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Lendlease Group
(Sydney:LLC)
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Rating:45Neutral
Price Target:
AU$2.50
▼(-12.59% Downside)
Action:Reiterated
Date:08/21/26
The score is held down primarily by weak financial performance—especially persistent negative cash flow and the latest-year loss—alongside bearish technical signals (trading below key moving averages with negative MACD). A high dividend yield and moderately constructive earnings-call guidance provide partial support, but elevated leverage and ongoing CRU-related losses/timing risks cap the overall rating.
Positive Factors
Construction backlog
Strong revenue, new-work awards and backlog growth provide meaningful forward workload visibility for Construction. This supports steadier project delivery income over the next several quarters, while the above-target margin indicates improved execution and a stronger platform for sustaining earnings.
Negative Factors
Large CRU losses and impairments
The scale of CRU losses, impairments and provisions demonstrates that legacy assets and retained construction exposures remain a material drag on group earnings. Further resolution is needed before the business can translate operating progress into more reliable consolidated profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Construction backlog
Strong revenue, new-work awards and backlog growth provide meaningful forward workload visibility for Construction. This supports steadier project delivery income over the next several quarters, while the above-target margin indicates improved execution and a stronger platform for sustaining earnings.
Read all positive factors
Lendlease Group (LLC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.70B
Dividend Yield6.35%
Average Volume (3M)3.20M
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue Growth-30.04%
EPS Growth-432.70%
CountryAU
Employees13,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)-1.10
Shares Outstanding691,399,700
10 Day Avg. Volume3,119,969
30 Day Avg. Volume3,204,166
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.46
Price to Sales (P/S)0.40
P/FCF Ratio-1.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.65Price Target Upside27.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.13
Revenue Forecast (FY)AU$7.54B
Lendlease Group Business Overview & Revenue Model
Company Description
Lendlease Group operates as a comprehensive global real estate and investment enterprise, with its activities extending across Australia, Asia, Europe, and the Americas. The company's operations are structured into three core divisions: Developmen...
How the Company Makes Money
Lendlease makes money through a combination of development-related earnings, construction/project delivery income, and investment/asset management fees tied to real estate assets it owns or manages.
1) Development income (property development and...
Lendlease Group Earnings Call Summary
Earnings Call Date:Aug 16, 2026
(Q4-2026)
| Next Earnings Date:Feb 15, 2027
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong operational progress in the IDC segments (notably Construction), meaningful cost reductions, substantial liquidity and transactional successes in Investments, and a constructive FY '27 IDC earnings outlook. Offsetting these positives were large CRU-related losses, significant impairments and provisions, reduced FUM and fee income, and elevated net debt/gearing driven by timing delays in capital recycling. The company outlined clear levers to deleverage and improve returns, but near-term financial metrics remain impacted by legacy CRU issues and timing of transactions.Positive Updates
IDC earnings delivered at top end of guidance
IDC earnings per security of $0.337 were delivered for FY '26 (at the top end of guidance) with IDC segment operating EBITDA of $542 million reflecting a stable investments result and a strong recovery in Construction.
Negative Updates
Significant statutory and operating losses
The group recorded a statutory loss after tax of $749 million and an operating loss after tax of $567 million, comprising a $233 million contribution from IDC and an $800 million loss from the Capital Release Unit (CRU).
Read all updates
Q4-2026 Updates
Positive
Negative
IDC earnings delivered at top end of guidance
IDC earnings per security of $0.337 were delivered for FY '26 (at the top end of guidance) with IDC segment operating EBITDA of $542 million reflecting a stable investments result and a strong recovery in Construction.
