Australia's Worley rises; Jefferies sees upside in outlook

Worley

20/05/2025 05:42

** Shares of Worley WOR.AX rise 0.6% to A$12.99

** Earlier in the session, stock hit its highest level since April 4

** Jefferies sees backlog for the engineering firm to continue to improve as remainder of CP2 project converts from the factored sales pipeline

** Worley holds engineering, procurement, construction contract for North American Venture Global's CP2 LNG project

** Brokerage sees an increase in overall headcount to ~50k from ~47k in December as positive indicator

** Jefferies' FY26 EBITA estimate sits 5% below consensus given more cautious outlook on upstream capex projects and the phasing of CP2 project

** Stock trims YTD losses to 5.2%

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))