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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies 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.

Among the companies reporting next week:

  • Deutsche Telekom aims to deliver on raised guidance as the Sprint deal draws closer.
  • BAE hopes to keep momentum going in the US order book
  • Lloyds looks to reassure investors about the coming year after what looks set to be a challenging end to 2019

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

BHP Group* Half Year Results
HSBC* Full Year Results
Glencore*† Full Year Results
InterContinental Hotels Group* Full Year Results
Renewables Infrastructure Group Full Year Results
Deutsche Telekom* Full Year Results
Hochschild Mining Full Year Results
Anglo American* Full Year Results
BAE Systems* Full Year Results
Hays Half Year Results
KAZ Minerals Full Year Results
Lloyds Banking Group* Full Year Results
Moneysupermarket.Com Full Year Results
Rathbone Brothers Full Year Results
Smith & Nephew Full Year Results
Spectris Full Year Results
TBC Bank Group Full Year Results
Pearson* Full Year Results

*Companies on which we will be writing research, † Factual only coverage

Deutsche Telekom – Nicholas Hyett, Equity Analyst

On 11 February a US judge approved the merger between Sprint and T-Mobile, the latter of which Deutsche Telekom owns 63%. Sprint’s been struggling, but it owns a large chunk of valuable mid-band spectrum. If all goes to plan, the combined group could have both the bandwidth and scale needed to take on Verizon and AT&T in the US 5G market. Big mergers can be difficult to pull off though and there are still some regulatory hurdles to be cleared, so we’re going to wait to see results before getting too excited.

Back in the core business, Deutsche Telekom had a mixed set of results in the third quarter. The group cut the dividend but also raised guidance for adjusted cash profits from €23.9bn to €24.1bn. This was mostly driven by a strong performance from T-Mobile in the US, something investors will be hoping continued into the year end.

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BAE Systems – Sophie Lund Yates, Equity Analyst

The last we heard from BAE, it had agreed to acquire Collins Aerospace's Military GPS business, and Raytheon's Airborne Tactical Radios business for over $2bn. The splurge looks set to boost the important (read “second biggest”) Electronic Systems division, but while we wait for more details on how the deal’s progressing, investors should focus on the core business.

That will include keeping an eye on the all-important order book. Buoyed by President Trump’s generous defence spending, BAE has been redoubling efforts in the US. It finished the first half of the year with a record US order backlog which grew by $1bn dollars.

The Cyber & Intelligence business will also be worth attention. This is a small contributor to group profits, but could be an important lever for future growth. The division provides cyber security and intelligence services to commercial and government clients, offering help with everything from fraud prevention for financial institutions, to helping nations defend against the most serious cyber attacks. The division’s been forced into some restructuring lately, resulting in a £25m charge – ideally that’ll be the extent of any unwanted costs, and it would be good to see some more contracts coming through the pipeline.

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Lloyds Banking Group – Nicholas Hyett, Equity Analyst

Uncertainty ahead of the general election and Brexit deadline will likely have weighed on Lloyds’ performance in the final quarter of 2019. When conditions look difficult consumers and businesses borrow less, and the reduced activity also impacts fees from corporate customers. Loan growth and non-interest income (which includes corporate banking fees) were already struggling in September and evidence from elsewhere suggests activity slowed towards the end of the year.

Given the low expectations for 2019 we think investors will be paying more attention to management’s comments about the year ahead.

Lloyds’ ‘Boris bounce’ was short-lived, suggesting investors aren’t exactly upbeat, and the shares are some way below where they were trading on the day before the election. That’s not been helped by the increasing likelihood of a cut in interest rates from the Bank of England this year, which is bad news for bank margins.

See the latest Lloyds Banking Group share price, charts and how to trade

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Nicholas Hyett holds shares in Lloyds Banking Group.

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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