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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected overseas shares reporting next week.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Among FTSE 100, FTSE 250 and selected other companies scheduled to report next week:

  • Diageo will show us how profits have held up with the pubs closed
  • Legal & General’s decisions to stick to its dividend early in the crisis was notable, but where does the balance sheet stand now?
  • ITV will be hoping to show becoming ‘more than TV’ is the right move

FTSE 100, FTSE 250 and selected other stocks scheduled to report next week

Heineken* Half Year Results
Hiscox Half Year Results
HSBC* Half Year Results
Activision* Half Year Results
Babcock International Trading Statement
BP* Half Year Results
Centamin Half Year Results
Diageo* Full Year Results
Direct Line* Half Year Results
easyJet* Q3 Trading Statement
IWG Half Year Results
Keller Group Half Year Results
Rotork Half Year Results
Spectris Half Year Results
Walt Disney* Q3 Results
Allianz Half Year Results
Coca Cola HBC Half Year Results
Deutsche Post* Half Year Results
Ferrexpo Half Year Results
Hastings Group Half Year Results
Hill & Smith Half Year Results
IP Group Half Year Results
Legal & General* Half Year Results
Morgan Sindall Group Half Year Results
RHI Magnesita Half Year Results
SEGRO Half Year Results
UDG Healthcare Q3 Trading Statement
William Hill* Half Year Results
Aggreko Half Year Results
Aviva* Half Year Results
ConvaTec Group Half Year Results
EVRAZ Half Year Results
Glencore* Half Year Results
Hammerson Half Year Results
ITV* Half Year Results
Mondi Half Year Results
Novo Nordisk* Half Year Results
Phoenix Group Half Year Results
Serco Half Year Results
Spirent Communications Half Year Results
Synthomer Half Year Results
Tritax Big Box* Half Year Results
Hargreaves Lansdown Full Year Results
Hikma Pharmaceuticals Half Year Results
Rightmove* Half Year Results
Standard Life Aberdeen* Half Year Results
TP ICAP Half Year Results

*Companies on which we will be writing research.

Diageo – Sophie Lund-Yates, Equity Analyst

The story for booze makers has so far been large falls in on-trade sales (bars and restaurants) but a small uptick in the off-trade (shops). Diageo has also seen its duty free sales dwindle as international travel has slowed to a crawl. However 20% of Diageo’s sales come from the Asia Pacific region, and trading trends have been slowly recovering in places like China where restrictions have been eased.

Furthermore, North America accounts for 35% of sales and only 20% of these come through the on-trade. Most of the damage is likely to have been done in Europe which accounts for 24% of sales, and is more exposed to bars and restaurants.

Any declines in revenue are likely to have a disproportionate impact on profits. Diageo has some large fixed costs for its breweries and distilleries, meaning even a small fall in sales can leave a large mark on margins. Next week will give us an idea of how the bottom line is looking.

Now that pubs have opened again we’ll also be interested to see what sales look like. In the long run we fully expect brands of Diageo’s quality to recover, but investors will want the group back up and running close to normal speed as soon as possible.

See the latest Diageo share price, charts and how to trade

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Legal & General – Nicholas Hyett, Equity Analyst

The coronavirus outbreak has delivered a blow to Legal & General’s capital reserves. However, analysts are still forecasting modest dividend growth this year, and signs are the group’s asset management and institutional annuities business has continued to grow through the crisis.

Despite the relatively upbeat performance, Legal & General’s shares are still down nearly 30% since the start of the year – suggesting investors still have concerns about the group’s medium term outlook.

The group is quite heavily indebted and together with reduced capital reserves that threatens dividend and new business growth. L&G’s housebuilding operations have also been hit by stringent social distancing requirements, as well inevitable questions about long term demand.

We remain broadly positive about Legal & General going into these results. However the balance sheet worries shouldn’t be dismissed out of hand, and we will be looking closely at the Solvency position next week.

See the latest Legal & General share price, charts and how to trade

Sign up for Legal & General updates

ITV – Emilie Stevens, Equity Analyst

We expect the second quarter may have been ITV’s toughest in (and hopefully for) a while. It started at the height of lockdown, advertising demand in April nearly halved and the Studios’ business productions put on pause.

The more positive news was that online viewing had surged, online advertising was still growing and other revenue streams like Britbox and competitions were doing well. These are key elements of the groups’ strategy to become ‘more than TV’ and a more diversified business, so it’s an important quarter for them to prove its resilience.

Dame Carolyn McCall recently referred to the battle against Netflix et al as ‘a fight for every eyeball’. And we expect the competition doesn’t get much fiercer than over lockdown. We know Netflix had a storming second quarter, adding millions of new paying subscribers and earnings followed suit, so we’re keen to see if ITV experienced a similar lift.

See the latest ITV share price, charts and how to trade

Sign up for ITV updates

Nicholas Hyett holds shares in Legal & General.

Unless otherwise stated estimates are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments and income they produce can rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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