Inland Homes Dividends - INL

Inland Homes Dividends - INL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Inland Homes Plc INL London Ordinary Share GB00B1TR0310 ORD 10P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 56.50 08:00:17
Open Price Low Price High Price Close Price Previous Close
56.50 56.50 56.60 56.50
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Inland Homes INL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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spob: Exploit Inland’s hidden value ■ Significant Build to Rent sales. ■ Record land bank. Inland Homes (INL:58p), a south-east England-focused housebuilder and brownfield land developer, is trading far better than investors are giving it credit with the shares priced on a thumping 44 per cent discount to proforma European Public Real Estate Association (EPRA) NAV of £234m (103p a share). Importantly, a raft of recent deals should enable net debt of £138m to be paid down, thus unwinding the elevated equity risk premium embedded in the share price. Inland has announced two major sales to Build to Rent (BtR) funds in the past month alone including the £31.5m disposal of 123 units at its Centre Square development in High Wycombe that is scheduled to complete in March 2021. Half the consideration will be paid on completion and the balance in monthly staged payments before then, thus providing significant cash flow. Inland has also exchanged contracts on the £21.3m sale of 85 units at Buckingham House, High Wycombe to another BtR fund with completion slated in early 2022. Inland now has 415 private homes under construction and 1,302 partnership homes across 13 sites. A third of the £156m forward order book are private homes and commercial units. To put this into perspective, Inland sold 226 homes at an average of £287,000 in the 12 months to 30 September 2020, generating revenue of £65m, accounting for just under half the directors’ total revenue guidance of £135m. It's worth noting that net reservation rate per sales outlet increased sharply during the last quarter, driven by a combination of underlying demand in the marketplace and the Stamp Duty Tax holiday. The point is that Inland’s affordable private homes should continue to sell well, while at the same time the company de-risks revenue visibility even further through institutional BtR bulk sales and housing association partnerships. It’s the right strategy to pursue. Furthermore, Inland’s land bank of 11,045 plots is at a record high, of which almost 2,500 plots have planning consent, 2,800 plots are strategic land held under option at a discount to open market value, and the balance are in the planning or pre-application planning stage. This offers scope to continue to realise value from land sales, or through housebuilding activity. True, we need to wait for January’s results to ascertain the level of profitability as there are no earnings forecasts in the market. However, what’s clear to me is that as more sales are booked, and the balance sheet de-gears, then the unwarranted 44 per cent share price discount to NAV should narrow. Prior to the March stock market crash, the shares were priced on a 10 per cent discount to EPRA NAV. Interestingly, Inland’s share price appears to have completed a base formation, having traded in the 47p to 57p range since early April. A likely chart break-out opens the door to a rally towards the 80p previous resistance level. Trading at the 57.75p entry point in my 2019 Bargain Shares Portfolio, and with my standing dish first quarter seasonal housing building sector trade almost upon us (‘Alpha alert for housebuilders’, 3 January 2018), Inland shares are worth buying from both a technical and fundamental perspective. Buy.
skyship: Simon Thompson of the Investors Chronicle covers INL quite often - it was one of the stocks in his 2019 Bargain Portfolio. He wrote this update on 23rd March during the crash: ==================================================== Inland Homes (INL:40p), a south-east England-focused housebuilder and brownfield land developer, has reported a bullish interim pre-close trading statement that is completely at odds with the share price de-rating since I updated my 2019 Bargain Shares Portfolio in early February. Current reservation rates have been resilient, there has been no major change in buying interest or visitor numbers to sites in recent weeks, and the company should achieve 65 legal completions worth £17.5m this month, in line with budgets, from its £47.2m forward order book. Analysts at Panmure Gordon only factored in 177 completions for the whole of the 2020 financial year, so the order book mitigates earnings risk, as does the fact that first-time buyers account for the majority of sales, as reflected in an average selling price of only £250,000. In any case, partnership housing is Inland’s fastest growing activity, so is more important as it provides solid cash flow of £7m a month across five sites (all open) and insulates the company from any potential slowdown in open market sales. Inland’s blue-chip client base includes several leading UK housing associations, and negotiations are ongoing regarding further partnership opportunities to meet the untapped demand for new affordable homes. Panmure expects partnership housing sales to increase from £63m to £73m this year, a forecast fully supported by a £86m divisional order book. In addition, Inland generates more than £3m of annual income through brownfield activities, including temporary modular housing business 'hugg homes' which are let to local housing authorities. The balance of Panmure’s full-year revenue estimate of £200m is derived from land sales. Interestingly, Inland’s directors point out that “a number of significant profitable land sales are expected to conclude in the near future”. It could be transformational for the battered share price as it would further de-risk Panmure Gordon’s full-year pre-tax profit and EPS forecasts of £22.7m of 8.9p, respectively. Trading 65 per cent below last reported EPRA net asset value of 113p a share, on 4.5 times forward earnings and offering a 7.8 per cent dividend yield, Inland’s share price should bounce back well above my 57p entry point when the land sales complete. Buy.
