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WOR - Worley Limited

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Do you reckon thats inline with expectations? maybe be a bit better

EPS(c) PE Growth
Year Ending 30-06-07 89.9 22.8 32.4%
Year Ending 30-06-08 110.2 18.6 22.6%

Earnings and Dividends Forecast (cents per share)
2006 2007 2008 2009
EPS 67.9 89.9 110.2 116.3
DPS 41.0 51.3 63.0 69.0

thx

MS
 
michael_selway said:
Do you reckon thats inline with expectations? maybe be a bit better
Click to expand...
Well, judging by the way its sp reacted, you'd have to say it was a lot better than what analysts had expected. Keep in mind that analysts would have been pretty cautious with WOR, seeing as a 106% increase in net profit last year wasn't deemed 'good enough' (which led to a two month sell-off) and concerns at the time of future growth.

WOR is a perfect example of a very good company that has its sp pounded for not delivering a good enough result for the analysts and institutional investors. But look what happens next - its up 41% since its low in September. Lesson for those who sold out along with the crowd: a well-run company that has continually delivered shouldn't be punished for an unsatisfactory result!

WOR was $1.80 four years ago and has returned over 1,100% for shareholders over this time (not including dividends). I'm pretty confident the uptrend will resume very soon.

(Don't hold. I did a few CFD trades as it recovered from its September lows.)
 
ASX announcements today

SP closed yesterday at $22.60 and up $1.20 this week.
-- I hold

WOR 8:29 AM Interim Results Release
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00691503

Interim Results Release
Highlights:
1st half net profit up 53.0% to $94.5m
1st half net profit increases 22.3% over 2006 2nd half result
Continued strong operating results
Interim dividend of 28.0 cents (2006: 18.5 cents)
Acquisition of Colt announced today

Professional services company WorleyParsons Limited today announced a net profit after tax of $94.5m for the six months to 31 December 2006, representing an increase of 53.0% over previous corresponding period and a 22.3% increase compared to the previous half year ended 30 June 2006.

The result was earned on aggregated revenue of $1,459.8m, an increase of 28.3% on the $1,137.8m reported for the half year ended 31 December 2005. EBIT for the six months was $131.2m, an increase of 41.2% from the $92.9m reported in the previous corresponding period.

The EBIT margin for the group increased to 9.0% compared to 8.2% in the previous corresponding period. After tax, the Company earned a net margin on aggregated revenue of 6.5% for the six months compared to the 2005 net margin of 5.4%. The corporate tax rate was 24.7% compared with the 2006 full year result of 28%.

Basic earnings per share for the period were 46.2 cents per share, an increase of 53.0% from the 30.2 cents per share reported for the previous corresponding period.

Included in the result is a contribution to pre tax earnings of $2.3m relating to the sale of some of the Company’s share in the Esperance Energy Project to the other shareholder in the project, ANZIS.

Dividend policy and declaration
The Company’s current policy is to make half yearly dividend payments to shareholders subject to available profits, working capital requirements and the level of borrowings.

Generally, around 60% - 70% of the Company’s full year net profit after tax is made available for distribution with the balance being retained for funding ongoing growth. Dividends are franked to the extent imputation credits are available.

In line with this policy, the Directors have declared an interim dividend of 28.0 cents per share, franked at 22.1% (6.2 cents per share). Last year’s interim dividend was 18.5 cents per share (franked at 5.4 cents per share). The dividend will be payable on 14 March 2007 for shareholders on the register as at midnight (Eastern Standard Time) on 22 February 2007.


WOR 8:31 AM Accelerated Renounceable Offer to raise approx $479.9m
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00691505
Offer Structure
WorleyParsons Limited (the “Company”) has announced a 1 for 9 accelerated renounceable entitlement offer in the form of an AREO capital raising (the “Entitlement Offer”), at an issue price of $21.00 (the “Offer Price”) per new share to raise a total of approximately $479.9 million. Full details will be set out in a Prospectus which is expected to be lodged with ASIC on or about 14 February 2007 at which time it may also be viewed at www.worleyparsons.com.au.

WOR 8:29 AM $A1.13 billion acquisition of the Colt Companies
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00691504
WorleyParsons today announces the $A1.13 billion acquisition of the Colt Companies (“Colt”), a leading Canadian design and project services business. The acquisition creates a market leader in the high growth Canadian hydrocarbons market and provides a springboard for the next phase of WorleyParsons growth.

