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From the RNS
"The Board believes this Latest Proposal continues to undervalue the Group and is therefore minded to reject."
The use of the words "minded to reject" is a bit worrying for me as it seems to indicate a shift in Wood's position. Seems strange to change to this tone with an increase of 7p per share. Maybe just trying to keep them on the hook and get more bidders. Like others on this chat it's a worry they sell too cheap!
GWllerz79
I can't disagree with any of your figures but the price is sinking day after day at the moment and we keep waiting on the next report from the company to turn things around.
They need to be posting some good news on the contract award front and not just renewal of existing work. Large award or two in their "new" sectors would be a key in my opinion.
I believe all the big ticket legacy issues are out in the open now and should make them much more cautious going forward.
Don't get me wrong - I'm a long term holder of these and I'm holding - it just seems they are out of favour due to the issues they have had and the wider market is reluctant to support until they get some consistent good news - that could take some time.
I'll take no fireworks - slow and steady.
I got the feeling from listening to the call that the "baggage" from past acquisitions has largely gone and they are more confident of an improving project pipeline - which has been a drag in 2022 - materialising in 2023.
Results are "in line" - nothing special in all this. Obviously market was expecting more and its getting hammered in early trading. CMD presentation is not until 2pm UK time which is surprising as all previous CMD presentations have been early morning
there will be some selling off on this I suspect just on the headline and number.
The AFW acquisition certainly didnt do this company any good whatsoever and you have to think with teh recent divestment they are back on the level. CMD will be interesting with new CEO and strategy
Settlement agreement
The parties have agreed to settle the case for an amount of $115 million. This will be paid in one instalment within the next 7 days.
Implications for net debt
We expect to be around the middle of our target range of 0.5x to 1.5x net debt (excluding leases) to EBITDA at 31 December 2022. This includes the payment of this settlement and the planned decision to use part of the proceeds of the Built Environment sale to normalise our working capital.
I hold as almost 90% of my current holding in Wood was "given" to me when the company floated. I've really got nothing to lose on this one - fully retired and dont need to fund my retirement by buyiong and selling shares.
Wehjher you believe me or not is not a concern for me.
DagenhamDave
For a rough and ready calculation then it appears the price is at or around wher it should be until such time as the compay tell us different on the profit side and we are going to have sometime to wait and see what that is. End of Novemeber for a CMD seems a long way off when you are bleading 10% per day