Jefferies cuts PT for Australia's Worley after flagging heavier skew to second half

Worley

20/11/2025 19:30

** Jefferies cuts price target for Australia's Worley WOR.AX after the engineering services provider flagged a larger-than-expected earnings skew to the second half

** Brokerage cuts PT to A$15.50/shr from A$16.18/shr; retains "buy" rating

** Co reaffirmed guidance for full-year on Thursday, but said earnings might be more skewed to the second half than prior years due to project cancellations and restructuring costs

** Jefferies cuts FY26 and FY27 EBITA estimates by 1% and 3%, respectively, reflecting broader macro weakness and impact from restructuring costs

** Jefferies sees some risks into FY27, given weaker European sustainability-led activity and generally weaker macro conditions

** Most analysts covering the stock rate it "buy" or higher; their median PT is A$16.80 — LSEG data

** Stock down ~3.5% this year

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com))