Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Good morning James and team, First of all I want to thank you for the great information and insights you provide on a daily basis. I'm very sure the best investment I did by far in the last few years was to subscribe to MM. Today I'd like to ask about your thoughts and price target on WOR (given that you already own it) and what is your view on ACF and what would be your entry point. Thank you so much and have a great weekend
Hi Dario,
That’s a lovely comment, really appreciate the kind words.
Worley (WOR): Out initial target on WOR is a move above $18, however, if they continue to deliver expanding margins on a growing revenue line, it will likely trade a lot higher over time. We think FY25 will see net profit of ~$500m and applying a PE of 20x on this given its growth profile, we get a price target just above $20, which we believe is reasonable, however as with all our positions, markets are fluid, and things change, hence we won’t hesitate to change our views if we need to.
Acrow (ACF): We’ve met with ACW over the past year or so, and on reflection, we underappreciated their business, despite finding it interesting. Below $1.10 this formwork/scaffolding company would look appealing.
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