The Week Ahead: Will housebuilder duo raise the roof?


The UK loves a bit of property porn – salivating over country piles or city crash pads, and this week for the City it is all about property. From housebuilders to the creators of shopping centres, results will fly in to give investors an idea of how house prices are faring and how property values are holding up.

Today, it is the turn of the builders Persimmon and Bovis Homes. Panmure Gordon rates Bovis a hold with a 650p price target. The outlook for the housing market is good – a recent Rightmove survey showed house prices were nearing a pre-crisis high – but with ongoing economic uncertainty Panmure thinks the shares are fairly priced at the moment. Numis Securities expects pre-tax profit of £52.5m for 2012. But analysts at Numis' think that although Persimmon will report a reasonable trading update, its shares are priced too high and there is "superior value elsewhere in the sector".

Results/Updates: Associated British Foods, Bovis Homes, Bunzl, Dialight, Domino's Pizza, Hiscox, Pearson, Persimmon, Petra Diamonds, Senior, Thorntons, XP Power.


Time to take a break and look at coffee shops and cheap hotel rooms. Whitbread, says Morgan Stanley's Jamie Rollo, "remains a high-quality investment", but he is worried about growth, as the "competition intensifies" with more rivals in the UK budget hotels and coffee shops market. Ahead of its trading statement, he rates it a hold with a 2,500p target. He still thinks it is an attractive business, "but the valuation might have run too hard, with little discussion of the risks".

Results/Updates: Craneware, Croda, Dechra Pharmaceuticals, Devro, GKN, Imperial Tobacco, Provident Financial, Redrow, Robert Walters, Whitbread, Wilmington.


Square-eyed analysts have been licking their lips over the ITV full-year results. There was rehashed bid speculation earlier this month but the main reason investors have been piling into the shares is talk that ad spend is up. Last week the market saw strong results from smaller rival STV, which holds the Scottish ITV1 licences, and said first-quarter TV ad revenues will be up 3 per cent. Liberum Capital rates it a buy with 155p target price for the shares. It thinks the market hasn't "factored in the full benefit of non-TV advertising related factors such as cost savings". Analysts expect pre-tax profit at around £460m.

Results/Updates: Barratt Developments, Capital Shopping Centres now Intu, Carillion, Centrica, Clinigen, Interserve, ITV, Petrofac, Segro, Weir.


The owner of Covent Garden and Earl's Court, Capital & Counties follows its former sister company Capital Shopping Centres. The latter, renamed as Intu Properties, is expected to report a second-half decline of around 1 per cent as rental income declines. It is in talks to buy Midsummer Place shopping centre in Milton Keynes, which could put pressure on its loan-to-value ratios. But Capital & Counties is boosted by its central London focus, and Numis's Chris Spearing expects the value of its Covent Garden assets to have grown by around 7 per cent.

Royal Bank of Scotland, meanwhile, is expected to post a loss. Investec Securities expects £3.9bn.

Results/Updates: British American Tobacco, Capita, Capital & Counties, Colt, Derwent London, Direct Line, Genel Energy, Gleeson, Hargreaves Services, Hays, Howden Joinery, Jupiter Fund Management, Kazakhmys, Kier, LSL, Man Group, National Express, Ricardo, Reed Elsevier, Royal Bank of Scotland, RPS, Spirent, St James's Place, Vitec, Xchanging.


The shopping centres owner Hammerson has ended its fight with the Australian property company Westfield over plans to build a retail centre in Croydon, south London. Hammerson has sold most of its office assets to focus on retail. The shares have fallen since it agreed to bury the hatchet with Westfield, but Peel Hunt rates the shares a hold ahead of full-year results when it is set to report £277m net income.

Results/Updates: Atkins, BBA Aviation, Berendsen, Fiberweb, Hammerson, Laird, Lloyds Banking Group, Old Mutual, Rightmove, Sage, Stagecoach, Taylor Wimpey, UBM, William Hill, WPP.

Economics Diary


British Bankers' Association house purchase loans data, Nationwide house price figures, Hometrack housing survey.


CBI reported sales data (February).


Fourth-quarter GDP, index of services, fourth-quarter government spending data, fourth-quarter private consumption figures, fourth-quarter import/export data, fourth-quarter total business investment.


GfK consumer confidence.


Purchasing managers' index – manufacturing, net consumer credit data, mortgage approvals, M4 money supply figures.

Start your day with The Independent, sign up for daily news emails
Life and Style
Steve Shaw shows Kate how to get wet behind the ears and how to align her neck
healthSteven Shaw - the 'Buddha of Breaststroke' - applies Alexander Technique to the watery sport
Arts and Entertainment
The sight of a bucking bronco in the shape of a pink penis was too much for Hollywood actor and gay rights supporter Martin Sheen, prompting him to boycott a scene in the TV series Grace and Frankie
footballShirt then goes on sale on Gumtree
Terry Sue-Patt as Benny in the BBC children’s soap ‘Grange Hill’
voicesGrace Dent on Grange Hill and Terry Sue-Patt
Arts and Entertainment
Performers drink tea at the Glastonbury festival in 2010
Arts and Entertainment
Twin Peaks stars Joan Chen, Michael Ontkean, Kyle Maclachlan and Piper Laurie
tvName confirmed for third series
Cameron Jerome
footballCanaries beat Boro to gain promotion to the Premier League
Arts and Entertainment
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine