No-Moat WorleyParsons' Fiscal 2017 Profit in Line, No Change in FVE
We make no change to our AUD 6.00 fair value estimate for no-moat WorleyParsons. The company’s 20% decline in underlying fiscal 2017 NPAT to AUD 123 million was in line with our expectations. Underlying NPAT excludes AUD 90 million in post-tax restructuring and onerous lease charges which crimp the statutory result to just AUD 35 million, on AUD 4.4 billion in sales. How the mighty have fallen. Net operating and free cash flow were better than expected, though both down by approximately 40% to A...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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