You are currently viewing our site as a guest, which gives you limited access to our site features. By signing up for a free membership, you will receive our Investment Opportunity newsletters and have access to additional features for finding and comparing managed funds and shares. Registration is fast and simple, so please:
To purchase this research report please login here.If you are new to InvestSMART then please click here to become a member - it's FREE!
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
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.
The Age 12/03/2010 | AUSTRALIAN airports appear to be exploiting customers on car parking fees, and Melbourne is among the worst offenders, according to a report from the competition watchdog.
The Age 12/03/2010 | Threatened with extinction, the Australian Print Workshop in Fitzroy raised $2 million to save itself from developers, writes Gabriella Coslovich.
$ 8.600
