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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 those currently scheduled to release results next week:

  • Imperial Brands' net debt levels will determine the rate of dividend growth
  • We’ll find out if Tesco still expects profits to recover to pre-pandemic levels this year
  • Greggs’ hopes to deliver sales growth despite rising input costs and supply chain disruption

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

04-Oct
No FTSE 350 Reporters
05-Oct
Greggs Third Quarter Trading Statement
06-Oct
Imperial Brands* Trading Statement
Tesco* Half Year Results
07-Oct
CMC Markets Pre-Close Trading Statement
Mondi Third Quarter Trading Statement
Volution Full Year Results
08-Oct
Electrocomponents Trading Update

*Events on which we will be updating investors.

Imperial Brands – Sophie Lund-Yates, Equity Analyst

The decline of cigarette smoking isn’t the only headwind Imperial’s up against in the second half. The group will also see some of the Covid-related tailwinds dissipate as tax obligations increase and currency headwinds take a bite out of profits. Despite this, management expects to deliver modest underlying profit growth – we wonder whether this is still the case.

In Europe, the reopening of many travel routes should see duty-free airport sales start to recover. In the US we’ll be watching performance in cigars. The segment performed well at the half year, but some of that can be explained by easing supply chain issues. The second half of the year should confirm whether this uplift can continue against more difficult comparisons. We’re also keen to see how the group’s Next Generation Products is performing as the group continues to invest in heated tobacco and vapour products.

That brings us to Imperial’s 9.3% prospective dividend yield – a large part of the investment case. Please remember yields are variable and not a reliable indicator of future income. Management’s said it plans to pass more surplus cash on to investors once net debt falls to 2.0-2.5 times cash profits. At last check the group was a shade above that.

See the Imperial Brands share price, charts and our latest view

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Tesco – Sophie Lund-Yates, Equity Analyst

Tesco expects retail operating profits to recover to pre-pandemic levels this year. That comes after the enormous extra costs associated with getting the business through the pandemic, including hiring an army of extra staff, dented operating profit. We’ll find out next week if the group’s still on track for this target.

Of course, a huge pillar of this will be sales growth. Sales were up 1.1% on a like-for-like basis in the first quarter. That’s because the group’s lapping the exceptional demand seen in the early days of lockdowns. We wonder if Tesco has managed to keep sales pushing forward in the second quarter – especially online sales. A lot of money’s been funnelled into digital expansion recently, so Tesco needs online sales growth to match. We also wonder if the recent petrol crisis will have any impact on Tesco’s full year outlook.

Finally, we’ll be keeping an eye on Tesco Bank. The pandemic hit lending activity, which led to increased provisions for bad debts. This hurt profits in the division and we’d like to see if this trend has reversed.

See the Tesco share price, charts and our latest view

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Greggs – Nicholas Hyett, Equity Analyst

If Greggs’ half year results are anything to go by, then next week’s results are likely to see sales within touching distance of 2019’s pre-pandemic level. Profits were on course to do better still.

However, the big unknown at the third quarter is cost inflation. Food input inflation was already creeping up 3 months ago, but well reported labour shortages and supply chain disruption across the economy is likely to have increased that pressure.

Still, with new products launching, new stores opening and delivery also proving popular the group will hope it can continue to deliver the impressive growth baked into market expectations.

See the Greggs share price, charts and our latest view

Unless otherwise stated estimates, including prospective yields, 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 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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