Lendlease – 1H19 Earnings

Lendlease released 1H19 earnings last week and the initial reaction from the market has been negative, with the share price moving lower.

The company indicated the Australian Engineering business is non-core, which suggests we will soon see a trade sale of some description.

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In FY20 we see a normalization of the Lendlease business, following the cost overruns in the FY19 results. FY20 we see revenue at $13bn and EBIT at $1.2bn.

FY20 yield is running at 4.8%. Value is emerging, watch the shot-term indicators for a positive reversal.


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