10 Mar 2016 12:11
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Don't have an account? Click here to register.Macquarie ups Amec Foster to 'neutral'
Wed, 09th Nov 2016 10:03
(ShareCast News) - Macquarie upgraded Amec Foster Wheeler to 'neutral' from 'underperform' but cut the price target to 400p from 420p, with the stock now sufficiently de-rated after last month's disappointing trading update."In our view, the time has come to close out underweight positions and we upgrade our recommendation to neutral."Near-term catalysts for underperformance are slim and the current multiple is far more reflective of the challenges that are faced in turning around the company," it said.Macquarie said it has better digested last month's update and downgraded its Clean Energy revenue assumption for next year.It now expects this to fall 24%, compared to 8% previously, and said this is "more in tune with commentary of a significant decline" in Solar revenues.Overall, ex-Global Power Group, it reckons group revenues will decline by 9% in 2017.Macquarie said it could not rule out a dividend cut.Due to weakening FX, it expects that post disposals, Amec will still have net debt/EBTIDA of 2.4x, above the 2.0x it has historically said it is comfortable with."To get down to that level, net debt would need to fall by a further £130m and cutting the dividend would get them towards this (£85m annual saving)," it said.At 1020 GMT, Amec shares were up 2.6% to 425.20p.
More News
10 Mar 2016 09:16
Amec swings to loss in 2015 but outlook welcomed
(ShareCast News) - Amec Foster Wheeler said it swung to a loss in 2015 but shares in the oil and gas engineer rose sharply as investors welcomed the company's debt line and outlook. The group posted a pre-tax loss of £235m compared with a profit of £155m in 2014 amid challenging conditions in the oi
Read more4 Mar 2016 12:03
Amec Foster Wheeler surges on US Air Force contract win
(ShareCast News) - Shares in Amec Foster Wheeler surged on Friday after the oilfield services firm said it has secured a seven-year contract with the US Air Force. The FTSE 250 company said it has been awarded prime contractor position on the Air Force Civil Engineer Center (AFCEC) Architect-Enginee
Read more3 Mar 2016 16:24
3 Mar 2016 10:41
Amec Foster secures £125m contract with BP
(ShareCast News) - Engineering services company Amec Foster Wheeler has secured a one-year engineering, procurement and construction contract with BP worth £125m. The contract is to build a new refrigeration plant that will maintain efficient operations across BP's Forties pipeline system. It cover
Read more2 Mar 2016 08:33
Amec Foster Wheeler completes debt refinancing
(ShareCast News) - Amec Foster Wheeler has completed a £1.7bn refinancing of its main debt facilities. The engineering services company said the new facility with a syndicate of 20 banks includes a three year £650m term loan, a five-year £650m term loan and a five-year £400m revolving credit facilit
Read more23 Feb 2016 06:59
Amec Foster Wheeler wins US defence construction contract
(ShareCast News) - Amec Foster Wheeler has won a $183m contract from the US Army Corp of Engineers (ASACE) to help build at the Aegis missile site in Poland. The FTSE 250 company will provide USACE with launcher foundations, apron and crane pads, power plant facilities, warehouses and affiliated
Read more