Inland Homes Share Discussion Threads

[spob] 16/8/2017 09:34

For those unfamiliar, EPRA nav estimates the hidden value in ongoing projects and land assets.

Basic current NAV does not reflect any of this hidden value

I feel this company could be snapped up by another builder at any time given the incredible value on offer

[spud] 10/8/2017 17:11

Anything above £1 should clinch it imo. spud

[kramch] 10/8/2017 16:19

I know management fully value their land and developments here. Understandable as they don't want to be taken out too cheaply. Also generous remunerations.
K.

[skyship] 09/8/2017 12:50

According to Simon Thompson (IC) Stifel forecast a final of 1.1p for a 1.6p total, so at 56p the yield is a prospective 2.86% for the year now gone.

For me though the key parameter is the f/c NAV of 98p. That implies a discount of 42.9%!!! The discount is already at 39% to the Dec'16 NAV of 92p.

My investments major on investment companies, PE trusts and propcos; and almost inevitably I have done very well buying stocks when on a 40% discount. That degree of discount implies mistrust, poor sentiment and occasionally, just occasionally, irrational behaviour by an exiting fund.

Others may have thoughts on what holds true here - I admit to being a newbie to INL.

[spot1034] 09/8/2017 08:58

The interim dividend paid a couple of months ago was 0.5p. up 25% from the previous year. The final divi last year was 0.9p, so unless there is some reason to be particularly miserly which is not evident at this stage, I think we can expect this year's final to be increased by more than 0.05p (which would make up 1.45p for the year) and I'd be expecting 1.1 to 1.2p. We will know in a few weeks.

[impvesta] 09/8/2017 08:33

Maybe you've got more up to date dividend forecasts than I've seen Spud, although I prefer to work on current dividend yield rather than forecast.

Stockopedia show 1.45p for 2018 which is a forecast forward yield of 2.61% on a current mid price of 55.5, against a current yield of 2.52%.

I'm actually hoping for a drop in yield as a result of a decent price rise!

[spud] 08/8/2017 18:50

On f/c forward earnings it's nearer 4% & all this on an undervalued growth stock that's likely to be swallowed up before long. Yes I'd classify that as generous imo. spud

[impvesta] 08/8/2017 17:19

Unfortunately the dividend isn't 3%, although it will be if the share price falls too much further!

[hugepants] 08/8/2017 17:00

3% is not too bad. The dividend is a nice bonus since the discount looks way too steep given the NAV forecast of over 100p next year. Not sure what the peer group is though. Is it the housebuilders or brownfield regeneration companies like HWG? But I think INL looks cheap compared to either.

[stemis] 04/8/2017 14:08

Generous dividend?

[spud] 04/8/2017 11:10

Agreed - That is one of two reasons I continue to hold & accumulate on the dips. The other is a generous divi. spud

[spot1034] 04/8/2017 10:42

I can't help but keep thinking that a sale of the company could be close now. It is not as if Wicks and Malde intended to keep the company forever - I think it was stated quite openly in the early days that the plan was ultimately to sell the company on in the same way as happened with Country & Metropolitan. The housing market is still strong but clearly the going is getting tougher, and they would not wish to miss the chance to sell before a significant downturn. Bear in mind also that they are duty bound to act in the best interests of shareholders and if the market is going to continue to undervalue the company, a fair offer based on its true worth would have to be considered very seriously.

They might also be considering the possibility that their tax bill upon any sale is much more likely to go up than down in the next few years, even under a Conservative government. Wicks is approaching retirement age and both he and Malde are involved in ENGI, which I think is one of the more appealing penny shares right now purely because of their association with it. So they would still have a significant business interest to stop themselves getting too bored.

Every time I think of selling some of my holding in INL because of the poor performance, these thoughts keep stopping me from doing so. Even more so when we get a few weeks without much news from the company and I find myself wondering what might be going on behind the scenes. Having said that, the last announcement from the company was Malde's purchase of more shares, so we know there was nothing going on then but did he do this because he knows that if a decent offer comes along now, they'd probably take it?

It will happen one day, maybe sooner rather than later.

[priteshpatel9] 04/8/2017 08:57

Help 2 Buy could be ending early

[shaker44] 04/8/2017 08:55

The sector taking a kicking. Tw. Down 4% eg

[spud] 04/8/2017 08:44

See my post 2192. It's irrational behaviour but it's happening nonetheless! spud

[shaker44] 04/8/2017 08:43

Do seem unloved again for some reason.
I can't keep averaging down in case I catch a falling knife...

[solarno lopez] 04/8/2017 08:30

And Miller Homes a private house builder have just ben sold for £660m !

[skyship] 04/8/2017 08:24

Now on offer @ 57.5p....so at this level we are on a 40% discount to this year's NAV; and a hefty 46% discount to the f/c for 2018!

Just why are they seemingly so cheap?

[spob] 20/7/2017 12:43

picked up some more this morning

grab em whilst still cheap

[cheshire man] 20/7/2017 11:41

Thanks for that SS needless to say I agree with that valuation :-)

[alter ego] 18/7/2017 18:21

Article from Motley Fool - expect drivel.

[gp1948] 18/7/2017 17:43

Harry - an interesting write-up and thanks for posting. Lots of relevant facts in the article, but these journalists sometimes spoil it with their B/S. "Construction Colossus" is isn't! Construction tiddler maybe!