Australia's Seven Group jumps most in 4 weeks as underlying profit jumps

Boral

24/08/2022 01:48

** Shares of Seven Group Holdings  SVW.AX  rise as much as
3% to A$18.23, their biggest intraday pct gain since July 28 
    ** The investment co posts underlying EBIT from continuing
operations of A$987.1 mln ($682.68 mln), up 24.6%  urn:newsml:reuters.com:*:nASXxRL3Y
    ** Says strong earnings were delivered through
outperformance at WesTrac, Coates, Beach Energy  BPT.AX  and
Seven West Media  SWM.AX , co's that SVW has stake in 
    ** UBS analyst Nathan Reilly says SVW's result is in line
with UBS estimates, despite significant underperformance by
Boral  BLD.AX  during the year
    ** SVW declares final dividend of 23 Australian cents per
share, in-line with last year
    ** For FY23, SVW expects to deliver high single to low
double-digit Group underlying EBIT growth relative to FY22
    ** "Guidance seems conservative to us, but likely accounts
for higher volatility in Boral's earnings" 
    ** Stock down 18.1% this year as of last close



($1 = 1.4459 Australian dollars)
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))