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.
Read more
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.
Read more
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:
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
WOR has been under pressure over recent weeks since the company was hit with corruption allegations from Ecuador, they claim the global engineering group paid “improper benefits” to state-owned companies; perhaps somebody missed out when the cookie jar was passed around! On a more serious note, WOR has denied the allegations and is dedicating plenty of resources to proving their innocence.
Read more
WOR has suffered an integrity challenge following corruption allegations out of South America which has seen the stock saw the fall 10% in 2024. At MM, we like WOR, believing it offers significant earnings leverage to the current cycle of global energy investment and decarbonisation projects; hence, the question we ask is how bad could things become in Ecuador and hence, should we be cutting, holding or adding to our position?
Read more
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.
Take a free 14 day Market Matters trial – full access to all our reports, portfolios, positions, buy and sell recommendations. Access the latest views on the latest developments from professional money managers. It's free and no payment details are required
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
