Share Name Share Symbol Market Type Share ISIN Share Description
Inland LSE:INL London Ordinary Share GB00B1TR0310 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.50p +2.49% 61.75p 61.00p 62.50p 61.75p 60.25p 60.25p 191,147 10:18:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 101.9 32.9 14.2 4.3 124.72

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Date Time Title Posts
24/5/201715:03Inland Homes2,079
02/11/201514:26Inland - 20104,708
21/6/201014:31Inland PLC 26MAY2010 = RNS = ЈЈЈЈ56
24/3/201008:05new issue inland...875

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Inland Daily Update: Inland is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker INL. The last closing price for Inland was 60.25p.
Inland has a 4 week average price of 59.63p and a 12 week average price of 57.75p.
The 1 year high share price is 76.50p while the 1 year low share price is currently 46.25p.
There are currently 201,982,366 shares in issue and the average daily traded volume is 235,543 shares. The market capitalisation of Inland is £124,724,111.01.
gp1948: The good news keeps on coming from Inland, but it never seems to translate into an upward movement in the share price.
p1966: Thank you gents, I hadn't seen this.If I am honest, I am not sure what a low P/E does for me.However, I believe the current discount to NAV offers a wide margin of safety. Add to that an improved debt maturity profile, sensible management, and plenty to come in the second half of the year.I am a very long term holder of this share and can't understand the current share price weakness, but think that will be irrelevant in 6-12m time.GLA.
spud: Low valuation It’s a similar story with Inland Homes (LSE: INL). The specialist property company trades on a valuation which suggests it offers a wide margin of safety. It has a P/E ratio of just 8.5, which indicates that now could be the right time to buy it. Part of the reason for its low valuation is a share price fall of 18% in the last year, although a rise of 8% in the last six months suggests that investor sentiment may be starting to pick up. As well as being cheap, Inland Homes also has dividend growth potential. Its shareholder payouts are expected to be covered 5.3 times in the current financial year. This suggests that a rapidly-rising dividend could be ahead, which would help to improve on its dividend yield of 2.2%. And with earnings due to rise by 3% in the next financial year, the company’s performance looks set to improve after a difficult period. Certainly, Inland Homes faces a degree of uncertainty from Brexit and the potential for further house price falls. But with a low valuation and dividend growth potential, it could deliver a rising share price in the long run. spud
blueclyde: It's good news as it explains why the share price isn't 80p right now.Similar situation occurred with Hurricane Energy at 12p last year if you look back check out the price now.
blueclyde: The point I am trying to make is even if you take the 86p NAV figure for 2016 you will see this is substantially higher than the 33p figure in 2014. If this growth can be continued then the NAV figure is going to start growing substantially year over year at some point the share price will have to start moving to reflect this or someone will bid for the company and exploit this discount as theses are physical assets which can be solid and increase in value.The company now clearly has more assets than it did in 2014 which will give it even greater scale in terms of the projects it can undertake.
blueclyde: Current market cap is a tiny £122 million. NAV has increased from 33.47p in 2014 to 92.03p at the end of 2016. Currently predicted to be circa 100p in the next report in six months taking into account the recently granted planning permission. At a very high level if they can keep this kind of growth going a 20% yearly increase in the NAV in 2014 was worth 6p a share today that is an increase of 20p a share.Either the share price will rise to narrow the NAV or we will see a bid.
speedsgh: Some interesting analysis by Graham Neary on the Stocko website yesterday... HTTPS:// Half-Year Report This brownfield regeneration specialist and house-builder issues news of decent NAV growth, up to 87.05p from 80.64p on an EPRA basis (including the valuation surplus on trading properties and the dilutive impact of share options). Clearly that means there is a significant discount baked into the current share price, but perhaps a discount is appropriate given the company's small size - it sold 101 homes during the period. There are plenty of factors beyond the company's control and I would probably be one of those erring on the side of scepticism when it comes to the sustainability of current house pries in the South of England. EPRA NAV of 87.05p is composed of the following: NAV of 55.26p, plus unrealised value of 31.42p (plus one other small tax adjustment). If you include tax on the value uplift, EPRA NAV is 81.08p. So in effect, the share price is giving Inland credit for about 20% of the unrealised value within recent projects... Leverage Total assets of £256 million are financed by £118 million of equity and £138 million of liabilities, including about £70 million of loans. My opinion It looks perfectly reasonable to price this at a significant discount, given the leverage involved and the relatively small size of the company. Investors should get rewarded well for taking these risks, and that means a lower share price (and a higher dividend yield!) For now, the yield is still quite low, at about 2.3%. I would be tempted to invest here if it reached an above-average yield (assuming leverage also at comfortable levels).
