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LLC, LEND LEASE GROUP
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post Posted: Aug 31 2021, 10:45 AM
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New article up.

New CEO Puts His Stamp on Lendlease

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post Posted: Aug 17 2021, 10:26 AM
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New article up.

Profit Briefs: BEN, SWM, CAR, LLC

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post Posted: Jul 22 2021, 10:25 AM
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New article up.

Lendlease Sails Services Unit Downstream

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nipper
post Posted: Jun 21 2021, 09:20 PM
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In Reply To: beejeboi's post @ Jun 21 2021, 08:56 PM

Lendleases services arm is a maintenance and asset management contractor that looks after airports, roads, wind farms and the like. The unit has been earmarked for sale for the past two years, and it is now officially up for sale (interlude for Covid)

Likely buyers are UGL, owned by CIMIC, and Monadelphous, both believed to be working through the data room documents with an eye to submitting offers, while fellow listed player Service Stream and French owned Egis are also in the mix. Downer Group and Ventia, also owned by CIMIC, have dropped out of the process. Private equity is not thought to be involved.



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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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beejeboi
post Posted: Jun 21 2021, 08:56 PM
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Should I Buy Lendlease Shares 2021 Highlights Full Analysis
About Lendlease Shares 2021
Lendlease is a globally integrated real estate and investment group with core expertise in shaping cities and creating strong and connected communities. Being bold and innovative characterises our approach and doing what matters defines our intent.
Headquartered in Sydney, our people are located in four operating regions: Australia, Europe, the Americas and Asia
ASX:LLC Share Price
On the 5-year price performance chart, Lendlease Shares have been relatively sideways moving, however reaching an all-time high back in mid-2019, before falling back down to ~$12.5/share over the proceeding six months.
Today the Lendlease share price is $12.165, which is in the middle of its 52-week range of 10.73-14.89.
ASX:LLC Shares Dividend History
Lendlease shares typically announce a dividend with the release of its half-yearly results in February and full-year results in August
The dividend yield of LLC is 1.46%.

Fundamentals
there seems to have been a large slowdown of revenue and an even greater drop-off in earnings from FY2019 FY2020.

Looking at the groups EBIDTA this has taken a substantial impact since reaching all-time highs in 2018 over A$1billion. This seems to be largely attributed to the groups underperforming engineering business projects on the NorthConnex, Kingsford Smith Drive and Gateway Upgrade including what is also looking to face similar circumstances in their Joint Venture on the Melbourne Metro Project.

ASX:LLC As A Development Arm:
Lendlease highlight the requirement of increasing capital expenditure however also expecting a larger development production from invested capital moving forwards. This is largely due to their renewed focus on city building in massive pipeline communities, where they should be able to get economies of scale due to the size of the developments and favourable operating conditions.
ASX:LLC As An Investment Company
Lendlease is significantly growing its investment arm, from a total Funds under management in FY2010 of A$10billion to a Funds under Management in FY2020 of over A$36billion. The group also seems to have this decently diversified across Australia, Asia, Europe and the Americas.
Lendlease Construction Arm:
If the picture here isnt very clear yet, the future aim of Lendlease can pretty much be summed up in our opinion as an end-to-end, city builder (ETECB), where they will secure and redevelop large parcels of land under favourable conditions and contracts. The building division is there to construct these developments, under once again favourable conditions.
The EBIDTA margin on the construction division is typically much lower than their other businesses in investment and development as this is a very traditional business with a large amount of players.
Departure Of The CEO And CFO
On the 26th of November 2020, the group announced the departure of the companies CFO (Tarun Gupta). Tarun will leave the Group. Mr Gupta has accepted the role of Managing Director and Chief Executive Officer of Stockland. Whilst this seems like a logical step for the CFO to take it raises questions when only months later the groups CEO Steve McCann Announces his resignation.
Steve McCann has since moved on to lead Crown Resorts as their CEO. This only raises the question, that if the CFO was in the know surely he would have been a front runner to step up into Steves shoes on a much larger salary than he would be on at Stockland Group.
There may be nothing more around this, however, the timing seems a little strange.
Full Artilce if Interested
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nipper
post Posted: Dec 19 2019, 09:19 PM
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Just sold engineering biz to Acciona.

Amongst the write downs, were mentioned:
QUOTE
It blamed the write-downs on lower productivity on its NorthConnex project for Transurban, "excessive wet weather", and access issues and remedial work due to defective design on other projects

pretty sure there's a national drought (emergency) happening. !!!



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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
 


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

QUOTE
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

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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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