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Market Update

Misys Returns to LSE with £5.5 B IPO, Air France Sells €400 M Bonds

Author: Sarla Buch
Last Update: 10:41 AM ET October 06 2016

4:00 PM Frankfurt – Air France issued a six-year bond worth €400 million. Dialog Semiconductor said revenues in the third-quarter rose 13%. EasyJet estimated annual profit may decline 29% and passenger count in September jumped 5.2%. Gerresheimer profit surged 70%. Misys plans London listing and raise as much as £500 million.

In London trading, FTSE 100 index slid 9.22 to 7,023.18 and in Frankfurt the DAX index fell 6.66 to 10,579.05.

In Paris, CAC 40 index edged down 0.61 to 4,488.32.

Air France KLM SA slipped 1.7% to €96.18 after France-based airline operator today issued six-year bonds worth €400 million at price of €100,000 per bond with an annual coupon of 3.75%.

Dialog Semiconductor Plc jumped 5.5% to 36.37 pence after the U.K.-based chips maker reported revenues in the third-quarter ending in September soared 13% from a year ago to $345 million.

On July 28, Dialog forecasted third-quarter revenues in the range of $290 million to $320 million.

EasyJet Plc declined 5.3% to 951 pence after the U.K.-based budget airline forecasted profit in the year ending in September in the range of £490 million to £495 million and also estimated that revenue per seat in the first-quarter continues to decrease from a year ago period.

EasyJet said full-year profit may decline as much as 29% after weak booking, reported terrorist attacks and a decline in the pound linked to Brexit vote in June.

Separately, the airline group said total passengers in September jumped 5.2% to 6.95 million and load factor dropped 91.1% from 93.1%.

In the quarter, total passenger were a record 22 million with a strong load factor of 93.9% and capacity in the quarter jumped 6.1% compared to the prior year period.

Gerresheimer AG slumped 1.5% to €73.98 after Germany-based pharmaceuticals and health care group said revenues in the third-quarter ending in August advanced 8.4% from a year ago to €373.1 million.

Net income in the quarter surged 69.9% from a year ago to €30.9 million compared to the €18.2 million and diluted earnings per share jumped to €0.99 from €0.58.

Misys Limited, the U.K.-based banking, treasury, trading software developer plans a listing on the London Stock Exchange with a valuation as high as £5.5 billion after four years of privately held by Vista Equity Partners.

Despite IPO listing slowdown in London, a 26% fall from the last year. Misys plans to sell 25% of the company stake and raise as much as £500 million as early as next month.

“We believe London and the UK will continue to be a massive financial hub” and after Brexit he think there is a “tremendous opportunity for growth in the future” chief executive Nadeem Syed said.

Misys reported revenues in the year ending in May to €811.4 million and operating profit of €293.9 million or £231 million.

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