Lendlease Group

LLC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$43.00	Ywj	Tknmmdxh

Lendlease Earnings: Result Underwhelming, but Recovery Has Momentum

Alexander Prineas

Aug 15, 2023

Earnings underwhelmed in no-moat Lendlease’s fiscal-2023 result, but underlying progress was respectable. Our fair value estimate is unchanged at AUD 14.45 per security. Time value of money was offset by unexpected provisions relating to receivables due from the 2021 sale of a United States telecommunications business, and increased provisions for United Kingdom government action on residential buildings.

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