Analyst consensus and coverage

Analyst Consensus

Revenue ($m) 10,394 10,183 10,603 10,784 10,310 11,962
Adjusted EBITDA ($m)890 868 904 953877 1,052
Operating profit (before exceptional items)1 ($m) 446 407504512 422 648
Profit before tax ($m) 215 147262 332 237 435
Adjusted diluted EPS 49.3c 44.2c 58.7c 57.6c 46.3c 77.7c

Last updated on 2 October 2019

  1. We have simplified our reporting metrics for reporting periods ended 30 June 2019 onwards. These changes align our principal reporting metrics with IFRS measures and facilitate comparison across peers.  There is no reduction in the level of accounting disclosure at the Wood or business unit level. At the Group level the results from joint ventures are accounted for in line with IFRS using the equity method and are no longer be reported on a proportionally consolidated basis. Wood’s primary reporting metrics are:
    - Revenue, aligned with the IFRS definition, i.e. on an equity consolidated basis, excluding joint ventures
    - Operating profit (pre-exceptional items)

    In addition, Adjusted EBITDA (pre-exceptional items, including joint ventures) is presented as an additional non-statutory /‘non-GAAP’ measure of profit. This is presented at the Group and Business Unit level to report underlying financial performance and facilitate comparison with peers.

    Adjusted Diluted EPS is also presented, defined as earnings before exceptional items and amortisation relating to acquisitions, net of tax, divided by the weighted average number of ordinary shares in issue during the period. In contrast to previous reporting, the measure is stated before amortisation arising from acquisitions only and not amortisation relating to other intangibles such as software costs.
  2. IFRS 16 Leases became effective 1 January 2019. The most significant change for Wood is the accounting for property leases.  Rental charges which were previously recorded in operating costs in respect of these leases will now be replaced with depreciation and an interest charge. We have chosen to apply the modified retrospective approach on adoption of IFRS 16 and using this approach there is no restatement of 2018 comparatives in 2019. We anticipate that 2019 adjusted EBITDA will increase by c$143m and operating profit will increase by c$19m.
  3. Consensus includes forecasts updated after Wood’s 2019 Interim Results announcement on 20 August 2019 and includes forecasts that reflect our revised reporting metrics (set out in note 1) and the implemenation of IFRS 16. Consensus therefore includes the following organisations: Barclays, Exane BNP Paribas, Goldman Sachs, RBC, Bank of America Merrill Lynch, Morgan Stanley, Berenberg, Bernstein, Jefferies and HSBC.

Analyst Coverage

Bank of America Merrill Lynch Vlad Sergievskii
Barclays Capital Mick Pickup
Berenberg Henry Tarr
Bernstein Nicholas Green
CanAccord Genuity Alex Brooks
Citigroup Michael Alsford
Exane BNP Paribas James Evans
Goldman Sachs Sahar Islam
HSBC Tarek Soliman
Investec Thomas Rands
Jefferies LLC Mark Wilson
J.P. Morgan Cazenove James Thompson
Morgan Stanley Lillian Starke
Numis Securities Ltd James Hubbard
RBC Victoria McCulloch
Redburn Ltd Michael Rae
UBS Amy Wong

518游戏城 is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding 518游戏城's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of 518游戏城 or its management. 518游戏城 does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.