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Next week on the stock market

We take a look at 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.

Tech reporters will be in full swing next week, with a spate of heavy hitters on the docket. The pandemic has been positive for the majority of tech’s big-names, but their share prices have responded accordingly. This week will prove whether they can live up to their lofty expectations.

The health of the global consumer is also on trial next week with McDonalds and Visa both set to report. Their results will offer investors some insight into whether or not government spending is making its way back into the economy as intended.

  • Microsoft should report another quarter of strong growth in its cloud business
  • Diageo will tell us how hard the second wave has hit sales
  • Tesla looks to follow record production numbers with a similarly strong showing on revenues and profits

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

25-Jan
JTC Trading Statement
TI Fluid Systems Trading Statement
26-Jan
Crest Nicholson Holdings Full Year Results
Greencore Group Q1 Trading Statement
Microsoft* Q2 Trading Statement
PZ Cussons Half Year Results
Saga* Trading Update
UDG Healthcare Q1 Trading Statement
Verizon* Q4 Trading Statement
27-Jan
Apple* Q1 Trading Statement
Brewin Dolphin Holdings Q3 Trading Statement
Fresnillo Q4 Production Report
Tesla* Q4 Trading Statement
28-Jan
3i Group Q3 Trading Statement
Anglo American Q4 Production Report
Britvic Q1 Trading Statement
Diageo* Interim Results
Euromoney Institutional Investor Q1 Trading Statement
Fevertree* Full Year Trading Statement
Intermediate Capital Group Trading Update
Kaz Minerals Q4 Production Report
McDonalds* Q4 Trading Statement
Rank Group Interim Results
Tate & Lyle Q3 Trading Statement
Visa* Q1 Trading Statement
Wizz Air Q3 Trading Statement
Workspace Group Q3 Trading Statement
29-Jan
Abeforth Smaller Companies Trust Full Year Results
Paragon Banking Group Q1 Trading Statement
Polymetal International Q4 Production Results
EVRAZ Q4 Trading Statement
FDM Group Trading Update

*Companies on which we will be writing research.

Microsoft – Sophie Lund-Yates, Equity Analyst

Last quarter the Covid crisis helped Microsoft turn in profits of £13.9bn as sales rose. We expect tailwinds from the pandemic will be present once again in Microsoft’s Q1 results – particularly in the home computing division, where sales rose 6% during Q4. However, we’re hesitant to bank on continued strength in this segment as demand for personal devices will likely wane as people return to work. That could be an issue down the road when investors look to compare figures from quarter to quarter.

Microsoft’s cloud computing arm has also enjoyed Covid-related benefits as more companies shift to remote working, and we’re expecting that trend to continue. If Azure, the group’s cloud platform, can continue growing at its current pace, Microsoft could close the gap between itself and Amazon Web Services.

We’ll be looking for capital expenditure to remain relatively stable, though elevated from previous years, as the group continues to fund growth in its cloud arm. However, Microsoft’s healthy cash flow means barring any unforeseen issues, the group should continue to return cash to shareholders.

Remember, no dividend is guaranteed. We’ll also be looking for signs of another dividend hike later this year.

See the Microsoft share price, charts and how to deal

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Diageo – Sophie Lund-Yates, Equity Analyst

It feels like a long time since we last heard from Diageo in September. The distiller has had a tough time since the pandemic forced pubs and bars around the world to close their doors. Last year sales took a predictable hit, and the group’s large fixed costs dragged organic operating profit down 14%. Diageo also wrote down the value of some assets in India, Korea, Nigeria and Ethiopia by over £1.3bn.

Early trading in Diageo’s 2021 financial year was positive, but further waves of coronavirus have since forced more lockdowns. This is likely to have damaged sales again, and this will be an important number to focus on in next week’s results. Distillery costs are hard to flex quickly, but any progress here will also be welcome.

While we don’t expect growth from Diageo next week it’s important that the group retains the ability to spring back into action quickly. If worldwide vaccine rollouts are as successful as hoped the group could have a strong summer. Any information on brand strength and retail sales will help gauge this.

See the Diageo share price, charts and how to deal

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Tesla – Nicholas Hyett, Equity Analyst

Tesla has already had an eventful start to the year. The group came within a whisker of hitting its full year production target despite the pandemic, and a 13.2% rise in the shares so far this year has seen CEO Elon Musk become the richest person in the world.

That leaves attention at full year results focused on profit margins and cash generation. Key questions are whether the group has been able to sustain the higher level of production without incurring additional costs, and whether average sales prices have fallen to stimulate demand.

Also worth particular attention is any information relating to the sale of regulatory credits. The group earns credits from its zero-emission vehicles and then sells them to manufacturers of traditional combustion engine cars. With rivals upping their electric production the demand for these credits should fall over time – undermining a key source of cash for the company.

We don’t expect any major revelations. But when shares are trading on a PE ratio of nearly 200, even the slightest whiff of a problem can be painful.

See the Tesla 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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