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Next week on the stock market

We take a look at 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.

Next week’s earnings calendar is filled with full year results with several of the FTSE’s biggest names set to report. The pandemic will once again dominate the conversation as firms across the board are clinging to their cash and preparing for the end of stay-at-home orders.

Future guidance will be on everyone’s mind this time around. A year of murky predictions has left investors somewhat in the dark about medium-term progress. But with a vaccine in play we’re expecting to see some more confident forecasts for the year ahead.

Among the companies reporting next week;

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

Associated British Foods* Pre-Close Trading Statement
Dechra Pharmaceuticals Half Year Results
HSBC* Full Year Results
InterContinental Hotels* Full Year Results
Lloyds Banking Group* Full Year Results
Nvidia* Full Year Results
Reckitt Benckiser* Full Year Results
William Hill* Full Year Results
Anglo American* Full Year Results
Anheuser-Busch InBev* Full Year Results
BAE Systems* Full Year Results
Centrica* Full Year Results
EVRAZ Full Year Results
Genus Half Year Results
Grafton Group Full Year Results
Greencoat UK Wind Full Year Results
Hikma Pharmaceuticals Full Year Results
Howden Joinery Full Year Results
Inchcape Full Year Results
Mondi Full Year Results
Morgan Sindall Full Year Results
Serco Full Year Results
Spectris Full Year Results
St. James's Place Full Year Results
Standard Chartered* Full Year Results
Vistry* Full Year Results
Deutsche Telekom* Full Year Results
IMI Full Year Results
International Consolidated Airlines* Full Year Results
Jupiter Fund Management Full Year Results
Rightmove* Full Year Results
RSA* Full Year Results

*Companies on which we will be writing research.

Anglo American – Nicholas Hyett, Equity Analyst

Anglo American’s full year results will be a tale of two halves – with the collapse in commodity prices seen in the first half offset by a rapid recovery in the second. Coronavirus disruption means production has remained subdued throughout the year.

However, the real focus next week isn’t in the exceptional events of last year but what the future holds. The group plans to dispose of its thermal coal operations in the next couple of years – and is investing in new projects such as the Quellaveco copper and Woodsmith polyhalite mines. Guidance for 2021 and beyond is expected to be updated and will probably determine how the market reacts to the results.

Increased investment and recent acquisitions led to a substantial increase in net debt in the first half, and means the balance sheet will be an area worthy of particular attention. The group has a policy of paying out 40% of profits as a dividend each year, but this is still dependent on the group’s financial health – as is the scope for any extra returns.

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Centrica – Nicholas Hyett, Equity Analyst

Management described Centrica’s second half performance as “resilient”, highlighting a focus on cash generation and cost control. Although the pandemic had a smaller impact in the second half, it still reduced business energy demand by an estimated 15%. Residential boiler installation also ran 15% behind 2019 levels despite a recovery compared to the first half.

Nonetheless, net debt has come down by 10% to £2.8bn – and that’s before the £2.7bn in proceeds from the sale of Direct Energy. Management intends to use this cash injection to pay down debt and plug a hole in the pension scheme.

In January’s trading update the group said it expected to report earnings per share ahead of the 4.8p the market expected at the time. However, this figure will include the contribution of Direct Energy, which is no longer useful to investors because it’s been sold. Therefore, the focus will be on the continuing operations and the restructuring plans. We hope to see progress in both areas.

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International Consolidated Airlines – Nicholas Hyett, Equity Analyst

Weekly cash burn has become the most important metric to watch in the airline sector, as pandemic-related travel restrictions continue to keep planes grounded. At the end of September, IAG was burning through €205 million per week, roughly half its normal weekly spend. We’d expect that figure to remain broadly unchanged at the full year.

Capacity is where we will see the first signs of green shoots from IAG—though we’re not optimistic that things will have changed much since last check, when the group was operating 78.6% below 2019 levels.

Ultimately, IAG will be looking to hoard cash and hold on longer than rivals in order to spring back into life once travel restrictions have eased. Thus far, the group has done well in that pursuit. Between its cash balance, undrawn loans and the October capital raise, it had access to €9.3bn at the end of the third quarter. What’s left of that security net will be a good indication of how much longer the group can continue to operate at current reduced levels.

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments and income they produce can 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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