Lendlease Needs Capital and Expertise To Fuel Growth. It Is Assembling These. FVE Up to AUD 17.15

No-moat Lendlease’s half-year result incorporated loss provisions for its engineering and services business, but the actual half-year profit number was a sideshow. Two things are more important to our valuation: whether any further loss provisions are made, and the company’s ability to execute on its pipeline of future construction and development work around the world.