Thursday preview: National Grid, Marston's, Retail Sales

18th May 2011 18:25

Power provider National Grid's full year results are expected to unveil profits before tax of £2.43bn on revenue of £15.14bn. Earnings per share (EPS) are tipped to be 49.25p while market consensus for the full year dividend if 36.57p."Despite a major macro tailwind in the UK, we would expect the focus in the analyst presentation to be centred upon the US businesses (c30% of enterprise value). Recent rate reviews and moves to cut costs improve equity IRRs [internal rates of return] to c9.4%, on our numbers, but is still below what is achievable in the UK," says Credit Suisse.According to the Swiss banking giant, National Grid "needs to send a clearer signal as to the upside through being in the US."Real ale brewer and pubs owner Marston's will have enjoyed the recent warm weather, which coincided with a glut of Bank Holidays, but that all happened after the end of the period covered by its interim results, due to be released on Wednesday.Panmure Gordon forecasts profit before tax of £29.2m, up from £27.8m reported at the interim stage last year, despite the later arrival of Easter this year. Having upset some quarters of the market with its £176m rights issue last year, which the company said was necessary to fund the construction of 60 new food-focused pubs, the group's progress towards achieving its target has been "exemplary", according to Panmure Gordon, with 15 units opened in fiscal 2010. Another 25 are on track to be opened in the current year, Panmure Gordon notes, with another 25 due next year. "Turnover and returns from these sites are expected to be ahead of expectations. The group therefore intends to continue opening 25 new pubs per annum from fiscal 2013," the broker added.On the economic front, UK retail sales (including petrol) for April are expected to be up 1.0% on March's level, having risen 0.2% the previous month. The year on year change is expected to quicken to 2.7% from March's 1.3%. INTERIMSEuromoney Institutional Investor, Grainger, Marston's, OMG, Southern Cross Healthcare GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSGross Domestic Product (JPN)Industrial Production (JPN)GDP Deflator (JPN)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Leading Indicators (US) (15:00)Philadelphia Fed Index (US) (15:00)Existing Home Sales (US) (15:00)Bloomberg Consumer Confidence (US) (22:00)FINALSBooker Group, Dairy Crest Group, Invensys, Investec, Investec Non-Red, Non-Cum, Non-Part Prf Shares, Metric Property Investments , National Grid, SABMillerANNUAL REPORTPresident Petroleum Co, VphaseIMSSAxis-Shield, Cairn Energy, CPP Group, Premier OilEGMSOJSC Magnit GDR (Reg S), ZamanoAGMSAutoclenz Holdings, Axis-Shield, Braime (T.F.& J.H.) Holdings, Cairn Energy, Chaucer Holdings, Collins Stewart, Corac Group, CPP Group, Downing Planned Exit VCT 4, Downing Planned Exit VCT 5, Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, F&C Commercial Property Trust Ltd., G4S, Gresham House, Immupharma, IS Solutions, John Laing Infrastructure, Mam Funds, Moss Bros Group, Next, office2office, Petropavlovsk, Prudential, Staffline Group, Stilo International, Telekomunikasi Indonesia (Persero) ADS, Total Produce, TT Electronics, VphaseUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Retail Sales (09:30)CBI Industrial Trends Surveys (11:00)FINAL DIVIDEND PAYMENT DATEAggreko, Amlin, Capital & Counties Properties , Evolution Group, GKN, GVC Holdings, Smith & Nephew, Tullett Prebon---jh