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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:

  • We’ll be keeping a close eye on margins at Dixons Carphone
  • Burberry is likely to report a tough first quarter
  • Will an increase in Gaming have been able to soften the loss of Sports at GVC?

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

13-Jul
Centamin Q2 Production Report
Pepsi* Q2 Results
14-Jul
AO World Full Year Results
Ashmore Q4 AUM Statement
Halma Full Year Results
Newriver REIT Q1 Trading Statement
Ocado* Half Year Results
15-Jul
ASOS* Trading Statement
Burberry* Q1 Trading Statement
Dixons Carphone* Full Year Results
Dunelm Q4 Trading Statement
Hochschild Mining Q2 Production Statement
16-Jul
easyJet* Q3 Trading Statement
Experian* Q1 Trading Statement
GVC* Half Year Trading Statement
Hays Q4 Trading Statement
Netflix* Q2 Results
17-Jul
DCC Q1 Interim Management Statement

*Companies on which we will be writing research.

Investing in individual companies isn't right for everyone – only invest if you understand the risks of investing in individual shares. They’re higher risk as your investment depends on a single company – if the company fails you risk losing your whole investment. You should make sure you understand the companies you're investing in, their specific risks, and make sure any shares you own are held as part of a diversified portfolio.

Dixons Carphone – Sophie Lund-Yates, Equity Analyst

Lockdown saw Dixons’ online sales rocket. But we already know this boost was largely offset by store closures, with group like-for-like electrical sales up 2% for the 52 weeks to 25 April. That means next week our focus will be on the outlook statement.

We’re concerned the initial website frenzy as people stocked up on extra freezers and homeworking equipment may have simply taken future sales. We’re interested to know how trading’s looked in the first few weeks of the new financial year, and when (or indeed if) Dixons thinks trading will return to normal.

Operating margins will be something to watch too. These are already thin at around 3%, largely because of stiff price competition in the sector. We think online sales are likely lower margin too, so the increased popularity of the website could mean margins have shrunk further.

If margins, and therefore profits and cash flow, are severely hampered, it will delay the return of the dividend. Dixons said it will only reconsider a payment to shareholders once it’s cancelled its standby debt facilities. How soon this can happen rests on how successfully it’s plugged the sales gap, and the rate at which it’s getting through its new loans.

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Burberry – Sophie Lund-Yates, Equity Analyst

Burberry’s financial year ended at the end of March. That means a lot of the disruption from coronavirus will be reflected in the first quarter trading numbers next week. It’s likely overall revenue will have continued to struggle. However, we should get an idea of just how well things are picking up in the important Asia Pacific region – we’ve already heard trading in Mainland China is looking more positive.

We’re interested to know how many shops are now open across the globe. 60% were closed in March, which led to a 27% reduction in comparable store sales in the final quarter of last year. And when looking at stores, we’ll be looking for news on the roll out of Burberry’s re-vamped store format. These transformations are an important part of the group’s plans to pivot to the higher-end of the value chain, and we’d like to be able to quantify to what extent the pandemic is disrupting progress here.

We’ll also have a close eye out for any commentary on the balance sheet. Burberry’s financial position is a lot healthier than many, with access to well over £800m cash at the last count. But we’d like to see how that resource pile is holding up in such challenging conditions.

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GVC – Emilie Stevens, Equity Analyst

With a significant chunk of the first half coinciding with lockdown, we’re expecting next week’s results will be looking pretty different to last July’s. Our focus will be on two things in particular.

Now that betting shops have reopened and sport is returning to our screens, we want to hear if business levels are recovering, and how quickly. Expectations are for things to return to normal reasonably quickly, thanks to pent up demand. But with the UK employment outlook looking set to get worse – we wonder where bookies sit in the consumer spending hierarchy.

Last year online games, like partypoker and Foxy Bingo, accounted for 55% of GVC’s £2.2bn online revenues. So while we expect the lack of sport over lockdown will have been sorely missed, we’re keen to see if gaming has been able to, or least partially, offset declines elsewhere. The last we heard in April were that early signs of substitution were “encouraging”.

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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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