WOR - Worley Limited

[leyy]

I haven't taken a detailed look but a quick comparison shows that MND is a much better managed company with strong financial position than WOR.

It's been winning too many jobs lately. Got to keep an eye out on how they'll do with those contracts. Debt position is pretty high.

Agreed, the debt is higher than my usual liking. However, WOR has always had a relatively high gearing ratio over the last 10 years, it is improving though and same as their operating cash flows which is a good sign from a negative 55.2M to positive operating cash flow of 82.2M from operating activities in the last update.

I have to look at MND again its looking quite attractive at that price point.

 

[luutzu]

Agreed, the debt is higher than my usual liking. However, WOR has always had a relatively high gearing ratio over the last 10 years, it is improving though and same as their operating cash flows which is a good sign from a negative 55.2M to positive operating cash flow of 82.2M from operating activities in the last update.

I have to look at MND again its looking quite attractive at that price point.

Will the new project wins impact its debt structure? Needing to raise new equity and borrow?

$82M operating cash but selling at $4.5B seems a bit high. But yea, I got stuck on MND so didn't bother looking into diversifying into anymore engineering companies.

Hoping MND would drop a bit further, best if it's by the time SRX is taken over and I got the cash back. Seeing how I sold some of MND at $13s to buy SRX at $12s, that would make me look really smart. A lot smarter than when I bought into MND at $16 years ago

GRG Engineering is, I think, worth a look into. I don't own it, yet. Keeping an eye out though.

 

[leyy]

Will the new project wins impact its debt structure? Needing to raise new equity and borrow?

$82M operating cash but selling at $4.5B seems a bit high. But yea, I got stuck on MND so didn't bother looking into diversifying into anymore engineering companies.

Hoping MND would drop a bit further, best if it's by the time SRX is taken over and I got the cash back. Seeing how I sold some of MND at $13s to buy SRX at $12s, that would make me look really smart. A lot smarter than when I bought into MND at $16 years ago

GRG Engineering is, I think, worth a look into. I don't own it, yet. Keeping an eye out though.

Whats the stock code for GRG? I can't seem to locate it

 

[luutzu]

Whats the stock code for GRG? I can't seem to locate it

GNG.

GR Engineering.

 

[bigdog]

52 weekly low $11.55 and today five year high $$18.99

Motley Fool reported

The share price of Worleyparsons Limited (ASX: WOR) rallied to a five-year high today after it posted a full-year profit result that showed it was only at the start of its growth cycle.

The stock surged 3.8% to $18.88 ahead of the market close, bucking the 0.4% drop on the S&P/ASX 200 (Index:^AXJO) (ASX: XJO) index.

The stock is heading towards $20, in my opinion, after management posted 39.1% increase in underlying net profit to $171.4 million as aggregated revenue rose 8.5% to $4.8 billion for the year ended June 30, 2018.

The jump in top and bottom-lines aren’t the only reason to get excited about the oil & gas services company either.

Worleyparsons recorded a 229% uplift in operating cash flow to $259.7 million and underlying earnings before interest and tax (EBIT) and net profit margins have expanded to their highest level in five years.

This makes the company a standout. While the majority of companies’ profits have met or exceeded consensus expectations so far in this reporting season, not many have enjoyed better margins due to rising cost pressures.

Further, management said the integration of recently acquired UK Integrated Solutions is going better than expected with synergies running ahead of target.

Strong oil and gas prices have spurred energy companies to ramp up exploration and production activities and this bodes very well for Worleyparsons’ outlook with the backlog of work ballooning by 25.5% to $6.4 billion.

The jump in profit and cash has enabled the company to pay down debt by over $100 million in FY18 to bring its gearing down to a conservative 23%.

However, its infrastructure division posted an 11.6% drop in revenue due to a winding down of a large project in the Middle East. This division is also a relatively small part of the group (around 15% in revenue terms).

The only thing missing is a capital return on top of its 15 cents a share final dividend – its first since 2015. But this shows companies don’t need to throw a special dividend or hand back extra cash to shareholders to win support.

 

[leyy]

yes a very good result.

will look at topping up my existing holdings, as the next short term price target is $24.00

 

[bigdog]

ASX Announcement yesterday
22/10/2018 11:03:45 AM Acquisition of Jacobs ECR and Associated Capital Raising

View attachment 89946

 

[luutzu]

ASX Announcement yesterday
22/10/2018 11:03:45 AM Acquisition of Jacobs ECR and Associated Capital Raising

View attachment 89941

View attachment 89942

View attachment 89943
View attachment 89944View attachment 89946View attachment 89945

I'd be very careful with WorleyP.

