Share Price and Dividend, page-9

From GS (29/7/21)

Worley Ltd. (WOR.AX, Buy on CL, 12m TP A$15.60, covered by Shaurya Visen)

We believe consensus is under-estimating the potential of WORs energy transition segment. We expect the segment to gain increased investor attention as Covid-19 related impacts fade and the company continues to highlight the strong growth potential of the business via increased disclosure. WOR provided solid colour around the opportunity set, timeline, and competitive positioning of the business in its 2021 Investor Day, and we expect further updates on the energy transition project pipeline on the FY21 earnings call.
We are roughly in line with consensus for FY21 earnings (EBITDA 1% below FactSet consensus), but are meaningfully above consensus for FY22 (EBITDA 27% above FactSet consensus) driven likely by our higher energy transition segment estimates.