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Lend Lease Group (LLC)

Lend Lease Group (LLC)

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Gearing Available  Margin Lending Available (75%)

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General Information
Company Name: Lend Lease Group
Stock Code: LLC
Website: www.lendlease.com.au
Market Cap ($M): 4,140
Equiv. Shares (M): 566
 Research Report Available

Report price : $16.50 (inc. GST)
Research by : Aegis Equities Research

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Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
  $ 7.320 $ 7.340 $ 7.360 $ 7.230 $ 7.330 1,619,590 $ -0.010  -0.136 %

Current Broker Consensus Recommendation more
Recommendation : Buy
Recommendation Date : 17th Aug 2010
12 Month Target Price (average) : $9.11
Brokers Surveyed : 6

Market Statistics
% of Market: 0.3199
% of Sector: 2.9183
Sector: Financials
Industry Group: Real Estate
Industry: Real Estate Management & Development

Company Overview
Company Overview
Lend Lease Group (LLC, formerly Lend Lease Corporation Limited) is a leading international retail and residential property group, integrated with investment management and construction management businesses. It operates primarily in Australia, the United Kingdom and the US. Operating divisions include Retail, Communities, Public Private Partnerships, Project Management & Construction and Investment Management.
Company History
LLC was established in 1958 to fund Civil & Civic's design and construct projects. General Property Trust was established in 1970. MLC became wholly owned in 1986. A London office was established in the mid-1990s. Ensuing purchases included Yarmouth and GEM (1995), ERE (1997), Bovis Group plc (Bovis) (1999). In FY00, LLC acquired Boston Financial Group and five debt businesses from AMRESCO and also sold the MLC business. In FY05, LLC failed in an attempt to merge with GPT.
Differentiating Factor
LLC has extensive experience in the inter-related real estate, funds management and property development fields. Through the effective combination of these skills in the fragmented global real estate investment market, under its new business model, LLC can provide input at any level of the decision-making process, generating significant fee-based income with low balance sheet exposure.
Major Customers & Competitors
LLC's business operations service a diverse client list, ranging from multinational corporations through the US Department of Defense (a PFI client). These customers utilise LLC's development, construction and property management expertise. Multiplex Group and a number of other international construction groups compete for large projects in the healthcare, education, residential, commercial property and sporting market segments.

Financial Summary
Year to Jun
NPAT
Rep $M
NPAT1
Adj $M
EPS
c
EPS chg
%
PER
x
PER rel
All Ords x
PER rel
Sector x
DPS
c
Yield
%
Franking
%
ROE
%
2008A 265.4 447.1 116.5 16.7 6.3 0.6 0.9 74.4 10.2 42.2 15.0
2009A (653.6) 307.5 74.9 -35.7 9.8 0.5 1.1 39.6 5.4 75.6 12.8
2010A 345.6 323.6 68.3 -8.8 10.7 0.6 1.2 32.1 4.4 100.0 9.7
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.

Peer Comparison
P/E (x) EPS Change (%) Dividend Yield (%)
Company Code Last Price Mkt Cap 07A 08F 07A 08F 07A 08F
Lend Lease Group LLC $7.32 $4,140M 10.7321 11.3000 -8.7500 -5.3000 4.3700 4.4000
Payce Cons. PAY $1.50 $48M n/a n/a n/a n/a n/a n/a
Hudson Investment HGL $0.09 $23M n/a n/a n/a n/a n/a n/a
Wentworth Holdings WWM $0.09 $21M -10.1266 n/a -91.6000 n/a 6.2500 n/a
AHC AHC $2.04 $12M -677.4194 n/a n/a n/a 0.0000 n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
LLC -4.3700 -17.7400 -28.1800
Sector n/a n/a n/a
Market 3.6177 -3.1195 2.8483

Ratio Comparison
Year LLC Sector Market
P/E (x) FY07 17.6 15.4
FY08 6.3 7.2 10.1
Yield (%) FY07 4.1 5.2
FY08 10.2 7.7 5.2
EV/EBIT (x) FY07 14.4 10.5
FY08 4.2 8.6 14.0
EV/EBITDA (x) FY07 13.7 12.5
FY08 4.0 8.0 12.0

Directors
Name Position
D Crawford Chairman
G Edington Director
P Goldmark Director
D Ryan Director
P Colebatch Director
J Hill Director
S McCANN Director

Management
Name Position
S McCann CEO / Managing Director
R Taylor COO
Mr B Soller Chief Financial Offier

Substantial Shareholders
Name % Holding
Balanced Equity Management 8.3600
LL Employee Holdings 8.0400
AXA Asia Pacific Holdings Limited 7.4700
The Bank of New York Mellon Corporation 5.1200
Barclays Global Investors Australia Limited 5.0800

Calendar of Events
Date Event
16-Aug-2010 Reporting Date for Final Year Result
31-Mar-2010 Dividend Date Payable for Half Yearly Result (20c 100% franked)
11-Mar-2010 Dividend Record Date for Half Yearly Result (20c 100% franked)
04-Mar-2010 Dividend Ex-Dividend Date for Half Yearly Result (20c 100% franked)
25-Feb-2010 Reporting Date for Half Yearly Result


Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
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