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WorleyParsons Limited (WOR) |
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| Company Name: |
WorleyParsons Limited |
| Stock Code: |
WOR |
| Website: |
www.worleyparsons.com.au |
| Market Cap ($M): |
5,574 |
| Equiv. Shares (M): |
244 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 22.850 |
$ 22.680 |
$ 23.260 |
$ 22.510 |
$ 23.150
|
667,501 |
$ -0.300 -1.296 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
22nd Jun 2009 |
| 12 Month Target Price (average) : |
$21.857 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
0.5200 |
| % of Sector: |
4.5671 |
| Sector: |
Energy |
| Industry Group: |
Energy |
| Industry: |
Energy Equipment & Services |
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| Company Overview |
| WOR provides engineering design, project services plus maintenance and reliability support services across a range of industrial segments. WOR has equity investment in some of its major infrastructure projects. It is also involved in the development and commercialisation of technological innovation in areas such as communications, energy, commerce and system integration. |
| Company History |
| WOR was established in the US in the 1960s and expanded to the Asia Pacific region in the 1970s. This business was acquired by small Australian structural engineering consultancy, Wholohan Grill and Partners in 1987 (the latter group was formed in 1971). The merged group adopted the name WOR. WOR listed on the ASX in November 2002. In 2004, WOR acquired Parsons E&C Corp, and later that year, changed its name to WorleyParsons Ltd. |
| Differentiating Factor |
| WOR has a diversified contract base, with no individual contracts dominating revenue. It also has long-established relationships with a range of blue chip clients. WOR is focused on growth through sector diversification and international expansion. WOR also develops niche infrastructure projects, such as remote power generation facilities. WOR has an extensive network of engineering design bases in Australia, a more competitive engineering labour zone relative to its US- and UK-based peers. |
| Major Customers & Competitors |
| WOR's customer base comprises a diverse range of resource and industrial companies, including Alcoa, BHP Billiton, Chevron Texaco, Exxon Mobil, Rio Tinto, Shell and Woodside Petroleum. It competes with other globally oriented specialist engineering and infrastructure companies, including Fluor and KBR. It operates some JVs with Transfield Services and its international peers. |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2006A |
139.1 |
141.0 |
68.9 |
64.8 |
33.2 |
2.1 |
1.2 |
41.0 |
1.8 |
32 |
32.8 |
| 2007A |
224.8 |
224.8 |
104.8 |
52.1 |
21.8 |
1.5 |
0.7 |
60.5 |
2.6 |
24 |
31.3 |
| 2008A |
343.9 |
343.9 |
140.8 |
34.4 |
16.2 |
1.2 |
0.8 |
85.5 |
3.7 |
53 |
23.5 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| WOR |
30.0562 |
63.8358 |
-39.0789 |
| Sector |
4.1055 |
12.1199 |
-23.7040 |
| Market |
5.4747 |
6.0031 |
-23.9275 |
|
| P/E (x) |
FY07 |
21.8 |
29.1 |
14.4 |
|
FY08 |
16.2 |
20.8 |
14.0 |
| Yield (%) |
FY07 |
2.6 |
2.4 |
5.9 |
|
FY08 |
3.7 |
2.8 |
6.1 |
| EV/EBIT (x) |
FY07 |
21.4 |
15.7 |
8.8 |
|
FY08 |
13.3 |
11.6 |
8.1 |
| EV/EBITDA (x) |
FY07 |
19.2 |
10.5 |
7.4 |
|
FY08 |
11.7 |
8.1 |
6.7 |
|
| R McNeilly |
Chairman |
| J Grill |
Director/CEO |
| D Housego |
Director/CFO |
| W Hall |
Director |
| G Campbell |
Director |
| E G Hai |
Director |
| E Fraunschiel |
Director |
| J Green |
Director |
| L M Benke |
Director |
| C Livingstone |
Non-Executive Director |
|
| J Grill |
CEO |
| W Hall |
Director |
| D Housego |
CFO |
|
| J Grill |
13.6800 |
| B Paterson |
11.1200 |
| Lujeta Pty Ltd |
11.1200 |
|
| 09-Apr-2009 |
Dividend Date Payable for Half Yearly Result
(38c 76% franked)
|
| 11-Mar-2009 |
Dividend Record Date for Half Yearly Result
(38c 76% franked)
|
| 04-Mar-2009 |
Dividend Ex-Dividend Date for Half Yearly Result
(38c 76% franked)
|
| 10-Oct-2008 |
Dividend Date Payable for Final Year Result
(47.5c 70.95% franked)
|
| 12-Sep-2008 |
Dividend Record Date for Final Year Result
(47.5c 70.95% franked)
|
|
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Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
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