Week Ahead: 25-29 November

Monday 25 November

Interims: Cranswick, Essar Energy, Quintain Estates and Development

Trading statement: Seadrill Partners

AGMs: Aeorema Communications, Pantheon International Participations

Economics: British Bankers' Association loans for house purchases data, Nationwide house prices data

Companies paying dividends: Avation (1.1p), JPMorgan Emerging Markets Investment Trust (5.5p), One Media IP Group 0.077p), William Hill (3.7p)

Tuesday 26 November

Interims: ACM Shipping, Assura Group, Caledonia Investments, Chamberlin, De La Rue, Kcom, Scapa Group, Severfield-Rowen, Severn Trent, Software Radio Technology, Vp

Finals: Britvic, Cambria Automobiles, Greencore, Mitchells & Butlers, Paragon Group of Companies, Renew Holdings, Sanderson Group, Topps Tiles

Trading statement: Signet

AGMs: Allocate Software

Companies paying dividends: APR Energy (3.3p), Close Brothers (29.5p), Hunting (4.75p), London & St Lawrence Inv (3.9p), Signet Jewelers (9.59p)

Paragon Group of Companies (PAG) releases its full-year results on Tuesday and the buy-to-let specialist is expected to deliver another strong performance. Analysts at Jefferies expect pre-tax profit to rise from £95.5m last year to £107m this year and to £124m in 2014, giving EPS this year of 26.5p, and rising to 30.6p in 2014. Moreover, and despite the apparent success of government initiatives to help first-time buyers onto the bottom rung of the housing ladder, demand for rented accommodation is still expected to remain robust. Paragon has also been diversifying its revenue stream by purchasing deeply discounted loan portfolios from banks that are eager to reduce the size of their loan books. True, the group could feel some pain should there be an unexpected increase in interest rates - but this still looks unlikely for the time being, at least. At 329p the shares are little changed from our buy tip (321p, 22 August 2013) but - trading on just 1.1 times forecast net tangible assets, and 12 times 2013's forecast earnings - we remain buyers. 

Also on Wednesday, soft drinks manufacturer Britvic (BVIC) will report full-year results. We already know that group operating profit is likely to be somewhere in the region of £133m-£134m, an upgrade from previous expectations of £121m-£131m, thanks to bumper trading in the fourth quarter. However, that strong final-quarter performance had more to do with hot summer weather and the return of the company's Fruit Shoot drink to normal sales levels - following a recall in early July 2012. In fact, until the end of the third quarter, Britvic’s growth had been dominated by price, with volumes down 1.5 per cent, according to broker Investec Securities. The broker is expecting price-led sales growth of 4.4 per cent for the full year, with volumes broadly flat - pre-tax profit of £105.1m is anticipated, with EPS of 33.6p. Admittedly, at 598p, the shares have risen since our sell tip (520p, 25 July 2013). But a major restructuring is still to come and the group is struggling with a highly geared balance sheet, minimal volume growth, a competitive backdrop and weak consumer conditions. Recent gains therefore look vulnerable. Sell.

Wednesday 27 November

Interims: Findel, Hogg Robinson, Immunodiagnostic Systems, Omega Diagnostics, Royal Mail, Telford Homes, United Utilities

Finals: Compass Group, Shaftesbury

AGMs: Great Western Mining Corporation, Helphire, K3 Business Technology, Paragon Resources, Punch Taverns

EGM: Panther Securities

Economics: Third-quarter GDP data, Index of services, Confederation of British Industry reported sales data

Companies paying dividends: Airea (0.55p), Kier Group (46.5p)

West end landlord Shaftesbury (SHB) - which publishes full-year figures on Wednesday - has long been considered the bluest of the blue-chip real-estate investment trusts. Its aristocratic investment approach - it buys and refurbishes period buildings in Soho and Covent Garden and then holds them for long-term rental growth - has generated substantial outperformance over the years. But now that risk appetite is rising, both in the equity and property markets, the company’s reputation for reliable but unexciting returns may be holding back its shares. These now trade at 601p - 7 per cent above spot book value, reckons broker Liberum (which expects Shaftesbury to publish an end-September 2013 book value of 550p). That sounds expensive until you look either at Shaftesbury’s own stock market history - the premium is in fact at its slimmest for about a year - or at peer group ratings. Bolstered by strong trading updates, shares in office developers Derwent London (DLN) and Great Portland Estates (GPOR), for example, trade at 16-17 per cent above spot book values; Capital & Counties' (CAPC) shares trade at a 44 per cent premium. So Shaftesbury's current share price could be an attractive entry point for a long-term investor - though we reserve final judgement until we see the results. Hold for now.

Thursday 28 November

Interims: Creston, Helical Bar, James Latham, LondonMetric Property, Mountview Estates, Pennon

Finals: Impax Asset Management, Marston's, Thomas Cook

Trading statements: Kingfisher, Wolseley

AGMs: Altona Energy, Petra Diamonds

Companies paying dividends: Moss Bros (0.3p), Restore (0.6p), Wetherspoon JD (8p)

Friday 29 November

Interims: Max Property, RPC

AGMs: Lok'n Store, Plutus Resources

Economics: GfK consumer confidence data (November), net consumer credit figures, data for net lending secured on dwellings, mortgage approvals, M4 money supply figures

Companies paying dividends: Abcam (5.1p), Aeorema Communications (1.5p), Bankers Investment Trust (3.6p), Blackrock Smaller Companies Trust (4.6p), Bloomsbury Publishing (0.98p), Booker (0.45p), Charles Taylor (3.25p), City Natural Resources High Yield (0.86p), Crown Place VCT (1.25p), DCC (26.12p), Development Securities (2.4p), Diverse Income Trust (0.3p), Dunedin Income Growth Investment Trust (2.575p), Edinburgh Investment Trust (5p), Energy Technique (0.75p), Galliford Try (25p), Goals Soccer Centres (0.675p), Henderson Far East Income Trust (4.4p), Henderson International Income Trust (1.05p), Hilton Food Group (3.65p), Indigovision (5.5p), ITV (1.1p), JPM Claverhouse (4.5p), JPMorgan Overseas Investment Trust (15p), Lookers (0.88p), McBride (3.3p), New City High Yield Fund (0.92p), Panther Securities (3p), Picton Property Income (0.75p), Polar Capital Global Healthcare Growth & Income (0.55p), Prime People (1p), Redefine International (1.635p), Sabien Technology (0.25p), Schroder Oriental Income (3p), Scottish Mortgage Investment Trust (6.9p), Senior (1.52p), Standard Life Investment Property Income Trust (1.133p), Starwood European Real Estate Finance (0.8p), Target Healthcare REIT (1.5p), UK Commercial Property (1.3125p).

The ex-dividend date is the first day on which it is no longer possible to buy the shares and qualify for the dividend. Ex-days are almost always a Wednesday. The record date is usually two days after the ex-date. The payment day is the day on which the funds are transferred to shareholders.