Financials Worley Limited

Equities

WOR

AU000000WOR2

Construction & Engineering

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
16.13 ^AUD	-2.71%		-1.16%	-7.62%

Apr. 15	Vast Renewables Limited Executes Key Engineering Contracts with Afry, FYFE, Primero and Worley to Complete Front-End Engineering Design on Its VS1 Project	CI
Mar. 19	Worley Secures Contract for Pembina Redwater Complex Expansion	MT

Valuation

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,650	4,547	6,256	7,471	8,305	8,511	-	-
Enterprise Value (EV) ¹	9,331	6,368	7,793	9,133	10,128	10,041	9,852	9,592
P/E ratio	40.6 x	26.7 x	73.4 x	43.7 x	226 x	25.3 x	18 x	15.1 x
Yield	1.87%	5.73%	4.18%	3.51%	3.17%	3.2%	3.56%	4.07%
Capitalization / Revenue	1.19 x	0.4 x	0.71 x	0.82 x	0.76 x	0.71 x	0.64 x	0.59 x
EV / Revenue	1.45 x	0.57 x	0.89 x	1.01 x	0.93 x	0.83 x	0.74 x	0.66 x
EV / EBITDA	19.5 x	7.11 x	12 x	12.8 x	12.7 x	10.6 x	9.16 x	7.9 x
EV / FCF	46.9 x	8.32 x	17.2 x	34.7 x	56.9 x	20.5 x	17.7 x	15.5 x
FCF Yield	2.13%	12%	5.81%	2.88%	1.76%	4.89%	5.65%	6.43%
Price to Book	1.28 x	0.77 x	1.12 x	1.32 x	1.48 x	1.53 x	1.48 x	1.42 x
Nbr of stocks (in thousands)	520,042	521,477	523,080	524,644	525,987	527,620	-	-
Reference price ²	14.71	8.720	11.96	14.24	15.79	16.13	16.13	16.13
Announcement Date	8/20/19	8/25/20	8/24/21	8/23/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,439	11,249	8,774	9,065	10,928	12,059	13,264	14,443
EBITDA ¹	478.5	896	650	714	800	948.9	1,076	1,214
EBIT ¹	385.3	634	368	452	546	673.8	807.6	931.6
Operating Margin	5.98%	5.64%	4.19%	4.99%	5%	5.59%	6.09%	6.45%
Earnings before Tax (EBT) ¹	245.4	267	147	294	146	554	734.3	855.1
Net income ¹	151.9	171	86	172	37	327.5	478.8	556.7
Net margin	2.36%	1.52%	0.98%	1.9%	0.34%	2.72%	3.61%	3.85%
EPS ²	0.3620	0.3270	0.1630	0.3260	0.0700	0.6377	0.8974	1.070
Free Cash Flow ¹	199.1	765	453	263	178	490.5	556.8	617.1
FCF margin	3.09%	6.8%	5.16%	2.9%	1.63%	4.07%	4.2%	4.27%
FCF Conversion (EBITDA)	41.61%	85.38%	69.69%	36.83%	22.25%	51.69%	51.76%	50.82%
FCF Conversion (Net income)	131.07%	447.37%	526.74%	152.91%	481.08%	149.77%	116.29%	110.85%
Dividend per Share ²	0.2750	0.5000	0.5000	0.5000	0.5000	0.5159	0.5741	0.6570
Announcement Date	8/20/19	8/25/20	8/24/21	8/23/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Giugno	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 S1	2023 S2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1
Net sales ¹	5,998	5,251	4,498	4,277	2,330	2,330	4,368	2,520	2,520	4,697	-	5,391	5,726	6,081	3,037	3,037	6,532	3,268	3,268	6,473	3,268	7,198	7,029
EBITDA	498	395	324.3	325.7	-	-	338	-	-	376	-	366	434	-	-	-	506	-	-	-	-	-	-
EBIT ¹	310	321	170.3	211.9	104	104	202	116.5	116.5	250	-	234	312	302	211.2	211.2	388.3	236.2	236.2	412.7	236.2	471.5	424
Operating Margin	5.17%	6.11%	3.79%	4.95%	4.46%	4.46%	4.62%	4.62%	4.62%	5.32%	-	4.34%	5.45%	4.97%	6.95%	6.95%	5.95%	7.23%	7.23%	6.38%	7.23%	6.55%	6.03%
Earnings before Tax (EBT) ¹	-	-	-	100	63	63	126	84	84	168	-	-	220	187	183.1	184.9	338.5	210.4	211.6	422	212.8	426.7	-
Net income ¹	-	-	-	63.7	39.5	39.5	79	46.5	46.5	93	-	-	136	106	113.2	114.3	216.2	131	131.8	262.8	132.5	265.8	-
Net margin	-	-	-	1.49%	1.7%	1.7%	1.81%	1.84%	1.84%	1.98%	-	-	2.38%	1.74%	3.73%	3.76%	3.31%	4.01%	4.03%	4.06%	4.05%	3.69%	-
EPS ²	-	-	-	0.1200	0.0800	0.0800	0.1510	0.0900	0.0900	0.1750	-0.0900	-0.1880	0.2580	0.2000	0.2110	0.2140	0.4375	0.2450	0.2460	0.4910	0.2480	0.4970	-
Dividend per Share ²	0.2500	0.2500	0.2500	0.2500	0.1300	0.1300	0.2500	0.1300	0.1300	0.2500	-	0.2500	0.2500	0.2500	0.1590	0.1600	0.3097	0.1840	0.1850	0.3680	0.1860	0.3720	-
Announcement Date	2/23/20	8/25/20	2/22/21	8/24/21	2/21/23	2/22/22	2/22/22	8/23/22	8/23/22	8/23/22	2/21/23	2/21/23	8/22/23	2/27/24	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,681	1,821	1,537	1,662	1,823	1,531	1,341	1,082
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.513 x	2.032 x	2.365 x	2.328 x	2.279 x	1.613 x	1.247 x	0.8908 x
Free Cash Flow ¹	199	765	453	263	178	491	557	617
ROE (net income / shareholders' equity)	5.84%	5.3%	3.1%	3.9%	4.98%	6.93%	8.89%	9.91%
ROA (Net income/ Total Assets)	3.08%	1.52%	1.94%	2.51%	2.69%	3.49%	4.85%	5.18%
Assets ¹	4,924	11,230	4,433	6,850	1,377	9,392	9,877	10,748
Book Value Per Share ²	11.50	11.40	10.70	10.80	10.70	10.50	10.90	11.30
Cash Flow per Share ²	0.5600	1.580	1.010	0.6000	0.4900	1.130	1.260	1.410
Capex ¹	37.2	64	80	53	82	90.8	88.5	92.6
Capex / Sales	0.58%	0.57%	0.91%	0.58%	0.75%	0.75%	0.67%	0.64%
Announcement Date	8/20/19	8/25/20	8/24/21	8/23/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Worley Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16.13 AUD

Average target price

17.67 AUD

Spread / Average Target

+9.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
WORLEY LIMITED	-7.62%	5.55B
VINCI	-2.29%	67.67B
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CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B

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