projects while building a bigger funds management operation will enable the business to achieve its goals in the medium term.

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21/12/2023 09:06

Lendlease Corp Ltd (LLC) $7.33

LLC has bounced ~27%, outperforming the market since November's rally commenced, but they are in a turnaround phase which is throwing up some additional risks.  We are weighing up its underlying quality versus its recovery potential moving forward.

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20/12/2023 09:12

Lendlease Corp Ltd (LLC) $7.30

On Monday, we saw LLC announce the sale of 12 communities projects for $1.063bn to Stockland (SGP) with a potential for another $239m, subject to an option held by SGP. The price reflects a ~20% premium to book value, and the sale should add $130-160m of NPAT to LLC's FY24 result, which reads well on the surface.

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14/11/2023 09:28

Lendlease Corp Ltd (LLC) $6.28

LLC has struggled since interest rates started to advance, but they’ve arguably magnified the sector's weakness, e.g. the stock is down another ~20% in 2023 alone. We have a core bullish outlook on bonds and bearish yields, which should finally offer a tailwind for LLC into 2024, it feels overdue to average or cut as the stock plumbs multi-year lows

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