skinny: Inland Homes signs £49m agreement with B3Living. Inland Homes plc (AIM: INL), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces that it has exchanged unconditional contracts via its joint venture, Cheshunt Lakeside Developments Limited, to sell Phase 1a at its Cheshunt Lakeside, Hertfordshire project to a local housing association, B3Living, for £15 million with a payment in full on completion in September 2020. In addition, Inland Partnerships entered into a contract with B3Living to construct 195 apartments in this Phase in a deal worth £34.5 million. Construction will commence in October this year. Inland Homes is also pleased to announce the following transactions: ● The completion of the sale of a development site in Staines for £6.6 million where Inland has entered into an agreement with the purchaser to manage the planning process and will receive a share of the profits once planning consent is obtained. ● The completion of the sale of Burleighfield House in High Wycombe for £1.65 million. ● An unconditional exchange of contracts for the forward sale of 24 apartments under construction at its Chapel Riverside development to a housing association for £4.5 million with completion expected in December 2020. more....
igoe104: * IC - Simon Thompson - BUY Inland’s value proposition Shares in Inland Homes (INL:50.5p), a south-east England-focused housebuilder and brownfield land developer, were up 51 per cent on my recommended buy-in price when I updated my 2019 Bargain Shares Portfolio in early February. The stock market crash wiped out all the gains, and more. The holding is now 12 per cent under water, albeit more than 25 per cent ahead of the 40p level at which I last advised buying at when investor risk aversion was at heightened levels (‘Built for recovery’, 23 March 2020). Until the middle of March, Inland was well on course to deliver results in line with Panmure Gordon’s full-year pre-tax profit and EPS forecasts of £22.7m of 8.9p, respectively. However, the economic uncertainty caused by the Covid-19 pandemic has made major housebuilders cautious. Three of five major land sales that were due to complete by 31 March 2020 (Inland’s half year-end) were aborted. With a total sales value of £46.2m, the proceeds would have markedly deleveraged Inland’s net debt position of £150m. The absence of these land deals explains why the company reported a pre-tax loss of £7.2m on revenue of £59.6m in the six-month trading period, rather than a hefty profit. It’s worth stressing that Inland is still doing deals. For instance, it has just announced the unconditional sale of 94 plots at its flagship development site at Wilton Park in Beaconsfield to Bewley Homes, a specialist in high quality developments, at a premium to EPRA valuation. The sale is expected to complete in September and has been structured so that two-thirds of the [undisclosed] cash consideration is payable on completion and the deferred element payable within 12 months. In addition, Inland is “at an advanced stage on a number of land sales which are anticipated to exchange or complete in July.” Despite the hiatus caused by the lockdown, the company is still selling new homes, too. In the 12 weeks since 1 April 2020, it has booked 46 net new reservations worth a total of £21.2m and has forward sold a hotel under construction which will generate proceeds of £13.3m in early 2021. Inland is also being approached by housing associations and build-to-rent funds for bulk purchases of apartments under construction. Inland’s current partnership housing order book stands at £84.9m and this excludes a construction contract for £34m which is “at an advanced stage and is expected to be signed in July”. The point is that the value embedded in the company – proforma European Public Real Estate Association (EPRA) net asset value of £234.5m (103p a share) post the half year-end placing – is more than double Inland’s market capitalisation of £115m even though the directors have taken steps to bolster cash reserves and protect cash flows. For instance, Inland raised £9.4m in placing in early April to give it a cash buffer and has since renegotiated the terms for some loan repayments as well as deferring certain land payments. The company has reduced headcount by 11 per cent, too. So, although the Covid-19 induced economic downturn has created uncertainty, I feel that the perceived financial and operational risk embedded in Inland’s valuation is factoring in an Armageddon scenario that is highly unlikely to materialise. As positive news flow on land and housing sales emerges in coming months, expect the share price discount to EPRA NAV to narrow markedly. Buy
