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
News
Susan Sarandon described David Bowie as
peopleSusan Sarandon reveals more on her David Bowie romance
Sport
Lewis Hamilton walks back to the pit lane with his Mercedes burning in the background
Formula 1
Arts and Entertainment
The new characters were announced yesterday at San Diego Comic Con
comic-con 2014
Sport
Arsenal supporters gather for a recent ‘fan party’ in New Jersey
football
PROMOTED VIDEO
News
i100
News
Bryan had a bracelet given to him by his late father stolen during the raid
people
News
A rub on the tummy sprang Casey back to life
video
Sport
sportDidier Drogba returns to Chelsea on one-year deal
Arts and Entertainment
The Secret Cinema performance of Back to the Future has been cancelled again
film
Life and Style
Balmain's autumn/winter 2014 campaign, shot by Mario Sorrenti and featuring Binx Walton, Cara Delevingne, Jourdan Dunn, Ysaunny Brito, Issa Lish and Kayla Scott
fashionHow Olivier Rousteing is revitalising the house of Balmain
News
i100
Arts and Entertainment
Christian Grey cradles Ana in the Fifty Shades of Grey film
filmFifty Shades of Grey trailer provokes moral outrage in US
News
people
News
BBC broadcaster and presenter Evan Davis, who will be taking over from Jeremy Paxman on Newsnight
peopleForget Paxman - what will Evan Davis be like on Newsnight?
Life and Style
fashionCustomer complained about the visibly protruding ribs
News
ebookA unique anthology of reporting and analysis of a crucial period of history
News
newsComedy club forced to apologise as maggots eating a dead pigeon fall out of air-conditioning
Arts and Entertainment
Jo Brand says she's mellowed a lot
tvJo Brand says shows encourage people to laugh at the vulnerable
Life and Style
People may feel that they're procrastinating by watching TV in the evening
life
News
Tovey says of homeless charity the Pillion Trust : 'If it weren't for them and the park attendant I wouldn't be here today.'
people
Sport
Rhys Williams
commonwealth games
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

Senior Risk Manager - Banking - London - £650

£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...

The benefits of being in Recruitment at SThree...

£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...

Test Analyst - UAT - Credit Risk

£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...

Trainee Recruitment Consultants - Banking & Finance

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Day In a Page

Evan Davis: The BBC’s wolf in sheep’s clothing to take over at Newsnight

The BBC’s wolf in sheep’s clothing

What will Evan Davis be like on Newsnight?
Finding the names for America’s shame: What happens to the immigrants crossing the US-Mexico border without documents who never make it past the Arizona desert?

Finding the names for America’s shame

The immigrants crossing the US-Mexico border without documents who never make it past the Arizona desert
Inside a church for Born Again Christians: Speaking to God in a Manchester multiplex

Inside a church for Born Again Christians

As Britain's Anglican church struggles to establish its modern identity, one branch of Christianity is booming
Rihanna, Kim Kardashian and me: How Olivier Rousteing is revitalising the house of Balmain

Olivier Rousteing is revitalising the house of Balmain

Parisian couturier Pierre Balmain made his name dressing the mid-century jet set. Today, Olivier Rousteing – heir to the house Pierre built – is celebrating their 21st-century equivalents. The result? Nothing short of Balmania
Cancer, cardiac arrest, HIV and homelessness - and he's only 39

Incredible survival story of David Tovey

Tovey went from cooking for the Queen to rifling through bins for his supper. His is a startling story of endurance against the odds – and of a social safety net failing at every turn
Backhanders, bribery and abuses of power have soared in China as economy surges

Bribery and abuses of power soar in China

The bribery is fuelled by the surge in China's economy but the rules of corruption are subtle and unspoken, finds Evan Osnos, as he learns the dark arts from a master
Commonwealth Games 2014: Highland terriers stole the show at the opening ceremony

Highland terriers steal the show at opening ceremony

Gillian Orr explores why a dog loved by film stars and presidents is finally having its day
German art world rocked as artists use renowned fat sculpture to distil schnapps

Brewing the fat from artwork angers widow of sculptor

Part of Joseph Beuys' 1982 sculpture 'Fettecke' used to distil schnapps
BBC's The Secret History of Our Streets reveals a fascinating window into Britain's past

BBC takes viewers back down memory lane

The Secret History of Our Streets, which returns with three films looking at Scottish streets, is the inverse of Benefits Street - delivering warmth instead of cynicism
Joe, film review: Nicolas Cage delivers an astonishing performance in low budget drama

Nicolas Cage shines in low-budget drama Joe

Cage plays an ex-con in David Gordon Green's independent drama, which has been adapted from a novel by Larry Brown
How to make your own gourmet ice lollies, granitas, slushy cocktails and frozen yoghurt

Make your own ice lollies and frozen yoghurt

Think outside the cool box for this summer's tempting frozen treats
Ford Fiesta is UK's most popular car of all-time, with sales topping 4.1 million since 1976

Fiesta is UK's most popular car of all-time

Sales have topped 4.1 million since 1976. To celebrate this milestone, four Independent writers recall their Fiestas with pride
10 best reed diffusers

Heaven scent: 10 best reed diffusers

Keep your rooms smelling summery and fresh with one of these subtle but distinctive home fragrances that’ll last you months
Commonwealth Games 2014: Female boxers set to compete for first time

Female boxers set to compete at Commonwealth Games for first time

There’s no favourites and with no headguards anything could happen
Five things we’ve learned so far about Manchester United under Louis van Gaal

Five things we’ve learned so far about United under Van Gaal

It’s impossible to avoid the impression that the Dutch manager is playing to the gallery a little