Want to see AU:LLC full AI Analyst Report?
Top Page
Lendlease Group
(Sydney:LLC)
Select Model
Select Model
Rating:45Neutral
Price Target:
AU$2.50
â–¼(-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 and growth
The expanded backlog and strong new-work intake provide multi-period revenue visibility. Construction growth, supported by project scale and execution capability, can underpin recurring operating earnings over the next several years.
Negative Factors
Large losses and CRU impairments
The scale of CRU losses, impairments and retained construction provisions indicates unresolved legacy exposure. These charges weaken earnings quality, consume equity capacity and may continue to obscure the performance of core operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Construction backlog and growth
The expanded backlog and strong new-work intake provide multi-period revenue visibility. Construction growth, supported by project scale and execution capability, can underpin recurring operating earnings over the next several years.
Read all positive factors
Lendlease Group (LLC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.96B
Dividend Yield9.27%
Average Volume (3M)1.26M
Price to Earnings (P/E)―
Beta (1Y)1.30
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 Outstanding690,891,200
10 Day Avg. Volume1,439,622
30 Day Avg. Volume1,256,232
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$3.69Price Target Upside28.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.15
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
2.91
Negative
2.92
Negative
3.64
Negative
Market Momentum
-0.02
Positive
48.98
Neutral
30.04
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 below the 20-day moving average (MA) of 2.91, below the 50-day MA of 2.91, and below the 200-day MA of 3.64, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.98 is Neutral, neither overbought nor oversold. The STOCH value of 30.04 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$11.15B | 10.56 | 9.44% | 6.12% | 14.63% | 18.93% | |
74 Outperform | AU$9.00B | 8.47 | 9.83% | 4.90% | -7.59% | 178.60% | |
74 Outperform | AU$7.30B | 10.54 | 7.30% | 5.59% | 6.20% | 897.67% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$6.24B | 13.14 | 4.83% | 6.46% | -28.16% | 250.74% | |
54 Neutral | AU$9.75B | 26.43 | 20.47% | 2.28% | -19.06% | 6.95% | |
45 Neutral | AU$1.96B | -2.61 | -14.46% | 8.12% | -30.04% | -432.70% |
* Real Estate Sector Average
AU:LLC
Lendlease Group
2.86
-2.39
-45.52%
AU:CHC
Charter Hall Group
19.84
-3.20
-13.89%
AU:DXS
Dexus
5.78
-1.33
-18.69%
AU:GPT
GPT Group
4.65
-0.73
-13.52%
AU:MGR
Mirvac Group
1.82
-0.44
-19.58%
AU:SGP
Stockland
4.42
-1.53
-25.73%
Lendlease Group Corporate Events
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...
Lendlease unlocks $400m in TRX capital recycling deal
Jul 1, 2026
Lendlease has completed a capital recycling transaction at its The Exchange TRX project in Malaysia, receiving approximately $400 million from the sale of a 40% interest in the TRX retail mall, while retaining 20%, and the full sale of its 60% int...
Lendlease launches major UK joint venture with The Crown Estate
Jul 1, 2026
Lendlease has launched a landmark joint venture with The Crown Estate, creating the Impact Partnership Joint Venture to accelerate masterplanning and land entitlements across a major UK development pipeline. The partners will also form a jointly o...
Lendlease Discloses Final Director Interest Notice for Anthony Lombardo
Jun 26, 2026
Lendlease Group has notified the ASX that Anthony Peter Lombardo ceased to be a director on 26 June 2026, marking the end of his formal board role with the company. The filing details his holdings, including 240,552 ordinary stapled securities dir...
Macquarie Group Drops Below Substantial Holder Threshold in Lendlease
Jun 26, 2026
Macquarie Group Limited and a wide network of its controlled entities have formally notified Lendlease Group that they have ceased to be a substantial holder in the company under Australian Corporations Act disclosure rules. The change, recorded i...
BlackRock Ceases to Be Substantial Holder in Lendlease Group
Jun 25, 2026
Lendlease Group has disclosed that BlackRock Group, including BlackRock Inc. and certain subsidiaries, has ceased to be a substantial holder in the company as of late June 2026. The notice, lodged under Australia’s Corporations Act, indicate...
Lendlease Sells Remaining Keyton Stake as Capital Recycling Tops $3.4 Billion
Jun 25, 2026
Lendlease has agreed to divest its remaining 25.1% interest in the Keyton Retirement Living Trust to existing co-investor Aware Super for $525 million, with the net proceeds earmarked to reduce group debt. The sale is aligned with book value, subj...
BlackRock Ceases to Be Substantial Holder in Lendlease Group
Jun 23, 2026
BlackRock Group has filed a notice under Australia’s Corporations Act stating it has ceased to be a substantial holder in Lendlease Group, indicating its voting interest in the company has fallen below the substantial holding threshold. The ...
Macquarie Group Steps Below Substantial Holder Threshold in Lendlease
Jun 16, 2026
Macquarie Group Limited and its controlled entities have lodged a notice stating they have ceased to be a substantial holder in Lendlease Group. The filing, made under Australian corporations law, reflects changes in Macquarie’s relevant int...
Lendlease Sells Milan MSG North Rights as Capital Recycling Accelerates
May 31, 2026
Lendlease has agreed to sell its development rights to the Milano Santa Giulia mixed-use project in Milan to an investment group led by local developer Bizzi Partners, in a transaction valued at about $250 million that includes cash proceeds, ass...
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.