28/02/2024 17:04

Worley (WOR) $16.10

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

09/02/2024 09:27

Worley Ltd (WOR) $15.51

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

17/01/2024 09:24

Worley Ltd (WOR) $15.72

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

22/12/2023 09:00

Worley Ltd (WOR) $17.55

WOR has recovered strongly from its COVID sell-off; we remain fans of the business in the years ahead, believing it offers significant earnings leverage to a cycle of global energy investment and decarbonisation projects – arguably an excellent balance to our WHC position.

Read more

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