WorleyParsons offers strong indirect exposure to the highly cyclical global energy sector
We make no change to our AUD 6.30 fair value estimate for no-moat WorleyParsons. The company’s 104% increase in underlying first-half fiscal 2018 NPAT to AUD 78 million was below our AUD 89 million expectations. But the trend is regardless favourable and our long-term thesis for improving earnings, as energy reinvestment kick-starts, is intact. Underlying NPAT excludes AUD 77 million in post-tax restructuring, acquisition, onerous lease and deferred tax charges which crimp the statutory result t...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.
We have operations in 27 countries.
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