The analysts at Bloomberg Intelligence—who track about 2,000 companies in sectors including energy, technology, retail and finance—identified those that are poised to release products or services with blockbuster potential in the year ahead, as well those that face unusual challenges. The analysts considered revenue growth, margins, market share, debt, and other factors such as economic conditions, and came up with this list of 50 worth watching.
Estimated sales growth
N/A
Estimated EPS growth
N/A
Total assets
$482.16b
1-Year total return
-23.33%
12-month sales
N/A
Female board membership
28.57%
One of the worst-performing European life insurers for more than a decade, Aegon NV’s focus in 2020 is on whether Lard Friese, who rejuvenated Netherlands-based insurer and asset management company NN Group NV, can reverse Aegon’s fortunes when he steps into the job as chief executive officer in May. —Charles Graham
Estimated sales growth
9.54%
Estimated EPS growth
42.71%
Total assets
$255.69b
1-Year total return
26.99%
12-month sales
$42.41b
Female board membership
9.09%
The Hong Kong-based insurer plans to rapidly expand in China next year, when restrictions are lifted on foreign ownership of life insurers. Unrest in Hong Kong has led to curbed sales to mainland visitors, but the company’s vast pan-Asian network should position AIA Group Ltd. to achieve double-digit gains in new business. —Steven Lam
Estimated sales growth
-1.29%
Estimated EPS growth
153.9%
Total assets
$522.27b
1-Year total return
9.98%
12-month sales
$49.06b
Female board membership
30.77%
American International Group has gone from being the poster child of the financial crisis to a disciplined property/casualty insurance underwriter. CEO Brian Duperreault, a turnaround specialist, is successfully changing AIG’s culture and operations. Stellar results in 2019 should accelerate through 2020.—Matthew Palazola
Estimated sales growth
0.85%
Estimated EPS growth
N/A
Total assets
$55.08b
1-Year total return
74.49%
12-month sales
$16.21b
Female board membership
12.5%
Altice Europe NV’s network and service improvements boost the odds of a sustained recovery in 2020, marking a break from past executive missteps and network-quality gaps. Its record debt is boosting equity returns; by reducing debt and growing Ebitda, the company aims to meet its leverage targets and, when met, initiate share buybacks. —Erhan Gurses
Estimated sales growth
23.28%
Estimated EPS growth
35.74%
Total assets
$5.13b
1-Year total return
79.85%
12-month sales
$4.16b
Female board membership
N/A
China’s largest sportswear company is poised to rival Nike Inc.’s and Adidas AG’s market share in its home country within three years.Anta Sports Products Ltd. will speed up its expansion in China before the 2022 Beijing Winter Olympics. Lululemon Athletica Inc. founder Chip Wilson’s $100 million investment, announced in June, will boost global growth. —Catherine Lim
Estimated sales growth
11.5%
Estimated EPS growth
4.55%
Total assets
$61.89b
1-Year total return
19.9%
12-month sales
$23.07b
Female board membership
33.33%
AstraZeneca Plc’s drug-trial successes will result in revenue and EPS growth that beats all its large pharma peers and justifies the company’s bid to remain independent. This growth is based on six drugs that address different diseases, such as heart failure and lung cancer, each of them at or heading to blockbuster status. —Sam Fazeli
Estimated sales growth
-0.26%
Estimated EPS growth
3.28%
Total assets
$546.91b
1-Year total return
20.12%
12-month sales
$183.52b
Female board membership
30.77%
As AT&T Inc. integrates Time Warner Inc., it should get a boost in revenue and cash-flow growth by monetizing Time-Warner’s content over its vast distribution network. AT&T’s opportunity for long-term growth from launching new, over-the-top content services and expanding its digital ad revenue is significant. —John Butler
Estimated sales growth
0.81%
Estimated EPS growth
9.91%
Total assets
$145.83b
1-Year total return
-5.96%
12-month sales
$51.83b
Female board membership
30%
The $63 billion acquisition of Monsanto in 2018 has not only alienated investors but also has exposed Bayer AG to a seemingly endless wave of litigation tied to the herbicide Roundup. Activist shareholders still question the logic of that deal. A breakup may help restore value and address shareholder concerns. —Christopher Perrella
