New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) delivered a solid 2Q24 sales update, with resales strong against the backdrop of a subdued New Zealand housing market. </li><li>SUM's ~+23% year-on-year increase in resales for 1H24 (+20% in 2Q24) is a reminder that: (1) there is inbuilt growth in the village operations as they mature; and (2) buying into a village is, to a significant degree, a needs-based decision.</li><li>SUM's first time 1H24 earnings guidance is for earnings broadly flat year-on-year, while at the same time we expect double-digit growth in annuity EBITDA — a more accurate view of its business growth as its villages mature. </li></ul>

Summerset (SUM) delivered a solid 2Q24 sales update, with resales strong against the backdrop of a subdued New Zealand housing market. SUM's ~+23% year-on-year increase in resales for 1H24 (+20% in 2Q24) is a reminder that: (1) there is inbuilt growth in the village operations as they mature; and (2) buying into a village is, to a significant degree, a needs-based decision.SUM's first time 1H24 earnings guidance is for earnings broadly flat year-on-year, while at the same time we expect double-digit growth in annuity EBITDA — a more accurate view of its business growth as its villages mature. 

Summerset Group - Through the Cycle Growth Continues