I looked at it couple years back. Its balance sheet weren't good then... and ever since it has a pattern of debt, cap raising to acquire and expand.

Too much corporate action for what ought to be a cautious, conservative business. Engineering and construction needs plenty of cash and little managerial time playing with finances and empire building.

 

[bigdog]

The shareholders did not like the deal!!!

Previous close was $17.840
Entitlement Offer (“Offer”) at $15.56 per share (13% discount)
Current price today $15.89 at 10:23 AM

The Institutional Entitlement Offer (“Offer”) raised the full amount being approximately $1.8 billion at $15.56 per share (“Offer Price”). The Offer was well supported by eligible institutional shareholders, with a take-up rate of 90% (excluding the entitlements of John Grill and Dar Group) and of 82% including all eligible institutional shareholder entitlements. The institutional shortfall bookbuild was heavily oversubscribed from both existing WorleyParsons shareholders and other institutional investors.

Todays Announcement
24/10/2018 9:43:03 AM Successful completion of the Institutional Entitlement Offer

7473

 

[bigdog]

https://www.heraldsun.com.au/busine...e/news-story/69a2a709a4a8cbb5439ab169bd863fe6

Terry McCrann: Worley Parsons’ directors responsible for crash in value

WORLEY Parsons’s once-in-a-(corporate)-lifetime US deal might or might not prove to be the making of the company, but on day one it’s proved a far more certain value destroyer for the company’s shareholders.

As of last night a total of more than $500 million had been destroyed.

Further and appallingly, directors quite deliberately twisted the knife by denying all shareholders, and especially the retail ones, the right to sell their entitlements to new shares.

True, if the share price falls much further — a mere 2 per cent or so after Wednesday’s plunge — and yet more shareholder value was destroyed, that “right” would be rendered entirely academic anyway.

I would add that directors have been aided and abetted in this — a combination of classic insider arrogance and quite frankly old-fashioned stupidity — by some of the (usually self-proclaimed) “smartest guys in the room” at investment banks UBS and Macquarie Bank.

One can only hope that the WP share price does fall further and that their “smartness” ends up costing them real dollars on their underwriting commitments.

In simple terms, someone who owned 1000 WP shares went to the last weekend with an investment valued on the market at $17,840.

On Wednesday that investment was worth $15,810. Thank you very much company directors and “smartest guys”.

Of course, that shareholder can recoup some of the loss if he or she is prepared to stump up $10,581 to subscribe for their full entitlement to new shares. On Wednesday’s closing price they would recoup the princely sum of $170.

They would do better — and probably have less risk and certainly a more immediate result, one way or the other — to put the $10,000 on Winx on Saturday. They could certainly have greater faith in Chris Waller to look after their interests.

In any event that $170 would make only a small dent in their loss; it would trim it to $1860. And to recover that “princely sum” they would have to increase their investment in WP from around $16,000 to over $26,000.

These calculations are obviously on the state of play on just day one yesterday.

The WP share price could of course pick up; investors might warm to the deal to buy Jacobs and double down on the company’s presence in the US.

The WP share price could of course also go down further — and potentially, significantly further.

It would only take a small further drop in the next two weeks to discourage any sane retail shareholder from subscribing for new shares.

WP closed at $15.81 on Wednesday. You have to pay $15.56 for new shares.

Now directors, and those “smartest guys”, might think — maybe hope would be a better word — that shareholders would happily put their hands in their pockets to pay $15.56 for new shares which could by then be trading at, say, $15.26. I suggest not.

There is one unusually big — indeed humungous — “retail” shareholder, which is indeed the company’s biggest shareholder with a 24 per cent holding.

It’s the Lebanese-Dubai-Saudi Dar Group.

It appears to have been “surprised” by the WP move. It was only able to guarantee to subscribe upfront in Tuesday’s insto offer for $170 million of its $660 million total entitlement. It‘s considering what it will do in relation to the remaining $490 million entitlement under the retail offer.

It can watch to see what happens to WP’s share price specifically. It can watch to see what happens to the market overall, over the next two weeks.

Directors and especially those “smartest guys” do not want to see Wall St take a dive. UBS and Macquarie will have to take up any shortfall. As of Wednesday there was a $1.1 billion “shortfall” — the amount of the retail (including Dar) entitlement.

