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's underpinned by a strong land bank, a structural shortage of housing in the UK, and a fast growing, highly profitable & asset light asset management arm, that sources land, gains planning, and advises on disposal on behalf of third parties. 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.