Summerset Group Holdings Limited

SNZ.AX

Medical - Care Facilities · Healthcare

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Summerset Group Holdings is a New Zealand company that builds and operates retirement villages for older adults. It offers a range of living options, including independent villas, serviced apartments, and aged care beds for residents who need more medical support. Summerset is one of the largest retirement village operators in New Zealand and has been expanding into Australia.

The company makes most of its money through a model called "occupation right agreements," where residents pay a large upfront sum to live in a village, and Summerset keeps a portion of that fee when the resident leaves. It also earns ongoing fees for care and services. Its competitive position comes from owning the land and buildings it operates, which creates a barrier to entry for rivals. The main risk is that the business depends heavily on the New Zealand housing market — if house prices fall, older adults may struggle to sell their homes and afford entry into a Summerset village.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-46.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$8.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Summerset Group Holdings Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

75.0%

Premium pricing power — 75.0% gross margin

Profit after running costs

Operating Margin

2.7%

Thin — 2.7% operating margin

Return on the money invested

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+13.3%

Fast-growing sales (+13.3% YoY)

Profit growth

EPS YoY

-26.2%

Earnings shrinking (-26.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

192%

Turns 192% of profit into real cash

Spare cash per sale

FCF Margin

87.4%

Converts sales into free cash efficiently (87.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.59

Conservative — low debt load (0.59)

Covers its interest

Interest Cover

4.11x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.1x

no trend

Attractive valuation — P/E 6.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-2.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.14%

no trend

Moderate income — 3.14% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+4.4%

no trend

Dividend growing modestly (4.4% YoY)

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