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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:

  • B&M European Value Retail could outline how inflation is affecting its core customers
  • Trading patterns in America will be in-focus for Dr Martens
  • We’d like to know if Pennon will reveal how much inflation’s driven interest payments higher

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Among those currently scheduled to release results next week:

30-May
No FTSE 350 Reporters
31-May
Pennon Group* Full Year Results
B&M European Value Retail Full Year Results
01-Jun
Dr Martens Full Year Results
02-Jun
No FTSE 350 Reporters
03-Jun
No FTSE 350 Reporters

*Events on which we will be updating investors. We don’t provide a view on B&M and Dr Martens.

Pennon – Laura Hoy, Equity Analyst

Debt will be in focus as Pennon spells out its full year progress. The group stretched its balance sheet to acquire Bristol Water. In normal times this may not be more than a bugbear, but given that some 26% of Pennon’s debt is index-linked, it’s something to keep a close eye on. For every 1% inflation rises, Pennon’s on the hook for an extra £8m in finance costs. That’s likely to have been adding up this year considering inflation’s risen 7.8% at last check. We’d like to hear how management intends to keep these ballooning costs under control.

Part of that will be evaluating how the Bristol Water deal is progressing. Last we heard management was expecting the deal to yield roughly £20m in annual cost savings by 2024/2025. That would more than offset near-term inflationary pain, but getting there smoothly remains a challenge.

That brings us to shareholder returns, which tend to be a main draw for utilities like Pennon. Demands on cash aren’t insignificant at the moment, so shareholder return plans will be closely followed.

See the Pennon share price, charts and our latest view

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B&M European Value Retail – Sophie Lund-Yates, Equity Analyst

The market hasn’t reacted kindly to news B&M’s CEO is stepping down. While a changing of the guard can cause markets to wobble at the best of times, some of the negative sentiment stems from nervousness around B&M’s path from here.

One of the biggest things to watch next week will be the outlook statement. B&M’s core customers are likely among the worst affected by inflation. The group’s lower prices are also not as competitive as they once were, according to analysts. That means it’s less likely to capture more affluent customers looking for value options, too.

The market is expecting operating profits of around £578m, which would be a 5.8% fall on last year. This doesn’t seem an unreasonable expectation, and we think the biggest question from investors will be what happens next.

See the B&M share price and charts

Dr Martens – Sophie Lund-Yates, Equity Analyst

In the third quarter the famous shoe brand saw revenue rise 15%, ignoring the effect of exchange rates. That bodes well for expectations of 17.4% growth for the full year, although please remember nothing is guaranteed.

The group has been held back by weaker trading in Asia Pacific because of Covid. This has caused a particular problem in third party stores, with Australia and China being the worst affected. While this isn’t something the group can control, we’re interested to see how the situation has evolved given lockdowns in China.

We’ll also have an eye on growth in America. The 6% increase in the third quarter was weaker than they would have liked. This was partly caused by shipping delays, but a longer run of disappointing growth could suggest the brand is losing its potency.

See the Dr Martens share price and charts

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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