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Lend Lease Group (LLC)

Lend Lease Group (LLC)

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General Information
Company Name: Lend Lease Group
Stock Code: LLC
Website: www.lendlease.com.au
Market Cap ($M): 4,864
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
  $ 8.600 $ 8.660 $ 8.710 $ 8.550 $ 8.660 3,255,953 $ -0.060  -0.693 %

Current Broker Consensus Recommendation more
Recommendation : Hold
Recommendation Date : 1st Mar 2010
12 Month Target Price (average) : $10.721
Brokers Surveyed : 9

Market Statistics
% of Market: 0.3700
% of Sector: 0.9093
Sector: Financials
Industry Group: Real Estate
Industry: Real Estate Management & Development

Company Overview
Company Overview
Lend Lease (LLC) is an integrated global real estate funds management and services business. Its strengths are project and construction management, integrated development and real estate funds management. LLC operates in Australia, NZ, the Americas, Europe, Asia, Africa and the Middle East. It is actively pursuing private finance initiative (PFI) business in the UK and the US, targeting the hospital and defence estate sectors.
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
%
2007A 500.2 416.4 103.8 16.4 8.3 0.4 0.4 68.0 7.9 45 13.3
2008A 269.8 451.5 112.2 8.1 7.7 0.4 0.4 77.0 9.0 42 14.1
2009A (665.9) 295.2 71.4 -36.3 12.0 0.6 0.7 41.0 4.8 76 11.1
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 $8.66 $4,897M 12.1246 14.2855 -36.3278 -15.1267 4.7344 3.7067
Payce Cons. PAY $1.50 $59M n/a n/a n/a n/a n/a n/a
Raptis RPG $0.40 $25M n/a n/a n/a n/a n/a n/a
Hudson Investment HGL $0.09 $24M n/a n/a n/a n/a n/a n/a
Wentworth Holdings WWM $0.07 $16M n/a n/a n/a n/a n/a n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
LLC -6.0738 -11.6327 66.5385
Sector 4.6320 4.1419 66.9466
Market 3.7436 4.9865 51.2492

Ratio Comparison
Year LLC Sector Market
P/E (x) FY07 8.3 20.4 19.4
FY08 7.7 20.6 18.9
Yield (%) FY07 7.9 7.7 5.0
FY08 9.0 7.4 5.1
EV/EBIT (x) FY07 12.5 7.5 10.5
FY08 10.8 7.6 9.6
EV/EBITDA (x) FY07 11.7 7.4 8.9
FY08 10.2 7.5 8.0

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 8.36
LL Employee Holdings 8.04
AXA Asia Pacific Holdings Limited 7.47
The Bank of New York Mellon Corporation 5.12
Barclays Global Investors Australia Limited 5.08

Calendar of Events
Date Event
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
12-Nov-2009 AGM Date for Final Year Result


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