Analyst Research Report Snapshot

Title:

PETROFAC - CONTRACTS DELAYED BUT NOT LOST

Price:

$10.00

Provider:

Edison Investment Research

Date:

12 Dec 2013

Pages:

5

Type:

AcrobatPDF

Companies referenced:

PFC.L

Available for Immediate Download
Summary:

Despite a disappointing IMS (18 November 2013), we continue to see longer-term upside in the business. The fundamentals of the investment case still stand. Critically, our estimates for the backlog have fallen only marginally, suggesting the issue is more one of timing. The stock should start to recover as the market focuses on the strong backlog, which we expect to grow. This is more important than the 2014 EPS outlook. There is the possibility of further large contract wins over the next few months, which would grow the backlog further. Our reduced valuation of £18.45 still offers substantial upside.

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