Estimated sales growth
N/A
Estimated EPS growth
N/A
Total assets
$397.06m
1-Year total return
N/A
12-month sales
N/A
Female board membership
20%
Plant-based burgers are taking consumers by storm, enabling Beyond Meat Inc. to compete directly with the $1.4 trillion meat industry. The company can defend its lead in refrigerated burgers and meats against new entrants, assuming it continues to focus on innovation and production capacity. Profitability by 2021 is within reach. —Jennifer Bartashus
In 2019, plant-based foods took over America. In 2020, they will try to dominate the world. Beyond Meat’s burger and sausages are already sold in Europe, and Chief Executive Officer Ethan Brown says he won’t stop there. “Asia has a desperate need for this,” he said in the company’s first earnings call in June, adding the company would be “very aggressive” in entering these foreign markets. Impossible Foods Inc., now in more than 7,000 U.S. Burger King outlets, has also identified China as a priority market because of its high—and growing—meat consumption. Both companies will face more competition at home and abroad as competitors race to cash in on the growing market for flexitarians, or consumers looking to reduce meat in their diet, if not cut it out entirely. A recent study by ingredient maker Ingredion found that 44% of the general U. S. population wants to eat less meat—a market that Nestlé, Kellogg, and Conagra Brands undoubtedly are after with their new meatless burgers. Also, startups from North Carolina to Hong Kong are offering pork, chicken, and other meat alternatives. —Deena Shanker
Estimated sales growth
-5.03%
Estimated EPS growth
-8.06%
Total assets
$60.14b
1-Year total return
-21.65%
12-month sales
$29.98b
Female board membership
33.33%
BT Group Plc CEO Philip Jansen needs to halt sales declines and deliver on a costly transformation of the carrier’s labor-intensive operating model to avert a dividend cut. Regulated price cuts, pension payments, and 5G mobile and full-fiber spending may keep the company from improving its cash flow. —Matthew Bloxham
Estimated sales growth
446.12%
Estimated EPS growth
1183.13%
Total assets
$304.19m
1-Year total return
30.28%
12-month sales
$108.34m
Female board membership
20%
CD Projekt SA, Poland’s largest video game maker, could beat analysts’ 2020 sales forecasts with the April release of its much-anticipated role-playing game, Cyberpunk 2077. The game could sell 20 million units in the launch year. —Matthew Kanterman
Estimated sales growth
26.9%
Estimated EPS growth
N/A
Total assets
$7.67b
1-Year total return
74.41%
12-month sales
$1.07b
Female board membership
33.33%
Thanks to recent acquisitions in France, Italy, Switzerland, and the U.K., Cellnex Telecom SA, Europe’s only independent communications tower company, is on course to more than double its revenue by 2023. The company’s increasing tenancy ratios, custom sites, and inflation-proof contracts could appeal to prospective buyers. —John Davies
Estimated sales growth
37.53%
Estimated EPS growth
N/A
Total assets
$305.61b
1-Year total return
-28.69%
12-month sales
$57.61b
Female board membership
22.22%
Property developer China Evergrande Group might not meet its promise to pare $114 billion of debt and could face several years of losses from declining home sales and a push into electric vehicle production. The homebuilding company wants to become the world’s largest EV producer by 2025. —Kristy Hung
Estimated sales growth
-2.47%
Estimated EPS growth
-1.49%
Total assets
$28.95b
1-Year total return
-2.26%
12-month sales
$8.17b
Female board membership
25%
A focus on imported beers improves Constellation Brands Inc.’s chance to continue to outperform peers facing flat sales. With quicker-than-expected debt reduction after selling $1.7 billion in wine brands, the company could expand its cannabis business beyond its 36.6% stake in Canopy Growth. —Hoai Ngo
Estimated sales growth
17.1%
Estimated EPS growth
-16.6%
Total assets
$13.09b
1-Year total return
15.13%
12-month sales
$5.94b
Female board membership
11.11%
Favorable national policies for new-energy vehicles loaded with high-density batteries should be an advantage for the battery maker’s growth in China. Advanced technology and R&D resources set Contemporary Amperex Technology Co., the world’s largest lithium-ion battery producer, apart. It’s looking to supply batteries for European automakers. —Steve Man
