Week Ahead: Domino's Pizza, M&S AGM

9th Jul 2010 13:06

There has been no stopping pizza delivery franchiser Domino's Pizza and it is a cast iron certainty that it has had a better World Cup than, say, the England football team. It has certainly delivered more.Last week the number three operator in the UK pizza delivery market, Papa John, reported 9.7% growth in second quarter like for like (LFL) sales compared to the second quarter of 2009, a slight decrease in the growth rate than it registered in the second quarter.This could signal a similar scenario at Domino's, which releases interim results on Monday. Panmure Gordon thinks Domino's will report 10% growth year on year in LFL sales for the half year, with the second quarter seeing 9.5% LFL sales growth. "We think the market will be disappointed by a slowdown in LFL sales growth at Domino's in a quarter where comparatives are the easiest of the year (c+5%) and there is the beneficial impact of the football World Cup," Panmure predicts. It thinks the shares are a sell and has a price target of 300p.Panmure Gordon is predicting pre-tax profit of £16.3m, up by around a fifth on the first half performance last year, and slightly below market consensus of £16.5m. The broker thinks the firm will bump up the interim dividend in line with the growth in pre-tax profits, which would imply a dividend of 4.20p per share if Panmure Gordon's estimate is correct. KBC Peel Hunt takes a contrary view and is half expecting the trading update to result in earnings upgrades for the full year as it suspects the management has, as usual, been downplaying its prospects. KBC, like Panmure, also goes for £16.3m profit before tax."There could also be share buybacks, presumably by way of tender offer, as last time. It should be remembered that (1) the upgrade is partly in the price and is now routinely expected (2) there could always be stock placings by directors," KBC adds. The annual general meeting (AGM) of shareholders of retail giant Marks & Spencer could be lively, with director remuneration likely to prove a hot issue. The new chief executive, Marc Bolland, was lured at great expense from supermarket chain Morrisons and he did not make a good first impression on the City with his downbeat demeanour at his first results presentation on 7 July. The City scribblers are anxious for Bolland to reveal his plans for the High Street icon but he won't be rushed, promising that a strategic review will be unveiled in November of this year. Marks & Spencer has had several clashes with investors over corporate governance in recent years, including disagreements over Bolland's predecessor, Sir Stuart Rose, combining the chief executive officer role with that of chairman.Institutional investors have been getting more bolshie about executive pay of late, as evidenced by last week's AGM for supermarket giant Tesco, where almost a third of shareholders voted against the executive remuneration package and another 15% abstained. A similar result is not out of the question at Marks & Spencer but, as with Tesco, the board is likely to plough on regardless with its plans which include a first year pay package for Bolland that could reach £15m while Rose, now only a part time chairman, is set to rake in £875,000, making him the highest paid chairman of a FTSE 100 company.Monday July 12INTERIMSDomino's Pizza UK & IRLINTERIM DIVIDEND PAYMENT DATEIntec Telecom SystemsGMSAvis EuropeFINALSImmunodiagnostic Systems, Invista Foundation Property Trust, KSK Power VenturSPECIAL DIVIDEND PAYMENT DATECapital Gearing TrustEGMSLED InternationalAGMSGriffin Mining, JPMorgan Private Equity Ltd USD Equity Shares, Medilink-Global UK, Perpetual Income & Growth Inv Trust, Perpetual Income&Growth Inv Tst Sub ShsINTERNATIONAL ECONOMIC ANNOUNCEMENTSCurrent Account (FRA) (07:45)Domestic CGPI (JPN)UK ECONOMIC ANNOUNCEMENTSBalance of Payments (09:30)Current Account (09:30)GDP (quarterly national accounts) (09:30)Index of Services (09:30)FINAL DIVIDEND PAYMENT DATECapital Gearing TrustTuesday July 13INTERIMSLow & BonarINTERNATIONAL ECONOMIC ANNOUNCEMENTSABC Consumer Confidence (US) (22:00)Balance of Trade (US) (13:30)Treasury Budget Statement (US) (19:00)Consumer Prices Index (FRA) (07:45)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Industrial Production (JPN)Capacity Utilisation (JPN)Consumer Confidence (JPN)FINALSBglobal, DTZ Holdings, Ocean Power TechnologiesAGMSBritish Airways, BTG, Intermediate Capital Group, Luminar Group, Northern Foods, Ventus 1 VCT, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT 'C' Shares, Young & Co's Brewery 'A'TRADING ANNOUNCEMENTSComputacenter, Webis HoldingsUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)Consumer Price Index (09:30)Retail Price Index (09:30)DCLG UK House Prices RICS Housing Market Survey (09:30)FINAL DIVIDEND PAYMENT DATEAlbany Inv Trust, May Gurney Integrated ServicesWednesday July 14INTERIMS1st Dental LaboratoriesINTERIM EX-DIVIDEND DATEAsset Man Inv Trust, Chemring Group, Dewhurst, Domino Printing, HolidaybreakQUARTERLY PAYMENT DATEYamana Gold IncQUARTERLY EX-DIVIDEND DATEHenderson Global Property Companies Ltd., Investors Capital Trust 'A' SharesINTERNATIONAL ECONOMIC ANNOUNCEMENTSBusiness Inventories (US) (13:30)Consumer Price Index (EU) (10:00)Crude Oil Inventories (US) (15:30)FOMC Interest Rate Minutes (US) (19:00)Harmonised Index of Consumer Prices (EU) (10:00)Import and Export Price Indexes (US) (13:30)Industrial Production (EU) (10:00)MBA Mortgage Applications (US) (12:00)Retail Sales (US) (13:45)Retail Sales Inventories (US) (15:15)Bank of Japan MPC Meeting (JPN)GMSCity of London Investment GroupFINALSInternational Greetings, MDM Engineering Group, O Twelve Estates, Sovereign ReversionsIMSSJD Wetherspoon, London Stock Exchange GroupEGMSACP Mezzanine Ltd.AGMSBlueCrest AllBlue Fund GBP Shares, Cyprotex, Foresight 4 VCT, ICAP, London Stock Exchange Group, Marks & Spencer Group, Mitie Group, Octopus Protected VCT 1, Sainsbury (J), Sutton Harbour, Telecom Plus, Volex, Wynnstay PropertiesTRADING ANNOUNCEMENTSAshmore Group, ASOS, Barratt Developments, EMIS, Rio Tinto, ThorntonsUK ECONOMIC ANNOUNCEMENTSClaimant Count Rate (09:30)Unemployment Rate (09:30)Average Weekly Earnings (09:30)FINAL DIVIDEND PAYMENT DATEAutoclenz, Big Yellow Group, WhitbreadFINAL EX-DIVIDEND DATEAmati VCT , Empresaria Group, Establishment Inv Trust, FirstGroup, GB Group, Hornby, IBIS Media VCT, Intermediate Capital Group, Invesco Asia Trust, Majestic Wine, Mountview Estate, Schroder UK Growth Fund, Sepura, Telecom Plus, TP70 2008 (I) VCT, TP70 2008 (II) VCTThursday July 15INTERIM DIVIDEND PAYMENT DATEEuromoney Institutional InvestorINTERNATIONAL ECONOMIC ANNOUNCEMENTSCapacity Utilisation (US) (16:15)Continuing Claims (US) (13:30)ECB Report (EU) (09:00)Harmonised Competitiveness Indicators (EU) (09:00)Industrial Production (US) (16:15)Initial Jobless Claims (US) (13:30)New Car Registrations (EU) (10:00)Philadelphia Fed Index (US) (15:00)Producer Price Index (US) (13:30)Empire State Manufacturing Survey (US) (13:30)Bank of Japan Target Rate (JPN)Machine Tool Orders (JPN)FINALSSupergroupUK ECONOMIC ANNOUNCEMENTSBank of England Housing Equity Withdrawal (09:30)ANNUAL REPORTDS Smith, DSG InternationalIMSSElectrocomponents, Experian GroupEGMSET-ChinaAGMSBrulines, Burberry Group, Conexion Media Group, Electrocomponents, Finsbury Worldwide Pharmaceutical Trust, Hamworthy, JPMorgan European Inv Trust Growth Shares, JPMorgan European Inv Trust Income Shares, Mothercare, MW TOPS Ltd. EUR Shares, MW TOPS Ltd. GBP Shares, MW TOPS Ltd. USD Shares, Nature Group, Oxford Technology 2 VCT, Oxford Technology 3 VCT, Oxford Technology 4 VCT, Oxford Technology VCT, SVM UK Active Fund, Telford HomesTRADING ANNOUNCEMENTSMothercare, Premier OilFINAL DIVIDEND PAYMENT DATEAlliance Pharma, JPMorgan European Fledgling Inv Trust, UTV Media, Young & Co's Brewery 'A'Friday July 16INTERIM DIVIDEND PAYMENT DATEMarshall Monteagle Hldgs, RWS Holdings, Scottish Inv Trust, Superglass HoldingsQUARTERLY EX-DIVIDEND DATECaterpillarINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (EU) (10:00)Consumer Price Index (US) (13:30)U. of Michigan Confidence (US) (15:00)GMSReal Office GroupFINALSThe Clapham House GroupANNUAL REPORTScott WilsonIMSSRecordEGMSQmulusAGMSAsian Plantation (DI), Biotech Growth Trust, British Land Co, DCC, Invesco Income Growth Trust, KCOM Group, SVM UK Emerging FundTRADING ANNOUNCEMENTSBlueBay Asset Management, Record, SpectrisFINAL DIVIDEND PAYMENT DATEGame Group, Harvey Nash Group, Marks & Spencer Group, New Century AIM VCT 2, Oxford Technology 3 VCT, Oxford Technology VCT, PayPoint, Sainsbury (J), Telford Homes, Tribal Group, Ukrproduct Group, Value and Income Trust, Vislink