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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 information - 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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What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:



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Among those currently scheduled to release results next week:

*Events on which we will be updating investors.

11-Sept
Vistry* Half Year Results
12-Sept
Associated British Foods* Full-Year Trading Statement
Digital 9 Infrastructure Half Year Results
Fevertree* Half Year Results
JTCHalf Year Results
Keywords Studios* Half Year Results
13-Sept
Inditex* Half Year Results
Redrow Full Year Results
Tullow Oil Trading Statement
14-Sept
Foresight Solar Fund Half Year Results
IG Group Holdings Q1 Trading Statement
Renishaw Full Year Results
Spire Healthcare Half Year Results
Trainline Trading Statement
15-Sep
No FTSE 350 Reporters

Associated British Foods - Aarin Chiekrie, Equity Analyst

In June, we heard that revenue at the key Primark business grew at double-digit rates thanks to higher prices and volumes. Market share has also been on the rise in the UK, as some consumers moved to lower-priced clothing to help ease the pressure on their wallets. And with all other business divisions growing the top line too, Associated British Foods expects full-year underlying operating profits to be moderately ahead of the previous year.

Next week’s trading statement should give some insight into how well cash flows are being managed. Spending £140m on share buybacks and increasing inventory levels in the Sugar and Primark businesses meant that free cash flow turned negative in the first half. We’re hoping to see that a good chunk of those stockpiles have unwound over the second half, helping to push cash flows back in the right direction. But just how much progress has been made by next week’s results will likely have a direct impact on the group’s ability to fund future dividends and share buybacks and no shareholders returns are guaranteed.

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Fevertree – Matt Britzman, Equity Analyst

Fevertree’s lofty valuation, currently just shy of 50 times forward earnings, means there’s always pressure to deliver when it comes to earnings season. But there are a few things in particular to watch for in next week’s half-year results. First and foremost is overseas expansion, specifically in the US, arguably a main reason for the high growth valuation. Delays in ramping up bottling production last year meant the group relied on shipping to serve US customers, leaving it at the mercy of inflated freight costs and port congestion. With signals earlier in the year suggesting issues have been ironed out, we’d like to see some benefits feeding through to the bottom line.

Margins are also in focus, with cost-cutting exercises expected to yield some results as we move through the year. Nonetheless, analyst consensus sees profit before tax margin falling from 9% to 7% this year with annual improvements coming in the 2024 financial year.

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Inditex – Aarin Chiekrie, Equity Analyst

Inditex owns fashion favourites like Zara, Pull&Bear and Bershka. The group had a strong start to 2023, with first-quarter sales up 15% to €7.6bn on a constant currency basis. This strong growth across all geographies and brands highlights the success of Inditex’s strategy to close smaller stores and focus on bigger ones in prime locations. But it’s worth remembering that operating expenses are also increasing at double-digit rates, so a continued focus on cost management will remain key.

Next week’s results should also give an early peek into how well customers have received the new Autumn/Winter collections. While we think it’s one of the better-placed fashion retailers, Inditex’s relatively high clothing price point and lofty valuation compared to peers brings with it an element of risk, and means there’s continuous pressure to continue delivering strong growth. Analysts are expecting operating profit to rise 12.1% in the second quarter, and any slip-ups on this front will likely be punished.

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. 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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Written by
Aarin Chiekrie
Aarin Chiekrie
Equity Analyst

Aarin is a member of the Equity Research team. Alongside our other analysts, he provides regular research and analysis on individual companies and wider sectors. Having a keen interest in global economics, he knows how macro-events can impact individual companies.

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Article history
Published: 8th September 2023