SUM - Summerset Group

[Slim_Pikins]

Anyone having issues with the sound? Intermittent

[Beagle]

You know me ....my attention span only lasts until I’m told where the toilets are and what to do in an emergency.

Suppose with a virtual meetings that’s not necessary

Will I then get past the roll call of the Board ....doubt it so I’ll probably go for a walk in the sun after a quick look through the presentation.

Hope they don’t announce any bad news

Rob Campbell mentioned a significant impact on their business at least twice. Julian does too. http://nzx-prod-s7fsd7f98s.s3-websit...315/321512.pdf
No forecast but EQT expected MET to forecast FY20, FY21 and FY22. Doubt any other company ion this sector will try and forecast current year profit either but I will have a go for SUM.
I think they will do about $65m this year down about $40m on last year.

[winner69]

Good timing. ...clashes with Jacinda and Ashley

I know which one is more exciting.

Julian seems slightly more animated but switched channels again.

[winner69]

Rob Campbell mentioned a significant impact on their business at least twice. Julian does too. http://nzx-prod-s7fsd7f98s.s3-websit...315/321512.pdf
No forecast but EQT expected MET to forecast FY20, FY21 and FY22. Doubt any other company ion this sector will try and forecast current year profit either but I will have a go for SUM.
I think they will do about $65m this year down about $40m on last year.

If SUM down $40m on 2019 then MET down $20m this year to June 2020 and then $30m down to June 2021

There we have it ...updated both at same time.

[winner69]

Don’t like the backdrop Julian has ...are they curtains at home?

[Beagle]

If SUM down $40m on 2019 then MET down $20m this year to June 2020 and then $30m down to June 2021

There we have it ...updated both at same time.

Back to $7+ any minute now eh mate

[Sir Ten]

Quite a significant amount of votes against Rob Campbell's re-election... what do people make of this?

For: 87.3%
Against: 12.7%

All other resolutions (including increase to director's rem) passed with at least 97.8%

[Beagle]

A lot of people think he has to much on his plate and is getting too old. I note its his last year of tenure. Probably a good idea he stays on this year and helps steer the ship through the one in one hundred year storm. Frankly he's made it crystal clear they will be badly affected by this virus so I see no reason for this to trade at a premium to NTA, especially when you start thinking about what Covid 19 adjusted NTA might be, ($4 anyone ?). Talk of no dividend tells you this is going to have a significant impact, and he must be talking substantial impact because he mentions it twice and then there's talk of a prolonged downturn.
http://nzx-prod-s7fsd7f98s.s3-websit...315/321512.pdf

MET must be absolute genius's to only be looking at a 4-5% underlying profit impact this year eh Winner. Sounds like Rob and Julian softening people up for a substantial, maybe 40% drop in profit

[winner69]

Beagle ....MET earnings will be below $80m ...maybe well below.

If by some miracle they report $83m bottom of guidance range it will have been managed to that level and whatever was managed will fall out in 2021

Keep saying all that bad stuff on SUM .....I know you are itching to get back on.

[Beagle]

Beagle ....MET earnings will be below $80m ...maybe well below.

If by some miracle they report $83m bottom of guidance range it will have been managed to that level and whatever was managed will fall out in 2021

Keep saying all that bad stuff on SUM .....I know you are itching to get back on.

Not interested. Rob's best days are behind him. I do like their quarterly Summerset Scene magazine though. Occasionally you get good articles like this one in the current issue
https://issuu.com/summersetgrouphold...2ExYjEyMTc1NDM He's pretty cute that Rodger...Beagle's are cuter though Some good puzzles to relieve boredom in lockdown on the previous pages too.
Jude doesn't seem to be working any magic for them though...maybe people see her as all fluff and aren't conned and really want what the smart operators offer being fixed fees for life https://www.summerset.co.nz/about-us...et-ambassador/

Bare undeveloped blocks of land "get hit for a six" in a deep recession. SUM carry way to much bare land using too much debt. Was a good strategy when the market was going up but its going to come back and bite them really hard in this deep recession. NTA-V = ~ $4.