Inland Homes Share Discussion Threads

[spud] 06/4/2017 09:38

Predictable morning rise followed by sell off. Yawn.spud

[stemis] 05/4/2017 16:05

Seems to be plenty of shares around. Had no trouble buying...

[ccraig69] 04/4/2017 20:40

Would like to see 5% yield

[stemis] 04/4/2017 15:28

EPS of 6.8p for the 12 months (i.e. 5.1p in H2) seems somewhat feeble when they have already 28p of unrealised value in projects waiting to be realised (presumably they will be continuing to add to unrealised value through purchases and planning applications).

[speedsgh] 04/4/2017 14:16

BUY recommendation reiterated again today by Simon Thompson on IC website (see link below). Imo market will need some reassurance on meeting H2 weighting before narrowing the discount to NAV.

[spud] 04/4/2017 14:07

Has become a trading share and will remain in this 3-4p range until an Institution takes up the slack by taking additional stock.

spud

[igbertsponk] 04/4/2017 08:56

Decent news again, but rise met by sells as ever. Seems plenty of sellers, which is fine if you're adding like me.

[shaker44] 04/4/2017 07:44

Agree. Let's hope Wickes does too!!

[shaker44] 04/4/2017 07:44

Agree. Let's hope Wickes does too!!

[shanklin] 04/4/2017 07:29

Good to see the forward sale of some of the affordable houses INL are building. For ne the big risk here is the way INL is ramping up their debt and housebuilding activities as we go through 2 years of increased economic uncertainty.

Personally I would like to see a greater proportion of:
- land sales where planning permission has been achieved, or,
- forward selling, as here,
to mitigate some of this risk.

[speedsgh] 29/3/2017 15:04

Some interesting analysis by Graham Neary on the Stocko website yesterday...



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).

[igbertsponk] 28/3/2017 08:57

Nice accumulation opportunity ahead of the Wilton Park planning application which will have loads of nice pics of multi million exec houses.

[yump] 28/3/2017 08:51

I don't think its uncommon to see markdowns when companies half-year figures are less than half of the expected full year, regardless of how good the full year are forecast to be.

[manrobert] 28/3/2017 08:12

surprised to see market makers allowing you to buy at yesterdays prices.

[igbertsponk] 28/3/2017 07:47

Think INL still suffers from being an unusual beast that is hard for analysts to value. It's mainly a planning play rather than a housebuilder. Doesn't bother me: I added yesterday.

[shaker44] 28/3/2017 07:43

Agree. Hard to understand what is holding it back. Seems so little downside risk and so much upside.
Maybe just have to await +ve rns as with so many aim stocks

[blueclyde] 28/3/2017 07:37

Well NAV as of end of December 92p. Is probably close to 100p now on the back of all that planning permission recently granted. Seems very cheap!

[cheshire man] 23/3/2017 10:13

Can buy with TD but want over the offer !

[yump] 23/3/2017 10:05

Went through to dealer and got some. Shame I didn't see these ages ago, but it appears that they've had a levelling off period and might be ready for some movement up for some time to come.

Haven't really researched for long, but looks well run.

[alter ego] 23/3/2017 09:58

hi yump, same with HL for 3k shares fwiw

[yump] 23/3/2017 09:45

Just been trying to buy some and can't - unless its just a hiccup with Selftrade.

[solarno lopez] 22/3/2017 08:49

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

[igbertsponk] 22/3/2017 08:47

This is the Aylesbury 400 homes site.

[manrobert] 22/3/2017 08:45

bt back in with 15000 this morning after being out for a while.news looks very promising and sure big builders will be circling.