Gleeson’s AGM statement confirms it is trading in line with expectations with FY guidance reiterated. Demand has continued to improve at Gleeson Homes, with open market reservation rates increasing to 0.50 vs. 0.41 last year. Gleeson Land is making good progress and is on track with its growth plans. Also of note is the appointment of Keith Adey as a NED who comes with strong industry credentials. Against significant earnings recovery potential, we see the current valuation (0.7x P/B) as a highly attractive entry point. We reiterate our Buy recommendation with a 620p target price (15x Jun. ’27 P/E, 1.2x P/B).
