Share Name Share Symbol Market Type Share ISIN Share Description
Inland Homes Plc LSE:INL London Ordinary Share GB00B1TR0310 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.00 -2.92% 66.50 195,372 09:20:12
Bid Price Offer Price High Price Low Price Open Price
66.00 67.00 68.50 66.50 68.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 147.40 19.30 7.64 8.7 134.0
Last Trade Time Trade Type Trade Size Trade Price Currency
10:53:24 O 15,000 66.00 GBX

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Date Time Title Posts
27/6/201910:39Inland Homes3,082
30/4/201811:25Inland Homes interview with Hardman & Co1
21/11/201711:22Inland Homes INTERVIEW with Hardman & Co1
17/8/201708:03*** Inland ***6
02/11/201514:26Inland - 20104,708

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Inland Homes Daily Update: Inland Homes Plc is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker INL. The last closing price for Inland Homes was 68.50p.
Inland Homes Plc has a 4 week average price of 56.50p and a 12 week average price of 56.50p.
The 1 year high share price is 71.40p while the 1 year low share price is currently 47.30p.
There are currently 202,098,621 shares in issue and the average daily traded volume is 778,417 shares. The market capitalisation of Inland Homes Plc is £134,395,582.97.
shanklin: I hope they start selling off some of this land now it has planning permission and reduce their debt significantly. All this debt is IMHO holding the share price back considerably as has been the case for many years.
davidosh: It would not be fair to post it all but the conclusion is as follows.... In the circumstances, it’s hardly surprising that Inland’s shares have reacted positively. Even before factoring in any valuation uplifts the company’s market capitalisation of £127m is 40 per cent below Inland’s end 2018 European Public Real Estate Association (EPRA) net asset value (NAV) of £213m (103.6p per share). The potential for the realisation of substantial gains on the company’s land bank as it passes through the planning process, and an attractive share price discount to NAV, were major bull points in the investment thesis I outlined when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares portfolio. Strong buy.
spob: this should be nearer a pound by now daft share price take advantage
igbertsponk: Bit of traction on the share price now
igbertsponk: Guess they want to include the big uplifts for both Beaconsfield and Cheshunt. And expect the Cheshunt one before September.Assume they're just fed up with being undervalued and want to put out great results with a NAV per share about double the current share price.I'll be accumulating at this price.
spud: Yes excellent news. Expect to see the share price respond positively (subject to the volume of selling from our distressed investor). That's the first piece of the 2 stage jigsaw in place.spud
spud: Great news! Certainly undervalued (thanks to a background seller depressing the price) but an ongoing 30% pa uplift in the dividend will have the effect of pulling the share price up by its bootstraps. spud
spud: Great contract announced this morning - Expect the share price to respond accordingly: The transaction is for a total land and build consideration of £77.7 million, with the land being sold for £14.0 million payable on completion. Inland Partnerships, the fast-growing construction arm of the Group, will undertake the development phase on behalf of Clarion, which is expected to take approximately three years. spud
cerrito: My thoughts on the AGM and corrections welcome. A pretty good turnout-roughly 15/20 private shareholders. Board available both before and after the meeting. Meeting took just over an hour but questions curtailed. Board seemed comfortable in their own skins. All resolutions easily passed; to me most noteworthy was that only 29 m shares voted or a voter turnout of 14 pc. I guess this low turnout can be read that there are no major issues shareholders have- and remember the big problems 6 years ago approx on management renumeration; that said, for me it is not very healthy and reflects the lack of institutions in the shareholder base. Remember that the only institution with a plus 3pc shareholding is Henderson with 4.95pc. Quite alot of discussion on sharebuybacks and why more not being done. Chairman made a comment that if it went down to 30 p they would reassess and did recognize there are loose shareholders.I do not see any more in the near future as they want to keep their powder dry and I personally am OK with that. Quite a bit of comment if they were over diversifying but as can be expected we were assured that there was sufficient management depth. Also told that alot of it was a natural evolution of their core business. Their Social Provider Rosewood will be concentrating on their smaller sites and said shared housing was a particular interest. One shareholder expressed concern that they were taking their eye off the ball of their key skill in getting things through planning. Wilton Park as can be expected was the main topic ; in neither the formal meeting