Ann: Lendlease Strategy Update, page-19

Page 17 of the Strategy Update:


This is why the market is so skeptical of LLC reported NTA.

I understand Book Value (BV) being written down, because BV has a lot of soft assets that do not have any real sellable value.

But I am surprised at the quantum on NTA write down.

FY23 NTA: $7.81.
Looks like that future NTA will be $6.8 to $7.

That hard NTA is the thesis for many buying at share prices below NTA, however as the NTA shrinks, are margin of safety likewise shrinks.

I hold, but am spreading out the bands on which I dollar average. I need to support adequate margin of safety.