Share Name Share Symbol Market Type Share ISIN Share Description
Inmarsat Plc LSE:ISAT London Ordinary Share GB00B09LSH68 ORD EUR0.0005
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.40p -0.48% 502.40p 503.00p 503.60p 510.40p 491.70p 503.60p 3,614,915 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 1,076.2 242.3 43.7 12.9 2,299.28

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Date Time Title Posts
19/1/201815:38Inmarsat...a new issue that is profitable, with a decent yield.2,924

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Inmarsat Daily Update: Inmarsat Plc is listed in the Mobile Telecommunications sector of the London Stock Exchange with ticker ISAT. The last closing price for Inmarsat was 504.80p.
Inmarsat Plc has a 4 week average price of 464.60p and a 12 week average price of 439.40p.
The 1 year high share price is 865p while the 1 year low share price is currently 439.40p.
There are currently 457,659,212 shares in issue and the average daily traded volume is 3,019,590 shares. The market capitalisation of Inmarsat Plc is £2,299,279,881.09.
bluemango: "Satellite operator Inmarsat was also flying high thanks to a boost from RBC Capital Markets. Analysts' reasoning was that growth should be underpinned by the many maritime clients migrating to its 'Fleet Xpress' service and so "now could be the perfect time to take Inmarsat private", with the stock price looking to be "firmly undershooting". A fair share price target was set at 825p."
zcaprd7: The share price fall hasn't told me anything of the sort. It's told me the people who work in the city do not understand satellite communications...
fenners66: I looked at ISAT for dividend last year before the share price fall. I decided since the dividend was not covered there were better alternatives. That is a point that many miss - not whether or not the numbers stack up over the medium term - but whether other companies have numbers that stack up better. Not covering a divi with profits is one thing; not even having the cash flow to cover it is another. You may say that borrowing for 2 more years is ok as they will then be in profit ..... and canal owners and operators probably said exactly the same thing - what can possibly go wrong ? Well the market looks forward so lets say they load up the balance sheet with more debt and during that time some disruptive tech is developed , and sure it takes a few more years for it to take hold, but by then the market already anticipates the competition and the share price starts to fall? Is there no spare capacity with existing satellites? What if someone else goes bust and is bought cheap? To exclude the possibility that for the medium term there will be any competition is irrational - because if the market is that good - someone else will want a piece of it.
steeplejack: Share buy backs have historically proved ineffectual at shoring up a weakening share price for any length of time.On paper,share buy backs are returning capital to shareholders but that's all rather theoretical,it can all get lost in a day's price movement.This company needs to decide whether it's overpaying on the dividend.It's clearly absurd that ISAT is yielding some double the RPI and the market is suggesting it won't last.It's suggesting that the company could slash the dividend and that such a possibility is well discounted.I would like ISAT to cut the final dividend by a third in March at the very least.It would show that you don't have to pander to income hungry investors.Grow the business with your cash flow..Check out Indivior over the last year (who did away with dividend payments sometime ago)or look at HCM who don't pay a dividend at all.Hasn't really hurt their cause has it.This bond proxy investment approach might be diminished by a continued rise in US interest rates.
wskill: Not at all surprised at the fall in AVN share price with only $62m annual revenue it was unable to support its huge borrowings. Not the same situation at ISAT with $1275m revenue ,also excellent technology to support its satellite systems do not see any similarities at all badger.
al101uk: I can't find any coverage of the current Numis note that offers any clues, but they only initiated coverage recently at 480p (before the downgrade) and there is some detail in the press coverage of that. "Numis, which initiated coverage with a target price of 480p, did not contest management's view that demand for satellite connectivity will keep rising apace for years to come, but caution about the company's outlook was heightened given its current share price." This seems to chime with every other analyst out there, that growth is likely in the medium term. Maritime (48%) "Revenue growth could be much less than the consensus 2.5% in the current and 4.4% in the subsequent year." They got this one right, looks like revenue growth is likely positive given the sequential growth quarter on quarter, but it's pretty flat by Q3 year on year, so likely will miss the 2.5% by a margin. Government (28%) "As for government sales Numis think 'business with Boeing may not be growing fast enough to make up for ebbing take-or-pay revenue'. Government margins may not have been as strong as management commentary implied." Government margins seem pretty flat as of the end of the 3rd quarter, with revenue looking stronger by 4% which seems to be beat to me. Enterprise (12%) "In enterprise Inmarsat has lost its strategic take-or-pay partner." Expected decline in revenue as predicted by management came to pass, although there has been the start of growth in the third quarter, we'll call this one a draw. Aviation (12%) "Price and service competition remain very intense and analysts think the group 'may now be less bullish about prospects of its flagship Lufthansa contract'." This doesn't seem to have been backed up in the 3rd quarter statement: "Aviation revenues were particularly strong, supported by the continued expansion of our contracted aircraft order book in in-flight connectivity (“IFC”)." Capital Expenditure "Capital expenditure is likely to surge 10-20% more than most analysts expects" Seems to be as per guidance to me, not sure why "most analysts" would not use the guided numbers. Forecast: By the 2019 financial year, Numis forecasts for EBITDA 8% lower than consensus, with a flat dividend. A conclusion, to me that doesn't warrant a 480p target price (let alone 400p), no projected dividend cut, an admission that growth is likely in the medium term and a short term decline in EBITDA while the company is refreshing it's inventory. I strongly suspect that the Discounted Cash Flow didn't project out beyond 5 years and as a result didn't fully reflect the future growth in the company. For the most negative view of the companies prospects I don't see anything particularly scary.
wskill: Some of us are here for the long term at these prices a 50% dividend cut is priced into this share price with excellent growth prospect's to come .
lomcovaks: The danger is that isat spend the money on the infrastructure, goes bust and another predator picks up the pieces for cents in the dollar, rather like Cable & Wireless's assets being bought by Vodafone. My technique is slow accumulation of the shares over the next year or two in my ISA then sit back and take the income without worrying about what the share price does. You've only got to be right 51% of the time to get rich.
wskill: DB dumping their holding when ISAT share price was at its lowest ebb have not been helpful with a fair wind we can now move back upwards.
steeplejack: Of course the share price has no influence on the dividend.Yet the share price and the inferred rating is a function of the outlook for the company,cash flow projections etc.The market is suggesting (as reflected by the share price) that the dividend could be cut,it's NOT saying it should be cut,it's suggesting that circumstances might will determine that it could happen.Anyway,I'm off to look at other stocks in my portfolio.Its not that I hold many of these anyway,it just fascinates when a stock falls off a cliff .Failure is often a more salutary lesson than success in the field of investment.
Inmarsat share price data is direct from the London Stock Exchange
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