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

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13/10/2026

1

Outperform

-

-

Summerset Group delivered 415 settlements for the September quarter, down -1% on the prior comparable period. New sales were affected by the conflict in the Middle East and broader uncertainty.

Resales were strong, up 36%. The new quarter is seen presenting "solid" demand and the company has a strong contract pipeline.

Macquarie assesses sentiment will turn on the NZ general election outcome and associated policies, housing market conditions, care reform and delivery of debt reduction.

The broker retains an Outperform rating, with the target price reduced to NZ$13.89 from NZ$14.10.

FORECAST
Macquarie forecasts a full year FY26 dividend of 6.17 cents and EPS of 73.98 cents.
Macquarie forecasts a full year FY27 dividend of 8.92 cents and EPS of 87.24 cents.

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01/09/2026

3

Neutral

$10.94

110.38%

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.