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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:

  • Vodafone will show us what the balance sheet looks like post Vantage IPO.
  • Future will update us on how the integration of GoCo is faring.
  • easyJet will reveal whether it’s got the firepower to claw back a summer travel season.

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

17-May
Diploma Half Year Results
Petropavlovsk Full Year Results
Ryanair* Full Year Results
Vistry* Trading Statement
18-May
Assura Full Year Results
Britvic Half Year Results
Cranswick Full Year Results
DCC Full Year Results
Imperial Brands* Half Year Results
Land Securities Full Year Results
TBC Bank Group First Quarter Results
UDG Healthcare Half Year Results
Vodafone* Full Year Results
19-May
BAE Systems* First Quarter Trading Statement
Coats Group First Quarter Trading Statement
Experian* Full Year Results
Future* Half Year Results
Great Portland Estates Full Year Results
Ninety One Full Year Results
Premier Foods Full Year Results
Redde Northgate Pre-Close Trading Statement
Severn Trent* Full Year Results
20-May
easyJet* Half Year Results
Euromoney Institutional Investors Half Year Results
Kingfisher First Quarter Trading Statement
National Grid* Full Year Results
Royal Mail* Full Year Results
Watches of Switzerland Fourth Quarter Trading Statement
Youngs Full Year Results
21-May
Close Brothers Third Quarter Trading Statement
Investec Full Year Results

*Companies on which we will be writing research.

Vodafone – William Ryder, Equity Analyst

In its third quarter trading update Vodafone reiterated its guidance for €14.4bn to €14.6bn in underlying cash profits (EBITDA), which would be a slight fall from the €14.9bn recorded in 2020. Free cash flow is expected to be at least €5.0bn before spectrum and restructuring costs.

Since then the long awaited Vantage Towers IPO has gone ahead on the Frankfurt Stock Exchange, and the spin off achieved a market capitalisation of €12.1bn. So far, Vodafone has raised €2.3bn from the deal, assuming all potential shares are sold. The group has since retired some debt, so we’ll be taking a close look at the balance sheet next week to see how everything has shaken out.

Otherwise, we’ll be looking for further commentary on plans for the portfolio and guidance for 2022. In particular, if the summer tourism season is able to go ahead some roaming revenue should return, which could help revitalise sales growth.

See the Vodafone share price, charts and how to deal

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Future - Sophie Lund-Yates, Equity Analyst

Future expects full year underlying operating profit to be “materially” ahead of previous market expectations. That’s thanks to a strong performance from the Media division (70% of group revenue), in the first four months of the year. The group’s been buoyed by a shift to online advertising spending because of the pandemic, and strong eCommerce sales, and it’s reasonable to think these trends will have continued in next week’s half year results. Remember nothing’s guaranteed.

The Magazine business has fared a lot worse though. Both print and digital content revenue, and Print advertising, licensing and publisher services saw revenue fall 30% and 27% respectively last year. Covid has put more pressure on these areas of the business, so while performance has been in line with expectations, we’d like to see things haven’t deteriorated.

Future’s trying to diversify away from content and offer services too. That was behind the £594m acquisition of price comparison business, GoCo, which completed in February. A lot can go wrong when integrating an unfamiliar business into the fold, so we’ll be reading the update on how things are going with interest.

See the Future share price, charts and how to deal

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easyJet – Sophie Lund-Yates, Equity Analyst

We already know that passenger numbers will make for tough reading. The group’s results will cover the six months to the end of March, most of which were marred by strict travel restrictions throughout Europe. Instead, we’ll be focused on two important points: liquidity and future guidance.

The latter should offer some insight into whether easyJet will get the summer travel season it so desperately needs. While passenger demand since the last update has almost certainly been muted, we’re keen to see what booking rates for later this year look like. We also wonder if easyJet will be paying to support customers. Expensive Covid tests could be a barrier to travel, and competitor Tui is subsidising some of those costs to entice passengers.

That brings us to the second, and perhaps most important metric - liquidity. At the last check, easyJet had access to roughly £2.9bn, the result of loans and bond issues plus a huge cost-saving programme. That pool will drain considerably as demand ramps up - it’s expensive to operate an airline, particularly when passenger numbers are lower than usual. So we’ll be hoping the group can hold on to the bulk of its savings until the summer season begins.

See the easyJet share price, charts and how to deal

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HL’s non-executive Director is also a non-executive Director of easyJet plc.

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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    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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