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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:

  • Barratt Developments will be looking to build on last year’s performance
  • Nestle looks to keep a grip on volumes at it pushes prices higher
  • As strikes hit competitors, have auto margins bottomed out at Tesla?

Among those currently scheduled to release results next week:

*Events on which we will be updating investors

16-Oct
Rio Tinto Q2 Operations Review
17-Oct
Bellway Full Year Results
BHP Group Q1 Operations Review
Jupiter Fund Management Q3 Trading Statement
Moneysupermarket Q3 Trading Statement
Ninety One Q2 Debt Management
18-Oct
Antofagasta Q3 Production Report
ASML* Q3 Results
Barratt Developments* Q1 Trading Statement
Liontrust Asset Management Half Year Trading Statement
Netflix* Q3 Results
SEGRO Q3 Trading Statement
Tesla* Q3 Results
Volvo* Q3 Results
Whitbread* Half Year Results
19-Oct
AJ Bell Full Year Trading Statement
Centamin Q3 Production Report
Dechra Pharmaceuticals Trading Statement
Dunelm Group Q1 Trading Statement
Hargreaves Lansdown Q1 Interim Management Statement
London Stock Exchange Group Q3 Trading Statement
Mondi Q3 Trading Statement
Nestle* Q3 Results
Network International Holdings Q3 Trading Statement
Rathbones Q3 Trading Statement
Relx* Q3 Trading Statement
Rentokil Initial Q3 Trading Statement
Schroders Assets Under Management Statement
St James's Place Q3 New Business Announcement
20-Oct
InterContinental Hotels Group Q3 Trading Statement

Barratt Developments – Aarin Chiekrie, Equity Analyst

Next week’s trading statement will give us an early peek into Barratt Developments’ first-quarter performance. We expect to see sales rates down by double-digits year-on-year, with pricing remaining relatively robust. Build cost inflation’s also expected to cool from 9-10% to around 5% this year, and we’re keen to hear if this has begun to materialise yet. Any early progress on this front would provide a welcome relief to margins.

For the full year, Barratt expects completions to be in the 13,250-14,250 range, weighted slightly towards the second half. That implies a decline of around 17-23% from last year, highlighting the fact that buyers are less willing to step onto the property ladder in the current high mortgage rate environment. But a mammoth net cash position of £1.1bn at the last count gives Barratt plenty of cushion against a near-term market slowdown.

See the Barratt Developments share price, charts and our latest view

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Nestle – Matt Britzman, Equity Analyst

Price vs volumes, that’s the game Nestle’s playing right now as it tries to combat higher input costs. To its credit, the strong suite of brands and exposure to resilient markets like pet care, health and coffee have held it in good stead. Consensus is looking for 8.1% organic growth over the first 9 months in next week’s third-quarter results, with higher prices offsetting a tiny decline in volumes.

Management remains committed to the idea that price hikes are pass-through, with higher volumes and better margin products the way to drive shareholder value – we tend to agree.

Commentary on the outlook for the rest of the year will be key. Volume comparisons should hopefully get easier from the fourth quarter on, and we expect some benefits to feed through from the increased advertising spend and streamlined product range toward the end of the year, although of course there are no guarantees.

See the Nestle share price, charts and our latest view

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Tesla – Matt Britzman, Equity Analyst

While strikes rage on at key competitors, Tesla’s been able to stay out of the immediate firing line. It’s been able to avoid unionisation so far. Largely due to the stock options its workers have access to, which have proven more lucrative than the potential for higher base pay bargained by the union. That doesn’t mean there won’t be any impact, Tesla workers may start to question the potential upside for equity from here and there’ll no doubt be added wage pressure for the wider sector.

Back to the day-to-day, third-quarter margins will come under scrutiny in next week’s earnings release. There was chatter that second-quarter margin weakness could mark a low point. But the recent miss on deliveries, alongside ongoing price actions to help stoke demand, leaves plenty of question marks about where margins will settle.

We’ll be keeping our eyes peeled for further information on demand and availability for the new model 3, as well as an update on the potential for Cybertruck deliveries in the fourth quarter. Both of which could act as tailwinds toward the end of the year.

See the Tesla share price, charts and our latest view

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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: 13th October 2023