Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:

• Interest margins and bad debt provisions in focus for Lloyds
• Watch out for Pfizer's progress on Seagen acquisition and non-COVID sales
• Will Barratt Developments benefit from the usual seasonal uplift?

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

01-May
No FTSE 350 Reporters

02-May
BP*	Q1 Results
HSBC Holdings*	Q1 Results
Pfizer*	Q1 Results

03-May
Barrick Gold Corp*	Q1 Results
Barratt Developments*	Q3 Trading Statement
Coca Cola HBC	Q1 Trading Statement
Flutter Entertainment	Q1 Trading Statement
Haleon*	Q1 Trading Statement
Lloyds Banking Group*	Q1 Interim Management Statement
OSB Group	Q1 Trading Statement
TI Fluid Systems	Q1 Trading Statement

04-May
Anheuser-Busch Inbev*	Q1 Results
Apple*	Q2 Results
BAE Systems*	AGM Trading Statement
Derwent London	Q1 Corporate Sales Release
Endeavour Mining	Q1 Results
Hargreaves Lansdown	Q3 Interim Management Statement
Hiscox	Q1 Trading Statement
IMI	Q1 Interim Management Statement
Mondi	Q1 Trading Statement
Next*	Q1 Trading Statement
Novo Nordisk*	Q1 Results
Rathbones Group	Q1 Trading Statement
Shell*	Q1 Results
Trainline	Full Year Results
Travis Perkins	Q1 Trading Statement
Virgin Money UK	Half Year Results

05-May
InterContinental Hotels Group	Q1 Trading Statement
International Consolidated Airlines Group	Q1 Interim Management Statement
RHI Magnesita	Q1 Trading Statement

*Events on which we will be updating investors.

Lloyds Banking Group – Matt Britzman, Equity Analyst

There'll be a few things for investors to unpack in Lloyds' first quarter results. Net interest margin (NIM) is always crucial, especially for a bank like Lloyds that generates most of its income from interest. Like many of its peers, management's warned they expect NIM to drop from levels seen in Q4 last year, but we should see levels above 3% for 2023. We think that's a little conservative, and that figure could have some upside – especially when you consider UK inflation remains high and the chance of another rate rise in May has increased.

More specifically to Lloyds, the large mortgage book is worth some attention. High-margin loans issued during the pandemic are coming up for renewal, and the environment isn't as favourable as it once was. That'll be a drag on NIM that some of Lloyds' peers won't be quite as exposed to.

Then, of course, we have loan loss provisions to watch for. £1.5bn was set aside last year in preparation for debt defaults. We'll be looking for an update on how much debt is in default and what level of provision Lloyds sets aside in the first quarter. Analyst consensus is for similar levels over 2023 to what we saw last year.

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Pfizer Inc – Derren Nathan, Head of Equity Research

After a record 2022, Pfizer's expecting quite a slowdown in 2023 largely due to COVID-19 products bottoming out this year, a reflection of significant stockpiles by the authorities. But it's not all bad news, with guidance suggesting that other products will grow between 7-9%. Given the anticipated drop in COVID-19 revenues, any sign in next week's first-quarter report that other products are tracking either side of this range will likely attract a lot of attention.

But the big news of the first quarter was the announcement of the proposed $43bn acquisition of Seagen, which would be one of the largest pharma deals in history and add significant capabilities to Pfizer's cancer-fighting credentials. Pfizer thinks Seagen can more than quadruple revenues to over $10bn by 2030, but that's not without the usual risks of drug development. And it's not yet a done deal. While it's expected to complete by early 2024, a deal of this size won't go unnoticed by the competition authorities. We'll be looking for any further updates.

Pfizer's investing heavily in its future both organically and through M&A, so we'll also be keeping an eye on cash generation and the balance sheet, which need to remain healthy to support the prospective yield of over 4%. Yields are variable and not guaranteed.

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Barratt Developments – Aarin Chiekrie, Equity Analyst

So far in 2023, Barratt's valuation is up around 16% – a rebound that's generally been repeated across the sector as some of the previous pessimism has unwound.

Only back in February, net private reservation rates were down 44% year-on-year, indicating that demand for newbuilds had slowed. But despite the trading backdrop remaining difficult since then, we're cautiously optimistic Barratt will benefit from the usual seasonal uplift and lower mortgage rates.

Barratt's also been wrestling with near double-digit build cost inflation, which eats into profitability. Luckily, the group had a large net cash position of £965m at the last count, so there's plenty of cash available to help smooth out any bumps in the road. Next week's trading statement should give us a clearer picture on how the balance sheet's holding up against the challenging economic backdrop.

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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 rise and fall in value so investors could make a loss.

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