WorleyParsons (WOR) News
Further Reading
WorleyParsons (WOR) has no changes to their valuation or share price target and retained their Buy rating from Australian market analyst UBS.
WorleyParsons (WOR) Wins Canadian Refining Contract
C$800m Contract:
WOR subsidiary Colt has announced that it has won a C$800m EPCM contract with Consumers Cooperative Refineries Ltd (CCRL) as part of its C$1.9b expansion of a refinery in Regina, Saskatchewan. We would expect revenue to WOR to be around C$80m over the four year life of the project.
Canadian Operations Continue to Win Projects:
Over the past few months Colt has won a number of relatively large, long duration projects. Including this announcement we estimate that total revenues from Canadian contracts over the past nine months amount to some C$500m. Colt generated C$735m in sales in the year to January 2007.
Margins Generally Higher:
In the year ended January 2007 Colt generated EBIT margins of 13%, some 400bps higher than those generated by Worley. We expect Colt to generate C$180m EBITA this financial year, continuing it's historic near 50% growth rate.
Valuation
There are no changes to our valuation or share price target. Compared to its global peers WOR has higher growth rates, better returns on capital a similar or lower multiples. We retain a Buy rating.
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