Week Ahead: Vodafone, Compass, BoE minutes

Vodafone has edged ahead of BP as Britain's third largest company by market value, after a good run over the last year, driven by the company's programme of selling off minority stakes in non-core businesses.On Tuesday, the telecoms giant brings out full year results, with the market expecting profit before tax of £11.78bn on turnover of £45.47bn. Earnings per share (EPS) are forecast to edge up to 16.72p from 16.60p last year and the full year dividend is tipped to rise to 8.92p from 8.31p the year before.Credit Suisse expects Vodafone's European operations will miss consensus forecasts but India and US should pick up the slack and outperform expectations. "We expect Vodafone Europe to slightly miss consensus organic growth forecasts (-1.1% vs consensus 0.6%, driven by a mix of underlying and one-off impacts in Italy). We continue to forecast Vodafone Europe organic growth to worsen in the full year to March 2012 as MTR [mobile termination rate] cuts bite and growth from smartphone adoption is offset by continued erosion of mobile voice and legacy data (SMS, WAP)," Credit Suisse said. "KPN and Belgacom results have raised the profile of a cannibalization trend we believe has been going on for a while," the Swiss bank added.On Wednesday, contract caterer Compass hopes to be turning up the heat with its interim results. Broker Charles Stanley forecasts pre-tax profits of £510m, up from £462m last year, and EPS of 20p, up from 18p at the interim stage in 2010. The broker has pencilled in 6p for the interim dividend, up from 5p last year."In the six months to March 2011, Compass Group's organic revenue growth has been about 5.5% and after the contribution from acquisitions, constant currency revenue growth will be about 9.5%. Organic growth has been driven by good levels of new business across the group and a slight improvement in contract retention to 94%. In addition, Compass may deliver a 20 basis point improvement in the profit margin and underlying earnings per share is expected to increase by about 12%. Cash flow conversion remains in line with expectations," writes Charles Stanley investment analyst Tony Shepard.On the economic front, the main point of interest will be the release of the Bank of England interest rate setting meeting minutes. Speculation over whether more Monetary Policy Committee (MPC) members have defected to the rate-hike camp has died down of late, since April's inflation rate headed lower. There may even be a chance that some of the doves turned hawks have moved back in line with the majority of MPC members who advocate sticking with the status quo.Monday May 16INTERIMSITE GroupINTERIM DIVIDEND PAYMENT DATENext Fifteen CommunicationsQUARTERLY PAYMENT DATEColgate-Palmolive Co, Marsh & Mclennan Cos Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSMachine Orders (JPN)CGIP (JPN)Consumer Confidence (JPN)Balance of Trade (EU) (10:00)Consumer Price Index (EU) (10:00)Harmonised Competitiveness Indicators (EU) (09:00)Harmonised Index of Consumer Prices (EU) (10:00)Empire State Manufacturing Survey (US) (13:30)NAHB Housing Index (US) (15:00)Q4Hansen Transmissions International NV (DI)GMSParkwood Holdings, Silence TherapeuticsFINALSCranswick, Hansen Transmissions International NV (DI)ANNUAL REPORTLondon SecurityIMSSLamprell, Raven Russia Ltd.SPECIAL DIVIDEND PAYMENT DATEMurray International Trust, SavillsAGMSBioquell, British Smaller Companies VCT 2, Colliers International UK, Howden Joinery Group, Kings Arms Yard VCT, Kings Arms Yard VCT 2, Manx Financial Group, Raven Russia Ltd., Sagentia GroupFINAL DIVIDEND PAYMENT DATEGoldenport Holdings Inc., John Wood Group, Kingspan Group, Melrose, Sagicor Financial Corp., Savills, Stanley Gibbons GroupQ1Planet Payment Inc.Tuesday May 17INTERIMSDiploma, Enterprise Inns, GW Pharmaceuticals, OptosINTERIM DIVIDEND PAYMENT DATECarr's Milling IndustriesINTERNATIONAL ECONOMIC ANNOUNCEMENTSMachine Tool Orders (JPN)New Car Registrations (EU) (10:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Housing Starts (US) (13:30)Industrial Production (US) (16:15)Q4Canaccord Financial Inc.GMSFirst Artist CorporationFINALSBabcock International Group, Canaccord Financial Inc., Vodafone Group, Yell GroupIMSSAviva, Capital Shopping Centres Group, Derwent London, Paddy Power, RenishawEGMSBealeAGMSAGI Therapeutics, Brammer, Capital Shopping Centres Group, Castle Alternatives Invest AG (DI), Cello Group, Evolution Group, Fresnillo, H.R. Owen, Harbourvest Senior Loans Europe Ltd., Hardy Underwriting Bermuda Ltd. (DI), International Power, ISIS Property Trust Ltd., Keller Group, Manganese Bronze Holdings, Paddy Power, Proximagen Group, Regus, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Standard Life, Telefonica SA, UTV Media, Vipera, XaarUK ECONOMIC ANNOUNCEMENTSConsumer Price Index (09:30)Retail Price Index (09:30)DCLG House Prices (09:30)FINAL DIVIDEND PAYMENT DATEAviva, Burford