Market Murmurs: WOR, SHL, APA
The local earnings season rolled along Wednesday in a slightly happier environment for all concerned - here's what Worley Group, Sonic Healthcare and APA Group had to say.
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Worley turns concepts into realities, blueprints into assets and ideas into energy.
Worley’s ideas have switched on the lights in a million Kenyan homes. They’ve provided fresh drinking water to local communities and transformed waste products into clean energy.
The company delivers projects and provide engineering, procurement and construction expertise to the upstream, midstream, chemicals, power, and mining and minerals sectors. Thanks to our range of services and the scope of our expertise, we work with our customers at every stage of their project: from initial concepts to sustaining and enhancing their assets.
The local earnings season rolled along Wednesday in a slightly happier environment for all concerned - here's what Worley Group, Sonic Healthcare and APA Group had to say.
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Energy services group Worley has emerged as a major victim of COVID after a trading update Monday for the first six months of 2020-21 revealed a big slump in revenue and earnings.
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The $4.5 billion acquisition of Jacobs ECR 16 months ago has paid off for resources engineering and services group Worley in the year to June.
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Mining and construction services company Worley has boosted its reserves against the COVID-19 pandemic and the slumping oil price with a new $465 million of new debt
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A rare event this reporting season for one lot of shareholders in the shape of a big rise in interim dividend. Worley doubled its interim dividend to an unfranked 25 cents a share.
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Buy rating retained, UBS pegging Worley as an energy transition winner offering a 10-year EPS compound annual growth rate of 10%. Target price rises to $16.40 from $14.40.
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First-half results were ahead of forecasts. Credit Suisse raises FY20 revenue estimates by 7%. Management has raised its Jacobs ECR synergy target to $175m from $150m.
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Ahead of the first half result on February 24 the company has disclosed Pro-forma financials. These are in line with UBS estimates, with aggregated revenue of $10.5bn.
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The company's investor briefing has shown how the combined business is positioning to capture more work as Jacobs ECR is integrated. Credit Suisse remains comfortable that, pending a smooth integration, leverage to the controlled cost base and new scale will provide unique exposure to the global energy mix.
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