spud: Inland Homes plc sells 94 plots at Wilton Park16 June 2020 Inland Homes plc("Inland Homes", "Group" or "Company") Inland Homes plc sells 94 plots at Wilton Park, BeaconsfieldInland Homes plc (AIM: INL), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces the unconditional sale of 94 plots at its flagship development site at Wilton Park in Beaconsfield to Bewley Homes plc, a specialist in high quality developments in the South East. The sale is part of phase one and two of the project, which totals 147 units including 27% affordable housing.The consideration payable presents a premium to the EPRA valuation. The sale, which is expected to complete in September this year, has been structured so that circa two-thirds of the consideration will be payable in cash on completion with the balance payable on a deferred basis and no later than twelve months post-completion.The sale will enable debt reduction and free cash flow that will be reinvested into the Group's operations.spud
master rsi: COVID-19 update - sales and marketing suites to reopen Inland Homes ("Inland Homes" "the Group" or "the Company"), a leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south east of England, announces the reopening of its sales and marketing suites from 22 May to support its ongoing online and remote sales and marketing activity. The decision follows the Government's recently updated guidance which removed the restriction on non-essential home moves and supported the return of activities related to the sale and purchase of homes..... Inland Homes builds homes in areas of high demand and structural under supply in the south and south east of England. To recognise the efforts of 'key workers' in this pandemic, the Company is offering a 'key worker' discount on home purchases. Inland is also pleased to be launching a number of offers on its home sales for all other customers......
cerrito: I see that MJ Gleeson of whom I know very little are raising £16m in fresh equity today. They seem to be bigger than INL ie revenues in 6 months to 12.19 were £105m compared to £147m for INL over 15 months and they had control over 13625 plots compared to INL's 7796. Like INL they concentrate on the low cost end of the market but in the North and Midlands. All that aside, I found the following from their RNS this morning very interesting as it would appear to have read across to INL and the implications it has for INL's working capital position. My broker's comment also referred to the Strategic land business taking long to recover-which if true would be a downer for INL given the sales it had agreed. I look forward to your perspectives. quote The Company believes that once COVID-19 restrictions are lifted, low cost homes and those sold to first-time buyers will be the segment of the housing market that will recover the fastest. A precursor to home ownership is the saving of a deposit of as little as £5,000. A significant proportion of the Company's customers are the Key and Critical Workers who will be working overtime during the current health crisis and may emerge from this period having saved such amounts. To be able to meet the demand for its homes, building on current sites and opening of new sites will be concertinaed into a much shorter time scale, which will be more capital intensive than usual. The Company is therefore proposing to raise additional capital by way of the Placing to provide additional liquidity. The funds provided will be utilised to: 1) Ensure sub-contractors and key trades are ready to re-commence building. The Company will work closely with its supply chain, mindful of their own financial positions, honouring commitments and bringing them back to site. This is expected to cost c.£4 million; 2) Secure materials including the supply of bricks, block timber, kitchens and other materials ensuring availability on resumption of building. This is expected to cost c.£2 million; and 3) Purchase and open new sites under contract. This is expected to cost c.£10 million.
