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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:

  • Associated British Foods will lift the lid on post lockdown trading at Primark
  • DS Smith’s usually brief AGM statement has the potential to be a lot more interesting this year
  • Fevertree will tell us how sales are doing now pubs and bars are back open

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

Associated British Foods* Full Year Pre-Close Trading Statement
Dechra Pharmaceuticals Full Year Results
Ashtead* Q1 Results
DS Smith* Trading Statement
Fevertree Drinks* Half Year Results
Genus Full Year Results
Halfords* Q1 Trading Statement
JD Sports Half Year Results
Meggitt Half Year Results
Signature Aviation Half Year Results
Travis Perkins Half Year Results
Vistry* Half Year Results
Biffa Pre-Close Trading Statement
Computacenter Half Year Results
EMIS* Half Year Results
Sanne Group Half Year Results
Dunelm Full Year Results
International Public Partnerships Half Year Results
Rank Group Full Year Results
Safestore Q3 Trading Statement
WM Morrison Supermarkets* Half Year Results
Ashmore Full Year Results

*Companies on which we will be writing research.

Associated British Foods – Sophie Lund-Yates, Equity Analyst

We worried about ABF when lockdowns hit. Primark is a crucial part of the story, and doesn’t really have an online business to speak of. But it looks like we were overly concerned – a fact that should be demonstrated in next week’s full year trading statement.

Retail operating profits are expected to be £300m - £350m, which is much lower than last year but better than we’d feared. Initial trading since Primark stores reopened has been “encouraging”, but we’d like to know exactly what this positive trend amounts to for revenue in the final quarter, and what ABF expects for the first quarter of the new financial year. Rather remarkably the group thinks it will return to generating cash in the final quarter, and expects a net cash balance over £750m for the full year. Meeting either of these goals would be good going, and we’ll be reading any comments on the balance sheet with great care.

The Grocery division had a better time of it during the crisis as increased sales in supermarkets in the early days of lockdown boosted revenue. It will be interesting to see how much of a reduction in sales has been triggered now supermarket shopping trends have calmed down.

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DS Smith – Nicholas Hyett, Equity Analyst

DS Smith’s AGM trading statements have traditionally been pretty brief. However, the coronavirus outbreak means there’s more to look out for than usual this year.

The global economic slowdown caused by the pandemic is likely to negatively impact industrial demand, whereas consumer goods and e-commerce customers are booming. Where that all shakes out in terms of overall demand is as yet unclear.

The other major question is around costs. Social distancing requirements will likely hit efficiency and see overall operating costs rise. Disruption in collection and processing networks are also pushing up recycled paper prices – which as a key input in the manufacture of new cardboard boxes could negatively impact gross margins.

Potentially lower volumes and higher costs puts planned efficiencies and cost savings in the spotlight too.

See the latest DS Smith share price, charts and how to trade

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Fevertree Drinks – Nicholas Hyett, Equity Analyst

Fevertree’s interim results will cover the six months ending 30 June, but we’re more interested in any comments on trading since then. The group saw supermarket sales surge as lockdowns forced drinkers out of pubs and restaurants. Now pubs and bars are open again we want to know how the group’s mixers are faring. We suspect the brief boom in shop sales has moderated, but whether that’s been offset by a recovery in on-trade sales remains to be seen.

Perhaps more important than the absolute level of sales will be the group’s market share – are people still buying premium spirits and mixers or are we choosing cheaper options? Premiumisation has been an important trend for the drinks industry in recent years, and we’ll be looking for reassurance that the pandemic hasn’t reversed this.

Next week’s results won’t give us conclusive answers, but may offer one more data-point to take into account.

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

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Nicholas Hyett holds shares in DS Smith.

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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