Report by Rimor Equity Research
Despite WOR's transformational purchase of Jacobs ECR, the share price remains at a similar level to where it was 5-years ago, having underperformed the Australian market by ~20%. Since their initial take on the acquisition, Rimor has published a number of detailed reports on sustainability themes and energy transition with input from industry contacts. In this 58-page report, they highlight the likely extended duration of this up-cycle and WOR’s leverage to investment requirements across a range of end-markets that they expect to become clear in the next 12-18 months. Rimor also believes the importance of the Jacobs acquisition to WOR will become clearer - both in bringing capability and earnings diversity. Opportunities for margin and cashflow improvements are also identified.