They get a fee of 1.58 per cent on the $2.9 billion subscription total (less the $100 million coming from WP founding chairman John Grill). The $44 million would cover them for a fall in the share price to around $15; any lower and they would start to lose money.

The directors and the “smartest guys” were too clever by half on two levels.

First, in setting too low a “discount” in a very, very big share raising at a time when Wall St was teetering very nervously at record highs.

Supposedly market-savvy investment bankers didn’t seem to understand that while they might be in love with the deal, having a near one-for-one issue at just a 13 per cent “discount” to market — $15.56 to $17.84 — was asking for trouble.

Then, in trying to freeze out the company’s biggest shareholder in Dar, they were all but guaranteeing it would probably be Trouble with a capital-T.

There are going to be some very nervous investment bankers watching Wall St every night over the next two weeks; and watching to see how much of the $490 million Dar now puts in next Wednesday week.

7524

 

[basilio]

As Terry McCrann suggested this capital raising exercise looks like being a bloodbath for almost everyone.

WOR closed at $14.66 today - close enough to a $1 under the price the company wants shareholders to pay for the new issue.

Good luck with that..

 

[JTLP]

As Terry McCrann suggested this capital raising exercise looks like being a bloodbath for almost everyone.

WOR closed at $14.66 today - close enough to a $1 under the price the company wants shareholders to pay for the new issue.

Good luck with that..

Feels like a strange time to be making an acquisition of this magnitude to be honest

 

[bigdog]

Terry's update of WOR today

https://www.heraldsun.com.au/busine...s/news-story/c30d5715086499f9491dea50c88c61ed

Terry McCrann: WP holding its breath over $1.1b from retail holders
Terry McCrann, Herald Sun

OH dear, market plunges can come at the most awkward times.

This one is very “awkward” for companies like Worley Parsons which have been caught in the middle of a major share issue.

That’s, as I noted on Thursday, in the middle of a very stupid — “screw our shareholders” — sort of major share issue.

On Wednesday, the WP directors were “pleased” to announce the “successful completion” of the institutional component of the massive $2.9 billion raising.

The take-up was 90 per cent, which indirectly announced that WP had some intelligent holders — not a lot, but at least a few.

The remaining 10 per cent of the $1.8 billion raised came from the two underwriters, UBS and Macquarie.

The timing couldn’t have been more spectacular — as in, spectacularly bad — with what was to follow overnight on Wall St. At Thursday’s close they were all already losing over $100 million of the $1.8 billion.

That’s importantly, plus, what they had also lost on their original holdings, thanks to the “inspired” actions of their board, which I also detailed Thursday and has now wiped a bracing 18 per cent from the value of every holding in the space of less than a week.

More pungently, irrespective of what now happens on Wall St and so in our broader market — absent some utterly improbable and indeed impossible resurge — WP has a very particular problem. It’s waiting on the subscription of another $1.1 billion from its retail holders. This is unusually large because it has a very special “retail” holder — indeed the company’s biggest holder, which had a holding of 24 per cent before the issue.

This is the Lebanese-Saudi-Dubai Dar group, which subscribed $170 million into the insto offer and now, along with all other retail holders, has until November 7 to decide whether it will subscribe its remaining $490 million (of the $1.1 billion).

Hmm, holders have to pay $15.56 for new shares.

At Thursday’s closing price of $14.66, that does not look compelling.

Now the overall market could recover. Or investors could suddenly decide WP has a brilliant future as a consequence of its $4.6 billion plunge deeper in to the US.

But right now it has that $1.1 billion problem. Yes, it’ll get the money even if holders subscribe diddly squat. It would come from UBS and Macquarie, but that would then hang over the market for WP shares like a big black cloud or the mother of all shorts.

It becomes very, very, interesting to see what Dar does. The board might well have opened the door when they thought they were slamming it shut.

 

[bigdog]

Terry McCrann update

As a consequence, sensibly and reasonably, WP is now giving retail investors until Friday close of business to subscribe.
1
But WP must also disclose on Thursday whether any commitments or assurances were made to Dar to persuade it to tip in the extra$476 million. Both ASX and ASIC should ask the relevant questions to keep holders and the market fully and timely informed.

Further, anyone selling around the $14 mark on Wednesday morning — and indeed as low as $13.87 — before the WP announcement at 11.39am would not be happy. WP must also explain why the statement was not made before trading opened.

https://www.heraldsun.com.au/busine...tory/27c1dea37cfb22a17500fd349250e0b3?login=1

DAR BLINKS AND WP LEAPS

THE Lebanese-Saudi-Dubai Dar group blinked — and the ‘smartest guys’ in various investment back rooms in Melbourne and Sydney have breathed some huge, literally multimillion-dollar in aggregate, sighs of relief.

