LendLease drops by with its earnings
Stock
Lendlease (ASX:LLC) $20.00 as at 22/08/2018Event
LendLease has seen some selling today following their FY18 results which seemed reasonable at first glance however a closer look showed the decent numbers were driven by low quality additions. The property and infrastructure group saw a poor construction result offset by a lower tax rate and positives out of development and investment. Development performed well on both residential –mostly Australian units - and office sales – European focussed. Investment performed with the help of revaluations and leases in Barangaroo.
The poor quality result was taken harshly by the market and rightly so – optimism has been high in LendLease recently and the stock had risen 26.2% for the year up until yesterday’s close. No guidance was given as is standard for LendLease.
LendLease (LLC) Chart
