Seven Group Has the Potential to be Australia's Next Major Conglomerate.
We are increasing our fair value estimate on no-moat Seven Group Holdings by 12% to AUD 14.00. Half of the upgrade reflects Seven Group sensibly using its rampaging share price to value-accretively convert TELYS4 shares into ordinary shares at a ratio of 4.6 ordinary shares for every TELYS4. But we have also favourably reassessed prospects for Seven Group’s WesTrac Caterpillar heavy machinery and Coates Hire equipment-rental businesses, and added extra for the time value of money since our last ...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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