Jefferies trims PT for Australia's Worley on lowered earnings forecasts

Worley

20/05/2025 20:10

** Jefferies cuts its Price Target for Worley WOR.AX to A$16.18 from A$18.10; retains 'Buy'

** Brokerage reduces its FY26-27 earnings estimates for the consulting co by 6%-8%, reflecting delayed phasing of the CP2 project; expects minimal contribution from project to FY26 revenue and EBITA

** Also accounts for lower level of backlog growth, an indicator of co's future revenue, given the macroeconomic environment and higher net interest costs from FY27

** 9 of 10 analysts rate the stock "buy" or higher, 1 "hold"; their median PT is A$17.00, according to data compiled by LSEG

** YTD, shares down 5.5%, last closed at A$12.91 after adjustments

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))