As the horses lined up for the Cup on Tuesday, the various big investors who had taken a very big punt on the mammoth $2.9 billion Worley Parsons share issue were looking down the barrel at huge losses.

They faced the prospect of having to pay $15.56 for a stack of new WP shares that were trading in the market at just $14.07. The immediate loss added to potentially more than $100 million.

Further, that would come on top of what they were already losing on the new shares they had already bought a week ago at $15.56. All Dar had to do was sit on its hands.

The potential losers were the sub-underwriters of the WP issue — institutional investors who had guaranteed to subscribe for any shares in the WP issue not taken up by retail holders by the close of business on Wednesday.

Unusually, indeed uniquely, the single biggest ‘retail’ holder was the Dar group, which had already subscribed for $185 million of the new shares in the $1.8 billion insto component of the WP issue. But it was up for another $476 million in the retailpart — almost half the total remaining.

It faced its own form of punt. Would it put its hand up to take the shares and so maintain its 23 per cent stake in WP? And relieve the obligation on the sub-underwriters?

Or would it pass and allow itself to be watered down to around 16 per cent — which arguably was precisely one of the objectives of the whole WP exercise of its company-making US acquisition, financed mostly by this share issue?

Dar would have been punting on a lot of unwanted shares sitting in the hands of the subbies — that, therefore, there wouldhave been plenty of shares available to allow it to creep back up the WP register, maybe not as cheap as $14.07, but likely considerably cheaper than the $15.56 subscription price.

Well, Dar decided to play safe: WP announced on Wednesday Dar would subscribe directly for those $476 million of shares, and the WP share price promptly leapt $1.47 to be just a whisker belowthe subscription price at $15.54.

As a consequence, sensibly and reasonably, WP is now giving retail investors until Friday close of business to subscribe.

But WP must also disclose on Thursday whether any commitments or assurances were made to Dar to persuade it to tip in the extra$476 million. Both ASX and ASIC should ask the relevant questions to keep holders and the market fully and timely informed.

Further, anyone selling around the $14 mark on Wednesday morning — and indeed as low as $13.87 — before the WP announcement at 11.39am would not be happy. WP must also explain why the statement was not made before trading opened.

 

[bigdog]

Terry McCrann update Nov 13

"Hullo? Hullo? Could someone check to see whether anyone is awake down there at ASIC and ASX?"

https://www.heraldsun.com.au/busine...h/news-story/3e13a5232003822e8331d908c3ffad3c

WP ‘SUCCESSFULLY’ SHAFTS HOLDERS

Worley Parsons has triumphantly announced the successful completion of the retail component of its humungous share issue.

Pity it has been somewhat less than successful — actually, downright disastrous for all its shareholders, both the retail ones and arguably even more so the institutional ones.

The $2.9 billion issue, and the associated $4.8 billion US acquisition that it largely financed, as of yesterday had neatly ripped 15 per cent off the value of every pre-existing holding and of the entire Worley company itself.

A holder who held 1000 Worley shares going into the big announcement three weeks ago had an investment worth $17,840. At yesterday’s close it was worth $15,210.

If that shareholder had subscribed for his or her entitlement in the issue, he/she would have bought another 680 shares at a cost of $10,580. That extra parcel was worth $10,343 immediately yesterday.

They should think of the $237 extra loss on the $2639 lost on the basic stake as that holder’s contribution to the “successful completion” of the offer.

Retail holders were actually lucky. They got a couple of weeks to see what the market did to Worley shares on the news of the deal and the issue.

The insto holders had to make their $1.8 billion decision in the dark, the day after the announcement. They mostly took up their entitlements — the take-up rate was 90 per cent.

And when the Worley share price fell as low as $13.74, they were looking at the loss of as much as $220 million on the $1.8 billion they had just subscribed, either directly or by sub-underwriting that 10 per cent shortfall.

Plus of course the much bigger sums they were also losing on their basic holdings. At that trough, the holdings of all the core holdings had been sliced a tingling 23 per cent.

They can all — insto and retail holders and directors and both prime underwriters and sub-underwriters — breathe one big collective sigh of relief that the share price has come significantly back from those depths.

For that, they can thank the Saudi-Lebanese-Dubai Dar Group for taking up its full $660 million entitlement as Worley’s biggest shareholder.

