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    SVW   AU000000SVW5

SEVEN GROUP HOLDINGS LIMITED

(SVW)
  Report
Delayed Quote. Delayed Australian Stock Exchange - 01/19 11:59:57 pm
21.74 AUD   +1.21%
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Australia's Boral exits U.S. with $755 mln fly ash business sale

12/05/2021 | 05:20pm EST

* To sell U.S. fly ash business to Eco Material Technologies

* Sale marks complete U.S. exit

* Shares up 2.6%

Dec 6 (Reuters) - Australia's top construction materials maker Boral Ltd said on Monday it would sell its North American fly ash business for $755 million, marking its exit from the market as it looks to focus on its domestic business.

The sale to Eco Material Technologies, which is backed by private equity firms One Equity Partners and Quadrant Management, means Boral will have sold its U.S. businesses for a combined more than A$4 billion ($2.80 billion).

The deal "supports our strategy to refocus on our construction materials business in Australia," Chief Executive Officer Zlatko Todorcevski said.

Boral has been selling its U.S. businesses since last year, as it retreats from a seven-year global expansion strategy that saw a spree of offshore acquisitions leading to a hefty writedown in 2020.

Its domestic business, which generates more than half of its revenue, has meanwhile benefited from a strengthening real estate market as record low interest rates led property prices to record highs.

This prompted multiple takeover offers this year from its largest shareholder, billionaire media tycoon Kerry Stokes' Seven Group Holdings.

Seven Group now owns nearly 70% of Boral, having built up its stake from nearly 20% in September last year. In July, Boral appointed Seven's boss Ryan Stokes as its chairman.

Boral sold its U.S. building products business to Westlake Chemical Corp for $2.15 billion in June. It had said late last year it would also sell its stake in U.S.-based Meridian Brick.

The proceeds from the sale of the 40-year old U.S. fly ash business, expected to complete next year, will be reinvested and the board will determine the most appropriate way to return surplus capital to shareholders later, Boral said.

Its shares, which have jumped more than a fourth this year, gained as much as 2.8% to A$6.34 in morning trade. ($1 = 1.4290 Australian dollars) (Reporting by Shashwat Awasthi; Editing by Daniel Wallis and Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BORAL LIMITED -0.52% 5.74 Delayed Quote.-5.08%
SEVEN GROUP HOLDINGS LIMITED 1.21% 21.74 Delayed Quote.-1.53%
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Analyst Recommendations on SEVEN GROUP HOLDINGS LIMITED
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Financials
Sales 2022 8 491 M 6 144 M 6 144 M
Net income 2022 620 M 448 M 448 M
Net Debt 2022 4 112 M 2 976 M 2 976 M
P/E ratio 2022 12,6x
Yield 2022 2,28%
Capitalization 7 801 M 5 633 M 5 645 M
EV / Sales 2022 1,40x
EV / Sales 2023 1,23x
Nbr of Employees 5 835
Free-Float 42,2%
Chart SEVEN GROUP HOLDINGS LIMITED
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Seven Group Holdings Limited Technical Analysis Chart | SVW | AU000000SVW5 | MarketScreener
Technical analysis trends SEVEN GROUP HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 21,48 AUD
Average target price 25,63 AUD
Spread / Average Target 19,3%
EPS Revisions
Managers and Directors
Ryan Kerry Stokes CEO, MD & Non-Independent Executive Director
Richard Joseph Richards Group Chief Financial Officer
Terry James Davis Chairman
James Goth Chief Operating Officer
Christopher John Mackay Independent Non-Executive Director
Sector and Competitors