Update: Robust FY14, headwinds at ANSS
Augean’s pre-close trading statement confirmed that FY14 results (24 March) are expected to show a robust set of numbers and we expect Augean to deliver further improvements to ROCE. However, with the recent decline of oil prices, Augean outlined a potential risk to its Augean North Sea Services (ANSS) business if oil prices remain at current levels or fall further. We have conservatively updated our earnings forecast and valuation to reflect this risk and highlight that the current share price is trading at the bottom end of our 47-71p/share range.Augean is engaged in waste management businesses. Co.'s business units are: Energy & Construction, which disposes air pollution control residues, asbestos and other contaminated waste materials and soils; Radioactive Waste Services, which treats and disposes low level radioactive waste; Industry & Infrastructure, which is engaged in the recovery and recycling of oil and solvents and the generation of secondary liquid and solid fuels from waste; Augean Integrated Services, which provides total waste management; and Augean North Sea Services, which provides drilling waste management, production waste management, onshore & marine industrial services, decommissioning and water treatment.
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