or discussions outside did I get any steer as to when they thought they would get agreement with the South Bucks District Council Officers on what I gather is the remaining issue- the level of affordable housing. As mentioned in the AR the local authority policy is for 40 pc which seems very high in this current climate. Of course getting agreement with Officers is just the first step and then they need to get it through the Committee. They said they are prepared to tough it out and the rent that they are earning covers the finance charges...but of course this is a massive distraction. Wickes said more than once that no way we're they going to knock down buildings which provide security to the Bank to build the new road, noting that Bucks CC are putting in £10.5m for a new road. Not clear what will break this impasse unless Inland go to appeal. Having had a close involvement in the planning process in recent years I find it very strange that SouthBucks have rejected the second report commissioned by them; all seems very peculiar. Asked how much this was valued on the books and the CFO said of the top of his head £55m...compared to total group assets of £300 m although of course we do not know the level of borrowings against it I see nothing in the local rag-South Bucks-since September and no reason for there to have been anything. Wickes very confident that Cheshunt will get through planning. I think I heard him say that Committee will be January 30th. Given that I have been unable to find any evidence of local opposition, I have no reason to disagree with that view. Question asked if zeros were efficient given that the implied interest cannot be offset for tax purposes. The reply was a very firm yes; given lack of covenants, security etcetera zeros provide an invaluable amount of financial flexibility ref funding land without planning consent ,which is a real pain, and jv's. This would have been the principal reason they extended the zeros and increased the amount- for me INL has a good deal. They have just done their first PRS deal on Southampton. No discussion on Brexit either on availability of labour or of market demand. No questions on Hugg Homes- not sure how much this will move the dial on the p&l and I would have thought getting utilities installed would be a real pain; also nothing on their housebuilding which they appeared upbeat in the AGM statement. They seem to have scored a bullseye with the £7m Aston Clinton fee which will be taken into income this year and has negligible costs associated with it. I am surprised that this did not move the sp, given that in 2017/8 pre-tax profit for the whole year was £7m A couple of questions for next time. One is what are the assets in Development properties ?and why are they clarified thus rather than inventory?.. The second is their level of concern about the increase in fixed costs. What will the next RNS say? There will be hopefully one at end of January for Cheshunt planning permission. I see from the Going Concern Statement that they are in discussions to extend loans that mature on December for twelve months but I do not see this as triggering a RNS. All in all seem in good shape bearing in mind a sub 50p share price. I do not see myself as buying more at this stage not because of any issue I have with them but more because I am in a funk on the political situation-which is why I am not buying more of my other housebuilder TEF who produced good results this morning and also have a deflated share price
spud: rate this stock highly. Many big house-builders are quite similar. One company that's a little different is Inland Homes (LSE: INL).As well as building houses itself, this £127m firm specialises in buying brownfield sites. It then divides the land into build plots, secures planning consent and sells the plots to other builders.The group's EPRA net asset value per share - an industry standard measure that includes valuation gains - rose by 6.3% to 102.3p per share last year, according to figures published today.Pre-tax profit rose by 8% to £19.3m, and shareholders will see their total dividend rise by 29% to 2.2p per share.However, what's most interesting about this company is that unlike most peers, its shares trade at a big discount to their net asset value. At the last-seen share price of 62p, this stock trades at a 40% discount to net asset value.A potential buyGiven the firm's track record of stable growth, this valuation seems harsh to me. Although rising net debt of £79.7m could be a risk in a severe downturn, I'm not really sure why else this business should be so cheap.Inland said today that its land bank contains 6,870 plots with an expected gross development value of £2.1bn. About 25% of these plots already have planning consent, or will have shortly.If I was a shareholder, I'd sit tight and would consider topping up. With the shares trading on 8 times 2019 forecast earnings and at a big discount to book value, the downside risk seems limited to me. And a 3.5% dividend yield means investors are paid to be patient.spud
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