Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi MM team, Hope you are keeping warm! Following the acquisition of Boral, what is your updated view on Seven Group? I can see some conflicting trends impacting this business going forward: Federal and State governments high infrastructure spend, reduction in residential construction, persistent yet lower inflation, interest rates not yet falling, etc. Is the cycle about to turn for SVW, with perhaps a sizeable correction ahead? Thanks, Angela
Hi Angela – trying to, it’s certainly chilly on the shortest day of the year today (Friday!).
Firstly, for those that may not know, SVW is a conglomerate style business owning (1) WesTrac (100% interest), the sole authorised Caterpillar dealer in WA, NSW and ACT; (2) Coates (100%), the largest provider of equipment solutions in Australia, (3) Boral (100%), Australia’s largest, integrated construction materials supplier; (4) Beach Energy (30% Interest), a mid-tier energy exploration and production company; and (5) Seven West Media (~40%) one of Australia’s largest multi-platform media companies, including Seven Network, 7plus and
The West Australian.
Clearly some very good businesses in this eclectic mix. We like that their brands are market leaders in their respective industries (other than BPT), they all have scale, and are hard to replicate by competitors.
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