New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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Equity Bottom-Up

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) held a confident investor day focused on its flagship St Johns village, new designs, Australia, and sales.</li><li>In conjunction with its investor day, it announced four land acquisitions, all in New Zealand, and included a visit to what we suspect will be a future flagship broadacre development in Belmont, Auckland.</li><li>The Belmont land parcel will be paid for in part by issuing ~1% of new shares to the vendor, an innovative and sensible funding solution.</li></ul>

Summerset (SUM) held a confident investor day focused on its flagship St Johns village, new designs, Australia, and sales.In conjunction with its investor day, it announced four land acquisitions, all in New Zealand, and included a visit to what we suspect will be a future flagship broadacre development in Belmont, Auckland.The Belmont land parcel will be paid for in part by issuing ~1% of new shares to the vendor, an innovative and sensible funding solution.

Summerset Group - St Johns to Deliver Balance Sheet Salvation?

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).</li><li>No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.</li><li>Key takeouts include: Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.Key takeouts include: Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Summerset Group (SUM.NZ): SUM Still yet to Shine Recommendation

<ul><li>SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).</li><li>No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.</li><li>Key takeouts include: (1) Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.Key takeouts include: (1) Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Summerset Group (SUM.NZ): SUM Still yet to Shine

<ul><li>Summerset (SUM) reported an in-line 1H24 annuity EBITDA result.</li><li>In the result, SUM: (1) gave new earnings breakdowns, which showed stronger Village earnings and softer Care earnings than we expected, and (2) cited a ~NZ$15m cost-out programme.</li><li>The strong cost control contributed to SUM delivering ~+20% growth in annuity EPS over one of the toughest periods on record, an impressive result. SUM also delivered higher-than-expected dividends, suggesting confidence in continued strong cash recovery of development capex. SUM acknowledged slightly slower than hoped for sales at its flagship St John development; it needs to execute well over the coming 12 months.</li></ul>

Summerset (SUM) reported an in-line 1H24 annuity EBITDA result.In the result, SUM: (1) gave new earnings breakdowns, which showed stronger Village earnings and softer Care earnings than we expected, and (2) cited a ~NZ$15m cost-out programme.The strong cost control contributed to SUM delivering ~+20% growth in annuity EPS over one of the toughest periods on record, an impressive result. SUM also delivered higher-than-expected dividends, suggesting confidence in continued strong cash recovery of development capex. SUM acknowledged slightly slower than hoped for sales at its flagship St John development; it needs to execute well over the coming 12 months.

Summerset Group - 1H24 Result — New Metrics, New Valuation

<ul><li>Summerset (SUM) will report its 1H24 result on Monday, 26 August.</li><li>With unit sales known, and narrow underlying earnings guidance, our key points of interest for the result are: (1) sales margins and the breakdown between new sale and resale gains.</li><li>We estimate 1H24 resales margins of 25% versus 26% in 1H23 and consensus of ~27%.</li></ul>

Summerset (SUM) will report its 1H24 result on Monday, 26 August.With unit sales known, and narrow underlying earnings guidance, our key points of interest for the result are: (1) sales margins and the breakdown between new sale and resale gains.We estimate 1H24 resales margins of 25% versus 26% in 1H23 and consensus of ~27%.

Summerset Group - 1H24 Preview — Margins and Metrics

Australia

Summerset Group Holdings Ltd. is a profit-oriented entity and develops, owns and operates integrated retirement villages, rest homes and hospitals for the elderly within New Zealand.

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Summerset Group Holdings (SNZ AU)

Summerset Group - St Johns to Deliver Balance Sheet Salvation?

Summerset (SUM) held a confident investor day focused on its flagship St Johns village, new designs, Australia, and sales. In conjunction with its...

Forsyth Barr

Summerset Group (SUM.NZ): SUM Still yet to Shine Recommendation

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe...

Bell Potter

Summerset Group (SUM.NZ): SUM Still yet to Shine

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe...

Bell Potter

Summerset Group - 1H24 Result — New Metrics, New Valuation

We estimate ~20% annuity EPS CAGR over the next five years. SUM trades on a ~33x 12 month forward annuity EPS versus its average since 2016 of ~35x.

Forsyth Barr

Summerset Group - 1H24 Preview — Margins and Metrics

With unit sales known, and narrow underlying earnings guidance, our key points of interest for the result are: (1) sales margins and the breakdown...

Forsyth Barr

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