Thursday's tips round-up: Theo Fennell, SVG, IPF

Theo Fennell is on 16.2 times Seymour Pierce's forecast earnings for 2011. That falls - yes, falls - to 11.3 times on the numbers for the year after. These metrics leave Theo Fennell undervalued compared with similar luxury goods makers, so buy, says the Independent.

The broader appeal is that SVG's holdings are not showing signs of improvement (Maxeda, the Dutch retailer, and Seat Pagine Gialle, the Italian directories publisher) and the gearing of its shares to economic recovery. At 140p, a 37 per cent discount to NAV is an attractive point of entry for long-term investors. Buy, says the Times.

Lenders like International Personal Finance have had it tough over the past year or two, especially because the wholesale lending markets have contracted. But the Independent says it is encouraged by the company's latest update, and with a yield of 3.4 per cent and the stock on an immodest 2010 price-earnings ratio of 8.4 times, it would be willing to snap up some of the shares. Buy.

There is plenty to recommend about Stagecoach's shares. Its debt is down to £297m from £340m last year and, although the shares have traded in line over the past quarter, they are an appealing 60 per cent higher than a year ago. But we cannot rid our minds of the image of Mr Osborne wielding his axe, so hold Stagecoach, says the Independent.

The Capital Pub Co's current trading remains strong and the group should be able to cope with the VAT increase to 20 per cent by pushing through price rises. At 106p, or ten times earnings, hold

The Times says hold Imagination Technologies.


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