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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:

  • We’ll be looking for insight into how DS Smith will balance rising commodity prices.
  • Berkeley looks to shrug off a new set of headwinds.
  • John Wood will tell us whether expected improvements materialised.

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

21-Jun
No FTSE 350 reporters
22-Jun
Centamin Q2 Production Results
DS Smith* Full Year Results
23-Jun
Berkeley Group* Full Year Results
24-Jun
John Wood Group Q2 Trading Statement
25-Jun
No FTSE 350 reporters

*Companies on which we will be writing research.

DS Smith – Sophie Lund-Yates, Equity Analyst

The past year’s e-commerce boom has been a boon for packaging giant DS Smith, and that should be evident when it releases full year results. However, while demand for corrugated cardboard boxes is expected to rise 7% year-on-year, the materials required to manufacture them are becoming more expensive.

Coupled with stunted demand from the hospitality sector, underlying cash profits are expected to come in roughly 15% lower. Considering the headwinds, a figure in line with that estimate would be good going.

What’s more important now is understanding how DS Smith will deal with the rising costs. The group had planned to pass the price hikes onto its customers, and we’re keen to know whether that’s dented demand.

The group has also been working to insulate itself from commodity price swings by outsourcing paper manufacturing. While it’s too late to count on that as a safety net now, progress on that front is imperative to help set the group up for less volatility in the future.

See the latest DS Smith share price, charts and how to deal

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Berkeley Group – Nicholas Hyett, Equity Analyst

With the pandemic and remote working driving wealthy city dwellers out into the country, the main question facing Berkeley this year was how well demand for its London centric homes (including flats) was holding up. So far the group has performed remarkably well, and profit is on track to deliver a similar level of profit to last year and forward sales are also looking healthy. We don’t expect that to have changed now the economy is gradually unlocking.

More recently a rapid increase in the cost of construction materials and shortage of skilled labour has created another hurdle to potentially trip the group. That’s a headwind facing the whole industry, but Berkeley may actually be better insulated than many. Its relatively high price point and specialism in complex sites mean materials account for a smaller proportion of the overall cost base, and an increase will have a relatively more modest impact on margins. Still it’s one to watch out for.

See the latest Berkeley Group share price, charts and how to deal

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John Wood – William Ryder, Equity Analyst

In its AGM statement in May, the consulting and engineering firm told us trading was “slower than anticipated”. A robust performance in the Consulting division was unable to offset weakness in Projects as large engineering, procurement and construction (EPC) contracts roll off the books, and Covid-19 and a volatile oil price conspired against the Operations division.

Nonetheless, management is maintaining guidance thanks to “improving momentum”, and even expects stronger margins this year. Consulting activity is expected to increase and Operations to be buoyed by conventional energy demand and growth from “process & chemicals”. Operational resilience is being supported by strong order book momentum, which was up 9% from 31 December 2020 to $7.1bn last we heard.

We’ll find out next week whether management’s confidence was well placed. Commentary on the order book and any changes to guidance will be top of the agenda.

See the latest John Wood share price, charts and how to deal

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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