Fair Value Estimate Upgraded 9% to AUD 6.00 Following a Deeper Dive Into Earnings Drivers
We will release a mining services special report that includes a deeper dive into the broad categories of earnings driver for the sector. We increase our fair value estimate for WorleyParsons by 9% to AUD 6.00 per share due to the favourable impact of public infrastructure spending on its major projects segment, which generated 25% of fiscal 2016 EBITDA. A more sanguine outlook for services is an added help in a segment that generated 60% of fiscal 2016 EBITDA. Australia has been on an LNG const...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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