Inland Homes Share Discussion Threads

[riverman77] 14/3/2019 21:15

Yes I simply compared the epra nav growth over the past 3 years (adding in the small dividend to get a total nav return) and it seemed to be around 8%. My guess would be they don't have the scale and margins of the bigger housebuilders and I guess that justifies the discount to nav to an extent (eg Bellway is on a 40% premium but justified as delivering 20% nav growth - on a PE measure Bellway is actually cheaper than Inland).

For these reasons I now stick to the bigger builders, which also have less risk of a single project going wrong and hitting earnings (eg in the event of a delay).

However would be interested if anyone can make a case for smaller players such as Inland as it looks like an ambitious well run company.

[cerrito] 14/3/2019 21:06

Nquaile875
Could not find one
riverman77
Good question and will ponder when I go through the Interims

[spud] 14/3/2019 17:37

Fully loaded on this now. spud

[nquaile875] 14/3/2019 17:33

Good spot Cerrito, do you have a link to the article on their website?

[oi_oi_savaloy] 08/3/2019 17:05

The affordable housing will come down to what tenures they can get away with under the 3 dragons test. And yes, the locals wont want it but it's got to be delivered.

Separately; what will be crucial is the review clause in the S106 agreement. It makes a material difference to Inland's (and anyone capturing a consent) ability to sell a site on. I can expand on what a review clause is but suffice to say - I buy development land in London/SE. It limits exit strategies.

[alter ego] 08/3/2019 08:37

I do also wonder how many of the local objectors would be pleased to see more affordable homes provided.

[igbertsponk] 08/3/2019 08:27

alter ego - Yes!
The application seems to have got over the other hurdles as far as the planners are concerned.
I suspect INL will do an 11th hour change to tweak the affordable a tiny bit and/or promise to build the road to tie in with when the Council finish their bit.
INL usually win applications, just sometimes takes a bit of time.

[spud] 07/3/2019 18:00

Probably. Fate is inexorable. spud

[alter ego] 07/3/2019 17:08

INL summarise the situation at Wilton Park thus

"Negotiations with the local authority continue at Wilton Park, Beaconsfield and hinge on the level of affordable housing to be provided..."

which begs the question, are the residents who vociferously oppose the planning application on numerous other points wasting their energy?

[jaf111] 07/3/2019 07:51

Maybe not blockbuster but I will certainly settle for this....

[spud] 07/3/2019 07:49

Almost a progressive dividend policy of 30% pa! That's the driver for me with the capital growth being the icing on the cake. Well done INL!spud

[cheshire man] 07/3/2019 07:48

Pleased with that and happy to hold :-)

[igbertsponk] 07/3/2019 07:45

Results fine for me.Main pluses:1. Divi up loads - will attract income seekers2. Wilton Park planning decision expected before end of JuneIf they can get Wilton and Cheshunt resolved by June then we'll see £1 this year.

[yupawiese2010] 07/3/2019 07:42

I think you also need to look at the outlook statement.

Outlook

The current market conditions in the South and South-East of the United Kingdom are showing signs of a slow-down, but the demand for new homes continues to significantly outstrip supply. We are continuing to see good visitor numbers at our sales outlets and overall sales rates are according to plan but are being achieved after the provision of additional incentives including the use of Help to Buy. Our ability to secure Partnership Housing deals alongside private housebuilding balances our business model during these times of uncertainty. The demand for land with planning consent in our areas of operation continues to be robust and we believe that our land portfolio provides us with an excellent base for the future.

[podgyted] 07/3/2019 07:26

Wouldn't call them blockbusting by any means. They seem to be pointing to a very good year in 19/20 - not so good this.

[spud] 07/3/2019 07:24

Nice set of results with my f/cast on a 30% divi achieved.Financial highlights: · Revenue decreased to £51.0m (2017: £61.2m), as expected· Gross profit increased by 28.1% to £14.6m (2017: £11.4m)· Gross margin at 28.6% (2017: 18.6%)· PBT up to £5.5m (2017: £5.4m)· Interim dividend up 30.8% to 0.85p per share (H1 2017: 0.65p)· Net Asset Value per share ("NAV") up 7.0% to 71.71p (2017: 67.02p)· EPRA NAV1 up 6.1% to 103.57p (2017: 97.63p)spud

[igbertsponk] 06/3/2019 12:42

They didn't have any choice - had to get the RNS out as soon as the planning decision was made.
Narrative in the interims will be interesting - on Cheshunt and Beaconsfield.

[jaf111] 06/3/2019 09:49

Looking forward to tomorrow's interims......clearly INL wanted to get this bit of 'bad' news out thus avoiding any distraction from some blockbusting results tomorrow......well one can hope!

[spud] 06/3/2019 09:15

Well the MMs called that wrong! Could only pick up an additional 5k on the dip due to a lack of stock at that level.spud

[igbertsponk] 06/3/2019 07:49

Annoying local politicians wasting time.

[peter27] 06/3/2019 07:42

Taking lessons from the Government. Always put off till tomorrow what you don't have to do today.

[spud] 06/3/2019 07:33

Planning has all but been approved, it's just the final death throes of the committee playing for time, which is all but up.spud

[mip55] 06/3/2019 07:15

Cheshunt application deferred......advises that whilst its planning application was recommended for approval by the planning officers, the planning committee of Broxbourne District Council resolved to defer making a decision, requesting clarification on a number of matters.