WorleyParsons offers strong indirect exposure to the highly cyclical global energy sector
A 38% increase in WorleyParsons' fair value to AUD 5.50 factors in greater than previously credited cost-cutting. Our last note spoke to this, with cost reductions supporting continuation of Worley’s 6.5% underlying EBITDA margin in fiscal 2016. However, we don't think we went far enough, and reduce ongoing operating costs by a further AUD 30-35 million per year. While this is a less than a 1% reduction in costs overall, it regardless has material impact on margins and fair value, which are comi...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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