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Share Name Share Symbol Market Type Share ISIN Share Description
Inland Homes Plc LSE:INL London Ordinary Share GB00B1TR0310 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.25 1.41% 18.00 110,011 10:11:19
Bid Price Offer Price High Price Low Price Open Price
17.50 18.50 18.00 17.75 17.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 181.70 13.20 4.21 4.3 41
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:00 O 16 18.50 GBX

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Date Time Title Posts
14/11/202212:53Inland Homes5,196
06/9/202210:11*** Inland ***19
02/11/201514:26Inland - 20104,708
21/6/201013:31Inland PLC 26MAY2010 = RNS = ЈЈЈЈ56
24/3/201008:05new issue inland...875

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Posted at 26/11/2022 08:20 by Inland Homes Daily Update
Inland Homes Plc is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker INL. The last closing price for Inland Homes was 17.75p.
Inland Homes Plc has a 4 week average price of 17.50p and a 12 week average price of 17.38p.
The 1 year high share price is 59p while the 1 year low share price is currently 17.38p.
There are currently 226,828,367 shares in issue and the average daily traded volume is 95,919 shares. The market capitalisation of Inland Homes Plc is £40,829,106.06.
Posted at 10/8/2022 11:35 by master rsi
Selected not long ago on my UPS thread .....

UPS
INL 31.90p ( 31.80 v 32p )
Ready for the bounce after the full retracement is done today, as the share price is back up and bidding up to 31.90p for 25K and buyers paying full offer. The large debt, ( normal for construction companies) is being slowly paid off on sales already announced. NAV of over 107p, Brokers are expecting £14.4M profits and EPS of 5.10p this should get moved back up on a P.E. of 6.1 .Indicators have reached Oversold territory, share price at Lower Bollinger Band.

Posted at 04/8/2022 15:18 by oi_oi_savaloy
No - what I'm saying is that it's either Des Wicks, a Director of Inland homes (INL), bought the site in his own name or Inland Homes itself bought the site.

The site then got planning (either paid for by Des Wicks or Inland homes) and was subsequently bought by Taylor Wimpey.

I'm trying to establish if des bought the site (and thus it wont affect the share price) or INL did, which hopefully, will affect the share price.

Posted at 01/7/2022 16:28 by cravencottage
For those that are interested...

Inland serves up mixed bag

First half pre-tax loss of £8.2mn due to losses on housebuilding and partnership homes construction activities
Analysts maintain full-year pre-tax profit and earnings per share estimates of £14.4mn and 5.1p, reflecting profits from land sales and asset management activities
Net debt reduced from £118mn to £96mn in six-month period
Inland Homes (INL:39p), a south-east England-focused housebuilder and brownfield land developer, has reported a first half loss of £8.2mn on revenue of £80mn, but the board is maintaining full-year profit expectations that point to annual pre-tax profit rising from £13.3mn to £14.4mn.

The first half result was dragged down by £10.9mn of combined pre-tax losses on housebuilding and partnership housing construction activities. A strategic shift to build houses rather than apartments meant that housebuilding revenue dipped from £39mn to £21.9mn on 20 per cent fewer unit sales, leading to a £3.5mn divisional pre-tax loss. A gross profit margin of 6.4 per cent is poor for the sector, a figure north of 20 per cent is the norm.

Partnership homes performed even worse, delivering a pre-tax loss of £7.4mn on revenue of £33.5mn after accounting for an additional £4mn of costs to complete one contract and £1.5mn of credit losses. Post period end, one sub-contractor went into administration, but Inland has a parent company guarantee which it expects to be fulfilled, so no financial provision has been made in the accounts.

The directors have put in place cost control processes to improve returns in both divisions, but Inland is up against market cost inflation pressures and supply chain headwinds. Indeed, the directors expect pricing pressures to impact partnership contract margins through the second half of this year and into 2023.

