This week we spin through what to expect from Irn-Bru maker AG Barr (BAG), ‘athleisurewear’ giant Nike (NKE) and electronics maker Raspberry Pi (RPI).
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AG Barr (BAG)
Soft drink maker AG Barr calls itself a ‘brand builder’ with an ambition to ‘double in size and grow from there’. However, for the year to January 2026 the firm only expects revenue to grow by 4% to £437 million.
That’s below its self-imposed target of 5% growth, along with a 15% operating margin and 20%-plus ROCE. On the margin front, the firm is guiding to 14.7% for FY26 against 13.6% the previous year.
No surprise, therefore, that it went on a buying spree in February picking up two rival brands, Fentimans and Frobishers. The former, which competes in the mixer market with Fevertree Drinks (FEVR), was snapped up for £38 million.
Frobishers, which makes premium natural fruit juices and soft drinks, cost a further £13 million, taking the total spend to £51 million. Both brands form part of the firm’s focus on the growing trend of reduced alcohol consumption.
| FY26E | FY27E | |
| Revenue (£m) | 437 | 456 |
| Net profit (£m) | 49.4 | 53.5 |
| EPS (p) | 44.1 | 47.6 |
Source: Stockopedia
Nike (NKE)
Investors will be looking for evidence CEO Elliott Hill’s turnaround strategy is working when Nike (NKE) posts Q3 earnings on 31 March. Hill argues the sneakers-to-soccer balls seller is ‘in the middle innings of our comeback’.
Reflecting this strategic reset, Wall Street is forecasting revenue of $11.23 billion, below the $12.4 billion delivered in Q2, and a year-on-year drop in earnings per share to $0.30. Sales growth in North America, where Nike faces hot competition from Adidas (ADS), New Balance, On and Hoka, will be in focus next week. As will Nike’s prospects for recovery in China, its weakest geographic region.
Guggenheim Securities’ retail guru Simeon Siegel says ‘nascent fears around Europe’ are a potential negative for investors to watch for. And shareholders will want an update on the future of the struggling Converse brand, which Hill may well put up for sale.
Back in December, Hill insisted his Oregon-based charge was ‘making progress in the areas we prioritised first’. He also reiterated his confidence in ‘the actions we’re taking to drive the long-term growth and profitability of our brands’.
| Revenue ($bn) | EPS (c) | |
| Q3 estimate | 11.23 | 0.3 |
| Q2 result | 12.4 | 0.53 |
| Q1 result | 11.72 | 0.49 |
| Source: Investing.com |
Raspberry Pi (RPI)
Shares in the affordable computing firm had a ‘funny half hour’ earlier this year, gaining over 50% in a few days. At the peak of the rally they were up more than 100%, but they have drifted all the way back again.
At the time there was chat its products could benefit from low-cost AI projects. The more likely catalyst was a small purchase by CEO Eben Upton after a months-long slide in the stock price.
The firm published a trading update in January outlining its expectations for FY25. It guided for adjusted EBITDA of ‘not less than $45 million’ against the consensus at the time of $40.9 million.
Unit shipments were four million in H2, up from 3.6 million in H1, with ‘favourable unit economics’ in Q4 in particular. Looking ahead, the firm expects robust demand from its OEM customers and major reseller partners.
However, it cautioned on the outlook saying it had experienced disruption to the availability and pricing of DRAM, a crucial component. While H1 volume shipments should be up on the same period last year, it warned visibility beyond H1 was ‘limited’.
| FY25E | FY26E | |
| Revenue ($m) | 309 | 356 |
| Adjusted EBITDA ($m) | 45.0 | 51.2 |
| EPS ($) | 0.13 | 0.11 |
Source: Company compiled consensus, Stockopedia