Estimated sales growth
-19.87%
Estimated EPS growth
-56.71%
Total assets
$2.82b
1-Year total return
23.04%
12-month sales
$1.35b
Female board membership
25%
Cree Inc.’s recent decline, brought on by the U.S.-China trade war and a ban on dealing with Huawei Technologies Co., shouldn’t detract from the LED lighting maker’s potential in EVs and 5G infrastructure. Cree plans to spend $1 billion to boost capacity by 2024, though the end markets are worth five times that. —Jawahar Hingorani
Estimated sales growth
12.27%
Estimated EPS growth
-3.35%
Total assets
$218.90b
1-Year total return
-13.92%
12-month sales
$226.77b
Female board membership
25%
After its merger with Aetna, CVS Health Corp. is positioning itself to meet more of the U.S.’s health-care needs. Management’s vision centers on revamping its retail footprint and improved productivity, resulting in double-digit EPS growth by 2022. Regulatory and legal pressures have receded, freeing CVS to pursue its plan. —Jonathan Palmer
Estimated sales growth
4.55%
Estimated EPS growth
-19.55%
Total assets
$19.10b
1-Year total return
59.8%
12-month sales
$8.58b
Female board membership
11.11%
Daiichi Sankyo Co.’s DS-8201 drug could be a game-changing treatment for breast cancer patients with low levels of the HER2 protein. If the drug is approved and marketed in early 2020 as expected, sales could ultimately exceed $12 billion within 10 years. —Caroline Stewart
Estimated sales growth
4.7%
Estimated EPS growth
-2.9%
Total assets
$58.72b
1-Year total return
3.8%
12-month sales
$7.84b
Female board membership
16.7%
Enterprise Products Partners LP has a project backlog and significant cash flow that will sustain its leadership in the Gulf Coast midstream oil and gas infrastructure market. The Houston pipeline company’s manageable debt, visible prospects for growth, and simplified relationship with its general partner are underappreciated. Its dividend remains safer than those of its peers. —Michael Kay
NOTE: Estimated Ebitda growth rather than Estimated sales growth; 12-month Ebitda rather than 12-month sales.
Estimated sales growth
29.3%
Estimated EPS growth
30.3%
Total assets
$117.01b
1-Year total return
15.3%
12-month sales
$62.60b
Female board membership
37.5%
Facebook Inc.’s new businesses are set for takeoff next year, with Instagram pushing eCommerce and Messenger expanding the reach of Stories. Facebook’s 2020 revenue growth expectations are marred by regulatory concerns. Low expectations, easier growth comparisons, and new businesses may fuel better-than-expected results. —Jitendra Waral
Estimated sales growth
-3.1%
Estimated EPS growth
-8.3%
Total assets
$112.63b
1-Year total return
-8%
12-month sales
$126.24b
Female board membership
16.7%
The years spent slimming its portfolio of businesses through spinoffs and sales almost resulted in a merger of Fiat Chrysler Automobiles NV with Renault SA in 2019. Next year may see the deal revived or new suitors seeking FCA’s wildly profitable Jeep and Ram brands. —Kevin Tynan
Estimated sales growth
44.9%
Estimated EPS growth
22.4%
Total assets
$14.58b
1-Year total return
30.3%
12-month sales
$4.22b
Female board membership
12.5%
Global Payments Inc. can exceed its profit goals for recently acquired Total System Services. The purchase didn’t stretch its balance sheet, and the company’s revenue and cost targets are conservative. Restaurant, health-care, and hospitality companies prefer its tailored software to rival payment-processing products in a fragmented market. —David Ritter
Estimated sales growth
11.3%
Estimated EPS growth
10.66%
Total assets
$10.46b
1-Year total return
25.5%
12-month sales
$1.35b
Female board membership
22.2%
Goodman Group’s fortunes have risen as online retailing fuels tenant demand for centrally located distribution centers. It has increased development within its $31 billion external funds management platform—allowing fee income growth while deploying less capital. —Mohsen Crofts
Estimated sales growth
3.3%
Estimated EPS growth
3.1%
Total assets
$155.12b
1-Year total return
-3.7%
12-month sales
$81.33b
Female board membership
33.3%
