Seven Group’s Coates Business Overdelivers, and We Increase Our FVE to AUD 12.00
We increase our fair value estimate for no-moat Seven Group by a third to AUD 12.00 from AUD 8.75, primarily due to increasing margin assumptions for equipment business Coates Hire, but also on higher expected long-term market share and sales, as well as lower implicit capital requirements associated with expanding the Coates business. Seven Group reported better-than-expected group first-half fiscal 2018 underlying earnings of AUD 168 million, beating our AUD 129 million forecast by 30%. The co...
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