The Lendlease history of one-offs / abnormal items is a sight to behold. Almost like they are not non-recurring.


Shrinking to greatness, always a good strategy…(!)


Which is well, sort of true, as exiting the poorly performing engineering business was undoubtedly wise.

The cashflow generation profile would make CIMIC blush.


The brokers see a potential recovery, with 24 month blended forward sales estimates rising relative to BF1, as it does for the various earnings measures.


And the stock is very, very cheap.

All it has to do is get earnings back to pre-COVID levels to justify a market like rate of return, which, in theory, shouldn’t be the most arduous hurdle as Omicron lifts/fades/declines…


…and that enormous pipeline begins to translate into work done.


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