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

03/03/2026

1

Outperform

$0.75

64.84%

Michael Hill delivered a solid 1H26 result, Macquarie suggests, slightly ahead of recent guidance, with no interim dividend declared.

The trading momentum that built over the last 10 weeks of 1H26 has continued into 2H26, with accelerating same store sales growth in all geographies.

However, it is highly unlikely that Michael Hill will be able to stem its recent trend of second half losses (-NZ$8.7m in 2H25), Macquarie warns, although that loss is expected to significantly reduce.

While the company faces near-term operating headwinds, the magnitude of the prevailing discount to assessed fair value, the expected recovery in gross profit margins and identified multi-channel growth initiatives combine to support the broker's Outperform rating.

Target unchanged at 75c.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.90 cents.
Macquarie forecasts a full year FY27 dividend of 3.50 cents and EPS of 6.40 cents.

29/01/2026

2

Overweight

-

-

Jarden  notes Michael Hill's 1H26 trading update points to improving momentum through the holiday period, with sales driving a clear beat to expectations and comparable EBIT guidance of $27m–$30m implying y/y growth of 12%–25%.

Group same store sales rose 3.8%, led by Canada at 6.1%, with Australia&NZ also returning to positive growth despite a smaller store footprint.

Gross margins are expected to hold around 61%, with elevated precious metal costs offset by mix and pricing, while accelerating sales appear to have come at the expense of some margin upside.

Buy. Target lifted to NZ$0.70 from NZ$0.65.

FORECAST
Jarden forecasts a full year FY26 dividend of 1.00 cents and EPS of 2.80 cents.
Jarden forecasts a full year FY27 dividend of 4.50 cents and EPS of 7.10 cents.