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
  -0.70 -1.04% 66.30 110,295 16:13:21
Bid Price Offer Price High Price Low Price Open Price
65.60 67.00 67.00 66.30 67.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 147.40 19.30 7.64 8.7 134
Last Trade Time Trade Type Trade Size Trade Price Currency
16:22:39 O 1,000 65.62 GBX

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Date Time Title Posts
12/7/201911:50Inland Homes3,133
30/4/201811:25Inland Homes interview with Hardman & Co1
21/11/201711:22Inland Homes INTERVIEW with Hardman & Co1
17/8/201708:03*** Inland ***6
02/11/201514:26Inland - 20104,708

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DateSubject
21/7/2019
09:20
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 67p.
Inland Homes Plc has a 4 week average price of 63.80p and a 12 week average price of 56.50p.
The 1 year high share price is 71.40p while the 1 year low share price is currently 47.30p.
There are currently 202,098,621 shares in issue and the average daily traded volume is 346,518 shares. The market capitalisation of Inland Homes Plc is £133,991,385.72.
12/7/2019
08:57
pavey ark: IgbertSponk, as you can see from my earlier posts I like to err on the low side but I still get figures for INL that make this current share price look silly. The main point of my last post was that some people have raised the debt figure as a problem but it looks like it is being reduced rather dramatically. There is the rather obvious possibility that the cash is simply recycled within the business and doesn't go to debt reduction but given that they bought Beaconsfield for £35m I think we have to concede that they know what they are doing. On the subject of Beaconsfield I wonder if you could give us the benefit of your local knowledge and supply some background info on the second part of the site with the 250 plot potential. I don't imagine INL will push their luck and immediately go for full planning permission but it does make me wonder what the full GDV of the site is.
03/7/2019
09:07
davidosh: Https://www.ft.com/content/1ab302c2-9d5d-11e9-b8ce-8b459ed04726 CBRE to buy UK-listed residential developer Telford Homes Tie-up values Telford’s equity at more than £200m Philip Georgiadis 13 minutes ago CBRE, the world’s largest real estate services firm, has agreed to buy British residential developer Telford Homes in a deal that values its equity at £267m. The New York-listed property group said on Wednesday that it has agreed a cash deal to pay 350 pence per share for Telford, which represents an 11 per cent premium to its Tuesday closing price of 306 pence. The deal values Telford’s equity at approximately £267m. Including net debt, the enterprise value of the deal is roughly £340m, according to FactSet data. Telford Homes’ chairman said the deal represents “fair value” in light of the group’s market positioning, its portfolio and pipeline and “the current operating environment.” The group’s share price has fallen from highs of nearly 500 pence in 2015. The UK housing market has slowed in recent years, with the London market particularly badly affected by changes to taxation and the impact of Brexit-related uncertainty. Andrew Wiseman said: “The board remains confident in the long-term prospects of the business, however the board also recognises the risks posed by the political and macroeconomic environment”. Aim-listed Telford was established in 2000 and develops residential housing across London, with a development portfolio in process of £1.3bn. It has recently shifted to focus on the build to rent sector, which CBRE expects to grow substantially in the coming years. Bob Sulentic, president and chief executive of CBRE, said: “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades. Telford Homes is well positioned to lead this trend.” Telford would operate as a stand alone business within CBRE subsidiary Trammell Crow Company if the deal completes.
01/7/2019
12:03
spob: previous article - dated June 10 Inland Homes wins major planning consent Simon Thompson June 10, 2019 Inland Homes (AIM:INL:62p), a leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, has been granted planning permission, subject to the signing of a s106 agreement, on its flagship site, Wilton Park in leafy Beaconsfield, Buckinghamshire. This is a very affluent area of the country that is located within 23 minutes to London Marylebone by rail, and offers quick access to the M40, too. Furthermore, gaining consent is a significant step forward for the long awaited development of the 100-acre site, described by upmarket estate agency Savills “as the best residential opportunity in southern England.”Planning permission will enable delivery of 350 homes, as well as commercial and community space within a parkland setting, with an estimated gross development value of £350m. A further part of the site is subject to a draft allocation for development, which could provide up to 250 additional homes and 200,000 sq ft of commercial space. Inland’s management team is currently considering their options for the site, but no matter whether land is sold off as parcels, developed in house or through a joint-venture partnership, the planning consent will lead to a major increase in the carrying value of the site. In the meantime, the site continues to generate annual rental income of £1.5m from residential and commercial occupiers. To put the magnitude of the potential profits from this site in to perspective, Inland acquired the former Ministry of Defence site five years ago for £35m, including deferred consideration. Once developed, and based on a 25 per cent gross margin and an 80 per cent profit share, I estimate this implies a post-tax profit north of £50m for Inland, adding a thumping 24p per Inland’s shareholders’ equity, or 40 per cent of its current share price. I would stress that these are my forecasts as analysts have yet to update their models. Moreover, there could be further good news on the planning front later this month, as Inland’s delayed planning decision at Cheshunt