Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Some interesting changes over at Vistry !
Rubbish trading update and spending the cash pile looks bad to me. New CEO needs to answer some searching questions imv.
Well they certainly don't reflect the miserable share price and PE ratio.
Results are about the best I have read for any house builder and lets hope the market agrees.
As a long term shareholder I have despaired at the poor financial control at this business over the past few years. Companies House shows that one of their sub contractors (owned by a person with a long history of dissolving his companies and being disqualified as a Director) has gone bust with hundreds of thousands of pounds of Gleeson’s money lost that they had paid in advance! I didn’t realise that sub contractors got paid in advance until now.
The new CEO is restructuring so let’s hope that he 1/ employs some competent accountants 2/ his incentive bonus is based on the share price and not discounted completions to hit the targets. 3/ the non executive directors take a keener interest in the running of the business.
The long term business model remains sound as long as the Management are.
If there were to be an offer for GLE in the next few months, which I rate as being a 25%-35% likelihood, I'd be looking for a mix of around 585p in cash and/or 645p worth in the offeror's shares. GLE's land bank trading activities is a particular attraction and must surely contain some degree of hidden value as planning consents are in the process of being obtained.
Spot on. Its a sitting duck.
A tasty morsel for the big boys !
Results not too bad .......Doubt sp will move much.
Nonsense Peaky. The market was pricing in armageddon, the TU is NOT as bad as that.
Wait 6 months and you'll have missed probably all of the recovery. If you hadn't noticed, the market has been moving into a bull phase since the start of the year .
It says that they are not going to make so much money, and recession starting with hurt...
Buy in 6 months...
Not sure what to make of the rns today .
his variable pay is really not excessive compared to other housebuilders. If you want total greed look at berkeley group (though they are somewhat larger than GLE).
The CEO chucked everything at achieving the 2000 target to enable him to get his huge 3 year bonus. Costs and quality sacrificed to achieve this and selling prices up 40% in the 3 years, so not such a low cost low price builder any more. Market valuation now £200 million so will the former CEO Mr Harrison, who took the share price from £1 to £8 in 10 years, return?
More clarity in January update, but see this sliding down until then.
It’s the cheapest for sure but the risk is that it has the lowest booked forward sales, c. 30% whereas the big boys are c.60%.
Gleeson are therefore more ‘in the eye of the storm’
They claim they are the most resilient because customers will downgrade from rivals and they are cheaper than renting.
Will find out next Thursday……
Bellway shares are up about 20% from a month ago as are many other distressed shares with the bounce in the last few days. Gleeson share price is slightly below a month ago and about half what is what is the depth of the pandemic (April 2020) - what is it with this share?!
Net assets £4.67 per share.
If any builder is insulated by a downturn it's GLE - operates at very bottom of market as people trade down and no debt.
Loads of bargains in current market but looking carefully at this
The retirement of the long-standing family Chairman from 31 Dec this year and his succession by an existing non-exec director and former CEO, James Thomson, does rather tend to support this view both in terms of (a) getting a deal done and (b) at a fair price. Share price is up 20p this morning ... take-out price in Jan/Feb next year possibly around 520p - 550p, i.e. 30% - 35% higher than current share price, depending on cash/share composition of any offer.
I concur that the rise today was disappointing given the truly excellent results. However, too many big players (II's and HF's) have gone short and are determined to drag down the market no matter what. Sadly, the regulation of UK markets is utterly abysmal - and of course the FCA are totally ineffective. As somebody once inferred, the top brains get mega salaried jobs in the City and are the high flyers - those who aren't good enough to get City employment end up in the FCA (essentially the 2nd X1) - who will by definition always be run rings round by the 1st X1.
However, the market will turn at some point - but not until the big boys decide there's more money to be made going long. I guess it was ever thus - snouts in the trough?
The results today by GLE were excellent by any measure - they deserve to prosper - and they will.
IMO
Hard to square the miserable share price (ok up a bit today) with these great results. The market seems to be pricing in Armageddon.
Yes Excellent Results and a dividend payment which should support a good share price when the stock market turns up...which it will eventually....
Excellent - well done Gleeson.
Interesting close today: +19p / +4.27% - when all other house builders have been heavily trashed (again). I suggest it augurs well for the results tomorrow - fingers crossed!
Banburyboy: Looks like many folks are buying in - all those sells are actually buys - the spread makes them (likely deliberately) disconcerting but the price is rising for sure and it wouldn't be if they really were sells. I've just dipped my toe in - fingers crossed for good news on Thursday!