No-Moat Seven Group Impresses with Stronger-Than-Expected 1H. FVE Upgraded to AUD 15.40.
We increase our fair value estimate for no-moat Seven Group by 2.5% to AUD 15.40 per share. The company reported a better than expected 63% increase in underlying first-half fiscal 2019 NPAT to AUD 258 million, 32% ahead of our AUD 196 million forecast. But our long-term forecasts remain largely intact, unswayed by typically volatile half-to-half earnings moves. Seven Group has not changed guidance for a 25% improvement in underlying fiscal 2019 EBIT from continuing operations to AUD 621 million...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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