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Next week on the Stock Market

What to expect from a selection of FTSE 100, FTSE 250 and selected overseas shares reporting next week.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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Among the companies reporting next week:

  • Balfour Beatty is looking to make further progress on margins
  • New breakup chatter puts the spotlight on performance at Prudential
  • We’ll be looking for talk of next year’s free cash flow at Tullow Oil

FTSE 100, FTSE 250 and selected other stocks scheduled to report next week

09-Mar
Foresight Solar Fund Full year results
HgCapital Trust Full year results
Phoenix Full year results
10-Mar
Cairn Energy Full year results
Close Brothers Half year results
Deutsche Post* Full year results
Informa Full year results
John Wood Group Full year results
Standard Life Aberdeen* Full year results
TP ICAP Full year results
Ultra Electronics Holdings Full year results
11-Mar
Balfour Beatty* Full year results
FDM Full year results
G4S Full year results
IP Group Full year results
Prudential* Full year results
Quilter Full year results
Spirax-Sarco Engineering Full year results
12-Mar
Bodycote Full year results
C&C Pre-close trading statement
Cineworld Full year results
Computacenter Full year results
Galliford Try Half year results
Go Ahead Group Half year results
Helios Towers Full year results
Just Group Full year results
Marshalls Full year results
Savills Full year results
Tullow Oil* Full year results
13-Mar
No reporters

*Companies on which we will be writing research.

Balfour Beatty – Nicholas Hyett, Equity Analyst

Balfour’s December trading update set some high expectations. Revenues are set to grow by 5% and operating profits to be ahead of previous forecasts, although still flat compared to 2018. The order book is expected to be £14bn, well ahead of the £12.6bn recorded last year. Crucially, management expects progress on margins, including reaching industry standard margins between 2% and 3% for the UK Construction Services division.

Next week’s results will come alongside the UK’s Budget, and Balfour investors will have their fingers crossed for an increase in infrastructure spending. Of course, not all infrastructure spending will trickle down to Balfour, and this is all speculation at the moment.

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Prudential – Nicholas Hyett, Equity Analyst

Prudential has only recently completed the demerger of its UK and European business as M&G and it’s already seeing calls to split itself up still further. Activist investor Third Point recently bought $2bn of shares in the group and called for it to split into its component US and Asian businesses.

There’s a certain logic to a split – in so far as the logic for keeping the two units together isn’t immediately clear. But we’re not really convinced splitting up would deliver many benefits either.

Nonetheless the market noise does make these a relatively interesting set of results – with pressure on management to deliver.

The Asian operation is all about growth while the more mature US business’ focus on variable annuities makes it very exposed to a sustained downturn. Both could be affected by the coronavirus outbreak. If that happens the strength in diversity argument may look a little weaker.

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Tullow Oil – Sophie Lund-Yates, Equity Analyst

News of lower-than-expected production at the Ghanaian oil fields at the end of last year was particularly damaging. These assets are responsible for providing the funds to pay down Tullow’s sizeable debts, as well as paying for further projects.

Added to that, discoveries in the smaller but previously promising Guyana fields have been of low quality.

We already know some of what to expect in the full year results, including that Tullow's share of production last year averaged 86,700 barrels of oil per day (bopd). (That’s behind guidance given in November). But we also know that well controlled capital expenditure means free cash flow and net debt have been kept in line with guidance for the financial year.

Instead the focus will be on whether Tullow still expects at least $150m in free cash flow next year. We think a lower oil price could be an extra headwind here, with oil demand at its lowest in a decade, and coronavirus fears have the potential to make this worse.

The final thing to keep an eye on is commentary surrounding the heavy oil found in Guyana. Tullow thinks the discovery could still hold some commercial value, and initial evaluations are underway.

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Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.


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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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