Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
FTSE 250 movers: Wood Group rallies despite TP cut by Berenberg; IP Group slides
(Sharecast News) - FTSE 250 (MCX) 20,339.38 -0.67%
Analysts at Berenberg slashed their target price on engineering and consulting business John Wood Group from 150.0p to 60.0p on Monday, stating an independent review into its projects business had created "substantial uncertainty".
Berenberg noted that Wood Group issued a "weak" Q3 update on 7 November, with the shares trading down roughly 60% since. Although 2024 underlying earnings guidance was maintained, Wood's reference to "significant" free cash flow from 2025 was dropped.
Most notably though, Berenberg noted that an independent review has been launched to determine whether any prior-year adjustments were required on contracts in Wood's projects business, creating significant uncertainty.
"Based on a sum-of-the-parts valuation, we estimate that the current share price effectively implies no value for the projects business. Given the recurring issues within this business, including historical write-downs, exceptional cash outflows and now the uncertain outcome of the review, we believe that this is not unreasonable until more clarity is provided," said Berenberg, which reiterated its 'hold' rating on the stock.
"We still think that the market requires evidence of actual FCF generation in 2025 before credit will be given for any turnaround in the underlying business."
Hochschild, Endeavour Mining and Centamin both shone as gold prices advanced.
Weapons maker Babcock gained on increasing geopolitical tensions as US President Joe Biden lifted a ban on Ukraine using American-made long range missiles against Russia.
IP Group fell despite its portfolio company AMSL Aero - based in Australia - announcing that its Vertiia electric vertical take-off and landing aircraft (eVTOL) had completed its first untethered flights.
FTSE 250 - Risers
Wood Group (John) (WG.) 53.00p 6.00% Centamin (DI) (CEY) 146.50p 4.12% Hochschild Mining (HOC) 217.00p 3.58% PayPoint (PAY) 842.00p 3.19% W.A.G Payment Solutions (WPS) 87.80p 2.33% Babcock International Group (BAB) 520.00p 2.06% Endeavour Mining (EDV) 1,559.00p 1.96% Burberry Group (BRBY) 923.00p 1.85% Discoverie Group (DSCV) 671.00p 1.67% TBC Bank Group (TBCG) 3,240.00p 1.57%
FTSE 250 - Fallers
IP Group (IPO) 42.65p -6.16% PureTech Health (PRTC) 161.60p -5.83% Syncona Limited NPV (SYNC) 102.20p -4.31% Wizz Air Holdings (WIZZ) 1,385.00p -3.82% Marshalls (MSLH) 322.50p -3.73% Bridgepoint Group (Reg S) (BPT) 325.20p -3.27% SSP Group (SSPG) 152.10p -3.12% Senior (SNR) 145.60p -2.80% Ocado Group (OCDO) 311.40p -2.75% Foresight Solar Fund Limited (FSFL) 79.30p -2.70%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