Fortunately, the group’s land division (pre-tax profit of £3.6mn on revenue of £16.4mn in the first half), and asset management business (£1.8mn of pre-tax profit on revenue of £7.8mn) continue to perform well. Inland’s 9,161-plot land bank is in the South and South East of England, regions in the new homes market that remain strong and are seeing elevated interest from buyers. Proceeds from land sales helped drive down net debt by almost a fifth to £96mn in first half, and the directors are expecting a further £15-20mn reduction in the second half to 30 September 2022.

Inland’s asset management business is also contributing to the debt reduction, generating £10mn of cash in the first half. The unit is managing five projects encompassing 2,600 new homes that are funded by external investors, earning management fees as milestones are met. Over the next 24-36 months, house broker Panmure Gordon expects Inland to receive £39mn of management fees, of which £7-8mn should be collected by the year-end.

Reducing gearing levels is key. Current net borrowings of £96mn equate to 40 per cent of Inland’s EPRA net tangible assets (NTA) of £236mn (103.6p a share), or 55 per cent of IFRS NTA of £174.6mn (76.4p). The realisation of substantial gains on the company’s land bank as it passes through the planning process, and an attractive share price discount to net asset value (NAV), were key bull points when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares Portfolio. The price subsequently hit a high of 94p in January 2020, in line with the target range (95p to 100p) I outlined (‘Options for bumper profits’, 24 September 2020).

However, Inland’s operational performance has been far from plain sailing since the Covid-19 stock market crash, hence the failure of the share price to recover. Furthermore, the risk now is that the large housebuilding players temper their land buying activity if the UK economic outlook worsens. Not that it is an issue right now, but it would remove a prop from Inland’s profits and debt reduction programme if they do so. A return to profit in Inland’s partnership homes and housebuilding operations may take time, too, another headwind preventing a narrowing of the large share price discount to NAV.

So, having last rated the shares a hold, at 42p (‘A trio of value plays’, 7 April 2022), I am calling time on the holding. Sell.

Posted at 01/7/2022 11:45 by standish11
However, Inland’s operational performance has been far from plain sailing since the Covid-19 stock market crash, hence the failure of the share price to recover. Furthermore, the risk now is that the large housebuilding players temper their land buying activity if the UK economic outlook worsens. Not that it is an issue right now, but it would remove a prop from Inland’s profits and debt reduction programme if they do so. A return to profit in Inland’s partnership homes and housebuilding operations may take time, too, another headwind preventing a narrowing of the large share price discount to NAV.

So, having last rated the shares a hold, at 42p (‘A trio of value plays’, 7 April 2022), I am calling time on the holding. Sell.

Posted at 01/7/2022 06:34 by grahamg8
The only ray of hope I can see is that the zeros, INLZ, look pretty safe. The debt pay down looks fast enough to just about repay these in April 2024. Then there is the bad news. INL is at best breaking even. The cash is coming from consuming plots from the land bank. So in two years we get a company with relatively low debt but not much in the way of assets either, the land bank will be significantly depleted by then. The problems all lie in the construction of homes, and INL are building even more than before. The risks of cost over-runs and therefore losses are rising rather than falling. Why on earth INL insist on dabbling as a house builder rather than sticking to what they are good at - source brownfield sites, get planning permission, sell up and move on I really cannot fathom. More share price falls to come I fear.
Posted at 01/7/2022 04:42 by oi_oi_savaloy
It's a drop in the ocean though. There's 226,000,000 shares in circulation. Yes, there're taking out circa 2m of those from circulation......but does that really make a material difference in the scheme of things?

Could that money perhaps have been put to better use on (maybe), another cost-overrun issue, assuming there are more?

Look - I might be totally wrong on that (that the buyback wasn't particularly a good idea) - am interested to hear other people's thoughts.

But literally last month they were hit for £4mill when one of their main contractors went under - that made a material difference to the results they've just put out.

I just can't see the point of the buy back right now - perhaps if they'd waited for the share price to drop even more they could have doubled the amount of shares they could have taken out of circulation for their buyback budget.