Many of the 15,000 lawsuits against Johnson & Johnson, alleging its talc-based products caused cancer and/or mesothelioma, could be determined by rulings expected in the first half of 2020. J&J is also a defendant in opioid litigation; reports suggest a global settlement may be near. Finally, it faces claims the drug Risperdal causes male breast growth. —Holly Froum
The company could see a lot more costly court beatings in 2020. The past year has seen Johnson & Johnson lose several lawsuits alleging problems stemming from talc-based products, opioids, and the antipsychotic drug Risperdal. The biggest verdicts against the company in 2019 included: an $8 billion award for plaintiffs on Oct. 8 by a Philadelphia jury in a Risperdal case; a $572 million verdict on Aug. 26 by a district court judge in an opioid case brought by Oklahoma’s attorney general; and a $4.7 billion award on July 12 in a case in Missouri, involving 22 plaintiffs alleging talcum powder links to cases of ovarian cancer. While some amounts are likely to be knocked down on appeal, analysts say the cost of resolving the opioid and talc cases could surpass $15 billion. And the punitive damages awarded in some of these cases speak to juries’ perception of J&J’s conduct. J&J has denied wrongdoing in the talcum, opioids, and Risperdal cases, saying the plaintiffs’ claims are flawed. —Jef Feeley and Holly Froum
Estimated sales growth
30.8%
Estimated EPS growth
22.8%
Total assets
$1.68b
1-Year total return
-6%
12-month sales
$1.15b
Female board membership
30%
There will be further consolidation in the food-delivery sector next year. A merger of Just Eat Plc and Takeaway.com NV would create the largest online restaurant-delivery company outside China. Combined leadership in key markets in Germany, the Netherlands, and the U.K. should help it fend off Uber Eats and Deliveroo. —Diana Gomes
NOTE: Estimated Ebitda growth rather than Estimated EPS growth.
Estimated sales growth
10.4%
Estimated EPS growth
10.2%
Total assets
$15.66b
1-Year total return
12.1%
12-month sales
$5.20b
Female board membership
N/A
Shipments of Keyence Corp.’s premium automation sensors will be driven by the surge in data transactions with the emergence of 5G networks. A 50%-plus operating margin keeps Keyence in a leading position. Its software and machine-learning tools to support customers’ factory operations and marketing strategies should take off. —Yukihiro Kumagai
Estimated sales growth
-1.4%
Estimated EPS growth
-15%
Total assets
$103.20b
1-Year total return
-47.6%
12-month sales
$25.63b
Female board membership
23.1%
The question for Kraft Heinz Co. is whether new management can execute a turnaround. CEO Miguel Patricio has a marketing background; it remains to be seen if he can fix the company’s fundamentals in an industry struggling to reinvent iconic consumer brands to remain relevant. —Jennifer Bartashus
Estimated sales growth
18.3%
Estimated EPS growth
23.1%
Total assets
$2.69b
1-Year total return
27%
12-month sales
$3.58b
Female board membership
50%
Lululemon Athletica Inc.’s expectation of double-digit profit gains through 2023, fueled by margin expansion and low-teens sales expansion, may understate its potential in personal care, experiential retailing, and footwear. Innovation is driving results, as is Lululemon’s “power of three” push focusing on men’s, digital, and international businesses. —Poonam Goyal
Estimated sales growth
7.4%
Estimated EPS growth
11.6%
Total assets
$9.97b
1-Year total return
33.8%
12-month sales
$7.63b
Female board membership
25%
Motorola Solutions Inc. can capitalize on the U.S. ban on buying Chinese video gear. Its evolution to a software and managed-services provider from a low-margin equipment vendor is just beginning. It should profit as more public safety and first-responder networks embrace LTE and cloud technology. —Woo Jin Ho
Estimated sales growth
39.4%
Estimated EPS growth
10.9%
Total assets
$23.75b
1-Year total return
-12.7%
12-month sales
$3.70b
Female board membership
7.7%
MPLX LP’s almost 10% yield and investment grade prompted activist investor Elliott Management to press for a spinoff and conversion to a corporation in September. This is likely to accelerate asset sales and other measures to improve the company’s returns, reduce leverage, and increase share liquidity in 2020. —Fernando Valle
NOTE: Estimated Ebitda growth rather than Estimated sales growth; 12-month Ebitda rather than 12-month sales.
