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    Update on WOR

    To the MM team, I would appreciate an update on your views on WOR. Since you topped up your holding in September WOR has fallen around 9%. With the weakening AU$ I would have thought we would see some price appreciation. So what is causing the weakness? Is it a "Trump" thing and a fear of a slowdown in construction projects related to renewables? Looking forward to hearing your insights. Charles Your last update on WOR was in August and it's been trending down since the Trump election. I'd love updated advice on whether you are still long and bullish on WOR Nick

    Answer

    Hi Guys,

    Worley (WOR) has indeed been disappointing over the last few months, drifting lower in a firm market. WOR’s recent share price decline is largely attributable to several  broader market trends. The company has faced pressures from delays and hesitancy in sustainability-focused projects, as customers adopt a more cautious approach to carbon emission reduction investments, especially since Trumps return to the White House – a quick look at stocks such as Pilbara (PLS) and IGO (IGO) tells the tail.

    WOR maintains a significant focus on sustainability and renewable energy projects, which are expected to contribute to long-term growth​ – we agree with their outlook and positioning but our timing has clearly been a touch off.

    However, considering we are now considering IGO for our Active Growth Portfolio and PLS in “Shawn’s Trading Ideas” believing the ESG decline is close to its nadir we are not planning to exit WOR yet, frustrating as it is. We are a hold, and remain cautiously bullish.

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    Worley Ltd (WOR)
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