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Companies Reporting: TUI, Heineken, NatWest

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Our regular look at the FTSE 350 and a selection of other companies reporting from 12-16 February

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

TUI – Q1 Results, Tuesday 13 February

Sophie Lund-Yates, lead equity analyst, Hargreaves Lansdown “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’s results will show if consumers are still prioritising travel and holidays. The group’s expecting demand to stay robust, with full year revenue anticipated rising by at least 10% this year.

Last investors heard, TUI was 56% sold for winter bookings and will now be keen to see where hotel occupancy and flight load-factors (a measure of how full planes are) landed for the season.

Investors 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.”

Heineken – Full Year Results, Wednesday 14 February

Aarin Chiekrie, equity analyst, Hargreaves Lansdown “Back in a third quarter update, investors 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 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 investors 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.”

NatWest – Full Year Results, Friday 16 February

Matt Britzman, equity analyst, Hargreaves Lansdown “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.”

This article has been brought to you in association with Hargreaves Lansdown. All opinions expressed in this article are from the analysts and do not necessarily represent the opinions of The Armchair Trader.

FTSE 100, FTSE 250 and selected other companies scheduled to report

12-Feb
No FTSE 350 Reporters
13-Feb
Coca-Cola NYSE:KO Q4 Results
TUI [LON:TUI] Q1 Results
14-Feb
Barrick Gold TSX:ABX Q4 Results
Coca-Cola HBC LON:CCH Full Year Results
Dunelm LON:DNLM Q2 Results
Heineken [AMS:HEIA] Full Year Results
Severn Trent LON:SVT Q3 Trading Statement
United Utilities LON:UU. Q3 Trading Statement
15-Feb
Centrica LON:CNA Full Year Results
Relx LON:REL Full Year Results
16-Feb
SEGRO LON:SGRO Full Year Results
NatWest LON:NWG Full Year Results

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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