master rsi: malloca 9 - The PUMP when IN and DUMP when OUT - Shame on YOU Posting on other threads and tipping INL when is Holding the stock....... mallorca 931 Dec '19 - 11:00 - 10260 of 10382 - PMG, anyone heard of it?? Did anyone act on my Inland Homes tip(INL). It continues to move higher. ----------------- mallorca 9 - 08 Jan 2020 - 09:22:55 - 10268 of 10383 - PMG, anyone heard of it?? - PMG Inland Homes INL , breaking higher again. Take a look ! ------------------ mallorca 9 - 20 Feb 2020 - 12:18:24 - 10357 of 10383 PMG, anyone heard of it?? - PMG Lovely fat dividend banked this morning at Inland Homes .. INL and PUMP here mallorca 9 - 22 Jan 2020 - 15:59:13 - 3460 of 3792 Inland Homes - INL Congrats to all those who banked a profit - that is what it is all about ! I'm holding all of mine as I see this doubling from here relatively quickly. Can hardly see any mid term risk to the share price -------------- mallorca 9 - 31 Jan 2020 - 07:51:20 - 3541 of 3792 Inland Homes - INL I actually see INL being taken out by a larger competitor at a significant premium for shareholders. -------------------- mallorca 9 - 31 Jan 2020 - 11:24:58 - 3566 of 3792 Inland Homes - INL 'Exceptionally strong demand from housing associations underpins continued strong growth with 921 homes currently under construction (30 June 2018: 220)' ------------- mallorca 9 - 01 Feb 2020 - 10:48:35 - 3590 of 3792 Inland Homes - INL Just about recovered to break even yesterday - think we should call it quits . Double or nothing that we hit a new all time high next week ! Sev ...thanks for the thoughts above. I totally agree. I have always seen INL as a takeover target but I feel that it will be for around £500m when it happens - so circa 2.5 x today's share price. -------------- mallorca 9 - 25 Feb 2020 - 13:21:15 - 3686 of 3792 Inland Homes - INL I added again - at 82p. ------------ Being NEGATIVE once SOLD..... mallorca 9 - 14 Mar 2020 - 10:43:11 - 3744 of 3792 Inland Homes - INL I should declare that I sold out of these on Friday. As all should know, INL has been a big holding for me and I love the Company prospects however I am very worried about cash flow as many predicted sales may now be pushed back and I am worried about the Companies liquidity .. also, ------------------------ mallorca 9 - 16 Mar 2020 - 09:33:19 - 3749 of 3792 Inland Homes - INL The problem is cashflow and workforce shortages. This virus thing hasn't even got going yet. ------------------------ mallorca 9 - 16 Mar 2020 - 09:46:03 - 3751 of 3792 Inland Homes - INL spob, all will soon be on lockdown. The governments new emergency powers include compulsory land purchase for carrying out mass burials. ------------ mallorca 9 - 16 Mar 2020 - 11:23:56 - 3759 of 3792 Inland Homes - INL Guy's I do not want to scaremonger .. The facts are pretty consistant from country to country … Circa 60% of the population will contract the virus, 1% of those will then die. Do the maths yourself. I estimate circa 400k deaths in the UK and circa 1.8m deaths in the USA. There will be around 400k deaths in the UK. ---------------- mallorca 9 - 17 Mar 2020 - 10:43:52 - 3782 of 3792 Inland Homes - INL To me it is a bit worrying that the Co hasn't reassured investors re liquidity. Having said that , you could probably criticise all Co's for that. thanks to the secretary for the research
sev22: 2019 BARGAIN SHARES UPDATE BY SIMON THOMPSON IN TODAY'S INVESTORS CHRONICLE: INLAND HOMES. Aim: Share price: 87.2p Bid-offer spread: 87-87.4p Market value: £178m Website: Inland Homes (INL), a south-east of England-focused housebuilder and brownfield land developer, has reported a raft of positive news in the past 12 months. At the end of the 2019 financial year, the company reported a record land bank of 7,796 plots of which more than 3,000 plots have planning consent and a further 3,533 plots form part of Inland’s strategic land bank, the majority of which is held under options that are exercisable at a discount to market value. The total land bank has a gross development value (GDV) of £2.4bn, a strong indication of the bumper profits to be released when the plots are either developed or sold on to larger housebuilders. The decision to buy out the company’s joint venture partner at Cheshunt Lakeside, Hertfordshire, after the local authority granted planning consent last year, is likely to prove a shrewd and highly profitable decision. Inland controls 1,253 plots on the site with a GDV of £429m and Inland’s directors are evaluating their options to develop it as well as their flagship 100-acre development at Wilton Park, Beaconsfield. Wilton Park has been granted formal planning consent for 350 homes (GDV of £288m) and there are provisional proposals for further development on the site which could provide an additional 250 homes