It just feels like a panic decision. Literally Wicks thinking we've got to give the shareholders something....they're getting restless.......'I know, I'll assuage the shareholders with a buyback'....'Nish, get the suitcase out from under the bed mate and check the back of the sofa fella, I've come up with a brilliant idea'......

Just no rhyme or reason for it and in light of the main contractor going under (technically DCB went under on 16th May according to companies house but the RNS says that INL were told on the 6th may). In fact - have a look for yourselves - you can see that at least from Jan this year, there was a lot of stuff suddenly happening at the company - https://find-and-update.company-information.service.gov.uk/company/03532339/filing-history Directors changing, statements of capital, people that had been there for 20 years suddenly resigning (look at December 2021 too).

So the buyback was announced on the 19th April and less than 3 weeks later they 'suddenly' knew they were in the hole for £4mill quid because of DCB.

I'm not being funny but there would have been evidence of DCB struggling before that. They have at least monthly valuation meetings (with and without the main contractor being there of course) but there would have been tell-tale signs prior to that, not least perhaps subbies complaining or rumours swirling. DCB didn't just ring INL up on 6th May, and announce, out of the blue, 'we're going under'.

Looking at the timeline now - stepping back and looking at it in the cold light of day, with what we know now (I didn't know about DCB going under until yesterday) I'm calling it - I'm saying they knew there were problems at DCB when they announced the share buyback scheme......and that really does call into question the decision-making process about the share buyback scheme.

In fact.....on the 6th May INL released the RNS giving us the news that Gary Skinner had left the company. But.......that's also the day DCB officially told INL that they were being placed in administration.......so.......a) that's probably why Gary went - they needed someone to fall on his sword - or gary went voluntarily because DCB was only the first domino in a series of fan and sh*t interactions......and b) why didn't INL release an RNS about DCB, bearing in mind it was about to cost the company £4mill......and they knew there was a material implication with DCB's demise and c) why on earth did Wicks and his wife buy more shares on (announced on 29th April) when I think we can all agree it was folly, that they knew there were/are massive issues that were/have affected the share price. I guess it was to give us confidence.....but in hindsight that RNS announcement smacks of something very different.

Thoughts?

Posted at 17/6/2022 09:14 by oi_oi_savaloy
I just don't want to buy at a price that then keeps on falling RSI - my budget for INL would make absolutely no difference to the share price (moving it I mean). I just don't want to step back in and see it fall yet again, that's all.

There's £80-90 mill of debt RSI (£90mill as of the last update, assuming they threw everything from the sales at the debt. That's fact (the debt). It's massive and it creates huge inertia.

It's a safe haven asset.....but at a price. And is 40p the price? or lower? or higher?

There's no dividend, we're all just hoping that the market update soon paints an encouraging picture going forward, that they're making headway with planning, that the recent exit of the MD, the construction director and key technical manager, has nothing to do with the performance of the business (but were for other reasons - perhaps they've found better opportunities),that the main-contracting business is not being totally smashed by the continued rise in labour and materials costs/shortages and finally, that their planning team are making headway on things (and I have to say - my direct experience of planning right now is that it is a total and utter disaster. If you can even get the Borough to respond to you they are taking ages, literally months. It's an unmitigated disaster. BUT fair play to INL if they've navigated all these issues......the share price should be higher just on the planning achievement alone!)

We've seen build cost rises of over 13% in the last 9 months alone (I work for a property developer. I don't care who you are - no one has been able to hedge the rise in costs - it's simply a case of trying to limit the damage). And we don't see these rises stopping in the next 3 or 4 months. Just try and get a brickie right now, or a carpenter or plumber. Or bricks....or in fact anything of any quantity....at a price even close to what we were paying 18 months ago, never mind pre-pandemic.

The buy-back is going to take approx 2 mill shares off the table...but there will still be 225,000,000 out there. Makes no odds really.

So.....that's why I think there's further to fall. BUT perhaps I'm wrong and 40p is the level that makes sense of all these things.

