Inland Homes Share Discussion Threads

[igoe104] 31/7/2020 11:39

Another approved project...

[skyship] 30/7/2020 15:17

free stock charts from uk.advfn.com

[manrobert] 30/7/2020 13:44

trading not reflected in price

[bwm2] 29/7/2020 09:44

And a good time to increase holding prior to news of more deal flow

[cordwainer] 28/7/2020 16:51

Either overlooked or avoided in today's modest housebuilder rally, extension of Help to Buy having been highly anticipated.

[bwm2] 20/7/2020 15:37

More importantly I think is Stephan Wicks' last comment about 'we have a number of further significant sales in the pipeline and will update the market in due course'

[skyship] 20/7/2020 13:32

Well, no appearance in today's column....perhaps tomorrow...

EDIT - of course, if he does revisit INL he should quite clearly also include the income alternative of INLZ

[cheshire man] 20/7/2020 10:58

Will give us a nice boost if he does :-)

[skyship] 20/7/2020 10:57

I wonder if ST will cover today's RNS in his IC Online column...reaffirm his Tip.

[skyship] 20/7/2020 07:24

Break through 54p and this is surely headed back into the 60s:


free stock charts from uk.advfn.com

[daicaprice] 20/7/2020 07:12

Cracking Co, they deliver exactly what they say they will. Well done.

DC

[skinny] 20/7/2020 07:03

.

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....

[p1966] 20/7/2020 01:25

Daily Express quoting Rightmove on house price movements:https://www.express.co.uk/life-style/property/1311564/house-prices-uk-stamp-duty-holiday-rishi-sunak-asking-price-surge-property-news

[p1966] 19/7/2020 16:48

Homebase Walthamstow - current statushttps://www.walthamforest.gov.uk/content/regeneration-homebase-site-2c-fulbourne-road-walthamstow

[skyship] 15/7/2020 07:32

OK - will do...

[jaf111] 14/7/2020 20:44

Yep.....I wanted more but not prepared to pay the higher price!
Will keep an eye open but don’t follow these things as closely as you Skyship so please advise if you see more cheap stock around - your monitoring of the Balfour Beatty 10.75% Prefs was much appreciated 👏

[skyship] 14/7/2020 14:00

JAF - well, if that was yr 10k @ 149.95p, reckon you got the last of the cheap stock. Hopefully a good trade!

[jaf111] 14/7/2020 09:33

After much dithering I have finally joined Skyship with a purchase of the zero prefs....As he notes GRY of over 8% seems very attractive!!!

[skyship] 13/7/2020 14:09

Was able to top-up my INLZ today @ 149.9p! That provides a GRY of 8.05% to redemption at 201.40p on 10/04/24.

Incredible value if INL prove to be a survivor...

[skyship] 13/7/2020 14:05

Copy from A.J. BELL:
====================

Persimmon / Vistry
“It’s been quite a week for the housebuilders with a tailwind from stamp duty changes being topped off with positive trading updates from various companies.

“Persimmon follows in the footsteps of Barratt Developments by reporting a strong forward order book. It says forward sales are ahead of last year and production rates have returned to normal levels. Vistry, formerly known as Bovis Homes, has also reported similar sales trends and productivity back up to 90%.

“The housebuilding sector could become the poster child for the Government’s desire for businesses to get back on their feet and revive the economy. The signs so far suggest these housebuilders are functioning well under new social distancing working arrangements, they can do their work and customers are lining up to buy the products. If only it was that simple for all industries.

“Admittedly the housebuilding sector has received one of the biggest incentives in the form of the higher stamp duty threshold which should create a flurry of activity in the property market until next March. The big question mark is what happens after that point, when the stamp duty incentive is taken away.

“Unemployment also presents a major challenge to the sector, so does the willingness of banks to offer mortgages without needing a very large deposit. A large chunk of house buyers relies on high loan to value mortgages, particularly those buying their first property.

“A widespread reduction in availability of such deals could cause the housing market recovery to stumble. The Government wouldn’t want that to happen and so it is plausible to suggest there will be some pressure on the banking sector to keep loans flowing.”

[igoe104] 13/7/2020 09:10

Developers reveal updates on two major homes plans.



The second major development to boost the choice for house hunters will come on the market early next year when brownfield specialist Inland Homes and Bewley Homes make a start on building 304 new homes at the former MoD Language School site in Beaconsfield Old Town. Also for sale at Wilton Park if the properties haven’t already been snapped up are 46 refurbished existing houses previously let to service families as well as 18,622 sq ft of commercial buildings dating from the MoD era

[1demos] 07/7/2020 09:53

Just read the Simon Thompson article. Hadn't realised that only 2/3 of the sale to Bewley is payable by September, so it looks like the £13.5m (that's earmarked for loan repayment in September) is at most only 2/3 of the proceeds .... so they got at least £20.25m for the sale, which seems more like it. Simon says the sale price was undisclosed .... so maybe they got more than that. Getting better all the time.

[igoe104] 07/7/2020 08:42

* 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

[p1966] 05/7/2020 23:49

https://www.thesun.co.uk/news/12027543/rishi-sunak-stamp-duty-holiday-new-buyers/Possible increase in stamp duty threshold - but not immediate. See also Mail Online.

[p1966] 04/7/2020 20:47

Note 2. Basis of Preparation / Going Concern'The Group has facilities totalling £55.0m falling due for repayment within 12 months following the release of this Interim Report. Of this amount, £13.5m will be repaid in September 2020 from the contracted sale that was announced by the Group on 16 June 2020. The balance of the facilities of £41.5m will either be repaid from planned land sales over the next five months in the order of £37m (some of which are already agreed and are with solicitors) or refinanced or extended.'