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Wednesday preview Sainsbury, ITV, IHG, easyJet – MoneyWeek

2020年4月18日 | | in bckbet会员登录

Tescosmuscle-flexingwillnothavegoneunnoticedbySainsbury,anditwillbeinterestingtoseehowwellitrespondedtoit。

BrokerJefferiesthinksSainsburysfullyearresultsshouldshowsolid6%growthinearningsbeforeinterestandtax,butwithcloseto£1。

4bnofgrosscapex[capitalexpenditure]leadingtonetdebtincreasingtoover£2bn。

Thebrokerexpressedthehopethatwithreturnsstillamplytrailingthoseofpeers,thegroupmayfollowTescosleadinreducingexpansionarycapex(andreinforceyieldcredentials)。

Themarketisexpectingprofitbeforetaxof£711。

9monsalesof£22,545m。

Operatingmarginisforecasttobebroadlyflatat3。

5%,heldbackbyanincreasedsalesmixoflowmarginpetrol,reckonsbrokerCharlesStanley。

Futuredividendpolicyisexpectedtobeclarified。

Currentpolicyistomaintaindividendcover[earningspershare/dividendpershare]inthe1。

5-1。

75xrange,notesCharlesStanley。

Acceleratedinvestmentinnewspacemeansthecurrentdividendpayoutisnotbeingcoveredbyfreecashflow,leadingtorisingnetdebt。

Inouropinion,however,allbalancesheetratiosremainsoundandwebelievethegrouphastheabilitytosupportamoderatelyhigherlevelofnetdebt,thebrokersuggests。

Themarketisexpectingafullyeardividendof15。

7p,butCharlesStanleyisgoingforasmallerdiviof15。

1p。

Thelevelofcapexisalsoexpectedtomoderateoverthecomingyears,meaningthedividendshouldonceagainbecoveredbyfreecashflow。

Ourbasecaseassumptionisthatdividendpolicywillremainbroadlyunchanged,althoughwewouldnotruleoutthepossibilitythatthedividendcovertargetisraisedto2。

0x,leadingtodividendgrowthlaggingEPSgrowthoverthenear/mediumterm,CharlesStanleyspeculates。

TerrestrialbroadcasterITVhasindicatedthatfirstquarteradvertisingrevenuewillbedown2%year-on-year(y/y),butCreditSuissethinksthefirmwillflagasharppick-upinsecondquarter(Q2)activity。

ThelatestfeedbackwehavefromournetworkofmediabuyersintheUKispositive。

Basedonthisfeedback,webelievethatITVFamilyrevenuescouldbeup10%y/yinQ2,which,after-2%inQ1,wouldmakeH1[firsthalf]+6%。

TheH2compismucheasier(-1%vsH1comp+3%)so,ifourbuyersnetworkisright,wewouldfeelmoreconfidentaboutourfullyearforecastof+2%,CreditSuissesaid。

WithITVStudiosrevenuegrowthalsolikelytocontinueitsstrongmomentum,weseethestockrespondingpositivelytotherelease,theSwissbankadded。

CreditSuisserecentlyupgradedhotelsgroupInterContinentalHotelstooutperform,soitispresumablyexpectinganupbeatfirstquartertradingupdatefromthefirm。

Jefferiesisabitmorecircumspect,stickingwithitsholdratingforthehotelsgroup。

Jefferiesisexpectinga4%riseinsales,a6%riseinoperatingprofitandan8%increaseinearningspershare(EPS)。

Itisforecastingearningsbeforeinterestandtax(EBIT)willclimbto$118mfrom$112mlastyearandnotedinpassingthatlastyearsnumberincludeda$10mone-offliquidateddamagesfee,sounderlyinggrowthiscloserto15%。

Asforthekeyrevenueperavailableroom(revPAR)metrics,Jefferiespredictsa6%increaseintheAmericasandGreaterChina,a2%increaseinEuropeanda3%improvementinAsia,MiddleEastandAfrica。

