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Next week on the stock market

We take a look at 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.

Next week will likely see a stark contrast between stay-at-home pandemic stocks and their less-fortunate counterparts.

TUI will likely continue to battle against travel restriction headwinds, while the same breeze propels Ocado’s grocery delivery business forward.

Consumer goods producers Heineken and PepsiCo are stuck somewhere in the middle, as supermarket demand helps offset bar and restaurant shutdowns.

  • Ted Baker will tell us how Christmas capped a tough year.
  • We’ll look at AstraZeneca’s ability to turn strong sales into healthy cash flows.
  • Ocado's grocery business likely outperformed, but we’ll be looking for strength in Solutions.

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

Electrocomponents Trading Statement
Bellway Trading Statement
Micro Focus Full Year Results
Ocado* Full Year Results
St Modwen Properties Full Year Results
TUI Q1 Results
Ashmore Half Year Results
Dunelm Half Year Results
Grainger Q1 Trading Statement
Heineken* Full Year Results
Lancashire Holdings Full Year Results
Redrow Half Year Results
Smurfit Kappa Full Year Results
AstraZeneca* Full Year Results
Coca-Cola HBC Full Year Results
Disney* Q1 Results
PepsiCo* Full Year Results
RELX Full Year Results
Ted Baker* Q4 Trading Statement
Victrex Q1 Interim Management Statement

*Companies on which we will be writing research.

Ted Baker - Sophie Lund-Yates, Equity Analyst

2020 was not kind to Ted Baker, and came off the back of what was already a challenging time when sales were already sluggish. We hope 2021 will be better. Revenue had fallen 45.9% in the 28 weeks ending 8 August 2020, which pushed the group to a £39.0m underlying loss before tax.

Next week’s update will cover trading in the run up to New Year. While the group may have enjoyed a Christmas boost, continued disruption and the subsequent lockdown are likely to have weighed heavily on demand. Ted’s clothes aren’t classic lockdown-ware, and most of the group’s merchandise is geared towards occasions. Ted is trying to pivot to more casual outfits, but shoppers will have to wait until summer for the new lines to land.

Ted is making some progress on its turnaround, and we’re pleased to see online sales heading in the right direction. But the group has a lot of work ahead of it, and only time will tell us if they’ve got the right look.

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AstraZeneca - Nicholas Hyett, Equity Analyst

A war of words with the EU probably wasn’t how AstraZeneca wanted to start 2021. However, while a flurry of regulatory approvals for cancer and respiratory drugs may not have caught the same press attention, they are far more important in our view than the row about vaccine efficacy and delivery.

Product sales were moving up nicely in Q3, and could gather pace into the fourth quarter. Oncology and new respiratory treatments have been crucial to that growth – so new approvals bode well for 2021.

The key area of weakness for Astra in recent times has been its cash flow and balance sheet position. The group’s failed to cover the cost of the dividend with organically generated cash and as a result net debt has risen. Now sales are delivering robust growth the group needs to reverse that trend – especially as the pending acquisition of Alexion (due to complete in Q3 2021) will see the group taking on significantly more debt in the near future.

See the AstraZeneca share price, charts and how to deal

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Ocado - Sophie Lund-Yates, Equity Analyst

Ocado is best known as a grocery delivery partner so investors tend to focus on it as a strong stay-at-home stock. Retail revenue makes up most of the group’s overall income, but with half of this now sold to M&S, the bigger picture for Ocado bulls is the company’s robotic warehouses.

Ocado’s Solutions business, which provides robotic warehouse platforms to retail partners, is where the group’s long-term growth prospects come from. Unfortunately, it’s also where most of the group’s £1bn debt pile comes from because Solutions is burning through cash as it grows. For now, we think Ocado’s debt obligations are manageable, but Solutions will need to start paying off to keep it that way.

Solutions is, in our opinion, what investors should be watching next week. The group needs to ink new Solutions deals to grow its presence, but each new fulfilment centre takes another bite out of Ocado’s cash reserves. Profitability from Solutions is a long way off, but we’d like to see a timeline to success from management – even if it’s just a rough outline. The most important metric to watch is cash burn – the group raised over £1bn last summer, but it can’t come back for more anytime soon, so it needs to make those funds last.

Right now the shares are trading on hopes that the intensive investment in Solutions will pay off. Eventually the market will be looking for something more concrete to base Ocado’s valuation on.

See the Ocado share price, charts and how to deal

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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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