Mike Arnold
Value, growth at reasonable price, long only, tech

Lend Lease Still Looks Attractive

Shares of Lend Lease (OTCPK:LLESY) have performed well since I first wrote about them in August 2013. Since that time, the shares have appreciated 30% relative to a 10% return for the S&P 500 (NYSEARCA:SPY). Because the company traded up to my initial fair value estimate, it is an opportune time to revisit the thesis.

(click to enlarge)

LLESY data by YCharts

The Business

Lend Lease is an international property and infrastructure company established in 1958 and headquartered in Australia. However, Lend Lease has global scale, and is active in various markets around the world. While most of Lend Lease's operating profits do come from Australia, the company is active in Asia, North America and Europe....

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