Lendlease's (ASX:LLC) $1.3 billion "get out of jail" sale of its master-planned retirement villages to a joint venture between Stockland and Supalai is in trouble with the competition regulator. The ACCC has raised concerns about the deal.
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Lendlease (ASX:LLC) is taking a financial hit to extricate itself from low yields and loss-making overseas investments in construction, building, and other developments. The company will make impairments of up to $1.48 billion, writing down these offshore investments, signaling an end to its global ambitions.
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Fund Manager Chris Pedersen discusses housing affordability, supermarket shares and trading strategies. Chris also dives into two companies – Ridley Corp (ASX:RIC) and LendLease Group (ASX:LLC).
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18 Jul 2023 – Shares of Lendlease, the renowned property group, tumbled just under 5% following the company's announcement to cut 10% of its global workforce, with the most significant reductions expected in offshore markets.
Read MoreHere’s Monday’s key June 2022 half-year results, featuring the latest from developer Lendlease, retail chain Nick Scali and plumbing supplies group Reliance Worldwide.
Read MoreOutperform rating maintained. Target is reduced to $12.59 from $12.94.
Read MoreA new CEO usually means a new broom and ideas and a bit of a clean out after a company’s long-time chief moves elsewhere, and so it was for Lendlease in the six months to December.
Read MoreLendlease will cut more jobs in a major shake-up of the company’s operations by the new CEO, Tony Lombardo that will also see its Australian property and construction businesses consolidated.
Read MoreWith peak reporting season upon us, here are snippets from the results announced yesterday by Bendigo and Adelaide Bank, Seven West Media, Carsales.com, and Lendlease.
Read MoreAnother asset sale by Lendlease, as the company yesterday revealed it was offloading its services unit to Service Stream for $295 million in cash and $15 million in debt.
Read MoreTarget is reduced to $11.47 from $12.99.
Read MoreCredit Suisse lowers the target price to $12.94 from $13.47 but continues to see long-term value for patient investors.
Read MoreLendLease was the first company for the new financial year to alter earnings guidance, announcing a sizeable downgrade a day after closing off its books for 2020-21.
Read MoreGlobal construction and infrastructure giant Lend Lease has halved its interim distribution after reporting a 37% slide in earnings for the six months to December.
Read MoreDion Hershan, Head of Australian Equities at Yarra Capital Management, looks at the opportunities that are emerging from a bleak 2020.
Read MoreProperty group Lendlease has finally sold its troubled engineering business to Acciona of Spain for $160 million. That’s $20 million less than the price announced last December.
Read MoreAnother company to follow previous downgraded guidance for the year to June (like BlueScope) was Lendlease which on Monday reported a $310 million full-year loss for the year to June.
Read MoreFY20 earnings are lower than Credit Suisse expected with a statutory loss of -$230-340m guided, including $370m of after-tax engineering separation costs.
Read MoreGlobal developer and investor Lendlease has warned its loss for the 2020 year could blow out to as much as $340 million due to more write-downs on the engineering services business and asset values.
Read MoreLendlease has raised up to $1.15bn. UBS assesses the proceeds will be used to strengthen the balance sheet and also allow the company to take a larger share in development pipeline/profits and acquire opportunistically.
Read MoreDiversified developer Lendlease is asking investors for $1.15 billion to shore up its balance sheet and protect its global pipeline of developments from the expanding ravages of the coronavirus pandemic.
Read MoreIn examining the balance sheet and cash flow, Credit Suisse does not believe an equity raising is required at this stage.
Read MoreThe outbreak of coronavirus has shifted the economic outlook and funding markets in a negative direction, UBS notes. The broker calculates Lendlease requires $150-200m in transaction earnings to reach FY20 consensus forecasts.
Read MoreLendlease has an agreement with Acciona for the purchase of its engineering business for $180m, less selling costs and working capital adjustments.
Read MoreCiti believes Lendlease has the potential for a multi-year re-rating as it evolves into a global real estate developer and fund manager. Critical to this is the sale of the engineering & services business.
Read MoreUBS downgrades to Neutral from Buy, believing risks are now more balanced. The broker assesses the market is pricing in a solid outcome for the sale of the engineering & services business.
Read MoreMacquarie reviews the prospectus for the company’s proposed Singaporean REIT, which is expected to diversify funding options. Macquarie would expect Lendlease to vend in stakes from assets in the urban regeneration pipeline as they are developed.
Read MoreThe DNR Capital Australian Equities High Conviction Fund owns both James Hardie and Lend Lease in its portfolio as at August 2019.
Read MoreFY19 development results, up 18%, were ahead of UBS estimates while construction, down -29%, was worse. Importantly, the company has announced no further provisions in engineering & services, noting the sales process is progressing.
Read MoreLendlease Group shares jumped sharply yesterday on the news that the company is in the process of getting rid of its troubled engineering and services business.
Read MoreWhile many listed companies have rolled out charts showing a mountain of work available, the infrastructure boom may not be the gift to Australian contractors the market is assuming.
Read MoreCredit Suisse notes press reports there is foreign interest in the company’s engineering & services business. China’s State Construction and Engineering Company is allegedly a front runner.
Read MoreConstruction firm LendLease Group says it is now looking to rid itself of its loss-making engineering and services business after reporting a 96.3% drop in first-half profit.
Read MoreMore problems in the engineering and contracting sector yesterday – RCR Tomlinson shares were suspended yesterday on fears about its earnings, while shareholders again sold off Lendlease shares for a second day.
Read MoreMore pain for shareholders in Lendlease today after the shock news Friday of $350 million of impairments in its engineering and services business saw a downgrade from a lead ratings agency.
Read MoreLendLease shares took a whacking yesterday for a downgrade, which wasn’t a downgrade and the sale of part of a key asset in a division that drew the ire of a leading analyst group.
Read MoreAs suggested in its unfortunate ‘self-leak’ in early August, global construction and development giant Lendlease said full-year net profit climbed 9% to $758.6 million in the year to June.
Read MoreLendlease will pay just over half its earnings out in dividends for the year to June 30.
Read MoreLendlease is looking at a 10% to 15% rise in 2016-17 profit, according to a brief profit update slipped out in the middle of a short statement about a new investment vehicle.
Read MoreGlobal builder and property developer, Lendlease (LLC) delivered a 12% rise net profit to $353.8 million, for the December half, and a higher dividend for shareholders.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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