28/11/2023 09:09

Worley Ltd (WOR) v Woodside Energy (WDS)

The correlation between WOR and WDS has been very close post-COVID, apart from over recent months where WOR has proved a big winner; year-to-date, WOR is up +14.1% while WDS has fallen -10.4%. We are in no hurry to consider switching our WOR holding into WDS, but another 10% differential might create some temptation.

Read more

23/08/2023 17:04

Worley (WOR) $17.49

WOR +0.63%: The decarbonisation story was reinforced today with WOR delivering a solid set of FY23 results and importantly, reinforced their growing push into sustainability related work. Aggregated revenue $10,9b was up 21% on the year driving underlying EBITA of $635m, up 16% and ahead of expectations.

Read more

09/08/2023 09:24

Worley Ltd (WOR) $17.17

Share price gains have seen this global engineering, advisory, and project management services company grow into a $9bn business, posting fresh 5-year highs at the start of August.  From a simple momentum perspective, we see no reason to doubt the stock can test $20 in 2H with obviously this month’s report likely to dictate the journey.

Read more

07/07/2023 09:27

Energy Special – BUY HOLD SELL

Lead Portfolio Manager James Gerrish discussed the Energy Sector more broadly last week on Livewire markets. Joe Wright from Airlie covers Santos (STO) as their No 1 pick in the energy space.

Read more

10/05/2023 09:20

Worley (WOR) $16.47

The global engineering, advisory & project management services company held its annual investor day yesterday and articulated its growth strategy which they believe will drive double-digit sustainable earnings growth over the medium term – something that has eluded them in the past. An expected four-fold increase in global energy investment and decarbonisation projects provides a great backdrop to generate revenue, however, it will be their ability to expand the currently thin margins that will provide the real kicker to profits.

Read more

09/05/2023 09:13

Worley Parsons (WOR) $16.01

We bought Worley Limited (WOR) yesterday in the Flagship Growth Portfolio ahead of their investor day today, selling Woodside Energy (WDS) to fund the acquisition. While we are not ‘negative’ on WDS, we do believe the earnings outlook for Worley is better for two main reasons.

Read more

08/05/2023 09:51

Flagship Growth Portfolio – Amendments

Having a high conviction portfolio limited to 20 positions, tough 'relative' calls are common. Today we make a relative call selling Woodside Energy (WDS) to buy Worley (WOR). We think the latter will outperform for the former from here. 

Read more

20/04/2023 09:12

Woodside Energy Group (WDS) to Worley Ltd (WOR)

Worley and Woodside have danced a similar step post-COVID but as the ESG theme gathers momentum we believe the future is far rosier for WOR and as the $US starts to bounce we’re considering if this is a logical time to make the switch especially as WDS isn’t set to pay another chunky dividend for around 4 months.

Read more

18/04/2023 09:14

Worley Ltd (WOR) $15.48

Worley is a $8bn global engineering, advisory, and project management services company with a key sector focus in the energy, chemicals, and resources sectors. In late February WOR delivered a strong earnings report while stating that it expects FY23 earnings to be broadly consistent with consensus.

Read more

30/09/2022 09:38

Worley Ltd (WOR) $12.60

WOR was one of their picks for exposure to the energy super-cycle being a major beneficiary in the development of infrastructure that will underpin our move into renewables – we all know how big a task this will be. The company’s FY22 result was strong with underlying EBITDA growth of 18% to $547mn, also they reiterated their intention to invest A$100mn over the next 3-years to support its sustainability growth agenda.

Read more