MICHAEL HILL INTERNATIONAL LIMITED (MHJ)
Share Price Analysis and Chart

05/08/2026

1

Outperform

$0.70

100.00%

Michael Hill announced FY26 constant currency same-store sales growth of 5.2%. A&NZ and Canada all improved substantially over the 2H26, which lowered the jewellery company's reliance on Canada as the main generator of earnings growth, Macquarie explains.

The analyst emphasises the sales growth didn't convert into comparable FY26 earnings (EBIT) guidance which came in lower than the broker's forecast of $28m, at $22m–$24m.

This infers a 2H26 comparable earnings (EBIT) loss of around −$8m, which aligns with the −$8m loss a year earlier.

EPS forecasts are cut by around −20% for FY26 and circa −5% for FY27/FY28. An Outperform rating is retained with a lower target price of 70c from 75c.

FORECAST
Macquarie forecasts a full year FY27 dividend of 3.50 cents and EPS of 6.40 cents.

02/09/2026

2

Overweight

-

-

Jarden maintains an Overweight rating for Michael Hill with a NZ$0.80 target price following an FY26 result that largely confirmed metrics pre-released in July.

The analyst highlights that revenue increased 1.9% year-on-year to $655.7m, aligning broadly with expectations, while comparable EBIT of $24.0m landed at the top end of the previously guided $22.0m to $24.0m range.

Comparable EBIT surged 57% against the prior year, supported by positive sales growth and a -70 basis point reduction in the cost of doing business, which drove a 130 basis point expansion in comparable EBIT margin to 3.7%.

Gross margin remained flat at 60.5%. The key new information from the result included the final margin outcome, a stronger-than-expected balance sheet, the resumption of dividend payments, and positive early trading indications for FY27.