The acquisition price represents a multiple of 9.7 times pro forma EBITDA (earnings before interest tax depreciation and amortisation) of Colt for the 12 months ended 31 January 2007. On the assumption of a full year contribution by Colt to WorleyParsons, the pro forma accretion to the combined group’s earnings per share (before synergies, amortisation and additional
corporate and integration costs) for the 12 months to 31 December 2006 would be 16%. The Directors believe there is the potential for material synergies for the combined group. The acquisition is likely to complete in early March 2007.

WOR 8:29 AM Half Yearly Report/Half Year Accounts
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00691502
 
I hold WOR

news article today

Can John Grill crack $1 billion in WorleyParsons shares?

http://www.crikey.com.au/Business/2...-crack-1-billion-in-WorleyParsons-shares.html

Date: Friday, 9 February 2007
By Stephen Mayne, owner of 29 WorleyParsons shares
The papers are gushing today about the $1.1 billion acquisition of Canada’s oil services company Colt Group by Perth-based engineering company WorleyParsons.

The AFR’s Street Talk column even quotes UBS, which is running the $480 million rights issue, as predicting the shares will hit $30.20. WorleyParsons shares are suspended whilst the raising is bedded down but they last traded at just $22.60.

If co-founder and CEO John Grill takes up his full entitlement and the mooted re-rating does indeed come through, he’ll quickly join the exclusive club of Australians with a paper holding exceeding $1 billion. At the moment, he’s ranked 15th as the following list demonstrates:

Top 15 personal or family holdings in Australian listed companies

1. News Corp, Rupert Murdoch: $11.95 billion

2. PBL, James Packer: $5.25 billion

3. Westfield, Frank Lowy: $3.81 billion

4. Aristocrat, Ainsworth family: $2.33 billion

5. Reece Australia, Wilson family: $1.74 billion

6. Fortescue Metals, Andrew Forrest: $1.62 billion

7. Harvey Norman, Gerry Harvey: $1.44 billion

8. Transpacific Industries, Terry Peabody: $1.29 billion

9. Seven Network, Kerry Stokes: $1.08 billion

10. Multiplex, Roberts family: $1.03 billion

11. David Coe, Allco Finance Group: $937 million

12. Rural Press, Fairfax family: $862 million

13. Ramsay Healthcare, Paul Ramsay: $846 million

14. Billabong, Gordon Merchant: $804 million

15. Worley Parsons, John Grill: $732 million

WorleyParsons is a fantastic success story in anyone’s language. Whilst Australia has failed to develop a global oil or gas company, WorleyParsons is quickly emerging as a serious global player when it comes to oil and gas services and engineering.

The stock was floated at just $2 a share four years ago and is about to have a capitalisation in excess of $6 billion if this predicted share price surge does indeed come through.

It didn’t get lucky with resource discoveries or make billions gouging captive Australian customers like the bank cartel, but is instead a genuine success story in a competitive global industry. If only Australia had developed more companies like WorleyParsons.
 
any analysis to back up the $30 claim? Mkt cap is $6bn @ $30. Seems a bit rich for an already fully valued stock

this raises some conflict of interest arguments. why is the bookrunner UBS claiming the shares will hit $30, seems unethical
 
Halba said:
any analysis to back up the $30 claim? Mkt cap is $6bn @ $30. Seems a bit rich for an already fully valued stock

this raises some conflict of interest arguments. why is the bookrunner UBS claiming the shares will hit $30, seems unethical
Click to expand...

I wonder what price it will open on

WOR - Earnings and Dividends Forecast (cents per share)
2006 2007 2008 2009
EPS 67.9 95.2 113.9 125.5
DPS 41.0 52.8 64.5 73.0

Do you think MND is the next WOR?

Earnings and Dividends Forecast (cents per share)
2006 2007 2008 2009
EPS 35.2 53.9 59.8 65.1
DPS 33.0 44.0 44.5 55.0

thx

MS
 
Worley Parsons 50-50 chance of aquiring desalination plant contract for sydney. Just some news off the grape vine!
 
WOR has the experience with Desalination Plants in Perth which is the 3rd largest Desalination Plant in the world

www.worleyparsons.com/v5/pdf.aspx?file=Capability_Differentiators Profile.pdf

WorleyParsons has equity in two local developments – power stations in Esperance and Exmouth. Additionally, the Perth team is supporting the development of two unique projects in the region – Perth desalination plant and the Narrogin Bioenergy power plant.

