Seven Group shares are on a tear

Photo: Radek Mica/AFP/Getty Images

Shares in Kerry Stokes’ media and diversified investment company Seven Group jumped after a broker upgraded the company to a buy.

A short time ago, the shares were up 12.9% to $8.81.

Goldman Sachs moved its rating to buy from neutral for the major Seven West Media shareholder and WesTrac Caterpillar dealership owner.

Seven also owns AllightSykes, a supplier of lighting towers, generators and pumps, has a 47% shareholding in Coates Hire, Australia’s largest equipment hire business, and 23% of Beach
Energy

In 2016, Seven Group reported a statutory net profit after tax of $197.8 million, a $556.9 million improvement on the prior year.

Revenue was up 2% to $2.837 billion.

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