Part 1. First Instalment of Two-Part Discussion of Value Drivers for No-Moat Seven Group; WesTrac
Our unchanged AUD 7.50 per share fair value estimate for no-moat Seven Group rests on two key value pillars. These include the wholly-owned WesTrac Caterpillar heavy equipment businesses which comprise 45% of fair value, and a number of equity accounted minority business stakes and property holdings which make up most of the balance. The most material in the latter group is a 40.9% stake in ASX-listed Seven West Media, with its Seven Network TV and West Australian printmedia assets. There is als...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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