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WOR
Worley Ltd
Construction and Engineering
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About Worley Ltd
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FUND MANAGER
DATE
31 Aug 2026
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The entries below are records originating from third-party statements. Thesis Tracker does not rank, recommend or endorse any fund manager, fund or security. Investment decisions should be made on the basis of the relevant Product Disclosure Statement and, where appropriate, advice from a licensed adviser.
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Frequently asked questions about Worley Ltd (ASX:WOR)
Frequently asked questions
Who is investing in Worley Ltd (ASX:WOR)?
Fund managers including Cooper Investors, L1 Capital, Endeavor Asset Management, Ten Cap, Equity Trustees Asset Management, Yarra Capital Management, Antares Capital, Clime Investment Management, Sterling Managed Investments, Elston Asset Management, Pendal Group, Perennial Partners, Solaris Investment Management, Pengana Capital Group, ClearBridge Investments, Maple-Brown Abbott, Alphinity Investment Management, Spheria Asset Management, Australian Eagle Asset Management and First Samuel have invested in Worley Ltd (ASX:WOR).
What opportunities or catalysts do fund managers highlight for Worley Ltd?
Multiple managers viewed Worley as a turnaround and infrastructure-cycle beneficiary. Endeavor Asset Management (August-September 2025) favored it for backlog growth of 22% aided by the CP2 LNG project, double-digit EPS growth guidance, strong cash conversion, and reducing leverage. Elston Asset Management (September 2025) framed it as a turnaround candidate given margin expansion, a 14x NTM P/E discount to the ASX 200, reduced competition from distressed EPC peers, and catalysts including CP2 LNG, Global Integrated Delivery margin scaling, and LNG/data-centre/energy-transition demand tailwinds. Through 2026, Pendal Group tracked contract wins including CP2 phase two (potentially a $2 billion contract, later reaching FID in March), a Pembina gas plant contract, and a 450MW power generation win, while flagging an FY30 double-digit EBITA CAGR ambition and a new $300 million buyback. Pengana Capital Group, Antares Capital and Australian Eagle Asset Management pointed to Middle East rebuild/energy-security demand, an expanding backlog, and an aggressive buyback as reasons for optimism despite near-term disruption. ClearBridge Investments and Spheria Asset Management both saw AI as a margin/productivity positive for Worley's engineering work, and Spheria viewed the stock as attractive under 10x EBITA given long-term pipeline and infrastructure investment growth.
What are the key risks to the Worley Ltd investment thesis, according to fund managers?
Key risks centered on project/earnings volatility and execution. Elston Asset Management noted pipeline uncertainty (FY25 pipeline down 2% ex-CP2), energy market volatility, and 14% chemicals revenue weakness. Endeavor Asset Management flagged Exxon pausing spending on the Baytown Blue hydrogen project (over $1 billion of Worley's pipeline) and weaker oil prices weighing on sentiment. Solaris Investment Management noted an effective downgrade from $82m in restructuring costs, flat margins despite revenue growth, European chemicals cancellations and FX headwinds. The Middle East conflict emerged as a major recurring risk: Pendal Group tracked escalating EBITA hits (first $30-40 million, then up to $60 million) plus a ~$50 million FX translation headwind, with roughly 10% of Worley's workforce based in the region; Spheria and Pengana echoed this. Antares Capital exited citing both the unresolved Middle East disruption and a structural risk of EPC contractors vertically integrating into front-end design, eroding Worley's traditional engineering-house model. Maple-Brown Abbott and Alphinity Investment Management both rated it a sell, citing a history of contractor earnings surprises, repeated downgrades, and green-energy projects being pushed to the right or cancelled, arguing the stock wasn't yet cheap enough to compensate.
What is the short interest in Worley Ltd (ASX:WOR)?
The short interest in Worley Ltd (ASX:WOR) is 1.04% which makes it the 205th most shorted stock on the ASX. Of the 509.4M shares that Worley Ltd has on issue, 5.3M have been sold short.
What does Worley Ltd (ASX:WOR) do?
Worley Ltd., founded in 1971 and headquartered in Sydney, Australia, provides professional services to the global resources, energy, and industrial sectors. The company operates through four key segments: Energy and Chemical Services, offering engineering and project management; Mining, Minerals and Metals Services, delivering integrated engineering solutions; Major Projects and Integrated Solutions, focusing on complex large-scale projects and facility lifecycle maintenance; and Advisian, providing strategic management and technical consulting. Worley supports clients by optimizing operations and project execution across the hydrocarbons, infrastructure, and resources industries.