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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:

  • Rolls Royce should let us know if the reduction in Engine Flying Hours has started to taper
  • Investors will hope Persimmon can continue the run of good news from housebuilders
  • With sales holding up comparatively well, costs and cash are the things to focus on for Halfords

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

No FTSE 100 or FTSE 250 reporters
Electrocomponents Trading Statement
Ferrexpo Q2 Production Statement
Halfords* Full Year Results
JD Sports Full Year Results
Micro Focus International Half Year Results
Whitbread* Q1 Trading Statement
Barratt Developments* Trading Statement
FirstGroup Full Year Results
Grafton Group Trading Statement
Victrix Q3 Interim Management Statement
Pagegroup Q2 Trading Statement
Persimmon* Trading Statement
Rolls Royce* Trading Statement
Vistry* Trading Statement
Workspace Group Q1 Interim Management Statement
No FTSE 100 or FTSE 250 reporters

*Companies on which we will be writing research.

Investing in individual companies isn't right for everyone – only invest if you understand the risks of investing in individual shares. They’re higher risk as your investment depends on a single company – if the company fails you risk losing your whole investment. You should make sure you understand the companies you're investing in, their specific risks, and make sure any shares you own are held as part of a diversified portfolio.

Rolls Royce – Sophie Lund-Yates, Equity Analyst

The civil aerospace market has been seriously affected by coronavirus, with global plane fleets stuck on the ground. In response Rolls Royce announced 9,000 redundancies in May alongside substantial cost savings efforts, which together will result in annualised savings of over £1bn.

Next week is the first time we’ll hear from the group since announcing this huge shakeup. In particular we’d like to know what engine flying hours (EFH) have looked like in recent weeks – these were down as much as 90% in April. This affects Rolls’ revenues because it charges for servicing engines based on EFH. The disruption is mostly hurting the affected widebody (planes with two aisles) aircraft, and we don’t expect this to have changed.

As it’s a trading statement we can’t expect too much detail, but there’s a chance we’ll get to hear about updated expectations of free cash flow. This will largely depend on what Rolls Royce can do with its cost base and what expectations are for the recovery of its biggest end markets. We know the group expects “a significant net cash outflow in the second quarter”, but some colour on exactly what this will look like would be helpful.

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Persimmon – Sophie Lund-Yates, Equity Analyst

The housebuilders have generally been giving us fairly positive news so far, and we expect Persimmon to continue that trend. The story for the sector has been steady house prices and low sales volumes, as people couldn’t go house hunting during lockdown. Now, demand seems to be recovering and house prices are holding their ground, although they could still fall if we endure a sluggish economic recovery.

Persimmon’s competitor Taylor Wimpey has already raised money to take advantage of opportunities in the housing market. We’d like to know if Persimmon is similarly gung-ho or whether it’s staying cautious. Investing heavily now could prove costly if the economy stumbles, but could be lucrative if all goes well.

We should also get an update on how well socially distanced construction is going. Most of the group’s sites should now be up and running in some capacity, but safety requirements may hamper efficiency. This is likely to raise costs, so we could see margins get squeezed in the future. Ultimately, house prices will be the bigger driver of profitability though, and that’s out of Persimmon’s hands.

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Halfords – Nicholas Hyett, Equity Analyst

Despite falling 23% in the four weeks to 1 May Halfords' sales have actually performed better than expected over the lockdown. We’ve long argued that Halfords Autocentres and cycle retail business make it better suited to compete in a digital first world than most retailers, and the lockdown seems to suggest that is indeed the case.

However, sales are only one half of the equation and our real focus at these results will be cost control and cash conservation. A large leasehold retail estate and accompanying staff costs mean some costs are unavoidable. But if the group can keep exceptional costs associated with moving to a socially distanced operating set up to a minimum it will have done well.

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The Chair of Hargreaves Lansdown is also a Non executive director of Whitbread plc.

Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. 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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