Lakeside, Hertfordshire is scheduled to be heard on 25 June 2019. The site is located just outside the M25 and only 27 minutes from London's Liverpool Street station by train. In June 2016, First Property entered into a joint venture whose purpose was to acquire a site in Cheshunt, Hertfordshire, obtain planning permission and ultimately sell the land. Under the terms of the joint-venture agreement, Inland has an obligation to fund 50 per cent of the costs of the site and is entitled to receive 50 per cent of the net returns. Planning application for 1,853 units was recommended for approval by the planning officers, but the planning committee of Broxbourne District Council resolved to defer the decision, requesting clarification on a few matters (for instance, car park allocation). Inland is hopeful of winning approval at the forthcoming hearing later this month. A positive decision on that site will result in another significant increase in its valuation. Bearing in mind the timing of thee planning decisions, Inland will release a pre-close trading update in early October 2019 in order to be able to offer greater clarification on their financial implications, having sensibly decided to move its next financial year-end from 30 June 2019 to 30 September 2019. In the circumstances, it’s hardly surprising that Inland’s shares have reacted positively. Even before factoring in any valuation uplifts the company’s market capitalisation of £127m is 40 per cent below Inland’s end 2018 European Public Real Estate Association (EPRA) net asset value (NAV) of £213m (103.6p per share). The potential for 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 NAV, were major bull points in the investment thesis I outlined when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares portfolio. Strong buy.
01/7/2019
11:53
spob: Inland Homes’ urban village Simon Thompson June 26, 2019 Inland Homes (INL:68p), a leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, has been granted planning consent to create a new urban village of 1,725 homes and 19,000 square metres of commercial space at Cheshunt Lakeside, Hertfordshire. The site is located just outside the M25 and is only 27 minutes from London's Liverpool Street station by train. It’s a significant milestone after Inland entered into a joint-venture partnership to acquire the site in June 2016 with a view to obtaining planning permission and ultimately selling on the land. Under the terms of the joint-venture agreement, Inland has an obligation to fund 50 per cent of the costs of the site and is entitled to receive 50 per cent of the net returns. Together with its joint-venture partner, Inland owns and controls 1,253 of the 1,725 consented residential plots and 4,905 square metres of commercial and educational space within the Cheshunt masterplan area, which has an estimated gross development value of £620m. Inland is the lead developer on the broader masterplan, and is working with the council to deliver it. The planning approval highlights Inland’s strategy of acquiring quality land in areas of high demand, adding significant value by securing planning permission, and then generating value for shareholders through a mix of selective in-house development and by providing a turnkey solution for development partners. Analysts at house broker Panmure Gordon expects the site to be cleared in late summer/early autumn and first delivery of the housing scheduled for mid to late 2021. Taken together with the planning consent gained on Inland’s flagship site at Wilton Park, Beaconsfield, which I covered a fortnight ago ('Inland wins major planning consent', 10 Jun 2019), we can now expect Inland’s end 2018 European Public Real Estate Association (EPRA) net asset value (NAV) of £213m (103.6p a share) to increase sharply when it releases a pre-close trading update in early October 2019, having sensibly moved its next financial year-end from 30 June 2019 to 30 September 2019 to be able to offer greater financial clarity on the Cheshunt Lakes and Wilton Park developments. Analysts are holding fire on upgrading their financial estimates, but it’s clear to me that these two flagship developments have the potential to create additional value in the order of 40 to 50 per cent of Inland’s last reported NAV, albeit the company is likely to be more conservative in its valuation approach in the 2019 accounts. The point is that with the shares trading on a 34 per cent discount to NAV per share prior to analysts releasing significant upgrades, the potential for a material increase in the carrying value of Inland’s two flagship developments is simply not being priced in, nor is their near-term profit potential if Inland decides to sell on parcels of land to major housebuilders. There is undoubtedly demand given the proximity of both schemes to London. The likely realisation of substantial gains on the company’s land bank as it passes through the planning process, and an attractive share price discount to NAV, were the key bull points in the investment thesis I outlined when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares Portfolio. The company is clearly delivering. Trading on a bid-offer spread of 67.5p to 68p, valuing Inland’s equity at £140m, I continue to rate the shares a strong buy and introduce a target price of 95p to 100p. Strong buy
27/6/2019
10:36
p1966: Correct me if I am wrong, but I thought that...If you hold over 3%, this has to be notified. Subsequently you have to notify any change of 1% (up or down). As 1% equates to c.2m shares, I don't see how this could impact the share price to a material extent - on top of which, we have not seen any such notifications.I am not sure if it would be possible to short any AIM stock of this size, as you would need an institution to lend the stock to the market maker.
26/6/2019
09:33
shanklin: I hope they start selling off some of this land now it has planning permission and reduce their debt significantly. All this debt is IMHO holding the share price back considerably as has been the case for many years.
