Week Ahead: Shell, Debenhams, L&G

The flood of big company results is set to slow a little next week and the biggest corporate event may therefore be the strategic review by oil giant Royal Dutch Shell, on Tuesday."2011 remains a transition year for Shell on the way to the 'sweet spot' of 2012, when its mega-projects will be on stream," reckons Credit Suisse.The broker reckons the things to look out for will be: update on the key project start-ups, such as Pearly GTL; confirmation of the 2012 targets - "in particular on the cash flow target of $42bn" - and visibility beyond 2012; disposals; and capital expenditure (capex)."Shell's organic capex guidance of $28bn in 2011 came in above our estimate (though net capex was in line). The key question to us is how much of this increase is driven by activity vs cost inflation or maintenance spend?" the broker asks.Department store Debenhams is not the glamour company it was a year or two back, and must be looking on enviously at all the plaudits being given to its rival, the John Lewis Partnership.Nomura thinks Debenhams' first half trading update, out on Tuesday, will reveal a 2% dip in like for like (lfl) sales from a year earlier, which would imply a 4% decline in the last seven weeks. "With all market data pointing to a weak start to the New Year, we assume a 2% decline for the 26 weeks, implying a 4% decline in recent weeks. With gross margin likely ahead (unchanged year on year promotional tone) and costs well controlled, we expect profit before tax of £126m vs £124m last year. We expect a reinstated interim dividend of 2.3p (c.3x covered)," the Japanese broker said.On Thursday, insurance heavyweight Legal & General issues full-year figures. In a trading update released in November the company said it was on track to beat its £600m cash generation target, having generated net cash of £526m in the first nine months of 2010. It also hinted that the dividend might see a welcome bounce. "The UK savings business was the key driver of sales growth with sales up 43% in the first nine months to £961m and the third quarter (Q3) experienced sales up 56% year on year. There was a 6% decline in annuity and protection sales in the first nine months of 2010 to £275m but there was a better performance in Q3 with sales up 20%, with stronger individual annuities sales," Charles Stanley notes.The broker forecasts earnings per share of 12.8p, down from 16.2p the year before, and a dividend of 4.4p, up from 3.8p in 2009.On the economic front, the big event is the US interest rate decision on Tuesday, though few expect any change to the Federal Reserve's policy."In his testimony before Congress this past week, Chairman Ben Bernankeindicated that Fed policy would remain supportive of the recovery for some time," BofA Merrill Lynch noted."Despite a few regional Fed presidents discussing the 'tapering' the pace of asset purchases as the end of QE2 [quantitative easing phase 2] draws near on June 30, our reading is that most Fed officials are not inclined to take that route," the broker added. Monday March 14INTERIMSTristelINTERIM DIVIDEND PAYMENT DATEImpala Platinum Holdings Ltd.INTERIM EX-DIVIDEND DATENews Corp. 'A' SharesINTERNATIONAL ECONOMIC ANNOUNCEMENTSIndustrial Production (JPN)Consumer Confidence (JPN)Industrial Production (EU) (10:00)FINALSBovis Homes Group, Brady, Hydrogen Group, Irish Continental Group Units, MCB Finance Group, TEG GroupANNUAL REPORTMelrose ResourcesEGMSContentFilm, Energetix GroupAGMSAdvance Developing Markets Fund Ltd., Aisi Realty Public Ltd. (DI)Tuesday March 15INTERIMSAir Partner, Close Brothers Group, St IvesINTERIM EX-DIVIDEND DATECash Converters International Ltd. UnitsQUARTERLY PAYMENT DATECanaccord Financial Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBank of Japan target rate (JPN)Machine Tool Orders (JPN)Consumer Price Index (FRA) (06:30)Harmonised