Estimated sales growth
33.2%
Estimated EPS growth
127.5%
Total assets
$30.17b
1-Year total return
-19.3%
12-month sales
$17.63b
Female board membership
36.4%
After years of streaming-video dominance, Netflix Inc. faces fresh threats from Walt Disney Co. and Apple Inc. Yet it can still thrive in a crowded field. Even as content costs skyrocket, Netflix will expand internationally. Pressure to improve profitability could lead the company to raise rates on its 151 million customers. —Geetha Ranganathan
Estimated sales growth
22.6%
Estimated EPS growth
107.1%
Total assets
$17.28b
1-Year total return
-2.8%
12-month sales
$13.46b
Female board membership
N/A
Tighter environmental regulations and the adoption of high-efficiency motors and control systems for electric vehicles should propel significant profit growth for Nidec Corp. The Japanese tech company benefits from a leaner fixed-cost structure and strength in industrial equipment and home appliances. —Masahiro Wakasugi
Estimated sales growth
15.4%
Estimated EPS growth
-88.8%
Total assets
$1.79b
1-Year total return
-48.5%
12-month sales
$1.24b
Female board membership
11.1%
Nutanix Inc.’s 2020 sales may confirm both the large market for its public-cloud-like model and takeover speculation. Its software-based IT systems are easier to use and more flexible than legacy, siloed IT systems. Limited features, a subscription-model shift, and weaker IT spending are key risks. —Anand Srinivasan
Estimated sales growth
0.5%
Estimated EPS growth
-1.3%
Total assets
$43.69b
1-Year total return
-1.9%
12-month sales
$27.01b
Female board membership
40%
Barring an unexpected slump in crude oil prices, OMV AG has the capacity to pursue aggressive expansion, exceed profit expectations, and increase its dividend. CEO Rainer Seele’s clear vision and strategy for the Austrian oil company since taking over in 2015 may not be fully appreciated yet . —Salih Yilmaz
Energy sector bankruptcy filings gained momentum over the summer and are likely to extend into next year, based on the dramatic increase in distressed debt. Investors have become increasingly bearish on the sector as companies struggle to generate the cash needed to fund extensive drilling to maintain their production rate. EP Energy, on Oct. 4, became the 11th publicly traded company to file this year, another victim of the sector’s renewed slump. The company’s Chapter 11 filing in Houston listed $4.98 billion in liabilities and $4.19 billion in assets, making it the largest oil and gas producer bankruptcy since 2016. Alta Mesa Resources entered bankruptcy in September, and American Energy-Permian Basin entered into an out-of-court restructuring affecting $2.1 billion in debt. EP Energy hasn’t posted an annual profit since 2014, when oil prices began a two-year slide from more than $100 a barrel to less than $30. While hundreds of energy companies went bankrupt, survivors got some relief in 2018 and again this year when prices topped $60. —Spencer Cutter, Bloomberg Intelligence
Estimated sales growth
97.7%
Estimated EPS growth
N/M
Total assets
$7.92b
1-Year total return
36.3%
12-month sales
$3.05b
Female board membership
N/A
With 500 million active shoppers doubling their average spending each quarter, Pinduoduo Inc., China’s third-largest e-commerce platform, has the potential to turn profitable in 2020. Its high gross margin is sustainable as ad revenue increases as more merchants join its rapidly expanding marketplace. —Vey-Sern Ling
Estimated sales growth
6.1%
Estimated EPS growth
0.7%
Total assets
$1.10t
1-Year total return
30%
12-month sales
