Gleeson set out its 3,000 home target at its Jul. ’23 CMD. This compares to 1,772 homes delivered in FY24 and an FY22 peak of 2,000, having doubled the size of the business over five years from 1,013 in FY17. In this note, we put some meat on the bones of how the target will be achieved. A significant, 100 site pipeline (vs. current sales sites of 62) and an improving backdrop give us confidence in Gleeson’s ability to achieve its target. Our base case shows the target being achieved in FY30 at ....
