WYGPF - Worley: Misunderstood Business At A Great Price
Worley Ltd is a global engineering, advisory and project management services company with a focus predominantly across the hydrocarbons, chemicals, minerals & metals and infrastructure sectors.
The company announced the acquisition of Jacob’s Energy, Chemicals and Resources division (ECR) on 22 October 2018 for an Enterprise value of US3.3bn, implying a June FY18 EV/EBITDA multiple of 11.5x pre-synergies. The ECR acquisition nearly doubles both revenue and earnings for Worley going forward and results in a combined headcount of ~57,000.
The share price remained flat over the last twelve months due to falling demand for new