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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.

As has become the market norm, we may well get some unscheduled updates too and don’t forget the below dates are subject to change.

Among FTSE 100, FTSE 250 and selected other companies scheduled to report next week (although please remember these dates are subject to change, especially at the moment):

  • We’ll find out how panic-buying has affected sales at Morrison
  • Vodafone might tell us how its 5G plans are adapting to coronavirus
  • Will residential energy demand be able to soften the blow from Centrica’s business customers?

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

Centrica* Q1 Trading Update
Diploma Half Year Results
Hiscox Q1 Trading Statement
Victrex Half Year Results
Deutsche Post* Q1 Results
Greggs Trading Update
Hyve Half Year Results
Land Securities Full Year Results
Morrison* Q1 Trading Statement
Premier Oil Trading and Operations Update
Renishaw Trading Statement
Vodafone* Full Year Results
Brewin Dolphin Half Year Results
Aston Martin Lagonda Q1 Results
Compass* Half Year Results
Marston's Half Year Results
Sage Half Year Results
Spirax-Sarco Engineering Trading Statement
SSP Half Year Results
TI Fluid Systems Q1 Trading Statement
TP ICAP Q1 Trading Statement
Tui Half Year Results
Balfour Beatty* Q1 Trading Statement
Beazley Q1 Interim Statement
Countryside Half Year Results
Grainger Half Year Results
Hargreaves Lansdown Trading Statement
Helios Towers Q1 Results
WH Smith Half Year Results
Deutsche Telekom* Q1 Results
Signature Aviation Q1 Trading Statement
William Hill* Trading Statement

*Companies on which we will be writing research.

Morrison – Sophie Lund-Yates, Equity Analyst

At full year results in March Morrison reported a 0.8% drop in like-for-like (LFL) sales and, a 1.1% decline in revenue. We think it’s reasonable to assume coronavirus panic buying will have led to a brighter sales performance in the group’s first quarter.

However, we’ll be keeping an eye on how Morrison has measured up compared to its rivals. Tesco said sales rose as much as 30% in the first “few weeks” of the outbreak, and the uplift in grocery sales in the seven weeks to 25 April was 12% for Sainsbury. In truth, all sales should even out in the future, but it will be interesting to see what stockpiling meant for Morrison’s sales.

We should also get an idea of any further plans to keep costs down and preserve cash flow. The uptick in sales means these will both need to be watched. The final thing to consider is online sales. Morrison has a smaller online operation compared to its peers, and we’d like to know if the huge increase in demand for online shopping has been a benefit, or if its footprint is still too small for any meaningful change to be seen.

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

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Vodafone – Sophie Lund-Yates, Equity Analyst

The internet is among the last things most of us will want to give up during a lockdown or a recession. In our opinion, Vodafone’s broadband and mobile phone contracts should provide a reliable revenue stream whatever happens in the next 18 months. So why have the shares fallen so heavily since the start of the year? We think there’s one big reason and a few ancillary ones.

The big one is debt. On 30 September last year Vodafone had €48bn in net debt. To put that in perspective, before the coronavirus pandemic disrupted our lives Vodafone expected to generate €5.4bn in free cash this year before spectrum costs. Asset sales are expected to help bring the debt down, but it will be interesting to see whether Vodafone still thinks it can get reasonable prices for its assets in the current market.

However, while the key revenue engines are likely to keep running, the COVID-19 pandemic is probably disrupting the business in other ways. Maintenance work may be impeded, in-store sales for new phones (and therefore contracts) will be lower than usual and squeezed household finances may push people away from pricier contract add-ons. We expect Vodafone to have managed reasonably well, but management’s plans, especially regarding the 5G roll out, will likely have been interrupted.

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

Sign up for Vodafone updates

Centrica – Emilie Stevens, Equity Analyst

We already know Centrica’s feeling pressure from the pandemic, so much so it cancelled its final dividend and withdrawn cash flow guidance for the year ahead. Next week is an important step in understanding just how significant the impact is, especially as Centrica was hardly firing on all cylinders before the crisis.

We’ll be looking out for more detail on how lockdown is changing our energy demands. Centrica had already started to see an increase in residential demand, but that hadn’t been enough to offset the decline from Business customers. With the UK seeing the lowest levels of business activity on record in April, that doesn’t bode well.

Plans to shift the E&P and Nuclear businesses have been shelved, at least for now. But that means the group’s feeling the fallout from the oil price crash as well. Centrica’s looking to soften the blow with cost savings, but that still leaves the Upstream division cash flow neutral this year at best.

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

Sign up for Centrica updates

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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