WesTrac Keeps Firing for No-Moat Seven Group in Fiscal 2019. No Change to AUD 15.40 FVE.
Our AUD 15.40 fair value for no-moat Seven Group is unchanged. That’s despite an 8% increase in our fiscal 2019 EPS forecast to AUD 1.31. We don’t believe the drivers are long-term and our fiscal 2020 EPS forecast is little changed at AUD 1.16.Seven Group says WesTrac customer activity has remained resilient into the second half of fiscal 2019, despite original fears of a potential fall in activity in the second half. Those fears reflected a chance that some customers had accelerated activity i...
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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