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The FTSE 350 this week

| Equity Analyst | 13 November 2017 | A A A
The FTSE 350 this week

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

No recommendation

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

The British public is said to be incurably interested in property. If that’s true then this week should be a good one for Business editors, with housebuilders and property companies reporting left, right and centre.

Among those we’ll be covering:

  • Experian report for the first time since rival Equifax reported a huge data breach.
  • British Land update on conditions in the London property market as Brexit headwinds gather.
  • Royal Mail looks to deliver a steady performance despite ongoing pension disputes.

FTSE 350 stocks reporting this week

13-Nov
Dignity Q3 Trading Statement
Ladbrokes* Q3 Trading Statement
Taylor Wimpey* Q3 Trading Statement
14-Nov
Aveva Group Half Year Results
BBA Aviation Q3 Trading Statement
Bovis* Trading Update
BTG Half Year Results
DCC Half Year Results
Electrocomponents Half Year Results
Firstgroup Half Year Results
Intermediate Capital Group Half Year Results
ITV* Q3 Trading Statement
Land Securities Group Half Year Results
McCarthy & Stone Full Year Results
Meggit Trading Statement
Polypipe Trading Update
UBM Trading Update
Vodafone Group* Half Year Results
15-Nov
Barratt Development* Q1 Trading Statement
Cobham Trading Statement
Crest Nicholson Q1 Trading Update
Experian* Half Year Results
Great Portland Estates Half Year Results
Talk Talk Telecom Group Half Year Results
16-Nov
3i Group Half Year Results
Assura Group Half Year Results
British Land* Half Year Results
Close Brothers Q1 Trading Update
Coats Group Trading Statement
Investec Half Year Results
Keller Group Trading Statement
Mediclinic International Half Year Results
QinetiQ Half Year Results
Royal Mail* Half Year Results
Safestore Q4 Trading Update
TBC Bank Q3 Trading Statement
17-Nov
Kier Group Trading Update

*Hargreaves Lansdown provides research updates on these stocks

Experian

Since Experian last reported, the credit ratings industry has been rocked by a data breach at rival Equifax. The breach saw hackers make off with the personal details of more than 145m Americans and hundreds of thousands of Brits and Canadians.

The effect on Experian is mixed. On the one hand a huge own goal by one of its biggest rivals must surely be a good thing. On the other it highlights one of the major risks faced by a company whose bread and butter involves processing huge quantities of potentially sensitive information.

We’d be surprised if there wasn’t some commentary on steps the group has taken to protect its data. Whether we’ll see an uptick in business following the breach is less clear.

On an operational level, progress in the UK and US consumer businesses will be key. Both have seen revenues drain away as the group moves towards a subscription model to counter free competition. However, we’re starting to lap that strategic shift, so we would hope to see an improvement.

Elsewhere, the Latin American business has so far shown remarkable resilience, despite the ongoing political and economic turmoil in Brazil. Hopefully this’ll continue.

Experian share prices, charts and research

British Land

British Land announced a £300m share buyback back in the summer.

The group argued there was strong demand for its assets, but limited opportunity for reinvestment at attractive values. With the company’s own shares trading at a discount to net asset value (NAV) it considered buying them back to be the most attractive option for investors.

Given that fairly pessimistic outlook, the group’s commentary on market conditions will be watched with interest.

Last time British Land reported, rental performance remained robust, and with the huge London campuses still to be let, continued progress will be important. That is especially true given the potential headwinds posed by a Brexit process that threatens to hit demand for British Land’s super-prime London office space.

British Land share prices, charts and research

Register for British Land updates

Royal Mail

Royal Mail successfully averted the threat of industrial action in the run up to Christmas. But the dispute with the Communication Workers Union over changes to the pension plan hasn’t gone away.

Given that disruption, we’d be very happy to see a ‘business as usual’ set of results on Thursday.

Declines in letter volumes have been right at the top end of expectations, so a moderation here and steady performance from UK parcels should be enough to keep shareholders happy. GLS, the international parcels business, has proven an expected boost for the group. Growth has been consistent and quite impressive, with recent acquisitions still being integrated we hope this continues.

Cost cutting remains a key focus, although the current pension dispute suggests to us that there may be cost headwinds ahead.

Royal Mail share prices, charts and research

Register for Royal Mail updates

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