Loks like earnings Upgrade ??, page-6

Because of copyright can't paste the entire article from M.Star but here is key paragraph which helped prompt rally over past 4 days. New EPS from MS is 66.5c fy17 and 73.7c fy18 along with zero divs.

'We Increase WorleyParsons' Fair Value to AUD 5.50, Crediting More Cost Shedding
by Mark Taylor (01:55PM 19-Sep-2016)

Analyst Note Summary
A 38% increase in WorleyParsons' fair value to AUD 5.50 factors in greater than previously credited cost-cutting. Our last note spoke to this, with cost reductions supporting continuation of Worley’s 6.5% underlying EBITDA margin in fiscal 2016. However, we don't think we went far enough, and reduce ongoing operating costs by a further AUD 30-35 million per year. While this is a less than a 1% reduction in costs overall, it regardless has material impact on margins and fair value, which are coming off a low post-China-boom base. We now assume a long run EBITDA margin of 7.7% compared with 7.3% prior. Even though we upgrade the fair value and the stock is down 20% from its peak of AUD 9.20 in August, Worley still screens as overvalued, last trading 29% above our fair value. More near-term weakness in resource and energy capital expenditure could be the catalyst for derate.'

DSD: have been very slack but still working on piece showing why i disagree with MS. Hopefully will paste on HC sometime in October.