Lendlease Group

LLC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.70	Kyv	Rjyvrnwn

Corporate Action: We Recommend Lendlease Shareholders Subscribe to the Unit Purchase Plan

Adam Fleck

Apr 29, 2020

We cut our fair value estimate for no-moat Lendlease by 24% to AUD 13.10, due to a dilutive equity raise and medium-term earnings impact from coronavirus. However, the group’s huge development pipeline remains extremely valuable, and after a large fall the shares look undervalued to us.

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