solarno lopez: Those that puffed it up yesterday are taking their profits hence the price decline. Get rid of the insiders and then we should see a more positive share price on the back of the news
speedsgh: No director buys since Oct 2013. CEO has sold 4m shares (c£2.5m) shares since Dec 2013. CEO/FD do still have sizeable holdings (6.77% & 5.64% respectively) but does the lack of buys in recent yrs suggest that directors do not see the share price as a screaming buy at the current level, even if it is 30% below the Q4 2015 high?
dt1010: As regular readers of my columns will be aware I like to study stock market history to try to uncover investment trends that have stood the test of time. Undoubtedly, one of the most reliable, and profitable trends over the years has been the tendency of the UK-listed housebuilders to outperform the stock market in the first quarter of the year. And this year was likely to maintain this amazing track record which is why I recommended jumping the gun and buying into the sector early ('A standing dish', 25 November 2014). Fast forward 14 weeks and the average share price gain on the nine listed builders was a thumping 20 per cent by early March, almost five times greater than the return on the FTSE All-share index. This was the cue to bank profits on four of the companies – Bovis (BVS), Redrow (RDW), Galliford Try (GFRD) and Crest Nicholson (CRST) (‘Housebuilders: trading bumper gains’, 9 March 2015). It proved the right decision in hindsight as shares in each company had hit technical resistance and subsequently failed to make any further headway between early March and the end of the month which is when I had originally recommended closing these short-term trading positions. On average shares in the four companies lost 3.4 per cent in value in the last three weeks of March. FTSE 350 Housebuilders price performance (25 November 2014 to 5 March 2015) Company Closing price on 24 November 2014 (p) Latest bid price on 5 March 2015 (p) Share price gain (%) Redrow 270 360.5 33.50% Galliford Try 1,151 1,515 31.60% Crest Nicholson 356 440 23.60% Persimmon 1,495 1,785 19.40% Barratt 450 532 18.20% Bovis 832 982 18.00% Taylor Wimpey 130 150.8 16.00% Bellway 1,829 2,027 10.80% Berkeley Group 2,459 2,683 9.10% Average 20.00% FTSE All-Share 3,591 3,745 4.30% Outperformance 15.70% The five companies I advised running profits on until the end of March – Persimmon (PSN), Barratt Developments (BDEV), Taylor Wimpey (TW.), Bellway (BWY) and Berkeley Group (BKG) – hardly set the world on fire, losing on average 0.8 per cent of their value in that three week period, albeit that was still better than the 2.2 per cent decline in the FTSE All-share index against which I benchmark the share price performances. FTSE 350 Housebuilders price performance (5 March 2015 to 31 March 2015) Company Latest bid price on 5 March 2015 (p) Latest bid price on 31 March 2015 (p) Share price move (%) Redrow 360.5 359.4 -0.31% Galliford Try 1,515 1,425 -5.94% Crest Nicholson 440 425.7 -3.25% Persimmon 1,785 1663 plus 95p special dividend -1.50% Barratt 532 528 -0.75% Bovis 982 932 -5.09% Taylor Wimpey 150.8 155 2.79% Bellway 2,027 1,981 -2.27% Berkeley Group 2,683 2,639 -1.64% Average -2.00% FTSE All-Share 3,745 3,663 -2.19% Outperformance 0.19% I am now out of this trade, and content with the 19 per cent average gain racked up between the end of November and the end of March if you followed my advice to the letter. Clearly, some readers may not have done so, and may have preferred to hold onto all of their positions into April. True, the average gain on the nine housebuilders has been 2.37 per cent this month, but this only makes up for the fall in the sector in the last three weeks of March after I first advised banking profits on some of the shares. The 2.37 per cent average gain in April lags the 4.67 per cent rise in the FTSE All-share index, so the strong upward momentum we witnessed between late November and March is starting to flag. That’s worth noting if you haven’t already banked profits. FTSE 350 Housebuilders price performance (31 March 2015 to 28 April 2015) Company Latest bid price on 31 March 2015 (p) Latest bid price on 28 April 2015 (p) Share price move (%) Redrow 359.4 378 5.18% Galliford Try 1,425 1,500 5.26% Crest Nicholson 425.7 453 6.41% Persimmon 1,663 1,734 -1.50% Barratt 528 527 -0.19% Bovis 932 941 0.97% Taylor Wimpey 155 167 7.74% Bellway 1,981 2,008 1.36% Berkeley Group 2,639 2,540 -3.75% Average 2.39% FTSE All-Share 3,663 3,834 4.67% Outperformance -2.28% Political uncertainty proves a drag It’s easy to understand why this is the case as not only have share prices in the home builders re-rated significantly already, so valuations are now much higher, but the political uncertainty caused by the forthcoming general election is adding additional risk. A Mansion Tax, rent controls and limits on the time developers can sit on land before having to build on it are some of the manifesto proposals which are set to be introduced in the event of the incumbent coalition being ousted by a Labour Party-led government. And it’s a risk I don’t feel comfortable with at the moment given the prospect of another hung parliament, not to mention the outside chance of another general election if a new government is unable to be formed. That’s because The Fixed-term Parliaments Act allows for an early dissolution of Parliament if a motion is passed by a two-thirds majority