No-Moat WorleyParsons Bedding Down its Earnings Doubling Jacobs Purchase. FVE Inches up to AUD 9.20.
We increase our fair value for no-moat WorleyParsons by 2% to AUD 9.20 on time value of money considerations. Our fiscal 2019 and 2020 EPS forecasts are unchanged. Including Jacobs ECR, we still assume 5-year revenue CAGR of 18.3% to AUD 11.0 billion by fiscal 2023. However, after normalising for Jacobs, our revenue CAGR for the combined entity is a more pedestrian 3.1%. Worley completed the USD 3.2 billion acquisition of Jacobs in late April 2019 and work to combine the two businesses is underw...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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