Seven Group Shares Pull-Back, We Hold to our AUD 7.00 FVE
Shares in Seven Group  have fallen 16% from November AUD 9.20 highs, but remain at a 10% premium to our unchanged AUD 7.00 fair value estimate. The still comparatively modest sell-off follows an approximate doubling in the share price over the course of 2016, as the market punted on an end to the mining sector rout, and on Australian public infrastructure spending further supporting SGH’s WesTrac heavy equipment business.For the three years to fiscal 2016, SGH traded on an average EV/EBITDA mul...
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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