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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.

Among the companies reporting next week;

  • EMIS have already given us a lot of detail on results which makes sales of recently launched EMIS-X our main focus.
  • Fevertree will tell us how a second half recovery impacted margins.
  • Ocado should offer an update on its spending plans as it builds out more robotic fulfilment centres.

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

15-Mar
HG Capital Trust Full Year Results
16-Mar
Antofagasta Full Year Results
C&C Trading Statement
Close Brothers Half Year Results
Computacenter Full Year Results
Elementis Full Year Results
Ferguson Half Year Results
Greggs Full Year Results
John Wood Full Year Results
Just Group Full Year Results
Polypipe Full Year Results
TI Fluid Systems Full Year Results
Unite Group Full Year Results
17-Mar
Capita Full Year Results
Ferrexpo Full Year Results
18-Mar
888 Holdings Full Year Results
EMIS* Full Year Results
Fevertree* Full Year Results
National Express Full Year Results
Ocado* Q1 Trading Statement
OneSavings Bank Full Year Results
Vectura Full Year Results
19-Mar
ContourGlobal Full Year Results
Investec Trading Statement
JD Wetherspoon Half Year Results
Sanne* Full Year Results

*Companies on which we will be writing research.

EMIS – Nicholas Hyett, Equity Analyst

While EMIS has seen some disruption to sales during 2020, the group has generally weathered the pandemic pretty well. As a provider of essential IT services to GP surgeries and community pharmacies, its products have been crucial throughout the crisis.

That means revenues and profits are likely to have held up well for the year, and instead our main focus will be on the roll-out of EMIS-X. This is EMIS’s next generation of its core product – providing NHS organisations with better access to and understanding of their patient data. Success here, could not only help the group growing its community pharmacy base, but may justify a higher price from existing GP customers.

In the meantime, a robustly cash generative business model, and net cash on the balance sheet, means the group should be well positioned to continue growing shareholder returns though of course there are no guarantees.

See the EMIS share price, charts and how to deal

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Fevertree - Sophie Lund-Yates, Equity Analyst

In a January trading update Fevertree described its 2020 performance as “resilient”. Total revenue was down 3% from 2019 to £252.1m as strong growth in the US and the Rest of the World offset a 22% fall in UK revenue. This is an improvement on the first half, but we suspect the current round of lockdowns will have similarly impacted early trading for the new financial year. Commentary on recent trading will be particularly useful.

The overall picture last year was of falling sales in bars and restaurants with supermarkets and e-commerce more or less picking up the slack. For example, in the UK, which remains Fevertree’s largest revenue contributor, bar and restaurant sales fell around 60% in 2020, while shop and e-commerce sales rose around 20%.

Changes in sales channels have also depressed margins. In the first half of the year Fevertree’s sales fell 11% and cash profits (adjusted EBITDA) fell 35% as sales shifted from bars to shops. Investors will be hoping this dynamic plays out in reverse as sales recover. We’ll be looking for evidence of this in next week’s results.

See the Fevertree share price, charts and how to deal

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Ocado - Nicholas Hyett, Equity Analyst

Ocado posted impressive sales growth last year, as pandemic-fuelled online shopping continued. Not much has changed since then - with high streets looking more like ghost-towns these days, we expect sales at Ocado continued with vigour.

The group’s spending during the first three months of the year will attract attention, after management upped capital expenditure forecast to $700m for the year. Developing robotic fulfilment centres for third-party customers will account for most of that figure as Ocado builds out its reputation as an end-to-end online grocery platform.

Fulfilment technology is expensive to get up-and-running, and accounting rules mean that although Ocado has inked contracts to build, the revenue from these sites isn’t recognised until they’re up and running. It will take time to find out whether the massive outlays pay off, and given Ocado’s valuation they need to deliver rich rewards.

The group will also have to convince investors that demand for the expensive fulfilment centres is still strong. With the end of lockdown in sight the e-commerce boom will likely lose steam, leaving supermarket execs faced with the dilemma of whether to spend big on a robotic fulfilment centre that will take years to pay off, or simply improve their current in-store picking technology for a fraction of the cost.

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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