In Sept 2022 they set aside 12.9m for remedial work saying it should be a one off payment.hTtps://www.yorkshirepost.co.uk/business/yorkshire-housebuilder-gleeson-sets-aside-ps13m-for-cladding-crisis-works-3846286If you look at the recent Sept results under the Chairman's statement it lays out what's still to be done. |
Tempted to buy possibly. But anyone know the cladfing exposure if any here. Thx. |
Any thoughts on a bottom? It would be lovely to get another pop at 350p. The entire sector seems to be falling from favour over the short/medium term. |
Good progress. Share should do very well. |
Tipped this morning to do well under the new Labour Government by the Investors Chronicle. |
This is having a good run at the moment! |
What date of issue was this please ?Thanks |
Interesting comments in IC about the land bank, and valuation, that I hadn’t considered before. |
A 2 page spread on Gleeson in the Investor Chronicle magazine I received today. Very positive . |
I wonder what the Chairman has overheard? I'm guessing results are going to be much better than the market anticipates. I hope so, I can't wait to ditch this boring but hopefully profitable position. |
Liberum - That's a punchy target IMO particularly as they reduced this FY eps by 22% to 33p, a PE of 18x seems high (median for sector is 12). Was it 610 before the warning in Jan?. |
I note Liberum retain target price at 610p and Singers at 590p. |
Good question.Bovis and Galliford Try (now Vistry) went through okay from memory. |
Redrow Barratt interesting move but will it be allowed? |
 Just seen this more upbeat view on Citywire
quote
MJ Gleeson (GLE) has announced a profit warning but Berenberg says the housebuilder and regeneration specialist is still in line with peers and can continue to win market share.
Analyst Harry Goad retained his ‘buy’ recommendation and target price of 518p on the stock, which was trading at 500p on Wednesday.
‘Profit warnings are never welcome and, while unexpected, the implied total decline in MJ Gleeson’s group margins in 2024 from the pre-crisis peak remains broadly in line with the wider UK housebuilder peer group,’ Goad said.
Over the mid-term, he said MJ Gleeson remains a top pick in the sub-sector ‘given its potential… for above-market growth’.
‘Specifically, we think its key proposition of developing good-quality family housing that is sold at prices materially below the UK market average positions it well for the current financially challenged market environment, where we think it can win market share from a new customer base over the coming years,’ he said. |
Catching up here, I see that while Liberum are maintaining their target price at 610p they have reduced their eps for FY 24 and FY 25 by 22% and 26% respectively and also reduced their dividend forecasts.
Singers have reduced their target price from 626p to 590p ,reduced their forecasts by 24% and 27% for the two years but go on the basis of an unchanged dividend. |
They reckon the average cost for the new building regs (June 23) is 5%.So taking glass half full, their selling price will no doubt include extra costs they haven't actually incurred by bringing starts forward..that's my take anyway. |
Cerrito,
Gleeson aren't the only ones who brought forward "starts".
Just look at the national number of Q2 starts (see the first table via link below, Table 213)
www.gov.uk/government/statistical-data-sets/live-tables-on-house-building |
Uptrend seems to have remained intact. Guess it just wants to go up with the group. May as well ride it for 18 months. |
Good luck folks. Given their broker has reduced earnings by 22% for this FY and 26% for the next im out. Luckily the recent rise has put me in profit for the first time in about 16 months.Going on broker forecasts this looks fully priced now IMO at a PE of 15x, the price to book is also above 1x. So I'm out for the time being anyway. |
So November update they said inline with expectations and will update 11th Jan.How wrong could they have been!. |
I had not heard of the advantages of starting a project by June 23 to avoid new building regs before, but perhaps reflects the fact that the only other builder I have shares in apart from GLE is BWY.is this something you folks have come across before?? .
All I can say is they must have v good relations with the planning departments of the councils involved to get all the conditions precedent before construction signed off so quickly ie the S106 ie The Transport Management Plan ie all the other bits of paper.
My plan this morning had been to top slice thid morning at c 530 but that obviously did not work out. |
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