SUMMERSET GROUP HOLDINGS LIMITED (SNZ)
Share Price Analysis and Chart

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31/08/2026

1

Buy

-

-

Summerset Group's 1H26 result prompted only modest changes to Bell Potter's earnings forecasts, with underlying earnings estimates reduced by less than -1% across FY26-FY28.

The revisions reflect updated operating and development margins, the first-half result and the year-to-date pace of sales and settlements.

The more significant change is to dividends, with the analyst cutting DPS forecasts by -68%/-62%/-56% across FY26-FY28, respectively.

Despite the near-term adjustments, the broker continues to see value in Summerset's development pipeline and longer-term growth outlook.

Buy retained but target price is lowered to NZ$12.40 from NZ$13.30, largely reflecting a reduction in the multiple applied to resale gains to 10x from 12.5x.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 6.77 cents and EPS of 82.37 cents.
Bell Potter forecasts a full year FY27 dividend of 8.46 cents and EPS of 90.32 cents.

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01/09/2026

3

Neutral

$10.94

54.52%

Jarden maintains a Neutral rating for Summerset Group with its target price increased to NZ$10.94 from NZ$10.52 following a 1H26 result that largely aligned with expectations.

The business has shifted its cost review and external benchmarking toward a formal cost-out program targeting NZ$30m to NZ$40m in medium-term savings.

Management recently increased the deferred management fee from 25% to 30% across its New Zealand villages, which is estimated to generate NZ$35m in additional cash flow over five years.

The analyst notes occupancy continues to improve across new villages. Minor adjustments were made to forecasts, with the target price upgrade reflecting earnings and weighted average cost of capital revisions.