Capital Ltd., Impax Environmental Markets, Kazakhmys, KBC Advanced Technologies, Phoenix Group Holdings (DI), Reed Elsevier, Serco GroupQ1OAO Severstal GDR (Reg S)Wednesday May 18INTERIMSCompass Group, Sanderson GroupINTERIM EX-DIVIDEND DATEBellway, Narborough Plantations, Noble Investments (UK), Titon Holdings, United Drug, WH SmithQUARTERLY EX-DIVIDEND DATECarnival, M Winkworth, MedicX Fund Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSTertiary Industry Index (JPN)Construction Output (EC) (10:00)MBA Mortgage Applications (US) (12:00)Crude Oil Inventories (US) (15:30)FOMC Interest Rate Minutes (US) (19:00)GMSStobart Group Ltd., Thor MiningFINALSBlinkx, C&C Group, Experian, Gable Holdings Inc., ICAP, Land Securities Group, UK Mail Group ANNUAL REPORTSurgical Innovations GroupIMSSWilmington GroupAGMSAIM Investments, Candover Investments, Cineworld Group, Commerzbank AG, CSR, Dragon Oil, Essar Energy , Fidelity European Values, Ingenious Entertainment VCT 1, Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 1 'D' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 2, Ingenious Entertainment VCT 2 'C' Shares, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares, Ingenious Live VCT 1, Ingenious Live VCT 2, Interserve, Irish Life & Permanent Group Holding, Jupiter Fund Management , Lloyds Banking Group, Mercantile Inv Trust, New Britain Palm Oil Ltd. (DI), Portmeirion Group, Resolution Ltd., StatPro Group, Tamar European Industrial Fund Ltd., W H Ireland GroupUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Minutes (09:30)Claimant Count Rate (09:30)Unemployment Rate (09:30)FINAL DIVIDEND PAYMENT DATEARM Holdings, Dairy Farm International Holdings Ltd. (Singapore), Fyffes, Hongkong Land Holding Ltd. (Singapore), Jardine Matheson Holdingd Ltd. (Singapore), Jardine Strategic Holdingd Ltd. (Singapore), Norsk Hydro ASA, Rathbone Brothers, Spirax-Sarco Engineering, St James's PlaceFINAL EX-DIVIDEND DATEAdmiral Group, Cookson Group, DCC, Derwent London, Dillistone Group, F&C Private Equity Trust, Fortune Oil, Home Retail Group, Inchcape, Morgan Crucible Co, ProVen Health VCT, Restaurant Group, Robinson, S & U, Sainsbury (J), Severfield-Rowen, Share Plc, SQS Software Quality Systems AG, Ukrproduct Group Ltd., Vertu MotorsQ1Eurasia Drilling Co Ltd. GDR (Reg S), New World Resources NV A SharesThursday May 19INTERIMSEuromoney Institutional Investor, Grainger, Marston's, OMG, Southern Cross Healthcare GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSGross Domestic Product (JPN)Industrial Production (JPN)GDP Deflator (JPN)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Leading Indicators (US) (15:00)Philadelphia Fed Index (US) (15:00)Existing Home Sales (US) (15:00)Bloomberg Consumer Confidence (US) (22:00)FINALSBooker Group, Dairy Crest Group, Invensys, Investec, Investec Non-Red, Non-Cum, Non-Part Prf Shares, Metric Property Investments , National Grid, SABMillerANNUAL REPORTPresident Petroleum Co, VphaseIMSSAxis-Shield, Cairn Energy, CPP Group, Premier OilEGMSOJSC Magnit GDR (Reg S), ZamanoAGMSAutoclenz Holdings, Axis-Shield, Braime (T.F.& J.H.) Holdings, Cairn Energy, Chaucer Holdings, Collins Stewart, Corac Group, CPP Group, Downing Planned Exit VCT 4, Downing Planned Exit VCT 5, Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, F&C Commercial Property Trust Ltd., G4S, Gresham House, Immupharma, IS Solutions, John Laing Infrastructure, Mam Funds, Moss Bros Group, Next, office2office, Petropavlovsk, Prudential, Staffline Group, Stilo International, Telekomunikasi Indonesia (Persero) ADS, Total Produce, TT Electronics, VphaseUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Retail Sales (09:30)CBI Industrial Trends Surveys (11:00)FINAL DIVIDEND PAYMENT DATEAggreko, Amlin, Capital & Counties Properties , Evolution Group, GKN, GVC Holdings, Smith & Nephew, Tullett PrebonFriday May 20INTERIMSFuture, Mitchells & ButlersINTERIM DIVIDEND PAYMENT DATEAlbemarle & Bond Holdings, James HalsteadQUARTERLY PAYMENT DATECaterpillar Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSConvenience Store Sales (JPN)Bank of Japan target rate (JPN)Producer Price Index (GER) (07:00)Current Account (EU) (09:00)Consumer Confidence Indicator (EU) (10:00)FINALSScottish & Southern EnergyANNUAL REPORTAlexander MiningSPECIAL DIVIDEND PAYMENT DATEEdinburgh Inv TrustEGMSSVM UK Active FundAGMSAlliance Trust, Derwent London, DM, Energetix Group, Intertek Group, John Menzies, Michael Page International, MTI Wireless Edge Ltd., OJSC Magnitogorsk Iron & Steel Works GDR (Reg S), OJSC Polyus Gold ADR, Premier Oil, Red Leopard Holdings, Tribal Group, Ukrproduct Group Ltd.FINAL DIVIDEND PAYMENT DATEBG Group, Chesnara, Costain Group, Dunedin Enterprise Inv Trust, Fresnillo, Glanbia, Greggs, Hellenic Carriers Ltd., International Personal Finance, Johnson Service Group, Millennium & Copthorne Hotels, Molins, Norish Units, Paddy Power, Petrofac Ltd., T Clarke, Tullow Oil, Vitec Group---jh