From Breakingviews - Wood Group has grounds to face down Apollo
of Amec Foster Wheeler in 2017, as well as earnings misses. Even so, boss Ken Gilmartin reckons ongoing high oil and gas prices will ramp up demand for his company's services and may lead to higher earnings growth than the mid-to-high single digits he promised at an investor day in November.
Admittedly Wood Group shares are hovering around 200 pence, far below Apollo’s offer. That implies little scope for a bidding war, which will worry those investors who don’t share Gilmartin’s rosy vision. Still, if he’s right and Wood Group trades on the same multiple at its peers, it would be worth nearly 3.8 billion pounds. That’s worth hanging tough for.
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