Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Lend Lease: A Cheap Way To Invest In Global Infrastructure

Lend Lease Group (OTCPK:LLESY) ("LL" or "the company") is an undervalued international property and infrastructure company. LL was established in 1958 and is headquartered in Sydney, Australia.

To give an idea about the scope of LL's activities, the company constructed the iconic Sydney Opera House, the 2012 Olympic Village in London and a number of other well known projects around the world. LL is truly a global business.

LL is currently valued at some A$4.9 billion ($4.4 billion) and encumbered by net debt of A$720 million ($662 million), for a total enterprise value of A$5.6 billion ($5.1 billion) (A$1 = $.92 USD). Readers should note that the rest of this analysis will be stated in Australian dollars, denoted...

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