The announcement ‘just in time’ that it would do so last Wednesday sent the Worley share price rocketing.

It not only saved all the other shareholders from big losses; it meant the subbies only had to pick up $530 million of shortfall from the retail part of the issue instead of more like $1 billion-plus if Dar had passed. I guess that would have made for a somewhat less successful “successfully completed” offer.

As I’ve written: who knows, the buying of Jacobs might be the making of Worley; the low share price of the last few weeks might fade into distant memory.

But if so, retail holders might then be reasonably upset at the company for “persuading” them not to subscribe.

That’s in the distant future; right now there is around $700 million of Worley shares acquired by the subbies that they didn’t really intend to get, hanging over the market and the share price.

Worley also needs to tell holders and the market generally whether it did any ‘deals’ with Dar to persuade it to take up its entitlement. Indeed, it needs to tell if it did not.

Hullo? Hullo? Could someone check to see whether anyone is awake down there at ASIC and ASX?

 

[bigdog]

1H 2019 results

 

[bigdog]

Worley Parsons my ASF tip for March 2019 and also included my full year tipping 2019 (1 of 4)

March 2019 is currently 17th

https://www.livewiremarkets.com/wir...-price-here-are-two-that-look-cheap-right-now

Every company has a price. Here are two that look cheap right now

Patrick Hodgens

WorleyParsons (ASX:WOR)
Worley is a global engineering firm specialising in hydrocarbons, chemicals and the mining sectors. Their key specialty is the oil and gas sector.

So why buy Worley? Three things that matter for the company:

1) The cycle has turned

The global oil and gas capex cycle has turned, and it's turned quite strongly positive. What we have here is Worley's revenue history over the past 10 years has an incredibly high correlation to the oil and gas capex cycle.

If you cast your mind to 2014 which was the peak of revenue for Worley, that was when oil was trading at US$110 a barrel. The next two years, oil collapsed down to US$30 a barrel. As you'd expect, the oil and gas majors shelved a lot of projects, reduced their maintenance and investment capex. As a result of that fall, Worley's revenue effectively fell by around 50%.

What's happened since 2017 is that oil and gas capex cycle has bottomed, and it's turned quite strongly.

2) Dividends will continue to grow

Management have embarked on significant cost out opportunities and a lot of dividends should be coming as a result of that. The company has been totally transformed in the last two to three years.

Tom Honan is a very experienced operator. He was the CFO of both Computershare and Transurban, and in 2016 he was offered the role of CFO for Worley to really shake it and he's done exactly that. He's actually taken $500 million off the cost base already, transformed the balance sheet and has also improved the cash flow statements.

Tom Honan really is a game changer for the Worley business.

3) An EPS accretive acquisition

And finally, in October last year, they acquired a US business called Jacobs' ECR and outstanding EPS accretive business for Worley. It was a very complimentary and a strategic acquisition.

So much so that Worley has three business streams now, it's actually global number one player in two of those business streams. It allows them to bid for those mega Middle Eastern projects that they were broadly precluded from in the last couple of years.

There's well over $130 million of synergies and if Tom has his way, that number will probably be close to $200 million in the next 6 to 12 months.

It’s way too cheap..

It's trading on 13 times FY20 earnings. And for a good quality company, with strong earnings that will grow for four or five years. Even excluding Jacobs', the business today with the current oil price at around US$62 is worth close to $17, $18 a share.

And if we're right with the Jacobs' acquisition and Tom's initiatives with regards to synergies, this company's worth over $20 a share, and really a 40% uplift of where it is today.

 

[bigdog]

WOR Worley Parsons my ASF tip for April 2019 and also included my full year tipping 2019 (1 of 4)
.
Motley fool article last week
https://www.fool.com.au/2019/03/21/...e-closes-higher-on-jacobs-acquisition-update/

WorleyParsons share price closes higher on Jacobs acquisition update
Lachlan Hall | March 21, 2019

The WorleyParsons Limited (ASX: WOR) share price has closed 1.66% higher at $14.72 today after two key ASX updates from the Aussie engineering contractor in the last 24 hours.

Update on the company’s Jacobs acquisition
WorleyParsons provided an update on its binding agreement to acquire Jacobs Engineering Group Inc.’s Energy, Chemicals and Resources (ECR) division as announced on 22 October 2018.

WorleyParsons announced that today it received regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS), the equivalent of Australia’s Foreign Investment Review Board (FIRB), and has now received all regulatory clearance and approvals required for completion.

