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Lend Lease Group (LLC) |
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| Company Name: |
Lend Lease Group |
| Stock Code: |
LLC |
| Website: |
www.lendlease.com.au |
| Market Cap ($M): |
4,140 |
| Equiv. Shares (M): |
566 |
|
|
 |
|
| 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 %
|
|
| Recommendation : |
Buy
|
| Recommendation Date : |
17th Aug 2010 |
| 12 Month Target Price (average) : |
$9.11 |
| Brokers Surveyed : |
6 |
|
| % of Market: |
0.3199 |
| % of Sector: |
2.9183 |
| Sector: |
Financials |
| Industry Group: |
Real Estate |
| Industry: |
Real Estate Management & Development |
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| 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. |
|
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.
|
| LLC |
-4.3700 |
-17.7400 |
-28.1800 |
| Sector |
n/a |
n/a |
n/a |
| Market |
3.6177 |
-3.1195 |
2.8483 |
|
| 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 |
|
| D Crawford |
Chairman |
| G Edington |
Director |
| P Goldmark |
Director |
| D Ryan |
Director |
| P Colebatch |
Director |
| J Hill |
Director |
| S McCANN |
Director |
|
| S McCann |
CEO / Managing Director |
| R Taylor |
COO |
| Mr B Soller |
Chief Financial Offier |
|
| 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 |
|
| 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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