$173.80b
Female board membership
6.7%
Ping An Insurance Group Co. of China’s focus on building artificial intelligence, blockchain, and cloud computing expertise will remain its advantage over China’s traditional financial institutions. Its tech investments are spread across industries from health care to smart-city tech. The fourth-largest Chinese company by market value, it’s also pushing growth overseas in virtual banking. —Steven Lam
Estimated sales growth
52%
Estimated EPS growth
-34.3%
Total assets
$820.83m
1-Year total return
107.5%
12-month sales
$905.88m
Female board membership
14.3%
The pieces are in place for Roku Inc. to keep its U.S. lead over Apple TV and Amazon.com Inc. in 2020. The content aggregator should profit from an explosion of streaming-service rollouts as consumers seek one platform to manage numerous digital subscriptions. Roku benefits from industry fragmentation and consumers’ accelerated cord-cutting. —Amine Bensaid
Estimated sales growth
-1.3%
Estimated EPS growth
N/A
Total assets
$2.00b
1-Year total return
-5.5%
12-month sales
$1.43b
Female board membership
42.9%
SalMar ASA’s advances in farming salmon offshore—it’s the second-largest producer—effectively removes the industry’s capacity limitation. The company is poised for higher 2020 profit, driven by organic growth and acquired operations in Iceland, which has far from exhausted its harvest potential. —Alvin Tai
Estimated sales growth
-1.7%
Estimated EPS growth
N/A
Total assets
$296.02b
1-Year total return
N/A
12-month sales
$205.61b
Female board membership
18.2%
Bribery charges against Vice Chairman Jay Y. Lee could force Samsung Electronics Co. to enhance its next three-year dividend and share buyback program to mollify investors. The South Korean tech giant’s lead in 5G and foldable phones may start to generate meaningful profit. Yet trade tension could delay its dynamic random-access memory chip margin recovery. —Anthea Lai
Lard Friese, 56, Aegon NVStarting in May, when he steps into the top job, Friese wil be expected to pull off some of the same successes he did as CEO of the Netherlands’ NN Group NV. There he led the separation of the life insurance businesses from ING and a successful IPO. During his tenure, NN secured a leading position in the domestic life insurance market—in 2016 it became the largest listed insurance company, pushing Aegon to No. 2. Can Friese help Aegon put its struggles with financial market volatility behind it?
Philip Jansen, 52, BT Group PlcJansen, who became CEO of the global telecom company in January, is undertaking an overhaul of BT’s culture and business processes to boost profits. Old technology and bureaucracy have left customers frustrated and delayed workforce reductions. BT will also open retail locations for the first time in 25 years to try to improve service and gain market share.
Miguel Patricio, 53, Kraft Heinz Co.Patricio took over the top job at the food company in July and has yet to deliver his turnaround plan. The former Anheuser-Busch InBev global chief marketing officer is expected to focus on reinvigorating key brands—including Oscar Mayer lunch meats and Lunchables—and try to achieve operational efficiencies in the supply chain.
Jitse Groen, 41, Takeaway.com/Just EatGroen is positioned to become CEO of the combined Takeaway.com NV and Just Eat Plc, a $10 billion merger expected to close at yearend. As founder of the smaller Takeaway, he oversaw an expansion that provided deliveries for restaurants. Groen will look to improve overall profitability and protect existing markets from fierce rivals.
