Because of copyright can't paste the entire article from M.Star...

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.