10/6/2019
14:09
davidosh: It would not be fair to post it all but the conclusion is as follows.... In the circumstances, it’s hardly surprising that Inland’s shares have reacted positively. Even before factoring in any valuation uplifts the company’s market capitalisation of £127m is 40 per cent below Inland’s end 2018 European Public Real Estate Association (EPRA) net asset value (NAV) of £213m (103.6p per share). The potential for 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 NAV, were major bull points in the investment thesis I outlined when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares portfolio. Strong buy.
06/6/2019
08:26
igbertsponk: Guess they want to include the big uplifts for both Beaconsfield and Cheshunt. And expect the Cheshunt one before September.Assume they're just fed up with being undervalued and want to put out great results with a NAV per share about double the current share price.I'll be accumulating at this price.
23/4/2019
07:42
spud: Great news! Certainly undervalued (thanks to a background seller depressing the price) but an ongoing 30% pa uplift in the dividend will have the effect of pulling the share price up by its bootstraps. spud
28/11/2018
23:10
cerrito: My thoughts on the AGM and corrections welcome. A pretty good turnout-roughly 15/20 private shareholders. Board available both before and after the meeting. Meeting took just over an hour but questions curtailed. Board seemed comfortable in their own skins. All resolutions easily passed; to me most noteworthy was that only 29 m shares voted or a voter turnout of 14 pc. I guess this low turnout can be read that there are no major issues shareholders have- and remember the big problems 6 years ago approx on management renumeration; that said, for me it is not very healthy and reflects the lack of institutions in the shareholder base. Remember that the only institution with a plus 3pc shareholding is Henderson with 4.95pc. Quite alot of discussion on sharebuybacks and why more not being done. Chairman made a comment that if it went down to 30 p they would reassess and did recognize there are loose shareholders.I do not see any more in the near future as they want to keep their powder dry and I personally am OK with that. Quite a bit of comment if they were over diversifying but as can be expected we were assured that there was sufficient management depth. Also told that alot of it was a natural evolution of their core business. Their Social Provider Rosewood will be concentrating on their smaller sites and said shared housing was a particular interest. One shareholder expressed concern that they were taking their eye off the ball of their key skill in getting things through planning. Wilton Park as can be expected was the main topic ; in neither the formal meeting or discussions outside did I get any steer as to when they thought they would get agreement with the South Bucks District Council Officers on what I gather is the remaining issue- the level of affordable housing. As mentioned in the AR the local authority policy is for 40 pc which seems very high in this current climate. Of course getting agreement with Officers is just the first step and then they need to get it through the Committee. They said they are prepared to tough it out and the rent that they are earning covers the finance charges...but of course this is a massive distraction. Wickes said more than once that no way we're they going to knock down buildings which provide security to the Bank to build the new road, noting that Bucks CC are putting in £10.5m for a new road. Not clear what will break this impasse unless Inland go to appeal. Having had a close involvement in the planning process in recent years I find it very strange that SouthBucks have rejected the second report commissioned by them; all seems very peculiar. Asked how much this was valued on the books and the CFO said of the top of his head £55m...compared to total group assets of £300 m although of course we do not know the level of borrowings against it I see nothing in the local rag-South Bucks-since September and no reason for there to have been anything. Wickes very confident that Cheshunt will get through planning. I think I heard him say that Committee will be January 30th. Given that I have been unable to find any evidence of local opposition, I have no reason to disagree with that view. Question asked if zeros were efficient given that the implied interest cannot be offset for tax purposes. The reply was a very firm yes; given lack of covenants, security etcetera zeros provide an invaluable amount of financial flexibility ref funding land without planning consent ,which is a real pain, and jv's. This would have been the principal reason they extended the zeros and increased the amount- for me INL has a good deal. They have just done their first PRS deal on Southampton. No discussion on Brexit either on availability of labour or of market demand. No questions on Hugg Homes- not sure how much this will move the dial on the p&l and I would have thought getting utilities installed would be a real pain; also nothing on their housebuilding which they appeared upbeat in the AGM statement. They seem to have scored a bullseye with the £7m Aston Clinton fee which will be taken into income this year and has negligible costs associated with it. I am surprised that this did not move the sp, given that in 2017/8 pre-tax profit for the whole year was £7m A couple of questions for next time. One is what are the assets in Development properties ?and why are they clarified thus rather than inventory?.. The second is their level of concern about the increase in fixed costs. What will the next RNS say? There will be hopefully one at end of January for Cheshunt planning permission. I see from the Going Concern Statement that they are in discussions to extend loans that mature on December for twelve months but I do not see this as triggering a RNS. All in all seem in good shape bearing in mind a sub 50p share price. I do not see myself as buying more at this stage not because of any issue I have with them but more because I am in a funk on the political situation-which is why I am not buying more of my other housebuilder TEF who produced good results this morning and also have a deflated share price
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