External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Summerset Group Holdings / Equity Bottom-Up

Summerset Group Holdings Ltd. is a profit-oriented entity and develops, owns and operates integrated retirement villages, rest homes and hospitals for the elderly within New Zealand.

<ul><li>SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).</li><li>No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.</li><li>Key takeouts include: Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.Key takeouts include: Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Summerset Group (SUM.NZ): SUM Still yet to Shine Recommendation

McMillan Shakespeare Limited provides salary packaging services.  The Company also offers services like procurement of motor vehicles, insurance, finance and fuel and service maintenance programs.

<ul><li>FY24 result: 4% EPSA beat with good cash generationMMS released a very strong result, with FY24 Normalised Revenue/EBITDA/UNPATA growth of +12%/+35%/+38% vs pcp, respectively from continuing operations, lapping on weaker new car supply and delivery.</li><li>Core EPSA of 154.5¢ps came in +2% above BPe (+4% vs VA cons).</li><li>Divisionally, GRS delivered a beat at EBITDA, headlined by a 12-month contribution from EV demand and productivity benefits, while PPS missed expectations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY24 result: 4% EPSA beat with good cash generationMMS released a very strong result, with FY24 Normalised Revenue/EBITDA/UNPATA growth of +12%/+35%/+38% vs pcp, respectively from continuing operations, lapping on weaker new car supply and delivery.Core EPSA of 154.5¢ps came in +2% above BPe (+4% vs VA cons).Divisionally, GRS delivered a beat at EBITDA, headlined by a 12-month contribution from EV demand and productivity benefits, while PPS missed expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

McMillan Shakespeare Ltd (MMS): More Lovely and More Temperate

DroneShield Limited provides drone detection technology. The Company offers analysis, identification, and alerts solutions. DroneShield serves the detention, airport, government, commercial, and infrastructure sectors.

<ul><li>Bottom-line earnings miss to BPeDRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates.</li><li>Gross margin (71.6%) was largely in-line with BPe however opex (-$22.7m) was materially greater than our estimates (-$18.5m) and was the primary reason for the miss at the bottom line.</li><li>This included share-based payment expenses of -$2.7 million, an increase of 207% relative to 1H23 of -$0.8m.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bottom-line earnings miss to BPeDRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates.Gross margin (71.6%) was largely in-line with BPe however opex (-$22.7m) was materially greater than our estimates (-$18.5m) and was the primary reason for the miss at the bottom line.This included share-based payment expenses of -$2.7 million, an increase of 207% relative to 1H23 of -$0.8m.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DroneShield Limited (DRO): A game of two halves

<ul><li>SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).</li><li>No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.</li><li>Key takeouts include: (1) Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.Key takeouts include: (1) Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Summerset Group (SUM.NZ): SUM Still yet to Shine

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

<ul><li>Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 8th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets.</li><li>We expect 2% increase in revenue to $1,468m (Bberg consensus: $1,443m), and a 4% increase in EBITDA to $809m (consensus: $813m) incorporating 18.5% opex growth and the midpoint of guidance for share of associate losses.</li><li>Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 8th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets.We expect 2% increase in revenue to $1,468m (Bberg consensus: $1,443m), and a 4% increase in EBITDA to $809m (consensus: $813m) incorporating 18.5% opex growth and the midpoint of guidance for share of associate losses.Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

REA Group (REA): Compounding growth – upgrade to Buy

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Bell Potter
External broker reports(aggregated public sources)
• Bell Potter Securities

Summerset Group (SUM.NZ): SUM Still yet to Shine Recommendation

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe...

Bell Potter

McMillan Shakespeare Ltd (MMS): More Lovely and More Temperate

FY24 result: 4% EPSA beat with good cash generationMMS released a very strong result, with FY24 Normalised Revenue/EBITDA/UNPATA growth of +12%...

Bell Potter

DroneShield Limited (DRO): A game of two halves

Bottom-line earnings miss to BPeDRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates.

Bell Potter

Summerset Group (SUM.NZ): SUM Still yet to Shine

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe...

Bell Potter

REA Group (REA): Compounding growth – upgrade to Buy

Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.

Bell Potter