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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 the companies reporting next week:

  • WM Morrison will show if it’s harnessed momentum in the online business.
  • BT Group might update us on the potential BT Sport sale.
  • Disney still faces major headwinds outside its booming streaming business.

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

10-May
Provident Financial Full Year Results
Victrex Half Year Results
11-May
WM Morrison* Q1 Trading Statement
12-May
Airtel Africa Full Year Results
Coca Cola HBC Q1 Trading Statement
Compass Group* Half Year Results
National Express Q1 Trading Statement
Spirax-Sarco Engineering Trading Statement
TI Fluid Systems Q1 Trading Statement
TUI Half Year Results
13-May
3i Group Full Year Results
Brewin Dolphin Holdings Half Year Results
BT Group* Full Year Results
Burberry* Full Year Results
Contour Global Q1 Trading Statement
Countryside Properties Half Year Results
Disney* Half Year Results
Elementis Trading Statement
Grainger Half Year Results
Greggs Trading Statement
Hargreaves Lansdown Trading Statement
14-May
Sage Group Half Year Results

*Companies on which we will be writing research.

WM Morrison - Sophie Lund-Yates, Equity Analyst

We’ve long said Morrison is an underdog when it comes to online shopping. Its footprint is much smaller than rivals, which isn’t ideal in the current conditions but does create potential for rapid growth. Morrison’s online sales tripled at the full year, and next week we’ll find out if the group’s been able to keep hold of momentum. As we ease out of lockdown and begin to shop outside again, we could see progress slow.

We’ll of course be looking out for progress in the core store business too. Like-for-like sales were moving in the right direction last year, especially in the final quarter. That’s no mean feat in today’s competitive environment and something similar may be necessary this quarter to meet the full year target of over £431m in underlying pre-tax profit.

See the WM Morrison share price, charts and how to deal

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BT Group - William Ryder, Equity Analyst

BT’s full year guidance is for cash profits (EBITDA) of between £7.3bn and £7.5bn, and normalised free cash flow of £1.3bn to £1.5bn. In the first nine months of the year cash profits were down 5% to £5.6bn, implying fourth quarter cash profits of £1.7bn to £1.9bn - compared with £2.0bn last year.

Analyst expectations are in the middle of these ranges. We’ll also be paying close attention to 2022-23 guidance, which is currently for £7.9bn in cash profits and underpins plans to reinstate the dividend.

BT also recently made a cryptic announcement about the future of BT Sport. It reads “early discussions are being held with a number of select strategic partners, to explore ways to generate investment, strengthen our sports business, and help take it to the next stage in its growth.” It has been reported that a sale is on the cards, and while our view would be dependent on the price, BT would be giving up a strong asset that helps set them apart from the competition.

See the BT Group share price, charts and how to deal

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Disney - Nicholas Hyett, Equity Analyst

The launch of Disney+, hitting 94.9m subscribers in January, has been a bright light in what have otherwise been some pretty dark times for the media giant.

Visitor numbers in the theme parks division look set to remain well below normal, while the ongoing switch to streaming does not bode well for the group’s ABC broadcast network or cable outlets like ESPN.

Despite those headwinds, Disney managed to post an underlying profit in the first quarter. Restructuring related to the pandemic should decline going forwards, potentially boosting results through the rest of the year. But the real focus in these results will be on the strength of recovery in Parks and to a lesser degree on continued growth in Disney+. We don’t think either will show transformational progress this time round, but direction of travel is key.

See the Disney 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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