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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 those currently scheduled to release results next week:

  • Netflix should indicate whether its ballooning content costs are a one-off event
  • Associated British Foods will update us on the impact of price hikes and supply chain issues
  • We look to see Entain’s next move now takeover plans have been shelved

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

17-Jan
Ashmore Group Assets Under Management Statement
Rio Tinto* Operating Statement
18-Jan
BHP* Operating Statement
Elementis Trading Statement
Energean Trading Statement
Hays Trading Statement
IntegraFin Holdings Trading Statement
Marshalls Trading Statement
QinetiQ Trading Statement
19-Jan
Antofagasta Production Statement
Burberry Group* Trading Statement
Centamin Production Statement
Diploma Trading Statement
J D Wetherspoon* Trading Statement
20-Jan
AJ Bell Trading Statement
Associated British Foods* Trading Statement
CMC Markets Trading Statement
EMIS Group* Trading Statement
Entain* Trading Statement
Ibstock* Trading Statement
Netflix* Q4 Earnings
Network International Holdings Trading Statement
Premier Foods Trading Statement
Workspace Group Trading Statement
21-Jan
Close Brothers Group Trading Statement
Ninety One Assets Under Management Statement

*Events on which we will be updating investors.

Netflix – Laura Hoy, Equity Analyst

As always, subscriber growth will be the focus of Netflix’s upcoming results. The group’s so far managed to grow its subscriber base even as lockdown restrictions faded thanks to expansion in the Asia Pacific region. At some point Netflix will reach saturation, but there are no signs of slowing yet.

Subscriber growth will be key as the group looks to make up for ballooning content costs. Margins are expected to fall to 6.5% in the fourth quarter. This shouldn’t be too problematic as a short-term issue — management’s said subscription growth will be enough for free cash flow to breakeven.

Forecasts for next year’s spending will be top of mind. The group can’t continue to shell out at the same rate if it’s to produce the kind of returns shareholders have become accustomed to.

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Associated British Foods – Laura Hoy, Equity Analyst

Future guidance will be the thing to watch when ABF reports — we’re keen to get management’s take on the potential pitfalls ahead.

At last check ABF was emerging from its pandemic-related woes relatively unscathed. Impressive stock control at Primark plus business as usual at its Grocery, Sugar, Ingredients and Agriculture segments meant the group was able to weather the storm.

However, despite easing restrictions, conditions are tough for retailers — ABF included. The group’s non-clothing arm saw supply chain bottlenecks and rising costs in December. These conditions have probably worsened, so we’ll be keen to hear whether price hikes will be enough to offset them.

Primark could also struggle against similar issues, and the group’s price-sensitive customers may start to pare back spending if inflation continues to rise. We’d also like an update on stock management and whether supply chain kinks are making it more difficult to replenish the shelves.

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Entain – Laura Hoy, Equity Analyst

With the DraftKings offer now firmly off the table, eyes turn back to Entain’s core business proposition ahead of next week’s trading update. Last we heard, the group was on track for full year guidance of cash profits between £850-£900m. We should get a good indication next week as to whether that’s still the case. And with the group trading well above its long-term P/E ratio, any slip ups are unlikely to go down well with investors.

BetMGM, the joint venture with MGM, has been a big attraction for the group. And in our opinion, the likely driving force behind the takeover offers. Market share of the US sports betting and iGaming markets was 23% last we heard. With recent launches in 3 new states, we’ll be hoping to see that number push higher.

We saw at the end of the third quarter that net gaming revenue in the UK was approaching pre-pandemic levels. With Covid worries increasing in recent months, we’re keen to see what impact that’s had on performance.

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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 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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