and 18,500 sq m of commercial space. Inland now has 892 private homes and 921 partnership homes under construction, and is in discussions with build to rent operators to enter more deals that will reduce the company’s borrowings – Inland has net debt of £152m – and release capital to invest back into the business while at the same time further de-risking the forward sales pipeline. For instance, the company has just signed a contract with Octavia Housing, a leading provider of affordable housing, for the development of Afrex House, in Alperton, north-west London. The development of this former light industrial site into 31 one, two and three-bedroom apartments will support the broader regeneration of the Alperton area. Annual results released last week revealed that the company’s European Public Real Estate Association NAV rose 13 per cent to £233m (113.6p a share) and pre-tax profit surged by more than a quarter to £25m, of which half represented a valuation gain on the Cheshunt site. However, I maintain my view that the Wilton Park and Cheshunt Lakeside flagship developments have scope to create £100m of additional value for Inland’s shareholders over time, a sum equating to more than half the company's current market capitalisation. A 3.1p a share annual payout produced a decent dividend yield of 3.5 per cent, too. BUY.
spob: Inland Homes’ urban village Simon Thompson June 26, 2019 Inland Homes (INL:68p), a leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, has been granted planning consent to create a new urban village of 1,725 homes and 19,000 square metres of commercial space at Cheshunt Lakeside, Hertfordshire. The site is located just outside the M25 and is only 27 minutes from London's Liverpool Street station by train. It’s a significant milestone after Inland entered into a joint-venture partnership to acquire the site in June 2016 with a view to obtaining planning permission and ultimately selling on the land. Under the terms of the joint-venture agreement, Inland has an obligation to fund 50 per cent of the costs of the site and is entitled to receive 50 per cent of the net returns. Together with its joint-venture partner, Inland owns and controls 1,253 of the 1,725 consented residential plots and 4,905 square metres of commercial and educational space within the Cheshunt masterplan area, which has an estimated gross development value of £620m. Inland is the lead developer on the broader masterplan, and is working with the council to deliver it. The planning approval highlights Inland’s strategy of acquiring quality land in areas of high demand, adding significant value by securing planning permission, and then generating value for shareholders through a mix of selective in-house development and by providing a turnkey solution for development partners. Analysts at house broker Panmure Gordon expects the site to be cleared in late summer/early autumn and first delivery of the housing scheduled for mid to late 2021. Taken together with the planning consent gained on Inland’s flagship site at Wilton Park, Beaconsfield, which I covered a fortnight ago ('Inland wins major planning consent', 10 Jun 2019), we can now expect Inland’s end 2018 European Public Real Estate Association (EPRA) net asset value (NAV) of £213m (103.6p a share) to increase sharply when it releases a pre-close trading update in early October 2019, having sensibly moved its next financial year-end from 30 June 2019 to 30 September 2019 to be able to offer greater financial clarity on the Cheshunt Lakes and Wilton Park developments. Analysts are holding fire on upgrading their financial estimates, but it’s clear to me that these two flagship developments have the potential to create additional value in the order of 40 to 50 per cent of Inland’s last reported NAV, albeit the company is likely to be more conservative in its valuation approach in the 2019 accounts. The point is that with the shares trading on a 34 per cent discount to NAV per share prior to analysts releasing significant upgrades, the potential for a material increase in the carrying value of Inland’s two flagship developments is simply not being priced in, nor is their near-term profit potential if Inland decides to sell on parcels of land to major housebuilders. There is undoubtedly demand given the proximity of both schemes to London. The likely 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 the key bull points in the investment thesis I outlined when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares Portfolio. The company is clearly delivering. Trading on a bid-offer spread of 67.5p to 68p, valuing Inland’s equity at £140m, I continue to rate the shares a strong buy and introduce a target price of 95p to 100p. Strong buy
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