Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a662050

Expert View: ITV, Petrofac, Centrica, Carillion & Avingtrans

A roundup of analyst opinion on shares and company news.

 

Petrofac punished for vagueness

Shares in Petrofac (PFC.L) slumped more than £1 or 6% to £14.96 after the oil services group narrowly missed 2012 profit forecasts, invested heavily in its new offshore division and refused to to be pinned down over its forecast for this year.

Commenting before the company's presentation after the results, James Evans of Cannacord Genuity said: 'Petrofac has pointed to somewhat vague guidance of "good growth" in 2013, vs our forecast of 12%. We think this guidance is satisfactory given that there is still some uncertainty on $3 billion of work in MENA [Middle East, North Africa] awaiting contract signature.'

Evans said the shares traded at 11.7 times his forecast earnigns for 2013 and 10.4 times for 2014, in line with its sector average.

Next: Centrica, 'cheapest of the utilities'

Sign in / register to view full article on one page

2 comments so far. Why not have your say?

Rightcharlie1

Mar 02, 2013 at 09:31

Maybe it has something to do with the re-engineering and loss of work caused by its persistent use of low cost Indian laboour!!!!

we've already kissed goodbyr to one of their bids because it was to be executed in Chennai and they clearly misinterpreted the design breif!!

report this

Rightcharlie1

Mar 02, 2013 at 10:01

In addition, there is a trend for many clients who are paying good money wanting a good job. They are imposing passport vetting for those employed on their contracts with stipulations these passports and their holders must be Western! This not without reason (touched on above)!! With Petrofac's head quarter office in Charger and large offices in Chennai, Mumbai and Delhi, and small facilities in Woking and Moscow, they may need to remodel their engineering business sooner rather than later!!

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Look up the shares

  • ITV PLC (ITV.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Centrica PLC (CNA.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Avingtrans PLC (AVG.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Carillion PLC (CLLN.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Petrofac Ltd (PFC.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet