MONDAY
Results: FBD Holdings; Associated British Foods (trading update); Hertz Global Holdings; Horizon Pharma; Trinity Mirror; UCP
Indicators: Irish consumer confidence (Feb); UK Nationwide house prices (Feb); euro zone economic sentiment (Feb); euro zone industrial sentiment (Feb)
Meeting: Mobile World Congress (Barcelona)
FBD eyes profit but return onequity will take time
FBD is due to publish results with progress virtually guaranteeing a return to profit for the 2017 financial year.
The company has achieved its target underwriting profit in the fourth quarter of 2016. In a note to investors, Davy said delivering its target 10-12 per cent ROE will likely take longer.
The rating and claims environment will be key areas of focus against a backdrop of anticipated structural reforms, while pension developments may boost a 600 cent net asset value forecast, Davy said.
There is little visibility in current trends outside personal motor and home lines, although FBD suggested at the interim stage that business rates had also been hardening.
Farm insurance rates (property, liability and vehicles) were lagging and FBD has cautioned that its farm and agri-business customers will be affected to some, as yet uncertain, extent by Brexit.
Davy anticipates a more stable rating environment for 2017, driven by increased transparency and scrutiny of pricing in the market.
This was advocated by the Cost of Insurance Working Group’s recent report on motor insurance, which is likely to exert pressure on insurers to pass a share of any benefits from structural reforms to customers.
Mightiest of mobile industry beanos opens in Barcelona
Irish tech companies will be participating in the four-day Mobile World Congress this week. The largest mobile industry get-together on the calendar, the congress has increased its clout every year since 1987. Last year more than 100,000 people walked its aisles.
Of more importance than numbers are expectations – the congress typically debuts the year’s hottest smartphones, tablets and other connected devices. This week LG, Nokia, Sony and Huawei are among those expected to produce the goods.
In this ever-shifting landscape, the 2017 congress will explore the latest across 5G, artificial intelligence, the internet of things, robotics, digital commerce, disruptive technologies and drones. Speakers will include the chief executives of AT&T, Liberty Global, NEC, Nokia, Orange, Telefonica and Vivendi.
Dave O’Flanagan of Irish travel start-up Boxever will give a keynote, as will Netflix founder Reed Hastings and Vice Media co-founder Shane Smith, among a who’s-who contingent of the mobile technology universe.
The congress takes place at the Fira Gran Via in Barcelona. This year’s organiser, GSMA (Groupe Speciale Mobile Association), expects record numbers.
TUESDAY
Results: Dalata Hotel Group; Virgin Money; Taylor Wimpey; Dominos; Goldman Sachs; Harvey Norman; Horizon Oil
Indicators: Irish retail sales (Jan), unemployment (Feb) and producer prices (Jan); UK consumer confidence (Feb); US GDP (Q4) and consumer confidence (Feb)
Meetings: Mobile World Congress (Barcelona), Juniper Networks Security – Dare to Know Your Network'(Irish Aviation Authority, Dublin); DCU quarterly symposium on capital markets and fintech (DCU Alpha)
WEDNESDAY
Results: CRH; Kuehne & Nagel; Coca Cola Icecek; Crocs; Mylan; Office Depot
Indicators: Irish Investec manufacturing PMI; German unemployment (Feb) and inflaiton (Feb); UK mortgage lending and approvals (Jan); US ISM manufacturing (Feb) and construction spending (Jan)
Meetings: Mobile World Congress (Barcelona); Family Business Conference (Helix, DCU); Talent Summit 2017 (Convention Centre, Dublin)
THURSDAY
Results: AIB; Total Produce; LafargeHolcim; Panalpina; Travis Perkins; Abercrombie & Fitch; Adecco; Anheuser Busch InBev; Barnes & Noble; JC Decaux; Merlin Entertainment; Staples
Indicators: Euro zone unemployment (Jan), inflation (Feb) and industrial producer prices (Jan); UK construction PMI (Feb); US unemployment (Feb)
Meetings: Mobile World Congress (Barcelona)
FRIDAY
Results: Parmalat; London Stock Exchange
Indicators: Irish Investec services PMI (Feb); UK services PMI (Feb); euro zone service turnover (Q4, 2016) and euro retail sales (Jan); US ISM nonmanufacturing PMI (Feb)
