Lendlease Group
LLC: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$5.90 | Bts | Lknmqnmb |
Corporate Action: We Recommend Lendlease Shareholders Subscribe to the Unit Purchase Plan
We cut our fair value estimate for no-moat Lendlease by 24% to AUD 13.10, due to a dilutive equity raise and medium-term earnings impact from coronavirus. However, the group’s huge development pipeline remains extremely valuable, and after a large fall the shares look undervalued to us.