Lendlease Group
LLC: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$8.60 | Kxxz | Cqvrndg |
Don’t Quit the City; The Office Is Set For a Comeback. FVEs Increased for Dexus, GPT, and Mirvac.
We see risks to Australian office demand as widely overestimated, despite our expectation that work-from-home will endure post-pandemic. Several REITs remain modestly undervalued, particularly those focused on prime grade offices, with long leases, and solid balance sheets. We raise our fair value estimates for three particularly high-quality office-heavy REITs: Dexus, GPT, and Mirvac.