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Monday 16 November
-Vodafone H1 results
AJ Bell investment director Russ Mould says Vodafone’s Q1 update “offered little solace” to investors with revenues diving 1.3% on a like-for-like basis compared with a year ago as sales in its core European market slumped.
On top of this the telecoms company has €42bn of net debt on its balance sheet to contend with, following its acquisition of Liberty Global’s European cable TV assets, which combined with the economic fallout from Covid have left its shares trading at their lowest level since 2002.
Analysts will be looking for updates on the spin-off of its mobile tower networks as well as whether underlying adjusted profits and free cash flow match up with management’s guidance.
-Trading statements from digital services specialist Kainos and engineering firm Smiths Group
–Chinese tangible fixed asset investment, retail sales and industrial production growth figures
–New York Fed (Empire State) manufacturing survey
–Quarterly results from Chinese internet company Baidu and meat processor Tyson Foods
Tuesday 17 November
-Imperial Brands full year results
The tobacco giant has endured a trying 12-month period, Mould notes, with two profit warnings, a sudden change in chief executive, a dividend cut and a slump in the share price.
Despite the difficult trading environment new boss Stefan Bomhard has suggested sales for the year could come in 1% higher than the year before and that earnings per share would fall by 7% including currency headwinds.
“Some long-awaited stability in EPS estimates may also give greater credence to the company’s dividend policy, which is crucial, given that its mighty yield will form the basis of many a shareholder’s reasoning for holding the stock in the first place.”
Analysts are currently predicting a full-year dividend of 136.3p a share.
–Easyjet full year results
-H1 results from Experian, Telecom Plus and Homeserve
-US retail sales figures
-US industrial production and capacity utilisation data
-US NAHB house builders’ sentiment survey
-In the USA, quarterly results from Wal-Mart, Home Depot and Nio
Wednesday 18 November
-UK and EU inflation figures
UK inflation rose modestly by 0.5% in September thanks to prices of transport, leisure activities and eating out going up, while the eurozone suffered its second consecutive month of deflation as prices fell to –0.3% from -0.2% in August.
-Flurry of trading updates including H1 results from British Land, SSE and Halfords and trading update from Spirax-Sarco Engineering
Shares in British Land, along with other depressed Reits and property companies, were buoyed on Monday by news of Pfizer’s encouraging Covid vaccine trial, rallying from a paltry 375p to 453p a share.
However, Mould points out shares are still trading at a massive discount to its last stated net asset value of 774p.
“This is investors’ polite way of saying they think the stated NAV valuation is too high and that it will continue to come down, especially if commuters continue to stay away from offices and shoppers from High Streets even once the pandemic is beaten off,” Mould says.
“Land Securities showed a 10% drop in NAV per share between March and September and it seems logical to expect British Land to offer something broadly similar, even if their mix of assets is not identical.”
-US oil inventories data
-US housing permits and new housing starts data
-Container shipping giant AP Møller-Maersk releases quarterly earnings
-In the US NVIDIA, Target and L Brands report
Thursday 19 November
-Finsbury Growth & Income trust virtual portfolio update with Nick Train
–Halma, Johnson Matthey, Royal Mail and Jet2 report H1 results
–Trading statement from DIY retailer Kingfisher
–Philadelphia Fed manufacturing survey
–US existing homes sales data
-US clothing retailer Gap reports
Friday 20 November
-Full-year results from Sage
-GfK UK consumer confidence preliminary reading
-UK retail sales figures
-UK government borrowing update
-Foot Locker quarterly results
By Kristen McGachey, 13 Nov 20
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