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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, including BAE, International Consolidated Airlines and NVIDIA.

Important information - 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.

This article is more than 2 years old

It was correct at the time of publishing. Our views and any references to tax, investment, and pension rules may have changed since then.

Among those currently scheduled to release results next week:

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

20-Feb
BHP Group* Half Year Results
21-Feb
Antofagasta Full Year Results
HSBC* Full Year Results
InterContinental Hotels Group Full Year Results
Safestore Holdings Q1 Results
Smith & Nephew* Full Year Results
22-Feb
Grafton Full Year Results
Lloyds* Full Year Results
NVIDIA* Q4 Results
Primary Health Properties* Full Year Results
Renewables Infrastructure Group Full Year Results
Rio Tinto* Full Year Results
TBC Bank Q4 Results
23-Feb
Alibaba* Q3 Results
Anglo American* Full Year Results
BAE Systems* Full Year Results
Drax Group Full Year Results
Genus Half Year Results
Greencoat UK Wind Full Year Results
Hays Half Year Results
Hikma Pharmaceuticals Full Year Results
Howden Joinery Full Year Results
Mondi Full Year Results
Morgan Sindall Group Full Year Results
Pantheon International Half Year Results
Rolls-Royce* Full Year Results
Serco Full Year Results
Spectris Full Year Results
WPP* Q4 Results
24-Feb
CVS Group* Q2 Trading Statement
International Consolidated Airlines* Full Year Results
Jupiter Fund Management Full Year Results

*Events on which we will be updating investors.

BAE Systems – Aarin Chiekrie, Equity Analyst

BAE’s last trading update in November showed that it was tracking towards a very strong year, especially in terms of order intakes. In the first 9 months of the year, £28bn worth of orders were secured and we’re keen to find out how much more’s on the books when full-year results are released next week.

Undoubtedly, the Ukraine crisis has had positive effects on BAE’s growth, but no one quite knows how long this conflict will last. That’s why the order book is so important. As it’s predominantly long-cycle, with revenues spread over several years, it gives BAE multi-year revenue visibility. A great asset to have in uncertain times.

Investment in research & development has also increased recently, and we view this as a smart move. Companies which invest now are more likely to reap the benefits in the future, especially as defence spending across the world continues to trend upwards.

But costs have been facing pressure from supply chain disruption. While we’re confident that the fighter-jet maker can ride out the turbulence, next week’s results will give us a better idea of the impact this is having on margins, which analysts expect to remain broadly flat.

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International Consolidated Airlines (IAG) – Sophie Lund-Yates, Lead Equity Analyst

The market expects IAG to report operating profits of EUR1.2bn for its full year. A stark improvement from the heavy losses this time last year. That comes as travel gets back to normal and pent-up travel demand works its magic. While their clientele might be different, we’re cautiously encouraged by what IAG will have to say judging by the impressive boosts to passenger numbers TUI has recently reported. We think IAG’s planes are now full enough on each of its flights that profits can start flowing, despite the considerable costs associated with getting capacity back up to pre-pandemic levels.

The bigger question is how forward bookings are shaping up. There’s a limit to how long pent-up demand can carry the mantle. We’d like to know how willing people are to spend on booking summer holidays, which is a crucial time of the year for long-haul specialist British Airways.

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NVIDIA – Aarin Chiekrie, Equity Analyst

NVIDIA’s coming off the back of some tough results, having seen revenues decline for the second quarter in a row. The biggest cause of this was the steep drop-off in Gaming revenue, which saw an annual decline of 51% to $1.6bn.

More positive news comes from the Data Centre division, which has been there to pick up some of the slack. These data centers (and NVIDIA’s GPU’s which power them) provide the computing power behind Cloud storage, virtual desktops and even Artificial Intelligence (AI).

NVIDIA’s anticipating a strong recovery in gross margins in the fourth quarter, but we think a recent ramp up in inventories casts some shadows over this short-term goal. Missing next week’s target could see the stock come under some downward pressure, especially given the lofty valuation.

See the NVIDIA share price, charts and our latest view

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Estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

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Written by
Sophie Lund-Yates
Sophie Lund-Yates
Lead Equity Analyst

Sophie is a lead on our Equity Research team, providing research and regular articles on a selection of individual companies and wider sectors. Sophie's specialities are Retail, Fast Moving Consumer Goods (FMCG), Aerospace & Defence as well as a few of the big tech names including Facebook and Apple.

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Article history
Published: 17th February 2023