Competitiveness Indicators (EU) (09:00)ZEW Survey (EU & GER) (10:00)Employment (EU) (10:00)Empire State Manufacturing Survey (US) (12:30)Import and Export Price Indices (US) (12:30)FOMC rate decision (18:15)UK ECONOMIC ANNOUNCEMENTSDCLG House Prices (09:30)Q3Real Estate Credit Investments Ltd.Q4First Quantum Minerals Ltd.FINALSAxis-Shield, Capital Drilling Ltd. (DI), Cello Group, Collins Stewart, Dealogic Holdings, European Goldfields Ltd., Fairpoint Group, First Quantum Minerals Ltd., Fisher (James) & Sons, G4S, Gem Diamonds Ltd. (DI), KBC Advanced Technologies, Mears Group, Metalrax Group, ProPhotonix (Reg S)EGMSCSS Stellar, EPE Special Opportunities, EPE Special Opportunities, Ferrexpo, Persian GoldAGMSElectronic Data Processing, Framlington AIM VCT, Trans Balkan Investments Ltd., Wynnstay GroupTRADING ANNOUNCEMENTSDebenhamsQ1Avesco GroupWednesday March 16INTERIMSBrooks Macdonald GroupINTERIM EX-DIVIDEND DATEAbcam, Galliford Try, Group NBT, Hargreaves Lansdown, IndigoVision Group, Interior Services Group, Quayle Munro HoldingsQUARTERLY PAYMENT DATEUnileverINTERNATIONAL ECONOMIC ANNOUNCEMENTSTertiary Industry Index (JPN)New Car Registrations (EU) (10:00)Consumer Price Index (EU) (10:00)MBA Mortgage Applications (US) (11:00)Balance of Payments (US) (12:30)Building Permits (US) (12:30)Current Account (US) (12:30)Housing Starts (US) (12:30)Producer Price Index (US) (12:30)UK ECONOMIC ANNOUNCEMENTSClaimant Count Rate (09:30)Jobless Claims Change (09:30)Average Weekly Earnings (09:30)ILO Unemployment Rate (09:30)Q4VeltiFINALSCathay International Holdings Ltd., French Connection Group, Greggs, Hardy Oil & Gas, Hikma Pharmaceuticals, MirLand Development Corp., RAB Capital, VeltiANNUAL REPORTNew World Resources NV (DI)SPECIAL EX-DIVIDEND PAYMENT DATEAshley HouseAGMSDatong, Domino Printing SciencesFINAL EX-DIVIDEND DATEBritish Polythene Industries, FBD Holdings, Fidelity European Values, Heavitree Brewery, Heavitree Brewery 'A' Shares, Henderson Private Equity Inv Trust, Hongkong Land Holding Ltd. (Singapore), Jardine Matheson Holdingd Ltd. (Singapore), Jardine Strategic Holdingd Ltd. (Singapore), Kingspan Group, Lancashire Holdings, Law Debenture Corp., Mithras Inv Trust, Paddy Power, Quadnetics Group, Standard Life, Temple Bar Inv Trust, Thomas Cook Group, XP Power Ltd. (DI)Thursday March 17INTERIMSCVS GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSConstruction Output (EU) (10:00)Consumer Price Index (US) (12:30)Initial Jobless Claims (US) (12:30)Industrial Production (US) (13:15)Leading Indicators (US) (14:00)Philadelphia Fed Index (US) (14:00)Q4Premier FarnellFINALSAegis Group, Arbuthnot Banking Group, Legal & General Group, Panmure Gordon & Co, Premier Farnell, ProStrakan Group, SIG, SpaceandPeople, TT ElectronicsANNUAL REPORTBerendsenEGMSAlpha Tiger Property Trust Ltd., Banco de Chile ADR, Epicure Qatar Equity Opportunities, Oxford Catalysts GroupAGMSBanco de Chile ADR, Brunner Inv Trust, Henderson Opportunities Trust, Image Scan HoldingsTRADING ANNOUNCEMENTSInvestecFINAL DIVIDEND PAYMENT DATESinclair (William) HoldingsFriday March 18INTERIMSRegenersisINTERIM DIVIDEND PAYMENT DATEEaga, Standard Life UK Smaller Companies TrustQUARTERLY PAYMENT DATEM WinkworthINTERNATIONAL ECONOMIC ANNOUNCEMENTSProducer Price Index (GER) (07:00)Wages (FRA) (07:45)Balance of Payments (EU) (09:00)Balance of Trade (EU) (10:00)Current Account (EU) (09:00)UK ECONOMIC ANNOUNCEMENTS Public Finances (PSNCR) (09:30)Public Sector Net Borrowing (09:30)GMSGas Turbine Efficiency, Lotte Shopping GDR (Reg S/144a)FINALSAlpha Pyrenees Trust Ltd., EMIS Group, Jupiter Fund Management , Manganese Bronze Holdings, T ClarkeEGMSAvationAGMSInterbulk Group, JPMorgan Russian Securities, LG Chem Ltd. GDS (Reg S), Manroy, Samsung C&T Corp. GDR, Samsung Electronics Co Ltd. GDR (Reg S)FINAL DIVIDEND PAYMENT DATEBarclays, Catlin Group Ltd., Northern AIM VCT