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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:

  • A first look at what coronavirus means for InterContinental Hotels’ profits
  • Frasers Group should let us know what shop closures have meant for profits and the transformation plan
  • We’ll see what record gold prices have meant for Barrick’s profits

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

Barrick* Half Year Results
Clarksons Half Year Results
Bellway Trading Statement
Derwent London Half Year Results
Domino's Pizza Half Year Results
Gamesys Half Year Results
InterContinental Hotels* Half Year Results
Petrofac* Half Year Results
Plus500 Half Year Results
Prudential* Half Year Results
Quilter Half Year Results
Admiral Group Half Year Results
Avast Half Year Results
Balfour Beatty* Half Year Results
Capital & Counties Properties Half Year Results
CLS Half Year Results
Spirax-Sarco Engineering Half Year Results
Coats Group Half Year Results
Deutsche Telekom* Half Year Results
Frasers* Full Year Results
GVC* Half Year Results
Just Group Half Year Results
National Express Group Half Year Results
Renishaw Full Year Results
Tui Q3 Results
Watches of Switzerland Full Year Results and Q1 Trading Update
No FTSE 100 or FTSE 250 reporters

*Companies on which we will be writing research.

InterContinental Hotels – Emilie Stevens, Equity Analyst

Next week we’ll get a first look at what coronavirus has meant for IHG’s finances. First half revenue per available room (RevPAR) - a product of how full hotels are and room prices - is expected to come in 52% below last year, having dropped around 75% in the second quarter.

We’ve been told that before taking into account any cost saving measures, a 1% drop in RevPAR has a $13m – $14m hit to operating profits. That’s a potentially very big hit, so we’ll be looking to see how bad the damage is, and the extent of any cost saving measures.

IHG only owns 26 of its 5,900+ hotel portfolio, instead receiving fees from franchisees for the use of hotel brands and technology. That model should soften the blow somewhat. But it relies on franchisees being fit enough to keep paying the fees.

How franchisees are faring isn’t something we’ve had much detail on yet, but we do know IHG is helping through fee relief and more flexible payment terms. A necessary action but we worry how expensive and effective that helping hand is turning out to be.

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Frasers Group – Sophie Lund-Yates, Equity Analyst

Frasers Group has been very quiet throughout the current crisis. Next week’s results will be the first time we get an idea of what store closures have meant for the group’s financial statements.

We’ve said before that coronavirus will seriously interrupt revenues and profits, we just don’t know by how much. It’s reasonable to expect that online sales have done well – scores of us were scrabbling for sports equipment and workout gear in the early days of lockdown. The question will be to what degree this has plugged the overall sales gap.

Frasers’ financial year ended in April, which means a lot of the disruption won’t be felt in this set of numbers. That makes the outlook statement important, as well as any commentary about the transformation plan. The longer-term strategy involves turning Sports Direct into “the Selfridges of Sport”. We’re concerned current disruption could put these plans on hold if spending’s been slashed.

The strategy’s behind the eclectic mix of high street acquisitions in recent years. And at the end of June the group acquired a 6.1% stake in Hugo Boss. We’d like to hear more behind the rationale for this deal, and how a growing relationship with this higher-end name fits into the story.

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Barrick – Emilie Stevens, Equity Analyst

We expect it’s been somewhat of a bumper quarter for Barrick, with the gold price continuing to reach record highs. In the second quarter this year Barrick sold its gold on average for $1,711 per ounce – almost 31% above last year. With the market price now above $2,000 for the first time ever – we wonder if Barrick’s full year expectations have changed.

Aside from the gold price, improvement rests on a few things. We know the group was on track to meet production targets, but coronavirus is disrupting some mines. We want to know how Barrick is managing the disturbance and what, if any, effect this will have on the full year trajectory.

This is also important as it impacts Barrick’s operating costs, which are some of the lowest in the industry. The group’s full year target is for all in sustaining costs to be within $920 – $970 per ounce, but with costs expected to rise above that this quarter, we question if that’s still achievable.

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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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