John Legere, 61, T-Mobile US Inc.Legere is focused on closing T-Mobile’s acquisition of Sprint, which will provide it with access to that company’s mid-band spectrum, an essential element in his 5G growth plans. If the deal is blocked, Legere could keep T-Mobile on track by using other airwaves for 5G until he can buy mid-band in future auctions.
Estimated sales growth
6.3%
Estimated EPS growth
22%
Total assets
$70.59b
1-Year total return
-35.8%
12-month sales
$32.83b
Female board membership
30%
Next year will be pivotal for Schlumberger Ltd., with new Chief Executive Officer Olivier Le Peuch looking to reverse the company’s 73% decline in EPS since the 2014-16 oil price slump. Leveraging digital capabilities and renewed capital discipline could improve margins and returns—sorely needed to support a dividend that’s exceeded free cash flow the past four years. —Scott Levine
Estimated sales growth
0.3%
Estimated EPS growth
34.7%
Total assets
$163.04b
1-Year total return
-12.3%
12-month sales
$96.92b
Female board membership
35%
Spinning off the ailing energy business to focus on industrial segments, especially automation, could reinvigorate Siemens AG’s profit prospects and help it earn a higher valuation in 2020. Unloading energy could bolster the conglomerate’s profit margin by 2 to 3 percentage points. Announcements of a potential spinoff or initial public offering of the rail division could follow. —Johnson Imode
Estimated sales growth
-13.2%
Estimated EPS growth
0.3%
Total assets
$743.80b
1-Year total return
-11%
12-month sales
($5.00b)
Female board membership
42%
Standard Life Aberdeen Plc will struggle to build a global asset-management business if investors continue to withdraw funds at the current pace. A £140 million ($180 million) arbitration settlement with Lloyds Banking Group Plc buys time to improve fund performance, but its core asset-management business is shrinking. Joint ventures and acquisitions may be too little too late. —Sarah Jane Mahmud
NOTE: Assets under management rather than Total assets; 12-month net flows rather than 12-month sales.
Estimated sales growth
5.5%
Estimated EPS growth
18.9%
Total assets
$84.79b
1-Year total return
16.3%
12-month sales
$44.34b
Female board membership
8.3%
T-Mobile US Inc. is poised for transformation in 2020—if it gains approval to acquire Sprint Corp. Should the deal be blocked by a lawsuit brought by 16 states and the District of Columbia, T-Mobile may need to recast its 5G plans. Odds of the company prevailing in court are 50-50. —John Butler and Jennifer Rie
Estimated sales growth
2.6%
Estimated EPS growth
25.3%
Total assets
$483.11b
1-Year total return
15.5%
12-month sales
$274.69b
Female board membership
11.1%
Toyota Motor Corp. is no longer just a carmaker. President Akio Toyoda, grandson of the founder, is steering its rapid transformation to a mobility company. Toyota’s strides in the connected-car market stem from a complete overhaul of the way it does business, embracing alliances that complement in-house development. —Tatsuo Yoshida
Estimated sales growth
1.9%
Estimated EPS growth
-6.2%
Total assets
$7.92b
1-Year total return
23.2%
12-month sales
$7.96b
Female board membership
25%
Already bearing scars from weak U.K. renovation spending, Travis Perkins Plc, the U.K.’s largest building-products retailer, faces a critical year. It will learn whether its focus on trade customers, including the intended spinoff of consumer DIY chain Wickes, is the correct strategy. Even the best-laid plans may be derailed by post-Brexit uncertainty. —Eshan Toorabally
Estimated sales growth
14.2%
Estimated EPS growth
47.3%
Total assets
$10.81b
1-Year total return
-5.3%
12-month sales
$1.86b
Female board membership
33.3%
With debt reduced to comfortable levels, Tullow Oil Plc is finally back in a position to expand production and free cash flow. The U.K.-based exploration and production company’s two core projects in Ghana are performing well, and recent major discoveries off the coast of Guyana have established a new large-scale growth platform. —Will Hares
Estimated sales growth
