Inland Homes (INL)

Inland Homes INL Logo

A leading brownfield regeneration specialist and housebuilder with a focus on the South and South East of England.

2-Jan-2018 – 60p – £120.6m – PER 7.75

Trading Update – Headlines with “Strong end of year momentum across the business supporting positive outlook for 2018”.  There is also the following statement “well placed to achieve further significant growth in 2018”.

Generally looks OK here and this recent update is certainly positive. If it wasn’t for the massive debt I could be interested.

28-Mar-2018 – 62.5p – £125.8m – PER 7.86

Interim Results For The 6 Months To End December 2017 – NAV up 13.6% and PBT up about 10% to £5.37m, the Final Dividend is up 30% (0.65p). The current order book is £38.9m (£31.8m last time). Outlook “in a strong position”.

Still like this and it probably represents decent value here. Just can’t persuade myself to ignore the huge Debt here (well over 50% of the current Market Cap).

16-Jul-2018 – 65.2p – £131.8m – PER 8.29

Trading Update For The 12 Months To End June 2018 – In-line (actually looks better than in-line) and outlook seems quite positive.

I am tempted here but my main concern remains, that Debt level. I will remain Neutral for now.

20-Sep-2018 – 63p – £127.3m – PER 8.01

Preliminary Results For The 12 Months To End June 2018 – Revenue up over 50% to £147.4m (2017: £90.7m) with NAV up 9% to 70.46p (2017: 64.62p).

Tempting here but that Debt (although probably quite acceptable in the market space) is enough to keep me Neutral here – Small regular interest rate rises could hurt here, perhaps!

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