Typical detail from Cam. Always appreciated. I feel WOR's projected income for 2HFY14 is unachievable and it will be around 120m. Redundancy costs are always expensive and not only are projects being delayed, but margins across the engineering consultancy sector are being squeezed. So i'm reckoning FY14 NPAT of 220m (100+120)and even then i'm not confident. AUD is also a factor as you mention. So if EPS is 87c and one wants to pay PE of 12.5 then I value firm at $10.87.
Halfway through your piece i hoped no PDN holders were reading it. But you have offered to analyse PDN and i 100% accept your offer. For me PDN is worth 40cents.
WOR Price at posting:
$16.00 Sentiment: Sell Disclosure: Not Held
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