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Tesco (full-year earnings 11 April)
Tesco's full-year numbers will provide a chance for the firm to give more clarity on how it plans to take advantage of the Booker acquisition. Booker’s expertise in the wholesale market, and the potential for further growth in the sector now that it has Tesco’s financial muscle, means that the firm should be well-placed to expand further.
Current trading has remained strong, and there are signs of margin increases that will help boost free-cash flow (which is already recovering). Tesco is expected to report earnings per share (EPS) growth of 58%, to 10.7p, while revenue is forecast to rise 2.5% to £57.34 billion. The average move on results day is 3.8%, with current options pricing suggesting a move of 3.15%, according to Bloomberg.
Tesco shares have recovered strongly from the November lows, with February’s dip towards 190p bringing out the buyers. A higher low at 200p suggests buyers are still active, and further gains would suggest a move back towards the 215p-220p zone. Support comes in at 190p, with a bigger decline running into rising trendline support from the June 2016 lows.