Next week on the stock market

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

• TUI hopes to show consumers are still prioritising travel
• Can Natwest put a turbulent year in the rear view mirror?
• Heineken's volumes are likely to continue struggling

Among those currently scheduled to release results next week:

*Events on which we will be updating investors.

TUI - Sophie Lund-Yates, Lead Equity Analyst

Both customer numbers and prices have been on the rise at TUI, leading to a strong increase in revenue at the full year mark. Next week we’ll get an idea if consumers are still prioritising travel and holidays. The group’s expecting demand to stay robust, with full year revenue anticipated to rise by at least 10% this year.

Last we heard, TUI was 56% sold for winter bookings and we’d like to know where hotel occupancy and flight load-factors (a measure of how full planes are) landed for the season.

We may also get some more information on TUI’s potential plans to delist from the London Stock Exchange. This is being considered in favour of a single listing in Germany, but nothing’s been confirmed.

See the TUI share price, charts and our latest view

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NatWest – Matt Britzman, Equity Analyst

Next week’s fourth quarter results will cap off what’s been a turbulent year for NatWest. A string of public governance issues and a disappointing set of third quarter results back in October mean the group’s been trading at a discount to its closest peer, Lloyds. Capital levels are expected to sit in the middle of the targeted range, meaning buybacks could be on the cards. The size, scale and commentary on future distributions will be watched closely - as will developments on loan default rates.

Net interest margins are always worth paying attention to. Consensus is for a dip over the fourth quarter to around 2.83%, with the full year figure expected in line with management’s expectations of “greater than 3%”. Deposit levels will be key, specifically the pace of consumers shifting to longer term accounts. Longer-term (and less profitable) accounts jumped from 11% of deposits up to 15% back in October, investors will be hoping to see any further increase at a much slower pace.

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Heineken – Aarin Chiekrie, Equity Analyst

Back in a third quarter update, we saw Heineken’s revenue reach €8.0bn, up 4.5% on an organic basis. This was driven by near double-digit price hikes which more than offset a 4.2% drop in volumes. All of the group’s major regions saw volumes pull back, except the Americas where Brazil and Mexico bucked the trend.

Next week’s full-year results are likely to paint a similar picture, and we expect to see volumes continue to struggle. An economic slowdown in the Asia Pacific region is really hampering performance, with little sign of improvement in the near term. Full-year guidance for mid-single-digit growth in underlying operating profits remains intact for 2023, but our attention will be on the group’s outlook for the new year. Continuous and steep price hikes are tough for consumers to swallow, even for a sip of their favourite pints.

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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 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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