Less than Expected First-Half 2017 NPAT Decline for Seven Group, but Shares remain Overvalued
We increase our fair value estimate to AUD 7.50 per share from AUD 7.00 per share for no-moat Seven Group due to time value of money; our long-term assumptions are intact. Underlying first-half 2017 NPAT fell 5% to AUD 0.32 per share, better than we expected, boosted by the consolidation of Beach Petroleum. Net operating cash flow of AUD 46 million was close to expectations after adjusting for unfavourable working capital moves. Positives included Coates Hire’s share of NPAT improving to AUD 12....Seven Group Holdings has six segments: WesTrac Australia, which provides heavy equipment sales and support to customers in Australia; WesTrac China, also providing heavy equipment sales and support in Hebei, Liaoning, Heilongjiang, Jilin, Shanxi, Inner Mongolia and the municipalities of Beijing and Tianjin; AllightSykes, engaged in the manufacture, assembly, sales and support of lighting, FG Wilson power generation and dewatering equipment as well as distribution of Perkins engines; Coates Hire, which is an equipment hire company; Media Investments, which relates to investments in listed and unlisted media organizations; Energy; and Other investments.
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