Aequitas Research - Worley Limited (WOR) Worley Placement - Selldown by Jacobs but could be a tough one to digest

Report

Aequitas Research

Zhen Zhou Toh

EUR 91.44 For Business Accounts Only

Worley Placement - Selldown by Jacobs but could be a tough one to digest

Jacobs Engineering is looking to sell about US$370m (AUD505m) worth of Worley shares. This is a clean-up trade.

In this note, we will run the deal through our ECM framework and share our thoughts on deal dynamics.

16/09/2021 7 EN

Underlying

Worley Limited

WorleyParsons is a services provider to the resources, energy and industrial sectors. Co. has four business lines of Services, Major Projects, Improve and Advisian and three customer sectors, each of which is focused on customers involved in the following activities: Hydrocarbons, which includes the extraction and processing of oil and gas; Minerals, Metals and Chemicals, which includes the extraction and processing of mineral resources and the manufacture of chemicals; Infrastructure, which includes projects related to water, the environment, transport, ports and site remediation and decommissioning, and all forms of power generation, transmission and distribution.

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AU000000WOR2 Australian Securities Exchange Australia

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

See profile

Analysts

Zhen Zhou Toh

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