WOR was the only MM Active Growth Portfolio stock to retreat on Tuesday. Overall, this was good news, but we must ask ourselves why. We believe the problem lies with overseas peer Fluor Corp (FLR US), which delivered a disappointing second-quarter result last week which fell well short of expectations, sending the stock tumbling over 30%.
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We thought WOR was back on track in February when it delivered a very solid 1H result plus a supportive $500mn buyback, but that has not transpired with the stock retreating 30% after its initial rally.
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WOR +10.27%: Good 1H25 result from Worley today with the key being an expansion in margins and a significant $US500m on market share buy-back.
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Worley (WOR) is only up +4.4% year-to-date after posting an 11-week high on Wednesday, but it has bounced over 12% from its late December low.
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In April, Worley’s largest shareholder, Dubai-based infrastructure group Sidara (née Dar Group), locked in $14.35 a share for its sale of a 19% stake, a 12% discount to its last trade at the time. The sell-down showed Sidara had abandoned hopes of acquiring Worley or striking a broader strategic relationship with it seven years after starting to build a stake. In this case, two tailwinds were removed for WOR:
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WOR +2.77%: FY24 results today were a mixed bag, with topline revenue a slight miss, though underlying profit was a beat, guidance was solid, and the stock had been weak leading into the announcement.
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WOR held its annual investor day in May, and we liked what we heard as it unveiled its growth strategy, focusing on the building blocks to deliver medium-term earnings growth predicated on higher margins. We continue to like WOR, believing it offers significant earnings leverage for a potential massive increase in global energy investment and decarbonisation projects.
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Tuesday saw engineering company WOR endure its worst session in 3-years after its largest shareholder, Dubai-based infrastructure group Sidara, sold a 19% stake at $14.35; it was encouraging to see the stock close over 5% above the placement price. We believe seeing its long-time agitator largely removed from its share register will come as a relief to WOR’s board, which can now focus on what it believes is best for the company – remember Sidara's (DAR Group) bid for WOR in 2016 before creeping up the register over the ensuing years, a move which Worley’s Board unanimously opposed. Dar subsequently withdrew its FIRB application to acquire more WOR shares, and it has clearly now (mostly) left the building.
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WOR +2.35%: There always seem to be a few issues in WOR results, however, they’re getting fewer and the core part of their business is improving, albeit, it’s coming off a low base. Aggregated revenue for the 1H of $5.61bn was up 7.8% on the year and around 3% ahead of consensus producing an underlying net profit after tax (NPAT) of $188m, ahead of expectations for ~$178m.
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Worley Limited provides consulting and advisory services. The Company offers project and asset services in the energy, chemicals, and resources sectors. Worley serves customers worldwide.
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