Read all positive updates
Company Guidance
Management guided IDC earnings per security of $0.37–$0.41 for FY‑27 (≈16% EPS growth at the midpoint) after IDC delivered FY‑26 EBITDA of $542m, while reiterating no specific FY‑27 guidance for the Capital Release Unit (CRU). Construction is expected to keep growing from FY‑26 revenue of $3.9bn (+29% YoY) and FY‑26 EBITDA $167m (EBITDA margin 4.3%), with a through‑the‑cycle EBITDA margin target of 3–4% supported by an $8.4bn backlog (+42%), $6.4bn of new work (+28%), a $5.2bn preferred workbook and $13bn of active bids. Development guidance is underpinned by a $13.2bn pipeline, ~89% of WIP in JVs/fund‑throughs, >$8bn of completions in FY‑27–FY‑29 and circa $1.2bn of Lendlease gross proceeds / presales expected to settle in FY‑27; Investments continue to recycle capital after a $5bn FUM reduction while facilitating ~$7bn of partner liquidity and targeting average co‑invest holdings of 5–10%. On the balance sheet, reported gearing was 30.3% (underlying 37.7%; pro‑forma 30.2% after $1.3bn contracted transactions), available liquidity ≈ $4bn, FY‑26 net overheads fell 22% to $363m with an exit run‑rate ≈ $350m, FY‑26 distribution was $0.157 per security, and net finance costs are expected to remain elevated with cash inflows weighted to H2.Lendlease Group Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
46
Neutral
Cash Flow
18
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.45B | 7.60B | 9.22B | 10.23B | 8.82B |
| Gross Profit | 311.00M | 404.00M | 776.00M | 587.00M | 682.00M |
| EBITDA | -314.00M | 739.00M | -974.00M | 87.00M | 87.00M |
| Net Income | -749.00M | 225.00M | -1.50B | -232.00M | -99.00M |
Balance Sheet | |||||
| Total Assets | 13.94B | 14.13B | 16.77B | 18.99B | 17.81B |
| Cash, Cash Equivalents and Short-Term Investments | 751.00M | 621.00M | 1.00B | 900.00M | 1.30B |
| Total Debt | 4.69B | 4.05B | 4.18B | 3.67B | 2.77B |
| Total Liabilities | 9.09B | 8.99B | 11.89B | 12.35B | 10.84B |
| Stockholders Equity | 4.83B | 5.11B | 4.84B | 6.62B | 6.94B |
Cash Flow | |||||
| Free Cash Flow | -1.37B | -783.00M | -118.00M | -568.00M | -920.00M |
| Operating Cash Flow | -1.36B | -775.00M | -55.00M | -486.00M | -835.00M |
| Investing Cash Flow | 245.00M | 928.00M | -552.00M | -758.00M | 554.00M |
| Financing Cash Flow | 1.29B | -532.00M | 723.00M | 723.00M | -108.00M |
Lendlease Group Technical Analysis
Negative
2.86
Price Trends
2.75
Negative
2.78
Negative
3.28
Negative
Market Momentum
-0.06
Negative
40.60
Neutral
34.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:LLC, the sentiment is Negative. The current price of 2.86 is above the 20-day moving average (MA) of 2.53, above the 50-day MA of 2.75, and below the 200-day MA of 3.28, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 40.60 is Neutral, neither overbought nor oversold. The STOCH value of 34.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:LLC.
Lendlease Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$10.10B | 10.07 | 9.44% | 6.06% | 14.63% | 18.93% | |
74 Outperform | AU$8.68B | 8.23 | 9.83% | 5.35% | -7.59% | 178.60% | |
74 Outperform | AU$7.04B | 10.63 | 7.30% | 5.22% | 6.20% | 897.67% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$6.05B | 12.83 | 4.83% | 6.53% | -28.16% | 250.74% | |
54 Neutral | AU$8.80B | 24.48 | 20.47% | 2.72% | -19.06% | 6.95% | |
45 Neutral | AU$1.70B | -2.25 | -14.46% | 6.35% | -30.04% | -432.70% |
* Real Estate Sector Average
AU:LLC
Lendlease Group
2.48
-2.53
-50.53%
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-29.19%
Lendlease Group Corporate Events
Lendlease exits Keyton stake in $525m deal to cut debt
Sep 30, 2026
Lendlease has agreed to divest its remaining 25.1% stake in Keyton Retirement Living Trust to existing co-investor Aware Super, marking a complete exit from this retirement living vehicle. The transaction, scheduled to complete today, will deliver...
Lendlease Director Increases Stapled Securities Holding via DRP
Sep 17, 2026
Lendlease Group has disclosed a change in director Lianne Buck’s holdings in its ordinary stapled securities, in line with ASX listing rule 3.19A.2 and Corporations Act requirements. The notice confirms that Buck’s interest is held dir...
Lendlease Seeks ASX Quotation for New Stapled Securities
Sep 15, 2026
Lendlease Group has applied to quote 508,558 fully paid stapled securities on the ASX under the code LLC, with an issue date of 16 September 2026. The new securities, issued under a dividend or distribution plan, will modestly increase the group&#...
Lendlease Director Lianne Buck Boosts Equity Stake Through On-Market Purchases
Sep 11, 2026
Lendlease Group has disclosed a change in director’s interests, reporting that director Lianne Buck has increased her direct holding in the company’s ordinary stapled securities. The transactions occurred on 4 and 7 September 2026 via ...
