Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi MM, In light of LLC's announcement today and your recent comment about a broker price target significantly in excess of the current price, would you consider buying LLC again and, if so, at what approximate price? Have your views on LLC become more positive than when you sold it? Thanks Darren
Hi Darren,
This week saw LLC undertake a major capital recycling initiative by entering into a joint venture with the UK’s Crown Estate. This move is part of CEO Tony Lombardo’s strategy to refocus on the Australian market.
This JV aligns with Lendlease’s broader strategy and may lead to some capital action:
We can see LLC squeezing up towards $7 in the next 6-12 months, or 20% higher. The ongoing simplification of what was a very complex business generating low returns on capital is a positive thing, and this is the sort of strategy we were looking for when we owned it back in early 2024 (selling out at $6.18) – it has just taken a lot longer than we thought. On 10x FY25 earnings, and now with some identifiable catalysts, LLC is interesting again around ~$5.50. One we are now keeping a closer handle on.
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