WOR - results

Overall I am happy. No div is a prudent measure, and seriously a dividend is a feel good factor at best in this climate. With stocks so depressed, a dividend is less than a days volatility.

Guidance is given as 'closer to 2nd half results', so I take that as guidance that they feel are near the bottom of cycle. Further cost cutting of 180mln is good, and they continue to diversify.

Overall, stock has rallied well over last few weeks. Putting it all in context: stock is down 11%, on a day that BHP is down 7.3%, S32 down 5% and oil is down 1.5%. Todays 11% fall puts it back to where it was last Friday...

Am feeling good about this company, especially with debt of 32% and further commitment to reduce that to 30% or below. From a risk profile, 30% debt at this stage of the cycle puts them among the lower debt laden in the industry. Compare that to STO with 62% debt to equity, and WOR shareholders should be sleeping comparatively well.