Good morning!

Inland Homes (LON:INL)

Share price: 70.7p (up 2.6% today)
No. shares: 202.2m
Market cap: £143.0m

Trading update - this covers the full year to 30 Jun 2015. It all sounds very positive, with the key paragraph saying this;

55b0c9c132056Screenshot_2015-07-23_at_13

A lot more detail is given, and the Directorspeak sounds positive:

55b0cace53ec7Screenshot_2015-07-23_at_13

My opinion - I like this company, and it seems to be on a roll. There are rich pickings to be had in land & property development at the moment, and there's no doubt the Directors here know what they're doing.

However, it's also important to remember how cyclical housebuilding is, and how inflated prices in the South are - so the party won't last forever. I will need to see the full figures, when they are released in Sep before being able to assess whether the shares are still good value or not. Most housebuilders are looking richly priced in comparison with net assets now, but that's justified to a certain extent because land is in the books at cost, and is often worth more at open market value, and much more once they've built a house on it.


Mothercare (LON:MTC)

Share price: 265p (down 7.5% today)
No. shares: 170.7m
Market cap: £452.4m

Q1 trading update - I used to be negative on this stock, due to its poor performance and weak balance sheet, plus legacy issues such as onerous leases, and a pension deficit. However, I took the shares off my bargepole list on 30 Apr 2015 at 222p, because the company did a big refinancing, thus addressing my concerns.

Astute investor/trader Richard Crow made a good case for the shares in one of my audiocasts with him, pointing out that new management have a good track record in the sector. Although I considered buying some shares, the valuation looked to have got a bit ahead of itself, so I decided not to. Therefore I'm interested to see if this morning's dip might be a buying opportunity?

The company says that overall trading in Q1 was "in line with expectations".

It sounds as if the UK is trading well, but international not so good, with sales in constant currency down 1.3%, and when currency headwind is added into the mix, international sales…

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