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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:

  • NVIDIA looks to benefit from the ongoing surge in demand for computer chips.
  • A recovery in the auto market is necessary for Johnson Matthey to execute its strategy shift.
  • Ted Baker will show the full effect the pandemic had on full year numbers.

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

24-May
Hilton Food Group Trading Update
Kainos Group Full Year Results
25-May
AVEVA Full Year Results
Avon Rubber Half Year Results
Big Yellow Group Full Year Results
Electrocomponents Full Year Results
Greencore Half Year Results
Pershing Square Holdings Q1 Results
Shaftesbury Half Year Results
26-May
Biffa Full Year Results
British Land* Full Year Results
Intertek* Trading Statement
Marks & Spencer* Full Year Results
Mediclinic Full Year Results
NVIDIA* Q1 Results
SSE* Full Year Results
27-May
AJ Bell Half Year Results
Aviva* Q1 Operating Update
Calendonia Investments Full Year Results
Johnson Matthey* Full Year Results
LondonMetric Full Year Results
Pets at Home* Full Year Results
Tate & Lyle Full Year Results
Ted Baker* Full Year Results
United Utilities* Full Year Results
28-May
TR Property Investment Trust Full Year Results

*Companies on which we will be writing research.

NVIDIA – Nicholas Hyett, Equity Analyst

NVIDIA’s first quarter result should continue the very strong revenue growth reported last year. The company’s key end markets – data centres used in cloud computing and gaming computers and consoles – have likely enjoyed another strong quarter as lockdowns continue in many markets and the digital revolution gathers pace.

The group should also benefit from the pricing tailwind that’s blowing through the wider chip market. Strong demand from retail and commercial customers, together with some pandemic related supply disruption has resulted in a global shortage of crucial computer chips. That’s fed through to higher prices – boosting margins for chip companies that can’t make additional stock fast enough.

That tailwind will eventually subside as new capacity comes online. However, with the range of businesses and industries relying new digital technologies ever growing, we suspect NVIDIA will have some reasonably upbeat guidance for the longer term.

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Johnson Matthey – William Ryder, Equity Analyst

Johnson Matthey was caught in a perfect storm last year as the transition toward electric vehicles (EVs) was compounded by a sudden drop in the auto market due to the pandemic. Now we’ll see whether the group was able to stage a comeback.

Management is expecting profits to come in at the top-end of expectations – around £502m – as a result of cost saving and a recovery in auto activity. If the group does manage to deliver, we’re hoping the latter is responsible for the bulk of the growth. JMAT needs to eek every last pound out of its catalytic converter business in order to support its strategy shift into battery components. A resilient auto market is crucial.

Speaking of squeezing cash out of the business, the group’s strategic review of the Health division will also be in focus, with the most likely outcome a sale.

That brings us to the performance of New Markets. JMAT’s building a battery and fuel cell supply business that will eventually take over as the growth engine once catalytic converters go the way of the dodo. It’ll be an expensive endeavour, and for now New Markets makes up a tiny fraction of overall revenue, but it’s essential to Johnson Matthey’s long-term survival.

Fuel Cell sales are expected to rise over 20% as capacity expands. We’ll be looking for updates on its two eLNO plants, and whether they’ll be up and running by 2024.

See the Johnson Matthey share price, charts and how to deal

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Ted Baker – Sophie Lund-Yates, Equity Analyst

The pandemic was not kind to Ted Baker. Lockdowns meant all its UK shops and many international sites were closed for swathes of the year. And it has little presence in out-of-town retail parks, which have fared better during the crisis.

We know the full year numbers aren’t going to be pretty: revenue fell 47% in the final quarter. But because the retailer has high fixed costs – store leases must be paid whether they’re open or not – operating profits are expected to fare even worse. Analysts expect this to swing from an £18m profit last year to around a £70m loss. The market is likely to react badly if the group does worse than expected.

The outlook statement will be important. Ted was struggling before the pandemic, so we’d like some tangible proof its strategic turnaround efforts are bearing fruit. At the moment, the group has many of the right ideas, including trying to refresh its brand and become less reliant on occasion wear. We’re yet to see if this idea is becoming a reality.

See the Ted Baker 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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