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What's in store today...
By Darshini Shah | Tue, 9th April 2013 - 23:00
Dunelm Group (DNLM) will release its third quarter trading update on Wednesday.
Recent news: The homeware and soft-furnishings retailer's first-half pre-tax profit was in line with consensus estimates at £59.8 million. There was a new emphasis on the importance of profitable multichannel sales - which now make up 4% of total like-for-like sales - which gained 1.6%, with total sales expanding 13.1%.
Analysts' expectations: "We expect 5% like-for-like for the third quarter. There is no sign from industry or peer data (eg John Lewis) of any marked slowdown in sales trends, although weather has added some volatility. For Dunelm, wet weather tends to be helpful and hot weather a drag; we assume cold and dry is net neutral," comment analysts at UBS.
Analysts at Panmure Gordon say: "We raise our price target to 900p (from 886p) as we roll our discounted cash flow valuation forward by one quarter. We therefore retain our 'buy' rating, seeing Dunelm shares as one of the highest-quality investments in our coverage universe.
"This highly cash-generative company has the ability, on our estimates, to return another £80-90 million to shareholders in 2016 following returns of £43.2 million and £65.8 million in 2010 and 2013, respectively."
Valuation: Dunelm trades on a price/earnings (P/E) ratio of about 21 times.
Wednesday will also see bike and car parts retailer Halfords (HFD) report on its trading for the 11 weeks to the end of March.
Analysts' expectations: "We expect a retail 1.5% decline in like-for-like sales, a slowdown from the 0.4% gain seen in the third quarter as the comparative toughens by 200 basis points," say analysts at UBS.
"The weather has a mixed impact on Halfords with its car maintenance sales (de-icer, wiper blades, etc) seeing a useful uplift but the outdoor (cycling, tents) seeing a corresponding decline."
WS Atkins (ATK) will issue a pre-close interim management statement on Wednesday.
Recent news: The engineering group's February interim management statement indicated trading in line with expectations in challenging markets. Management put this resilience down to its geographic and sector diversification. Full-year guidance was maintained.
Analysts' expectations: "Atkins remains a quality operation and we are long-term positive, but for now the share price looks up with events. We have a neutral stance," comment analysts at Panmure Gordon.
"While we believe that Atkins is well positioned to benefit from positive global infrastructure demand, has good geographical spread, a strong resource base along with a proven delivery record."
Valuation: The 2013 P/E ratio is just shy of 12 times, which is now at a small premium to its UK peers on 10 times.
Wednesday 10 April
Amiad Water Systems, InternetQ, Halfords Group, Atkins. Burford Capital, Evraz, Electron Technology, Hays, Mothercare, PZ Cussons, Volex.
BP, Pennant International, Smith & Nephew.