Kerry Stokes’ industrial juggernaut Seven Group has the balance sheet to pursue more acquisitions, with gas still its preferred play in the energy sector.
Kerry Stokes’ industrial juggernaut Seven Group is keen on further acquisitions after more than doubling its cash flow to $1.2 billion in fiscal 2023, but green energy is not on the conglomerate’s radar.
“That’s the great thing about the free cash flow generation of the group and our ability to deleverage, it now gives us multiple options … rebuilding the capacity for value accretive M&A is a possibility,” Stokes told analysts on its earnings conference call last week.Credit:Seven’s last major corporate activity was two years ago, when it pulled off a successful multi-billion dollarThe group’s foray into gas is one of the few sectors testing investor patience at the moment.
“We are also now circumspect about Beach’s growth projects in general and cut production growth estimates for other Beach projects,” he said.But Stokes says gas remains its focus on the energy front, despite flagging the promise that the green energy transition provides for its infrastructure business.
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