Lendlease Group
LLC: XASX (AUS)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| R | LOCK|!W | LOCK|^jL |
Lendlease: Target Gearing, Still a Long Way to Go
Lendlease now expects gearing (net debt/tangible assets) to land at mid-30% by the end of June 2026, not at 15% as originally hoped. This reflects timing of cash proceeds from asset sales, more challenging market conditions, and ongoing capital spending in the core business.
