Gus1065
26 Aug 2016
Re: Something Brewing? Hi Eadwig.I agree INL are on a roll at the moment. Long may it continue.A couple of other UK builders that are back to about or above pre-Brexit levels are WJG and GLE. Both mid caps around the £300m market cap level. They're also reasonably specialised; WJG in multi occupancy student accommodation and GLE in brownfield development (similar to INL) and land trading.Best,Gus.
Eadwig
26 Aug 2016
Something Brewing? INL appears to have languished badly after Brexit, especially after the news of delays in the trading statement. Now, picked up very strongly in the last few days, and not on wishy washy August volumes either.Perhaps it is just that they are now back on course having dealt with those problems? If so it seems like it has been overdone. Maybe a combination of the come back in the sector and the fact INL are well placed for the expected boost for smaller builders - especially those who are used to building local authority housing?Fact is, they're above their pre-Brexit price, and I don't know any other builder you can say that about. Certainly none of the big boys and not among the mid caps I've looked at or AIM either. I haven't looked at them all, but maybe fifteen, and they all look about the same in terms of their share price graphs, about half way back up the Brexit 24th June drop - whatever their size. in other words you might expect INL to be around @66p, and that only without any trading statement concerns. @74.5p right now.INL is a stand out for sure... the bulk of buying does appear to stop around that @66p mark though.
Tom WM
19 Aug 2016
share price [link]
coldascheese
22 Jul 2016
Re: trading statement Unfortunately, having been in the buiding trade, a contractor going bust is bad news especially for all their sub con workforce who won't get paid. When this happens it takes quite a bit of time to get another on board and often cost more.So in my view they won't get over this for a time and will mean very reduced profits this year.I think the site concerned may be the one inSouthampton as I passed the site midday today and couldn't see anyone.Anyone else know anything.
Rusty Jock
22 Jul 2016
Re: trading statement Today's RNS was a profit warning , and I am amazed the share price did not tank today .There was an early fall in the share price of about 10% and I fully expected it to fall a lot further .The share price is now back up to 66p ! I will be steering clear of this because they are sure to disappoint when their results are announced .
dazedandconfused
22 Jul 2016
trading statement Buying opportunity this morning if you are (were) quick! As to the comments about delayed completion & exchanges due to market problems, several mid-size construction companies and suppliers being reported as credit squeezed this month (Dunne Group gone under after Santander refused credit line); doesn't necessarily mean reduced profits at this stage, just deferred to next year. Taking the construction work in-house could mean cost concerns tho'.
Eadwig
09 Jul 2016
Re: Cheap as Chips Tom WM, "most of the rental income comes from the houses on the Beaconsfield estate."I never realised that Tom, Thanks for bringing my attention to it..I think I may have confused INL with ESP, a REIT in which I am also invested, which is focussed on student accommodation rentals, but which often incorporates retail space for rent within the ground floor of its accommodation blocks.This from the last INL trading statement (6 months to Dec 2015) is pretty clear about the situation:"The gross rental income from commercial and residential assets at the end of the first half was £892,000 (2014*: £331,000), with the increase predominantly driven by the rental of the houses at Wilton Park, Beaconsfield. Annualised rental income is now at its highest ever level of £2.3 million and it is intended that this will go some way to underpinning the operating costs as the business expands in the future. In this regard, we are pleased to announce that since the period end we have pre-let a 4,500 sq ft neighbourhood convenience store at RAF Stanbridge in Leighton Buzzard, which is due to open in September 2016, to Co-operative Food on a 15 year lease with upward only, RPI linked, rent reviews at a rent of £68,000 per annum. "Although housing companies have had a good couple of days, I still feel there will be further dips in share price, possibly throughout the summer until a new P.M. is in place at least, in September. then we should have a much clearer idea of how Brexit has affected housing sales - if at all, though I think it must do from the general level of uncertainty if nothing else.There should also be a final year report from INL around that time, which will probably have an update on the situation leading up to, and post, the Brexit vote. The trading update due (I think) later this month may be too early to get a proper read on any impact.Due to INL's relatively low average selling price and their close work with local authorities, a slow down in the general housing market might well be in their own sales interests, although would impact land sales presumably.Come what may, I hope to purchase more INL at perhaps a little under @50pps and have a limit order set to try and catch a low intraday price.
Tom WM
07 Jul 2016
Re: Cheap as Chips most of the rental income comes from the houses on the Beaconsfield estate.That should be safe
Eadwig
07 Jul 2016
Re: Cheap as Chips I tend to agree. I'm just wondering how cheap I can get in to average down as I am now underwater with my current holding (not counting money made on trades previously).I wonder how much its commercial rental part of the business model is pulling down the share price?Given the 25 year leases made to the likes of Supermarket convenience stores (the only growth area concerning supermarkets), I would have though the growing rental revenue would help it through any faltering in other parts of the business during the current uncertainty. those parts being mainly planning permission consultancy, selling land with newly gained planning permission and a small number of completed properties per year (from memory around 250?).I give a weak buy to reflect my current wavering on the subject.
dazedandconfused
07 Jul 2016
Re: Cheap as Chips And a pretty good prime site purchased yesterday; hopefully uncontaminated (except by Tesco!)
Another Jacko
06 Jul 2016
Cheap as Chips I've bought back in here today is I believe these are fairly valued assuming Armageddon for them of not getting planning permission on half their sites and a collapse in property prices and as cheap if things are better than this.
dazedandconfused
24 Jun 2016
Re: Sale of two sites for twice book val... Know all that about sector...and this morning's situation! Was asking/musing a specific question about Inland's deal-making capability and why no-one commented on the trade sales they announced.
Eadwig
24 Jun 2016
Re: Sale of two sites for twice book value dazed, ". Why no significant market reaction (or Discussion here)?"Housing sector depressed due to Brexit fears, which is now with us. Expect further falls I'm afraid. There will be a buying opportunity at some point, but with no one running the country with any policies, except to reduce the number of people living here, it is going to be hard to predict.Looks like interest rates may be going up to offset the fall in the pound. We'll see. We actually have a Canadian Bank of England governor running the country right now, the only one doing anything positive, anyway.
dazedandconfused
23 Jun 2016
Sale of two sites for twice book value been abroad for a fortnight; just latched onto the good news on Wire from last week. Why no significant market reaction (or Discussion here)? Pretty swift turn-rounds in 'normal' Planning appeal terms too
wineberry
28 Mar 2016
No link Mcescher. - re link, my computer won't let me in - says it's insecure. Any chance you can cut and paste the review, or give us a summary? See the posts below - I still think that INL is very good value and am holding tight.Have bought into the IPO of Watkin Jones, the Welsh builder of student accommodation.