RecentnumbersfromStarwoodandMarriottwouldindicatethatthisshouldbeatleastachievable,andcouldbeslightlybetter。

Weestimatethatevery1%ongroupRevPARaddsabout3%toEBIT,Jefferiessaid。

NofrillsairlineeasyJetrecentlymodifieditsguidanceforitshalf-yearresultstoalossrangingfrom£110mto£120m,comparedtopreviousguidanceofalossofsomewherebetween£140mto£160m。

Strongtotalrevenueperseatperformanceisthekeydriverweforecasta10%riseinstatedtotalrevenueperseat,saysNomuraSecurities。

Itthinksthelossbeforetaxwillbeatthegloomierendofthespectrum,andisforecastingalossof£120m,withperformancenothelpedbyafuelbillofaround£105m。

INTERIMS

easyJet,SageGroup,UnitedDrug

INTERIMDIVIDENDPAYMENTDATE

StIves

INTERIMEX-DIVIDENDDATE

AberdeenAssetManagement,HendersonFledglingTrust,MatrixIncomeGrowth4VCT,NumisCorporation,RedefineInternational,Smart(J)Co。

SmithsNews,SpiritPubCompany

QUARTERLYPAYMENTDATE

BritishLandCo

QUARTERLYEX-DIVIDENDDATE

BP,GlaxoSmithKline,RoyalDutchShellA,RoyalDutchShellB,Unilever

INTERNATIONALECONOMICANNOUNCEMENTS

BalanceofTrade(GER)(07:00)

CrudeOilInventories(US)(15:30)

CurrentAccount(GER)(07:00)

FactoryOrders(GER)(11:00)

MBAMortgageApplications(US)(12:00)

RetailPriceIndex(GER)(07:00)

WholesalesInventories(US)(15:00)

FINALS

Sainsbury(J)

IMSS

CRH,GlencoreInternational,ITV,ResolutionLtd。

SPECIALEX-DIVIDENDPAYMENTDATE

Antofagasta

EGMS

MatraPetroleum

AGMS

BradyExploration,BradyExploration,ChimeCommunications,CostainGroup,CRH,DairyFarmInternationalHoldingsLtd。

(Singapore),DowningPlannedExitVCT2011(GeneralAShares),DowningPlannedExitVCT2011(GeneralShares),DowningPlannedExitVCT2011(LowCarbonShares),DowningPlannedExitVCT2011(StructuredAShares),DowningPlannedExitVCT2011(StructuredShares),EuropeanAssetsTrustNV(Regd),FirstQuantumMineralsLtd。

FuturaMedical,Glanbia,GlencoreInternational,GoPlcGDR(RegS),HygeaVCT,Imagelinx,ITV,KBCAdvancedTechnologies,Melrose,MerchantsTrust,MithrasInvTrust,MyCelxTechnologiesCorporation(RegS),OrogenGold,Rightmove,Savills,StandardChartered,Unilever

UKECONOMICANNOUNCEMENTS

BRCSalesMonitor(00:00)

FINALDIVIDENDPAYMENTDATE

4ImprintGroup,AcenciaDebtStrategiesLtd。

Dialight,NovaeGroup,QuadneticsGroup,SmithNephew

FINALEX-DIVIDENDDATE

Antofagasta,AvocetMining,BilfingerBergerGlobalInfrastructureSicavS。

A。

(DI),Bunzl,Bwin。

partyDigitalEntertainment,Cape,CSR,G4S,GVCHoldings,HTGroup,HiscoxLtd。

ISSolutions,LighthouseGroup,MacfarlaneGroup,MatrixIncomeGrowthVCT,MavenIncomeGrowth3VCT,MavenIncomeGrowth4VCT,MavenIncomeGrowth4VCTSShares,Neptune-CalculusIncomeGrowthVCT,OctopusSecondAIMVCT,Persimmon,RandgoldResourcesLtd。

Rexam,Rightmove,TedBaker

Q1

Inmarsat

JH

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