Inland Homes Share Discussion Threads

[skyship] 22/8/2020 14:18

Panmure research - no, regret not...

[bwm2] 22/8/2020 11:59

Cheers Sky
Have you seen any Panmure research?
Holdings in quoted builders/developers are less than 1% of my physical resi property holdings which is a skew that I am addressing and this company seems to be a no brainer

[skyship] 22/8/2020 11:41

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.

[bwm2] 22/8/2020 10:23

Skinny
It was the same jockey and owner who won the first 4 so I guess so eapecially as he rode in the 5th and 6th on the second favs but not to be a clean sweek
Skyship
Just the 5, an adequate sufficiency

Ive just had a look on researchtree and there is no research specific to INL, only general reports on the sector and RNS regurgitation. Can anyone point me to any focused Analysis, it would be much appreciated

[skyship] 22/8/2020 09:28

bwm2 - did you get the full 7? Hopefully so; and with a few accumulators to gear up the returns.

[cordwainer] 21/8/2020 16:52

@grahamburn - but i thought the project IS the lead time, at least at first i.e. INL will be rewarded for managing the basic planning consents?
i'll reread RNS when i have more time, but seemed pretty much in line with the strategy outlined at the header of this thread.

[bwm2] 21/8/2020 15:49

Now the first 5 winners

[spud] 21/8/2020 15:33

Had a straw jockey!spud

[skinny] 21/8/2020 15:28

I bet you're tired!

[bwm2] 21/8/2020 15:25

Matters of a financial nature looking up ........ just won the first 4 races at york

[spud] 21/8/2020 14:52

Ah, ain't it lovely on 'ere!spud

[garybaldy] 21/8/2020 14:41

OK Skyship - accepted with grace.

[skyship] 21/8/2020 14:39

Ahhh - OK - sorry Gary...

[skyship] 21/8/2020 14:29

View it as a conventional company's sales contract; and a big one at that!

[skinny] 21/8/2020 14:29

SkyShip - there are 5 projects listed, not 6 :-)

[grahamburn] 21/8/2020 14:27

Think the "modest rise" is easily explained.

The announcement today relates to a potential project with a long lead time. In short, positive news but it isn't going to change the bottom line for a couple of years or more, especially as there must be complicated planning issues to resolve with so many listed buildings on the site.

[skyship] 21/8/2020 14:23

gary says: "Mmm - maths (well, plain counting)is obviously not their strong point..."

Adds up to 2712+......so where did they go wrong gary? Are you still using a calculator to add up perhaps. Rely on your brain....may work better!

[its the oxman] 21/8/2020 14:08

Very modest rise on such good news. Surely much more to go for here. Will be tipped again for sure and deservedly so.

[skinny] 21/8/2020 14:00

At least the total is in excess of 2,700.

[garybaldy] 21/8/2020 13:56

"Our asset management division now has six live projects in London which have the potential for over 2,700 homes together with employment opportunities. These are:

Walthamstow 583 units

Barking 405 units

Hillingdon 514 units

Staines 210 units

Hounslow in excess of 1,000 units"

Mmm - maths (well, plain counting)is obviously not their strong point...

[skyship] 21/8/2020 12:20

Spud - may well be; so I look forward to early news on those disposals referred top the other day..

[spud] 21/8/2020 10:23

Debt concerns is holding things back a tad imo. spud

[bwm2] 21/8/2020 09:52

Despite continuing to deliver and deliver, this company remains a laggard. I'm prepared to be patient

[skyship] 21/8/2020 09:50

Break through resistance at 54p & we should see a run to 64p:


free stock charts from uk.advfn.com

[skinny] 21/8/2020 09:15

A nice bit of news on an otherwise underwhelming day.