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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies 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 the companies reporting next week:

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

03-May
No FTSE 350 Reporters
04-May
Activision Blizzard* Q1 Results
05-May
Barrick* Q1 Trading Statement
Boohoo* Full Year Results
Direct Line* Q1 Trading Statement
DPD* Q1 Results
Hiscox Q1 Trading Statement
ITV* Q1 Trading Statement
Novo Nordisk* Q1 Results
OneSavings Bank Q1 Trading Statement
RHI Magnesita Q1 Trading Statement
Virgin Money UK Half Year Results
06-May
Anheuser-Busch Inbev* Q1 Results
Barratt Developments* Trading Statement
Derwent London Q1 Trading Statement
Mondi Q1 Trading Statement
Next* Q1 Trading Statement
Rathbones Q1 Trading Statement
Trainline Full Year Results
07-May
International Airlines Group* Q1 Trading Statement
InterContinental Hotels Group* Q1 Trading Statement

*Companies on which we will be writing research.

Activision Blizzard – Nicholas Hyett, Equity Analyst

Another quarter of social restrictions in many markets should be good news for game publishers like Activision Blizzard.

Guidance is for a 12.7% year-on-year increase in the first quarter revenues. However, there’s potential to beat that given strong performances last quarter following the launch of Call of Duty: Black Ops Cold War in November and ongoing momentum in World of Warcraft. That would result in even stronger growth in earnings per share, given that a large proportion of additional sales should fall straight through to profits.

However, year-on-year growth is going to get tougher as time goes on. Total sales rose 24.6% in 2020 in what were essentially goldilocks conditions for the group – everything just right. It could prove difficult to replicate that in 2021.

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Barrick Gold – William Ryder, Equity Analyst

Barrick’s first quarter production report told us the group sold 1.09m ounces of gold for an average price of $1,794 per ounce. Production was in line with plans and remains on track to meet 2021 guidance.

Having said that, production was lower than in Q4 2020, meaning costs will be averaged over a smaller output. As a result all in sustaining costs per ounce for gold are expected to be 8-10% higher than last quarter. By comparison copper all in sustaining costs per pound are expected to be 6-8% lower than in Q4 2020 thanks to increased sales.

Together, sales, average prices and costs tell us how profitable Barrick is likely to be, but we’ll also be looking at commentary on cash flow, capital spending and the specifics of some of the larger mines. In particular, Barrick has recently come to a preliminary agreement with the Government of Papua New Guinea about getting the Porgera mine back up and running, so full year guidance may be updated – although perhaps not in time for next week.

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Intercontinental Hotels Group - Nicholas Hyett, Equity Analyst

Intercontinental Hotels Group has been one of the few hospitality businesses to report underlying profits throughout the pandemic - a feat which can be largely attributed to its franchise structure.

Not much will have changed since the last update. Travel restrictions are still in place across most of the group’s major markets, though an uptick in domestic US travel may have boosted results for that segment. Bookings for the Holiday Inn brand, in particular, will be a good indicator of whether leisure travellers are starting to venture out once again.

Growth in China is all but inevitable - this marks more than a year since the pandemic shut things down completely, which should make this year’s numbers look particularly rosy. Add to that the fact that IHG has been expanding its footprint there, and we’re likely to have strong year-on-year growth in that segment.

Investors have been confident in IHG’s ability to bounce back and this has been reflected in the valuation. To justify that optimism, IHG will need to show that it’s on-track to meet expectations. Analysts see revenue coming in around 53.9% of 2019 levels at the half-year in June and investors will want confirmation that’s still possible.

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. 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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