Lendlease Group

LLC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$46.00	Lfpq	Yypjkgbr

We See Continued Near-Term Risk for Lendlease, but Maintain our AUD 15.20 FVE

Adam Fleck

May 21, 2019

We reiterate our AUD 15.20 fair value estimate for no-moat Lendlease following transfer of coverage to a new analyst. Shares screen as slightly undervalued. While there remains near-term risk from construction and engineering delays and cost-blowouts, we remain optimistic about the firm’s fund management operations and growth through urban regeneration.

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