Posted at 07/6/2022 12:53 by oi_oi_savaloy
Scotches - it's such a tough share to assess - so many headwinds.....and yet. The market update will help (I expect a continued focus on reducing that debt, whilst progressing their planning work) but I still feel there's something going on with the share price - that the only thing keeping it at the 43-45p range is the buyback. I get the feeling that there's a large seller out there, happy that the company is buying back the shares it doesn't want....but there's far more of those shares, than the budget of the buyback, and thus the share price will fall in time.

It's going to take a v large rabbit (out of a suitably-sized hat) to make this go north.

So I'm waiting for the share price to fall before coming back in. I still believe in INL.

Posted at 01/6/2022 11:47 by cc2014
https://www.investegate.co.uk/inland-homes-plc--inl-/rns/share-buyback-programme/202204190700104868I/

https://www.investegate.co.uk/inland-homes-plc--inl-/rns/transaction-in-own-shares/202206010700084752N/

Total buyback is about 2.2m shares at 45p.
1.3m bought back so far.

Looks to me like someone is dripping them into the market every day trying not to disrupt the share price knowing the share buyback will absorb so many on a daily basis.

Posted at 27/4/2022 07:42 by davebowler
Capital Access broker note;
More Than a Housebuilder Inland Homes is, at its core, a specialist in gaining planning permission and developing large, brownfield sites in the South-East of England. This focus on a specific geography and class of land has resulted in a deep skillset and strong contact base, ensuring access to a good supply of new sites and the means to capitalise on them. It buys brownfield sites without planning and controls strategic greenfield land via discount to market value options, and works to gain planning consent. It has a wide variety of means by which to maximise value once planning has been achieved, including sale of consented land, building houses to sell to investors or private individuals, building modular temporary accommodation to rent for the short term to boost returns while the remainder of the site build out occurs, and building houses to add to its long term strategic rental portfolio. The management team is strongly focused on eking every bit of value from a site, regardless of market conditions. As such it can change the proportion of plots processed under each strategy according to where the best returns are available at the time. Inland additionally offers land management services for third parties – from sourcing land, then obtaining planning and advising/executing on any subsequent disposal. This business is potentially high growth, capital light (Inland invests a small portion alongside the third party) with high margins. Management fees are earned on when Inland achieves certain agreed milestones and cash is received by Inland once proceeds of sale have been received and after the investors have received their share. As this segment grows, we would expect both margins and earnings quality (visibility and stability) to increase – at present income is lumpy due to the timing of value uplift following planning consent on large sites. Inland Homes is underpinned by a strong land bank, strong relationships and bidding capability, a perfect planning record on brownfield sites (it’s never failed to secure planning consent), falling net debt, growing EPRA NTV, and a flexible, highly skilled and experienced management team. Furthermore, it has no direct cladding exposure, and the structural shortage of houses in England is focused on the south east of the country. There are risks on the demand side with rising rates and cost of living squeezes, but wages are growing and the sector is under-building the estimated steady-state demand of 300,000 new properties per annum by over 100,000 units – and has done so for at least the last 10 years. SWOT Table Strengths Weaknesses • Prime land bank in South of England • Exceptional vendor relationships, including with MoD • Deep understanding and experience of UK brownfield planning process • Flexible business model with agile management team • Has had issues with managing specification changes, infrastructure contracts. Review is under way though • Limited geographic diversity increases reliance on “the London effect” on its surrounding areas • Story can seem complex relative to typical housebuilders Opportunities Threats • MoD sees land sales as one of its key priorities • Build-to-rent market is likely to provide significant growth, including increasing institutional interest • There remains a large residential housing supply shortfall • Increasingly difficult planning environment – expertise is a moat • Wage & material cost inflation • End of HTB • Rising interest rate environment • Cost of living situation in the UK • Increasingly difficult planning environment – increases costs Inland’s multi-faceted business model and flexibility gives rise to complexity, which we believe is causing the market to discount Inland Homes against its simpler peers, and against its own EPRA NTV of £1.08/share. However, as the third-party land management business grows from its current 6 projects, we can envisage the fog clearing and the discount narrowing.

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