Leighton
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Leighton Holding’s share price dropped 7% today as it announced $254m of new losses on its Airport Link project in Brisbane and the Victorian desalination plant. The full year profit forecast (it has a calendar year end) has similarly been revised down from $600m-$650m to $400m-$450m or $1.19-$1.34 per share. The result augurs poorly for the final dividend, which can only increase after it was skipped last year.
It’s hard to gauge when the bad news will end. Following the departure of long-term chief executive Wal King in 2011, Leighton has lost other key executives David Stewart (King's successor) and David Mortimer (the chairman). Current chief executive Hamish Tyrwhitt is struggling to regain the discipline necessary to manage Leighton’s complex and global business, so our confidence in management is low.
| Re-assess | Below $16.00 |
| Avoid | Above $16.00 |
Despite today’s fall Leighton’s stock price has risen 14% this year and is down only 3% since Leighton fails safety check from 15 Feb 12 (Avoid – $22.87). It remains well above the $16.00 share price where we’d be interested in reassessing. AVOID.
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