Lendlease Group LLC

Stock XASX Rating as of Oct 2, 2026

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Funds Under Management Outflows Drive Down Our Long-Term Growth Assumptions for Lendlease

Yingqi Tan Aug 17, 2026

Lendlease is simplifying, with plans to exit the development and construction businesses overseas to focus on the Australian market. Its offshore interests will be mainly limited to owning and managing mature assets, not development or construction. The strategy shift frees up substantial capital. Cutting debt, which grew substantially in the last two years, is the top priority.

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Price vs Fair Value

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LLC is trading at a LOCK|s!# premium.

Price

A$2.64

Oct 2, 2026

Fair Value

Aug 17, 2026

Uncertainty

LOCK|@%

1-Star Price: <.C
5-Star Price: X.%
Economic Moat: LOCK|cJ#
Capital Allocation: LOCK|qt

Bulls Say, Bears Say

Bulls

Lendlease is set to be leaner in the future. The shift to focus more on the capital-light, higher-margin investment management business should improve the company’s return on invested capital.

Bears

Lendlease’s construction division generates huge revenue but wafer-thin margins. Unexpected cost blowouts can destroy returns.

Trading Information

Previous Close Price: —
Day Range: —–—
52-Week Range: —–—
Bid/Ask: — / —
Shares Outstanding: 691.40M
Market Cap: —
Volume/Avg: — / —

Key Statistics

Price/Earnings (Normalized): —
Price/Sales: 0.35
Dividend Yield (Trailing): 5.97%
Dividend Yield (Forward): 5.97%
Dividend Payment Schedule: Mar, Sep
Total Yield: 5.97%

Company Profile

Lendlease has three segments: investments, development, and construction. Lendlease in the past operated locally and overseas across all three segments. But the group opted to retreat from international development and construction, focusing on Australia. The investment management platform, however, will still retain international exposure. Historically, the investments segment contributed about one-third of group EBITDA, development around half, and construction the remaining. The group is targeting an earnings mix between investments/development/construction of 50%/35%/15% after the current restructure, shifting more weight to the defensive and higher-margin investments segment. Sales proceeds from asset divestments will primarily be used to repay debt.

Sector: Real Estate
Industry: Real Estate - Diversified
Stock Style Box: Small Value
Total Number of Employees: 12,000
Website: https://www.lendlease.com

Competitors

Valuation

Metric	LLC	CHC	MGR
Price/Earnings (Normalized)	—	20.20	11.45
Price/Book Value	0.39	2.98	0.75
Price/Sales	0.35	19.59	2.72
Price/Cash Flow	—	—	8.07

Price/Earnings

LLC

CHC

MGR

Financial Strength

Metric	LLC	CHC	MGR
Quick Ratio	0.58	1.26	0.27
Current Ratio	1.22	1.97	0.84
Interest Coverage	−2.48	15.29	3.64

Quick Ratio

LLC

CHC

MGR

Profitability

Metric	LLC	CHC	MGR
Return on Assets (Normalized)	−4.41%	13.31%	4.02%
Return on Equity (Normalized)	−11.93%	17.30%	6.48%
Return on Invested Capital (Normalized)	−6.66%	15.12%	4.07%

Return on Assets

LLC

CHC

MGR

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