still not touching Lend Lease. Look at its NTA ($7.94) to BV ($10.05). The differences are mainly intangibles ($1.4b),
Intangibles only have a 'value' if they represent true company inherent benefits that enable the company to generate profits above a fair return on its NTA, otherwise its useless and represents a noose over management.
There is nothing I see in Lend Lease that is 'exceptional' internal IP or systems that enable the generation of outsized returns on its NTA.
This has been proven by looking at Lend Lease 20 year share price.
Lend Lease is a trading stock, play the cycle, but don't buy and hold. And the cycle is not ready to play.
LLC Price at posting:
$10.14 Sentiment: None Disclosure: Not Held
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