Geoff Gannon March 21, 2018

Summerset (SUM): A New Zealand Retirement Village Developer with “Float”

Member write-up by: André Kostolany Investment Horizon: 5+ years Market Cap: 1,494MM NZD Type: Compounder Net Debt: 348 NZDMM Target Upside: 150% (ability to compound 20%+ p.a.) Price/Net Tangible Assets: 1.95x Country: New Zealand Price/Underlying TTM EPS: 18.0x Industry: Senior Living Price/IFRS TTM EPS: 6.8x   Summerset (SUM) is a retirement village developer and operator. It has created 20% CAGR in shareholder value since its IPO in 2011 and is just entering an accelerating growth period Summerset’s operating model is that it operates its retirement...

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