N/A
Estimated EPS growth
N/A
Total assets
$30.98b
1-Year total return
N/A
12-month sales
N/A
Female board membership
22.2%
Higher engagement through a bundling of offerings and monetization of a monthly active-rider base that’s about five times the size of Lyft Inc.’s should help Uber Technologies Inc. surpass Ebitda margin expectations for 2020. The company can tap its ride-sharing and food-delivery strength to branch into services such as grocery delivery that attract new users to its platform. —Mandeep Singh
Estimated sales growth
0.6%
Estimated EPS growth
-0.5%
Total assets
$545.21b
1-Year total return
12.4%
12-month sales
$275.50b
Female board membership
30%
Volkswagen AG has a chance to leave the diesel emissions scandal behind and become the dominant electric car company. Key to the effort is the ID.3, which VW will start selling in mid-2020 priced starting at about $30,000, to compete with the Tesla Model 3. VW has at least 70 electric cars in its pipeline, including cargo vans and the Taycan, a battery-powered Porsche. —Michael Dean
The automaker is keen to acknowledge its green credentials following diesel-gate. An accelerated push on battery electric vehicles (BEVs) is one way management is trying to distance itself from the 2015 crisis—Volkswagen is looking to overtake Tesla as the leading manufacturer of electric cars through its Audi and Porsche brands. Global scale will come from the company’s 18% market share in China—the biggest BEV market, key to electric vehicle dominance. VW plans to unveil five new models in 2019 and numerous plug-in hybrid electric vehicles, including the Audi e-tron and battery-powered versions of the VW Lavida, Bora and Golf. Two new China plants with the capacity to produce 600,000 units annually are set to open next year. The switch to BEVs will remove an estimated 1% of global CO2 emissions yearly, according to company forecasts. By 2025, VW expects to achieve a 30% cut in CO2 fleet emissions, a 50% cut in plant emissions, and the use of renewable energy in every one of its plants. —Michael Dean, adapted from a BI: Focus report on Volkswagen
Estimated sales growth
2.8%
Estimated EPS growth
-12.8%
Total assets
$36.32b
1-Year total return
-11.8%
12-month sales
$2.15b
Female board membership
20%
Hong Kong’s political and social unrest is likely to crimp Wharf Real Estate Investment Co.’s earnings, given its heavy exposure to luxury-retail leasing. Spending in the landlord’s malls—among the most expensive globally—could tumble in 2020 if tourism hits the skids. Yuan weakness and an extended U.S.-China trade rift would be detrimental. —Patrick Wong
Estimated sales growth
2.9%
Estimated EPS growth
7.2%
Total assets
$24.21b
1-Year total return
7.6%
12-month sales
$7.87b
Female board membership
27.3%
Improvements in manufacturing quality and a new knee-replacement robot could help orthopedic-implant maker Zimmer Biomet Holdings Inc. accelerate sales growth above 2% for the first time since 2016. After production issues knocked profit margins down almost 4 percentage points from 2016 through 2018, sales growth should lead to significant margin gains. —Jason McGorman
NOTES
Figures—in U.S. dollars—were compiled or calculated by Bloomberg’s Global Data division from the most recent company and/or broker reports as of Sept. 15. Estimated sales growth*: the percentage change in sales for the next 12 months vs. the previous 12 months, based on Bloomberg surveys of analysts. *For Enterprise Products and MPLX, Ebitda metrics replace sales growth, 12-month sales. Estimated EPS growth**: the percentage change in earnings per share for the next 12 months vs. the previous 12 months, based on Bloomberg surveys of analysts. **For Just Eat, Ebitda growth replaces EPS growth. For Standard Life, Assets under management replaces Total assets; 12-month net flows replaces 12-month sales. N/M = not meaningful. N/A = no comparable values for one or more of the metrics for this company.
Edited by Dimitra Kessenides, Galen Meyer, and Bill Holobowski
Data compiled by Gabriel Xue
Illustrations by Stephanie Davidson