Perth Seawater Desalination Plant
Client: Multiplex Degremont Joint Venture
Location: Kwinana, Australia
Timeframe: Sep 2004 ”” Sep 2006

To provide surety of water supply in a climate that has seen a dramatic fall in water levels in the major water supply dams and declining groundwater levels, the Water Corporation elected to build a seawater desalination plant.

The $300 million Perth Seawater Desalination Plant is the largest of its kind in the southern hemisphere and one of the largest seawater desalination plants in the world. It will provide up to 144 megalitres of potable water a day for Perth’s integrated water distribution system and will provide 17% of Perth’s
water consumption.

The project has been subject to considerable environmental scrutiny and this plant will incorporate the most rigorous environmental monitoring and reporting applied to any seawater desalination plant. A key challenge for the WorleyParsons team was to produce engineering outputs in a project schedule that required design to proceed in parallel to procurement and construction.
 
SP up $5.15 or 22.79% after trading halt

WOR $27.75 +$5.15 +22.79% 417,540 share $11,409,280
14-Feb 10:33:50

The 1 for 9 issue at $21.00 are now a real bargin!

WorleyParsons Limited (the “Company”) has announced a 1 for 9 accelerated renounceable entitlement offer in the form of an AREO capital raising (the “Entitlement Offer”), at an issue price of $21.00 (the “Offer Price”) per new share to raise a total of approximately $479.9 million

I hold WOR
 

Yeah crazy stuff

EPS(c) PE Growth
Year Ending 30-06-07 95.1 23.8 40.1%
Year Ending 30-06-08 117.9 19.2 24.0%

Earnings and Dividends Forecast (cents per share)
2006 2007 2008 2009
EPS 67.9 95.1 117.9 139.7
DPS 41.0 56.5 65.0 79.7



thx

MS
 
ASX ann March 12

WOR 1:46 PM Completion of Acquisition of the Colt Companies
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00701861
http://www.asx.com.au/asxpdf/20070312/pdf/311f0ydpf8gyht.pdf

Following receipt of regulatory clearance and satisfaction of other conditions WorleyParsons is announcing today that it has completed the acquisition of the Colt Companies.

In funding the acquisition, the Company raised $345 million through the issue of 16.435 million new shares in the Institutional Entitlement Offer and will raise $135 million through the issue of 6.416 million new shares in the Retail Entitlement Offer, both at a price of $21.00 per share.

Shares not taken up in the Institutional and Retail Entitlement Offers were sold via bookbuilds involving both existing and new institutional investors. The bookbuild clearing prices for those shares were $28.00 and $25.50 per share respectively.

The acquisition also involved the issue of 12.3 million Exchangeable Shares to the vendors at $28.00 per share. The remaining consideration was satisfied by a cash payment.
 
Does that boil down to that they will flog the SP down to below $21.

SBM, CIY just 2 examples.

Cheers
 
WOR - WORLEYPARSONS currently hit all 12 month time high of $30.04 up $1.87

SP currently
WOR $29.78 +$1.61 +5.72 692,401 shares $20,158,360 @ 10-May 15:43:39

Does anyone know the reason for big increase?
 
They are taking over / or have just taken over a canadian company that is a leader in servicing the oil sands business (i think - or something close) + Bell potter gave them a very good recommendation last night
 
If the new support line of about $28.50 holds here for WOR, today could actually prove a very good entry, despite the weak lead from Wall Street......

Classic pattern where the stock retraces it's gains after a nice close yesterday and continues on it's merry way..... UGL is another good example of this, albeit on a longer time frame....

Best of luck to all holders here....

Cheers
 
Well, support held today nicely, did exactly as I expected it would ........

Entered here @ 29.02, square at the close..... I will have to wait until after the weekend to see the result....

Hopefully my chart gets on this post, finally got off my butt and learned how to attach items to posts!!!

Cheers
Reece
 

Attachments

  • WOR.jpg
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Well, moved as predicted..... just another example of a stock that is in a strong up trend in our bull market.

Took my profits at the open on Friday, just under 5% for 5 days was good enough for me in a CFD position..... Could just as easily move further, but I personally think the index is looking very toppy at the moment and want to lock in profits quickly...

Cheers
Reece
 
This one is looking oooo soooo nice atm.......

We nearly broke to new highs today and I notice upon review of my short data a great deal more short sellers have been suckered in in the view it's expensive....

Have a look at my blog for the short data, they have at least 8 days to cover based on Thurdsdays close, must be sweating after todays move......

Short squeeze opportunity beckons here....... Although, given the US weakness, it will be likely it will open lower on Monday......

Cheers
 
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