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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 subscriber growth and gaming comments will be front and centre
  • InterContinental Hotels looks to build on good progress and high expectations from the first half
  • We’d like to know if Barclays’ Net Interest Margin target’s intact

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

18-Oct
Schroders Q3 Trading Update
19-Oct
888 Holdings Q3 Trading Update
Bellway Full Year Results
BHP Group Q3 Production Report
Centamin Q3 Production Report
Netflix* Q3 Results
RHI Magnesita NV Q3 Trading Update
20-Oct
Antofagasta Q3 Production Report
Avast Q3 Trading Update
Nestle* Q3 Trading Update
SEGRO Q3 Trading Update
Tesla* Q3 Results
Verizon* Q3 Results
21-Oct
AJ Bell Full Year Trading Update
Anglo American* Q3 Production Report
Barclays* Q3 Results
Dechra Pharmaceuticals Q3 Trading Update
Relx Q3 Trading Update
Renishaw Full Year Results
Rentokil Initial Q3 Trading Update
Spectris Q3 Trading Update
St. James's Place Q3 Trading Update
Unilever* Q3 Trading Update
Vivo Energy Q3 Trading Update
Volution Full Year Results
22-Oct
InterContinental Hotels Group* Q3 Trading Statement
London Stock Exchange Group Q3 Trading Statement

*Events on which we will be updating investors.

Netflix – Sophie Lund-Yates, Equity Analyst

As always, the key number we’ll be watching out for is subscriber growth. This is what really matters in Netflix’s results, and is the one most likely to move the share price on the day. Last quarter the group beat forecasts by adding 1.5m new subscriptions, but due to last year’s pandemic deluge, this was much slower than the same time in 2020. The group’s ability to pump out big hitting content like Squid Game may well be moving the dial on this front, but we do wonder what the reopening of the world will have meant for growth.

Just as important as tempting new subscribers, is Netflix’s ability to keep hold of existing customers. Building scale and increasing prices being core pillars of the long-term strategy. That makes churn levels important to watch, as well as the scale of any price increases.

The group also recently announced its interest in gaming, which aims to help with keeping customers sticking around. Commentary on how these ventures are going will be read with interest.

See the Netflix share price, charts and our latest view

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InterContinental Hotels – Nicholas Hyett, Equity Analyst

Intercontinental Hotels (IHG) reported a steady recovery in US and Chinese domestic travel in the first half of 2021. With airline reporting improving European travel trends over the summer there are reasons to think the green shoots of recovery could have spread further in the third quarter.

While it will take time for travel to return to “business as usual”, IHG believes it will emerge from the pandemic stronger than it went in. Smaller hotel chains are likely to have suffered through lockdowns, potentially reducing supply, while cost savings and efficiencies mean future revenues have the potential to be higher margin.

Recovery in demand, new hotel openings and improved margins mean these have the potential to be blockbuster results. However, market expectations are correspondingly high, with second half revenues expected to rise by 73.2% year-on-year to £873m. Analysts expect operating profits to more than double over the same time too. Such high expectations can lead to painful disappointments.

See the IHG share price, charts and our latest view

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Barclays – Sophie Lund-Yates, Equity Analyst

Last we heard, Barclays had increased its net interest margin (the difference between what the bank charges borrowers and pays for funding) guidance for the full year. That’s an important milestone and reflected an increase in credit card balances. These had previously suffered, because customers paid off their credit cards faster during the worst of the pandemic. Next week we’ll find out if this helpful trend has continued, and if that upgraded target is still intact.

We also wonder how pre-tax profit will be affected by the changing bad-debt provisions. Last year, the group put aside swathes of money in case customers defaulted on payments, but these provisions are being unwound – which helped profits substantially in the first half. It’s a short-term tailwind, but one which we think will have continued into this quarter.

We don’t expect the adverse effect of low interest rates on the profitability of Barclay’s loans to have disappeared. Interest rates are still stubbornly low, which means we don’t expect a total reversal of fortunes there. The important thing to note instead will be to what extent Barclay’s more diverse business model – read: its investment bank – has provided a bit of a backstop over recent months.

See the Barclays share price, charts and our latest view

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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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