The Week Ahead: Numis thinks there is scope for a return from IHG of a further $350m-$500m
Monday 17 February 2014
The City starts the week with some retail therapy as the shopping centres owner Hammerson today releases its full-year results.
Investors will be awaiting news from the property company, which back in 2012 decided to focus on retail and sell its office schemes, on its large retail developments, including its Les Terrasses du Port in Marseille, which is more than 90 per cent pre-let.
The Numis Securities analyst Chris Spearing expects it will release some news on its major London retail-led schemes in Brent Cross and Croydon. It has a good investment in the shape of a stake in the designer outlets specialist Value Retail, owner of Bicester Village.
Mr Spearing expects Hammerson’s overall results to be solid. The stock trades at a 4 per cent premium to net asset value, which is a modest discount to the 2 per cent premium for the large UK-listed real estate investment trusts.
Numis is predicting that Intercontinental Hotels Group will tomorrow unveil a pre-tax profit for 2013 of £582m, and the broker also expects IHG to continue to return cash to shareholders in the shape of a dividend. Last August IHG announced a $350m (£210m) special dividend to supplement a $500m share buyback programme, and Numis thinks there is scope for a return of a further $350m-$500m.
IHG has been selling off some of its trophy assets, but it has two more to go: the Intercontinental Paris Le Grand and the InterContinental Hong Kong, which could raise $1bn.
The only issue is concerns about a slowdown in emerging markets, which is something for investors to watch out for.
Sports Direct International was in focus last month after completing a complex shares swap with the department stores group Debenhams. Its trading update on Wednesday is likely to show that the king of cheap sportswear – founded by Newcastle United’s owner, Mike Ashley – is still growing strongly.
At the end of the week the media and events group Informa will publish its final results, the first under chief executive Stephen Carter. Numis expects continued healthy growth for the events business, and forecasts it will post a pre-tax profit of £310m on Friday.
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Emergency call 'started off dumb, but got pretty serious'
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
Diwali: What is the festival of lights – and how is it celebrated around the world?
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...