Summerset Group Holdings Limited (SMGRF)
NEUTRALFondamental
48
Prix
$7.77
Capitalisation boursière
$1.89B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Summerset builds and operates retirement villages in New Zealand and Australia, where it sells residents the right to occupy a unit for life in exchange for an upfront payment, then provides care services — from independent living to full nursing care — as residents age. It is both a developer, building new villages on land it buys, and a long-term operator running dining, care and community services for thousands of residents already living in its villages.
Comment l'entreprise gagne de l'argent
Revenue is a mix of several streams rather than a single product sale: weekly fees residents pay for care and village services, a share of the gain when a departing resident's occupation right is resold to a new one, and government subsidies for eligible aged-care residents that make up a majority of the care revenue. Because these streams are recognized differently — some upfront, some accrued over years of occupancy — reported revenue does not map cleanly onto new-unit sales in any given year.
Ce qui stimule la demande
DéfensifDemand is driven by an aging population choosing to move into a retirement village, a decision that is only loosely tied to the economic cycle since it follows health and life-stage needs more than discretionary spending power. It is not fully immune to downturns, though, since a resident's ability to buy an occupation right often depends on selling their existing home first.
Les arguments en faveur
Buyers argue that an aging population in New Zealand and Australia gives Summerset a decades-long demand tailwind, that owning the land bank lets it capture development margin most competitors cannot, and that record deliveries and underlying profit in fiscal 2025 show the model scaling as intended.
Les arguments contre
Sellers fear that resales gains depend on house-price and property-market conditions outside the company's control, that a housing downturn could slow the pace at which prospective residents can sell their own homes to buy in, and that a large land and development bank ties up capital for years before it converts into cash.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
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No competitor list for this company yet.
Bilan & Liquidités
Chiffre d'affaires
$363M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$262M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$-74M
Capitaux propres totaux
$3.34B
Passif total
$1.99B
Ratio de liquidité général
0.13
Couverture des intérêts
-
Dette/EBITDA
65.83
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$10.48
Prix actuel
$7.77
Marge de sécurité
+25.9%
Fourchette de juste valeur
$8.18 - $12.78
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
7.23
ROE
8.3%
Ratio P/B
0.57
P/FCF
-
Marge brute
90.0%
ROIC
0.1%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
0.1%
WACC
5.4%
ROIC − WACC
-5.3 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Critères d'analyse fondamentale
Réussi (9)
- Gross Margin 90.0%
- P/B Ratio 0.57
- Debt/Equity ratio
- Operating Margin 75.0%
- Price below Graham Number
- ROE 8.0%
- Revenue Growth 5Y 16.0%
- Analyst Consensus 80% Buy
- Earnings Quality (OCF/NI) 2.11
Échoué (9)
- Price CAGR 4.65%
- ROIC 0.1%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- DCF valuation (Unknown)
- PEG Ratio 6.00
- Net Margin Trend 71.8% vs 106.2%
- Piotroski F-Score 2/9
Indisponible (9)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Surprise (Finnhub)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Scott Grady Scoullar BCA, C.A., FCPA | Chief Executive Officer | - |
| Mr. John O'Sullivan | Founder | - |
| Ms. Margaret Warrington | Chief Financial Officer | - |
| Ms. Robyn Heyman | Head of Legal & Company Secretary | - |
| Mr. David Martin | Chief Sales & Marketing Transformation Lead | - |
| Ms. Chris Lokum BMS | Chief People Officer | - |
| Mr. Dean Tallentire B.Sc. | Chief Construction Officer of NZ | - |
| Ms. Eleanor Young B.Sc. | Chief Operating Officer of NZ | - |
| Mr. Aaron Smail B.E., BBS | Chief Development Officer of NZ | - |
| Mr. Stewart Scott | Chief Operating Officer of Australia | - |
Risque d'audit
4
Risque du conseil
4
Risque de rémunération
6
Risque droits des actionnaires
7
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for SMGRF, sourced from Markets Gazette.