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Market Update

Enel to Lift Dividend Payout Ratio to 70%, Uniper Rejects €8 B Fortum Bid


Author: Sarla Buch
ticker.com
Last Update: 9:36 AM EST November 21 2017

4:00 PM Frankfurt – Big Yellow said occupancy increased at its self-serve storage facilities. EasyJet jumped after the reported lesser-than-expected decline in profit. Enel laid out a robust capex plan and said dividend payout ratio will increase to 70%. HomeServe net declined. Uniper rejects Fortum billion bid.

In London trading, FTSE 100 index gained 22.06 or 0.3% to 7,410.62 and in Frankfurt the DAX index increased 120.63 or 0.9% to 13,180.79.

In Paris, CAC 40 index advanced 37.22 or 0.7% to 5,377.66.

Big Yellow Group Plc gained 1.2% to 774.50 pence after the U.K.-based self-storage services provider said revenues in the first-half ending in September jumped 6% from a year ago to £58.1 million.

Net profit in the year soared 36.6% to £78.4 million from £57.4 million in a year ago period and diluted earnings per share increased to 49.5 pence from 36.5 pence.

The self-storage services provider said as of September 30, occupancy increased to 84% from 79% in the same period a year ago.

EasyJet Plc jumped 5.6% to 1,350 pence after the U.K.-based low-cost airline carrier reported total revenues in the year ending in September soared 8.1% from a year ago to £5.1 billion.

Net profit in the year tumbled 30.2% to £305 million from £437 million in a year ago period and diluted earnings per share slumped to 76.8 pence from 110.1 pence.

The low-cost airliner said total number of passengers in the quarter jumped 9.7% to 80.2 million and load factor increased to 92.6% from 91.6% in the same period a year ago and revenue per seat was broadly flat at £58.23 from a year ago period.

In fiscal 2018, easyJet plans to increase its capacity by about 6%, excluding Air Berlin.

Enel S.p.A advanced 3.1% to €5.39 after Italy-based electricity and gas provider said it is planning capital expenditure of about €24.6 billion or $28.9 billion up to fiscal 2020.

The utility provider also plans to invest €5.3 billion in digitalization and estimated fiscal 2020 profit of about €3.3 billion, an increase of 32% compared to profit in 2017.

From fiscal 2018 onwards, Enel confirmed to pay out 70% of its after-tax income as dividends.

HomeServe Plc increased 2.9% to 830.50 pence after the U.K.-based home emergency services provider stated total revenues in the year ending in September jumped 16% from a year ago to £366 million.

Net profit in the year dropped 4.8% to £15.9 million from £16.7 million in a year ago period and diluted earnings per share fell to 5 pence from 5.3 pence.

Uniper SE rose 0.5% to €23.93 after Germany-based energy producer and trader urged its shareholders not to accept takeover offer worth about €8.05 billion or $9.45 billion from Finland-based energy provider Fortum Oyj and deemed the “price inadequate.”

""The offer document also does not clearly state what Fortum''s true intentions are,"" said chief executive officer Klaus Schaefer.

Uniper board said it is quite possible that Fortum could obtain 75% or more of the voting rights at the next Annual General Meeting.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc