Lendlease Group

LLC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$82.00	Nrkkx	Fmpfbdh

Not Much News is Decent News; FVE Unchanged at AUD 15.60, No-Moat Lendlease Looks Expensive.

Adam Fleck

Nov 20, 2019

Lendlease’s AGM today didn’t reveal much specific news, but it did suggest that the business is on track to meet our expectations. However, we think no-moat Lendlease shares once again look expensive after very strong performance. Our fair value estimate is unchanged at AUD 15.60.

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