FTSE 350 Look Ahead: easyJet, Future, Pennon, And More

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FTSE 350 Look Ahead: easyJet, Future, Pennon, And More
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Look ahead to FTSE 350 & other companies reporting from 29 November to 3 December 

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Q3 2021 hedge fund letters, conferences and more

Mohnish Pabrai On Value Investing, Missed Opportunities and Autobiographies

Mohnish PabraiIn August, Mohnish Pabrai took part in Brown University's Value Investing Speaker Series, answering a series of questions from students. Q3 2021 hedge fund letters, conferences and more One of the topics he covered was the issue of finding cheap equities, a process the value investor has plenty of experience with. Cheap Stocks In the Read More

  • Any comments on recovery will be on our minds at easyJet plc (LON:EZJ)
  • Future plc (LON:FUTR) looks to sell a compelling long-term story amid the disruption of major acquisitions
  • Pennon Group plc (LON:PNN) looks to deliver an uneventful set of numbers despite some structural disruption
  • West End property owner Shaftesbury plc (LON:SHB) in the spotlight

easyJet, Full Year Results, Tuesday 30 November

Sophie Lund-Yates , Equity Analyst

“We know a lot of the headline numbers for easyJet’s full year results. Management expect to report losses no greater than £1,175m, which is slightly better than the market was expecting. That comes as the group’s performance perked up in the fourth quarter. That’s a case of rising tides lift all ships though, as short haul carriers are faring better than long-haul, business-focussed peers. There are some easyJet specific things we’ll be looking out for. Most of these centre around the outlook statement – which is something we’ll be reading with great interest. The fourth quarter saw easyJet fly 58% of its total capacity, and we’d like some detailed ideas of when that’s going to climb back to normal levels. With new COVID variants on the rise, that might not be as soon as we’d hoped.”

Future, Full Year Results, Tuesday 30 November

Nicholas Hyett, Equity Analyst

Future’s been busy in the last 12 months. February saw the GoCompare acquisition complete while the group has subsequently bought Money Week and The Week owner Dennis for £300m. The work to integrate all these new businesses could make full year results a bit messy. Not only will there likely be restructuring costs but sifting genuine year-on-year growth from acquired businesses will be key to understanding how the core business is performing. Management have pointed to improving digital advertising momentum when guiding for “adjusted operating profit to be at the top end of expectations.” If that’s been sustained even as consumers return to a more normal pace of life that bodes well for the future.”

Pennon, Half Year Results, Tuesday 30 November

Steve Clayton, Manager of HL Select Funds

Pennon Group, owner of South West Water, Bournemouth Water and Bristol Water, reports interim results on Nov 30. With the group having set out their stall to the City in a Capital Markets Event only a few weeks ago, big surprises are unlikely. We expect to see the group reporting strong operational controls and an ongoing recovery from the impact of Covid upon client billings. With the balance sheet in a strong position following the Viridor disposal and earnings growth set to benefit from the Bristol Water acquisition, Pennon has set a dividend policy of CPIH+2% growth p.a., which should give it one of the most attractive rates of dividend growth amongst the UK’s utility companies.”

Shaftesbury, Full Year Results, Tuesday 30 November

Susannah Streeter, Senior investment and markets analyst

Shaftesbury is expected to show more signs of a gradual recovery but it’s still likely to be a long-drawn-out drama for the West End property owner. Although officer workers have flooded back to the capital, overseas tourism numbers are still depressed with visitor numbers to the UK still down by more than 80% on 2019 levels.  However there does seem to be a much greater appetite among domestic tourists and revellers, with signs of bookings at restaurants re-surging in popular areas like Covent Garden and Soho which may have encouraged more deals on vacant outlets to be done. Shaftesbury has had substantial flexibility built into its business model and the offer of shorter leases might have lured more business in.”

29-Nov

Draper Esprit Half Year Results

30-Nov

Countryside Properties Full Year Results
Discoverie Half Year Results
easyJet* Full Year Results
Future* Full Year Results
Greencore Full Year Results
Pennon* Half Year Results
Shaftesbury Full Year Results

01-Dec

Liontrust Asset Management Half Year Results
Redde Northgate Half Year Results

02-Dec

AJ Bell Full Year Results
Auction Technology Full Year Results

03-Dec

No FTSE 350 Reporters

*Events on which we will be updating investors


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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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