The Week Ahead: Put faith in trusts, say City analysts

Today

Private equity may have been labelled (along with hedge funds) as the scourge of the City by some. But whether you love them or hate them, they could be a good investment. Private equity trusts are trading at attractive discounts to the value of their investments, according to analysts at Numis Securities. While scribes at Liberum Capital have rated private equity trust Pantheon International Participations a buy. Today it will update the market with preliminary results. Liberum scribes said: "We like the mature portfolio. The fund relates to pre-2007 vintage and we would therefore expect the fund to generate a steady flow of NAV-accretive realisations going forward." According to Liberum, Pantheon trades at a 37 per cent discount to net asset value (NAV) which is "one of the wider discounts in the private equity fund-of-funds sector".

Results/Updates: Pure Wafer, Sabien Technology, Andor Technology.

Tomorrow

Wolseley has been blowing hot and cold, but analysts at Numis Securities think the plumbing and heating business is well-placed to maintain profit recovery. However, its European exposure, which accounts for about half of profits, is still an issue. Numis thinks the shares are "now trading at the right valuation" and has put the stock on hold at 2,400p. Wolseley will report its full-year results tomorrow, and investors will be looking to see if its stornmg US business is still offsetting a weaker Europe. Jefferies analysts expect few surprises in the results as only one quarter is still left to update on. They estimate a trading profit of £646m, below the consensus estimate of £666m due to their concerns on Europe.

Results/Updates: Walker Greenbank, Antisoma, St Ives, Ultimate Finance, Babcock International.

Wednesday

Is Dunelm Mill the new John Lewis? The cheap cushions and curtains business is now leading the £11bn homewares retail market with 0.1 per cent more market share than the middle classes' favourite retailer, according to Verdict. The research agency estimates Dunelm now has 6.9 per cent market share, up from 6.1 per cent last year. Just two weeks ago, Dunelm reported its full-year results, and on Wednesday it will reveal its first-quarter trading update. Numis Securities' Andrew Wade thinks Dunelm has a number of initiatives to drive growth, including "store refits, online growth, increased advertising and its first full catalogue", and expects like for like sales to stay positive.

Results/Updates: Tesco, Sportingbet, Marston's, J Sainsbury, easyJet, Cerep, Aberforth Smaller Companies Trust, Findel.

Thursday

Fashion brand Ted Baker has quite a few fans but analysts at Goldman Sachs are so enamoured with the brand that they liken it to a luxury goods brand, rather than one of its more common high street rivals, in terms of valuations. Goldman reiterated its buy rating and raised its 12-month price target to 1,241p from 1,083p. It now expects sales to grow by 13 per cent and 11 per cent over the next two years. Its New York flagship store looks to have made a good start, and Goldman is even optimistic on margins over the medium term. Analysts at Panmure Gordon are equally keen, and like Ted Baker's "tightly managed distribution chain, its opportunities in licensing, management strength and the company's strong net cash balance sheet".They also rate it a buy and give it a target price of 975p but note the difficulty in actually buying its shares — "the opportunities to get on the very stable share register are limited".

Results/Updates: Animalcare, Matchtech, Aer Lingus, Carillion, Halfords, Robert Walters, Victrex

Friday

The Aberdeen-based oil services specialist Wood Group rejoined the FTSE 100 last month and will give a trading update on Friday. It is likely to keep investors happy, Numis Securities' scribes reckon. They think "deepwater expansions and strong subsea/pipeline engineering demand will continue to be core drivers" for the full year to 2013 and its expansion into the North American onshore maintenance market is promising. Numis rates the shares a hold with a target of 791p.

Results/Updates: Kcom Group, St Ives

Economics diary

Today

Halifax HPI, Purchasing Managers' Index, net consumer credit, mortgage approvals, M4 money supply, Lloyds Business Barometer.

Tomorrow

Construction purchasing managers' index, Nationwide House Prices.

Wednesday

Services purchasing managers' index, British Retail Consortium – shop price index, official reserves.

Thursday

Bank of England asset purchase target, Bank of England and European Central Bank interest rate announcements, new car registrations, ECB press conference, US factory orders update and US unemployment claims.

Friday

US average hourly earnings, US non-farm employment change and US unemployment rate

Suggested Topics
Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Claims Administrator

£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...

Recruitment Genius: Senior SEO Executive

£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...

Recruitment Genius: Online Customer Service Administrator

£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...

Recruitment Genius: Digital Marketing Executive

£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...

Day In a Page

'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Russell Brand's interview with Ed Miliband has got everyone talking about The Trews

Everyone is talking about The Trews

Russell Brand's 'true news' videos attract millions of viewers. But today's 'Milibrand' interview introduced his resolutely amateurish style to a whole new crowd
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before
'Queer saint' Peter Watson left his mark on British culture by bankrolling artworld giants

'Queer saint' who bankrolled artworld giants

British culture owes a huge debt to Peter Watson, says Michael Prodger
Pushkin Prizes: Unusual exchange programme aims to bring countries together through culture

Pushkin Prizes brings countries together

Ten Scottish schoolchildren and their Russian peers attended a creative writing workshop in the Highlands this week
14 best kids' hoodies

14 best kids' hoodies

Don't get caught out by that wind on the beach. Zip them up in a lightweight top to see them through summer to autumn
Robert Fisk in Abu Dhabi: The acceptable face of the Emirates

The acceptable face of the Emirates

Has Abu Dhabi found a way to blend petrodollars with principles, asks Robert Fisk