The company has now received US HSR antitrust clearance and regulatory approval from the European Commission, the Competition Bureau in Canada and the Competition Commission in South Africa.

Despite the strong start to the year, I’m not sure the 1.59% dividend yield nor the 31.5x P/E multiple exactly screams ‘Buy’ to me, with these top growth shares looking like smarter investments at present.
The company anticipates the Jacobs ECR acquisition will occur by the end of April 2019 and expects to realise significant upside through cost and revenue synergies following completion.

What else did WorleyParsons announce?
The engineering group was awarded a significant project management contract (PMC) in the United Arab Emirates (UAE) which it announced to the market after yesterday’s close.

Borouge, a joint venture (JV) between Abu Dhabi National Oil Company (ADNOC) and Borealis AS, awarded WorleyParsons the PMC for its Ruwais petrochemicals complex in the UAE.

Under the contract, WorleyParsons will provide PMC services to the fourth phase of the petrochemicals complex which will include the world’s largest mixed feed cracker with an estimated 1.8 million tonnes per annum of ethylene output. The complex will have a production capacity of 3.3 million tonnes per annum of olefins and aromatics using a variety of feedstocks from ADNOC’s refining and gas processing facilities.

Is WorleyParsons in the buy zone?
The WorleyParsons share price has rocketed 27% higher so far this year and recently announced a half-year underlying net profit after tax (NPAT) of $98.4 million, up 25.8% on the prior corresponding period (pcp).

The group’s share price plummeted 41.4% in Q4 2018 to close out the year at just $11.42 per share in line with fellow engineering, procurement and construction (EPC) providers Seven Group Holdings Ltd (ASX: SVW) and Emeco Holdings Ltd (ASX: EHL).

 

[bigdog]

Worley Parsons is included in My April and my 2019 Year tip competitions

Motley fool reports

https://www.fool.com.au/2019/04/23/worleyparsons-reveals-radical-plan-to-send-business-higher/

WorleyParsons reveals radical plan to send business higher
Lachlan Hall | April 23, 2019

The WorleyParsons Limited (ASX: WOR) share price could move today after an announcement regarding its acquisition of Jacobs’ ECR division and a proposed name change for the new entity.

What’s happening with the Jacobs ECR acquisition?
WorleyParsons announced that subject to the satisfaction of the remaining conditions to completion, it anticipates that the completion of the Jacobs ECR division acquisition will occur after the market closes over the last weekend of April 2019.

On completion of the transaction, WorleyParsons will employ approximately 57,600 people in 51 countries, providing “global sector leadership” across hydrocarbons, chemicals, minerals and metals which it believes will bring significant value upside through cost and revenue synergies.

Did someone say name change?
That’s right – the company also announced that following the completion of the Jacobs ECR transaction it will adopt ‘Worley’ as its new brand with the domain name Worley.com.

The company said the new brand leverages the brand equity of its existing name, acknowledges Jacobs ECR’s heritage in its brand colour and style, as well as highlighting ‘energy, chemicals & resources’ in its tagline.

The company name will be changed to Worley Limited (subject to approval of members at the annual general meeting in October 2019).

Should you buy WorleyParsons shares?
While the WorleyParsons share price has had a strong start to the year, the stock plummeted 41.4% in Q4 2018 alone to close out the year at $11.42 per share. It was a similar story for fellow EPC rival Emeco Holdings Limited (ASX: EHL) which saw its share price plummet 45.3% over the same 3 month period, while the Seven Group Holdings Limited (ASX: SVW) share price finished the quarter 31% lower.

WorleyParsons’ 1.59% dividend yield is lower than its rivals but the stock is trading at a P/E ratio of 28.5x compared to the comparably-sized Seven Group (15.1x), while Emeco, with a market cap of $707.8 million, trades on a P/E multiple of 101.8x.

============================================================
The share price did increase 1.20% to $15.15 on Wednesday April 24

 

[bigdog]

ASX announcement today
16/10/2019 9:59:40 AM Media today

Shares in Worley received an extra boost after it confirmed media reports that Worley had written to the Foreign Investment Review Board (FIRB) to oppose Dar Group’s application to increase its stake in Worley.

Dar holds a 20% stake in Worley and has the right to lift it to 23% via an equity swap. Dar, which is a Dubai-based contractor, requires FIRB approval to lift its shareholding in the ASX-listed entity.

Share price as at 1:04 PM
12 month high is $18.50 and 12 month low is $10.72