Inland Homes Share Discussion Threads

[2wild] 06/4/2022 16:11

A few months ago I was selling these between 57p and 52.4p. Just paid 40.5p. Even with nav around 75p, still gives a possible 80% upside.

[irenekent] 06/4/2022 09:42

So much for Simon Thompson & Chronic Investor's opinions & judgement!

[peter27] 06/4/2022 09:32

Share price is lower than three years ago and no dividend. What's to like?

[oi_oi_savaloy] 06/4/2022 09:30

Interesting reading this; didn't realise that the construction director has left too. cost rises are inevitable imo then. or rather cost over-runs.

[inlandinvestment] 06/4/2022 09:26

Not sure if they buy over the odds on land .. difficulted to tell as they don't buy in the open market and mostly JV's.. sadly lost one of the best land men in the industry a few years ago and appointing your son to do that job never fills anyone with confidence

[farnesbarnes] 06/4/2022 09:19

As an ex-holder, it is sad to see the way the company is being run. Skin in the game counts for little and can even cloud managerial judgement when the sh1t hits the fan. I sold at a slight loss due amongst other things to the way Merrielands Crescent site was being run. Site staff churn was horrendous and deliveries were handled abysmally by them. Our company was strung out for 90 to 120 days too, but that's not necessarily company specific, more a reflection on the industry. Huge landbank can be written down swiftly - not like land buyers to pay over the odds is it?

[inlandinvestment] 06/4/2022 09:13

S Wicks is not a builder .. his skill is as a land trader and that is where he adds value plus lets not forget he is in his 70's and not as hands on as he used to be. make no mistake this is going to be a challenge for the business and more to the point why did the construction and MD decide to walk?

[daneswooddynamo] 06/4/2022 09:12

it boils down to whether you think someone will step forward and put it out of its misery at 60-70p. At least the management have a lot of skin in the game

[mwj1959] 06/4/2022 09:09

Greater clarity on both fronts required. Gary Skinner's departure may be more sensitive and subject to restrictions, but value of land sales and reduction of debt is not.

[george stobart] 06/4/2022 09:07

even if more negative news are to come, surely that's baked in the 60% discount??

This trades at a wider discount to Raven Russia Properties before the invasion (!)

[inlandinvestment] 06/4/2022 09:07

This confirms the gossip on 8th March about senior management changes i mentioned. I believe GS left the building before that date.

Also understand that the Construction Director left before Gary Skinner .. so a very big hole in terms of construction knowledge within that business. Smacks of holding back bad news till post the AGM.

There will be bad news coming re cost overruns would be my guess.

No news about the replacement which they must have hoped to be in place ASAP

[oi_oi_savaloy] 06/4/2022 09:04

I think Wick's will step in and take charge/more hands on. He's always had a clear idea of what/where he wants INL to go. And agree on predator.

[irenekent] 06/4/2022 08:41

Be interesting to see how long it will take to replace Skinner. There will also be searching questions from institutional investors I would hope. Good time for a predator to swoop I would think.

[oi_oi_savaloy] 06/4/2022 08:35

And we're being negative......because we're jaded (or rather I'm jaded) - on the face of it INL should have soared.....but it's consistently failed to fly and now there's yet more uncertainty, with these two latest RNS's. One use loads of words....and pretty much says nothing that we actually want to hear and the other uses far too few words, for our liking.

Would have been better if the land sale RNS was a single sentence telling us how much each site sold for and the gary skinner rns expanded further on why he's gone. imo.

[oi_oi_savaloy] 06/4/2022 08:32

Igoe - because imo there's a huge investment needed in planning to actually realise the values within it. But the debt is huge, and is fundamentally stopping the company from giving us, the shareholders, an income.

And the debt is destroying the share price.....whereas the land bank is already priced in the NAV.........but the share price is totally dislocated from it (and has been ever since I invested in INL - at 21p all those years ago).

[igoe104] 06/4/2022 08:31

But you boys only point out any negatives, but fail to mention the extremely large landbank they own.

Come on suet ,what's the size of the landbank,??

[suetballs] 06/4/2022 08:27

igoe as a long term holder I want to be more positive here but we are very much in the doldrums.
This will take time to turn around - perhaps the company needs to be sold.
Suet

[igoe104] 06/4/2022 08:19

Savaloy, why don't you mention the size of the landbank they own.🤔

Answers on a postcard???

[oi_oi_savaloy] 06/4/2022 08:11

And a £100mill in debt too.....Oh joy!

[suetballs] 06/4/2022 08:02

A nasty smell here and the current share price reflects that.
My gut tells me more bad news on its way.
A shame really.
Suet

[oi_oi_savaloy] 06/4/2022 07:57

I get the feeling that Skinner was more focused on the build-side of the business (that was his forte) than any concerns with the share price performance, per se. He's probably been arguing with Wick's (and fighting all the internal fires - delays on planning- which are beyond his control, fighting a losing battle on costs - ever increasing, fighting a losing battle on employee/contractor costs - ever rising, and in turn worrying about the build out contracts on the Main contractor side of the business). He's possibly been pushed because, in Wick's eyes, that's just one side of the MD's role.

[oi_oi_savaloy] 06/4/2022 07:54

The Homes england deal (the 2nd of the two sales) will never generate huge profit because the original deal was via Homes England. They simply wouldn't pay through the nose for a site they were originally involved in, in the first place. Curious to know why the Staines site hasn't a land value achieved price against it - perhaps it wasn't as stellar as they'd hoped. And that Gary Skinner RNS....not good. Feels like there's more to that than meets the eye. He didn't even get a word of thanks and he's been with the company since 2016 I think, at least.

[irenekent] 06/4/2022 07:54

Judging by the recent share price collapse this departure was on the cards for a while.Did he leave for a new job or was he pushed? I think shareholders need a bit more detail. Lets hope that there is no fraud or corruption behind this.