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Worley’s analyst narrative has shifted, with the fair value estimate moving from A$16.35 to A$14.52 and price targets resetting to A$13 and A$12.37. These changes sit at the center of an active debate, where some analysts point to stronger reported revenue and earnings, while others focus on restructuring costs and what they see as weaker underlying quality. As you read on, you will see how these views are shaping the story around Worley and what to watch as the narrative evolves.

Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Worley.

What Wall Street Has Been Saying

🐂 Bullish Takeaways

RBC Capital highlighted that Worley’s first half aggregated revenue, underlying earnings and underlying EBITA margin were all above its estimates, which supports the view that the core business is delivering ahead of prior expectations. The company’s reported first half result was described as solid by RBC Capital, which some investors may view as a constructive data point when weighing execution against recent share price moves and fair value estimates.

🐻 Bearish Takeaways

RBC Capital cut its rating to Sector Perform from Outperform and lowered its price target to A$13 from A$18, citing relatively high restructure costs below the line and the prospect of more to come, which may pressure earnings quality and valuation support. Jefferies moved Worley to Hold from Buy with a A$12.37 price target, arguing that management’s upbeat outlook is hard to square with what it sees as a weaker underlying result, raising questions for investors about the sustainability of current margins and growth assumptions.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!ASX:WOR 1-Year Stock Price Chart

We've flagged 1 risk for Worley. See which could impact your investment.

What's in the News

Bloomfire announced a partnership with Worley Consulting to embed its Enterprise Intelligence platform into Worley Consulting’s digital offerings, aiming to apply AI across project delivery and decision making in asset intensive industries. Worley Consulting said the Bloomfire integration is intended to help customers govern, trust and activate knowledge using AI driven search and knowledge management tailored to how assets operate over their full lifecycle. On February 26, 2026, Worley extended the duration of its share buyback plan to March 12, 2027 and adjusted the terms of the existing program. Worley Limited issued earnings guidance for fiscal 2026, stating it targets moderate growth in aggregated revenue compared with FY25.

Story Continues

How This Changes the Fair Value For Worley

The fair value estimate is adjusted from A$16.35 to A$14.52 based on the current assumptions. The assumed long term aggregated revenue growth is revised from 9.55% to 8.07%. The assumed net profit margin is updated from 3.99% to 3.94%. The future P/E multiple in the model is moved from 18.65x to 16.37x. The discount rate used in the valuation is changed from 9.18% to 9.30%.

Never Miss an Update: Follow The Narrative

Narratives link a company’s real world story to a financial forecast and fair value, so you can see how news, guidance and industry shifts connect to the numbers. They refresh as new data and research come through, helping you keep track of what has actually changed.

Head over to the Simply Wall St Community and follow the Narrative on Worley to stay up to date on:

How the push for decarbonisation and energy transition, including sustainability related work such as renewables, hydrogen and carbon capture, is shaping Worley’s addressable market and project pipeline. Worley’s shift toward higher margin advisory, digitalisation and AI enabled delivery, including global integrated delivery centers, and what that could mean for cost efficiency and margins. Key risks such as pressure on higher margin professional services revenue, subdued chemicals and European markets, reliance on oil, gas and LNG projects, and rising competition in digital and renewables consulting.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include WOR.AX.

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