for an early general election, or if a motion of no confidence is passed and a government isn’t formed within a fortnight of the May election. Frankly, with the Labour Party facing a wipe out in Scotland, then there is a chance that even with the SNP backing in a coalition, a Labour-SNP pact will not have the requisite 326 seats to form a majority government. And unless the Liberal Democrats do better than many pundits are predicting, latest forecasts predict that the party will lose over half of its 57 seats, the current Conservative-Liberal Democrat coalition could also fail to have a working majority in the Commons. Indeed, using the latest predictions from Election Forecast, a team of university researchers using polling data to predict how seats will be distributed in next week’s general election, a Labour-SNP coalition is on course to have 317 seats and a Conservative-Liberal Democrat coalition around 307 seats, both of which are shy of the 326 seats majority required. Of course political deals with minority parties could swing the balance of power for either of these coalitions, and the Liberal Democrats could even form part of a Labour-led government, but with opinion polls indicating the result will be incredibly close, then in the absence of a cobbled together coalition offering incentives to several minority parties, I would not discount the possibility of a political gridlock and another general election in the months ahead. Temptation to bank profits Bearing in mind this back drop, and given valuations across the sector are significantly higher now that they were six months ago, the temptation to bank gains racked up in the past few months could easily deflate share prices over the summer months especially if newsflow is tempered somewhat if homebuyers become more cautious due to the political deadlock. A decisive victory for the Conservative Party would undoubtedly be a positive, and could unleash pent up demand from homebuyers into the housing market, but I am not willing to bet on this possibility right now and feel it’s better to trim exposure at the moment. And that’s why I am running profits on just one listed housebuilder, Aim-traded Inland Homes (INL: 64.5p), for the company specific reasons I outlined in my recent article (‘Decision time’, 16 April 2015). I have also decided to book a massive gain on the holding in FTSE 250 property group Daejan (DJAN: 5,730p), having first recommended buying the shares little over two years ago when the price was 3,300p ('Buy the breakout', 14 February 2013). The shares have been struggling to break the 6,000p level, and I feel investors are likely to react negatively if a Labour government, if elected, goes ahead and imposes rent controls as party leader Ed Milliband has outlined. Daejan is a large private landlord and has significant holdings in the London market so could face a double whammy of a cooling of the London residential property market in general due to the Labour Party’s proposed Mansion tax, and government interference into the free workings of the private sector rental market. So although I still believe Daejan’s shares offer value on a 22 per cent discount to book value, albeit some liquidity discount is required for the fact that the Freshwater family own over 70 per cent of the equity, there is not enough upside left to make it worthwhile holding on given the political uncertainty I have outlined above. Exploiting valuation anomalies There are selective holdings I am keen on irrespective of who is running the country in a few weeks time, one of which is Henry Boot (BHY: 225p) (‘A six-shooter of small cap buys’, 10 March 2015). The 129-year-old Sheffield based construction and property company is likely to be a beneficiary no matter which political party is in power. Henry Boot owns a significant number of oven ready sites which undoubtedly will prove attractive to major housebuilders as I pointed out when I initiated coverage, especially if they are forced through political intervention to ramp out new build output (‘A bootiful investment’, 19 February 2015). I am also maintaining my positive stance on the shares of Mountview Estates (MTVW: 11,000p), a property company which owns more than 2,400 residential properties under regulated tenancies, 329 life tenancies and 1,127 ground rents. Rental returns are already below open-market rates - the payback comes when the property is sold and the company reaps the full vacant market value of the asset – so the business is likely to be largely unaffected by the imposition of rent controls if the Labour Party is elected. Furthermore, the current open market value of these rental properties is £695m, or 62 per cent more than Mountview’s own market value even though the company only has net debt of £63m on its balance sheet. The Labour Party’s freebie to first time buyers – stamp duty exemption on properties worth up to £300,000 – is positive for Mountview given its property resale values are generally below this level. So with the shares trading inline with my recommended buy-in price of 11,000p in my 2015 Bargain shares portfolio, or almost a third below the company’s net asset value after marking property values to their current market prices, I am happy maintaining my buy recommendation. ■ Inland Homes : Buy at 64.5p, target 80p;
Inland share price data is direct from the London Stock Exchange
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