No-Moat Seven Group Beats Fiscal 2016 EBIT Guidance; No Change to Fair Value Estimate
We make no change to our AUD 7.00 per share fair value estimate for Seven Group Holdings. SGH reported stronger-than-expected fiscal 2016 NPAT, down only 11% to AUD 159 million, or AUD 0.56 per share, versus our AUD 134 million forecast. Underlying EBIT of AUD 303 million was ahead of guidance. An increase in forecast inventory requirement means our fair value estimate holds steady. SGH shares have rallied 60% from February lows and at AUD 7.00 trade in line with our fair value estimate.Stronge...
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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