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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. While ~$1.4b in impairments will come in FY24, mostly on the back of goodwill associated with acquisitions in the UK, the company is aiming to release $4.5b following the staged sale process with funds to go back to shareholders after reducing debt. The company maintained FY24 guidance of ROE ~7% though gearing will be above the midpoint of the 10-20% range, this is expected to reduce to 5-15% by FY26. They also announced a $500m buyback as well as further cost savings with the headcount to fall.

  • LLC gave the market what it wanted today, however, the outcome now relies on the price the assets can fetch
MM remains neutral LLC
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Lendlease (LLC)
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