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LLC, LEND LEASE GROUP
blacksheep
post Posted: Nov 6 2019, 01:41 PM
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In Reply To: blacksheep's post @ Nov 4 2019, 12:05 PM

Michael West flags a possible upcoming tax issue (see previous post). Credit Suisse announce a hefty price target increase and retains an Outperform rating. Meantime short positions seem to have increased substantially since last post (1.14%) - as at 31/10/19 = 3.05% https://www.shortman.com.au/stock?q=llc

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Lend Lease price upgrade
Analysts at Credit Suisse have announced a hefty price target increase for shares in real estate and infrastructure giant Lend Lease, lifting it from $16.83 to $19.85 while retaining a outperform rating.

“We have revised our FY21 and FY22 earnings per share estimates up by 2.4 per cent to reflect slightly higher Development earnings expectations,” Credit Suisse said in a note. “With a forecast total shareholder return (TSR) of +8.0 per cent, we retain our outperform rating.”

As for downside risks, Credit Suisse nominated lower-than-expected development volumes or margins, lower-than-expected construction margins and/or a failure to sell its engineering and services (E&S) business, something it says could negatively impact market sentiment towards the stock.

“Any upside from the sale of the E&S business is hard to quantify, but a sale of the service business could offer some potential upside,” the broker said in relation to the latter risk. “Services typically makes $50 million per annum of EBITDA, and assuming a six-times multiple implies a potential sale price of around $300 million.”

Credit Suisse said it continues to “err on the side of caution, and continue to assume no positive sales proceeds”.

Lend Lease shares are up 1 per cent to $19.20 today.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 4 2019, 12:05 PM
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Michael West article suggesting some ATO issues in relation to it's retirement village business
extract
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As the directors of Lendlease peer down upon their shareholders from the stage of the Grand Ballroom at the Four Seasons Hotel in Sydney later this month, they will be hoping nobody asks them about tax. Specifically, an investigation by the Tax Office into the group’s billion-dollar tax bluff.

After months deliberating, the Tax Office issued a draft ruling last week, confirming a series of reports here, relating to Lendlease “double-dipping” for tax deductions in its retirement village business.

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Continuous non-disclosure

Arguably, under Continuous Disclosure laws, it should have told the ASX that it has a large liability heading its way. It may have to restate six years of its financial statements, the stuff which is supposed to be “true and fair”, reflecting the years in which the company was engaged in its double-dipping.

Further, Lendlease faces recriminations from a large investor in the Netherlands.

It sold a 25 per cent interest in its retirement living business in October 2017 to Dutch pension asset manager APG. APG is a subsidiary of ABP, Europe’s largest pension fund, which may be whacked with a $75 million tax liability on the $450 million investment in the RV operation.

Incidentally, after Lendlease struck that deal with the Dutch they used debt raised by the joint venture to do a share buy-back.

The AGM is on November 20. The ATO will receive submission on the Draft Tax Ruling until November 29, which is good timing for the board.

Has the group already made its submissions? Has PwC, or KPMG? Perhaps a shareholder might put this to Ullmer at the meeting. As head of the Audit Committee, can director David Craig confirm that Lendlease’s financial statements are correct?

Has the Board notified its insurers? Will the contract with the Dutch be tested? Why has the market not been informed?

While the interests of shareholders and taxpayers appear to stand at odds; that is, eliminating tax boosts the bottom line and that is good for shareholders, the potential for longer term damage via confidence in management may outweigh the shorter term gain.


read more - https://www.michaelwest.com.au/tender-trunc...village-racket/

Total short positions as at 28/10/10 = 1.41%
https://www.shortman.com.au/stock?q=llc
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 4 2017, 01:26 PM
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A "whoops" moment for LLC today, according to this report in The Age smile.gif

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Fat finger at Lend Lease? Someone seems to have accidentally (we assume) hit send on the draft annual report.

According to what was sent out, Lend Lease will book a full-year net profit of $758.6 million and earnings before tax and interest of $1.2 billion. It also flagged a distribution of 66 cents a share.

The company said these numbers, which were "inadvertently" released, haven't been audited yet, but that the final result, to be presented August 28, will be in line with them.

But early or not, the market is liking the numbers, pushing Lend Lease shares up 2.8 per cent to $16.94.

Here's how the company explains the glitch:

"While preparing for our annual report online release ... a testing environment appears to have been inadvertently made accessible to the public through an automated search engine. Unfortunately six pages of the draft annual report appear to have been accessed by members of the public. The breach has now been rectified and all further testing has ceased."

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: arty  
 
mjwk
post Posted: May 29 2013, 08:49 AM
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In Reply To: arty's post @ May 29 2013, 12:24 AM

Morning Arty...Thanks for posting those charts and explaining your TA methods for all to see. I to have been keeping an eye on LLC . Not so keen on TSE....FA reasons....Have an eye on MAD..{Yes I am as my family tells me constantly.} the chart looks crook which is an understatement but they are producing oil so I think it might be time for a move.There was a buyer soaking up every seller around the 49/50c last week that caught my eye but he was without question CRAZY. PLEASE DYOR.

Cheers MJ.





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arty
post Posted: May 29 2013, 12:24 AM
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Could LLC come off a double borrom?

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The 20-minute Intraday chart suggests an entry near 10.06 (if it holds) with a $9.84 stop (pink and green lines on the right)

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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
nipper
post Posted: Aug 31 2012, 12:50 PM
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In Reply To: anglingdarma's post @ Jun 16 2011, 12:42 PM

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LLC - LEND LEASE CORPORATION LIMITED

RBS Australia rates LLC as Buy - Despite a recent guidance upgrade Lend Lease's result still beat the broker. Operating cashflow was negative, but RBS argues this is not the way to value a company that generates earnings from buying, developing and then selling assets. The broker believes LLC's portfolio is undervalued. With a strong pipeline, the broker sees further improvement in FY13 and expects LLC to re-rate as earnings growth is delivered. Forecast earnings rise by 7.6% and 3.6% in FY13-14. Target rises to $10.47 from $9.97. Buy retained.







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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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anglingdarma
post Posted: Jun 16 2011, 12:42 PM
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I have been waiting for this particular stock to go down..... but seems very resilient.



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wren
post Posted: Dec 16 2010, 12:21 PM
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In Reply To: wren's post @ Dec 13 2010, 11:44 AM

LLC did not pullback :hope to buy more later today if possible.Today,SP is up 3% and Vol. is strong.Could move a lot higher from here imo. (been wrong many times!)
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wren
post Posted: Dec 13 2010, 11:44 AM
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Lend Lease (LLC) is hardly a hot topic on the forum.Maybe that's a good contra-indicator!
The chart shows an upward breakout after a prolonged consolidation.Vol. is Ok.Buying on a pullback would be ideal,but this may not happen.So,bought some today at $8.16 and will buy more if the pullback does take place.
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hungry
post Posted: Mar 29 2010, 03:22 PM
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Retail holders uninspired to buy at 7.70. Only 46% of them took up the offer at that "bargain" price.

 
 


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