Lendlease Reports Lapse of Conditional Award Rights
Sep 7, 2026
Lendlease Group has notified the market of the cessation of 185,040 award rights, which lapsed after the underlying conditions were not satisfied or became incapable of being met as of 31 August 2026. The lapse of these conditional securities slig...
M&G Plc exits substantial holder position in Lendlease Group
Sep 6, 2026
MG Plc and its subsidiary MG Investment Management Limited have ceased to be a substantial holder in Lendlease Group after selling multiple parcels of NPV ordinary shares on 3 September 2026. The disposals, totalling several hundred thousand share...
Lendlease Appoints Nicholas O’Neil to Board With No Current Security Holdings
Aug 27, 2026
Lendlease Group has announced the appointment of Nicholas O’Neil as a director effective 24 August 2026, in line with ASX listing rule disclosure requirements. The initial director’s interest notice confirms that O’Neil currently...
Lendlease completes board renewal with appointment of Gary Lennon
Aug 27, 2026
Lendlease Group is a global property and infrastructure company listed on the ASX, focusing on development, construction and investment in large-scale urban projects. The group operates across Australia and international markets, positioning itsel...
Lendlease Corrects Footnote Error in Consolidated Entity Disclosure
Aug 20, 2026
Lendlease Group has issued an update to its Annual Report after identifying a technical error in the Consolidated Entity Disclosure Statement, where footnotes were not correctly attached to their respective entities. The company has released an up...
Lendlease Director Nicholas Collishaw Increases Indirect Stapled Security Holdings
Aug 20, 2026
Lendlease Group has disclosed a change in director Nicholas Roland Collishaw’s indirect holdings of ordinary stapled securities. The update, filed under ASX listing rules, details movements in securities held via Bryshaw Management and Brysh...
Lendlease to Buy 6.6 Million Shares On-Market for Employee Awards
Aug 16, 2026
Lendlease plans to purchase about 6.6 million of its own securities on-market to fund its employee security plan and deferred awards for staff below the Corporate Leadership Team. The securities will be held in an employee share plan trust until t...
Lendlease Files 2026 Appendix 4G, Highlights Governance Compliance
Aug 16, 2026
Lendlease Group has lodged its Appendix 4G for the financial year ended 30 June 2026, alongside its annual report, confirming the location of its corporate governance statement within the report. The company states that its governance statement is...
Lendlease Declares Interim Distribution on Stapled Securities
Aug 16, 2026
Lendlease Group has announced a new interim distribution to holders of its fully paid ordinary stapled securities, declaring a payment of AUD 0.09547763 per security for the six-month period ended 30 June 2026. The distribution will trade ex on 21...
Lendlease Trust Publishes 2026 Full-Year Consolidated Financial Report
Aug 16, 2026
Lendlease Group has released the consolidated financial report for Lendlease Trust for the full year ended 30 June 2026, providing detailed financial results for the trust.The publication of the annual report offers investors and other stakeholder...
Lendlease Publishes Comprehensive 2026 Annual Report
Aug 16, 2026
Lendlease Group has released its Annual Report for the year ended 30 June 2026, outlining the company’s financial performance, governance and sustainability activities. The report package includes the Directors’ Report, Remuneration Re...
Lendlease appoints new director Philippa Kelly with no initial security holdings
Aug 6, 2026
Lendlease Group has notified the ASX of the appointment of Philippa Kelly as a director of the group, effective 3 August 2026. The filing covers Lendlease Corporation Limited and Lendlease Trust, reflecting the governance arrangements of the stapl...
Lendlease strengthens board with appointment of Philippa Kelly amid governance refresh
Jul 31, 2026
Lendlease Group has appointed experienced non-executive director Philippa Kelly to its board, effective 3 August 2026, as part of a planned refresh of its governance structure. Kelly brings a background in law, investment banking and mergers and a...
Lendlease Reports Lapse of Over 1 Million Conditional Options
Jul 14, 2026
Lendlease Group has notified the market of the lapse of 1,015,157 options in the class LLCAB, which were due to expire in September 2031 with an exercise price of $6.1282. The options ceased on 12 June 2026 because the conditions attached to these...
Lendlease Options Lapse, Trimming Potential Future Equity Dilution
Jul 14, 2026
Lendlease Group has notified the market of the cessation of 824,460 options expiring on 1 September 2032, with an exercise price of $5.3540. The options lapsed after conditional rights attached to them failed to be satisfied, or became incapable o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.