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
  +13.80p +3.11% 457.10p 456.60p 457.10p 463.50p 448.80p 449.00p 3,218,756 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 11.3 2,091.96

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Date Time Title Posts
18/12/201714:21Inmarsat...a new issue that is profitable, with a decent yield.2,802

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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 443.30p.
Inmarsat Plc has a 4 week average price of 439.40p 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 5,967,138 shares. The market capitalisation of Inmarsat Plc is £2,091,960,258.05.
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 .
bluemango: EchoStar buying Inmarsat is logical December 1, 2017 Satellite operator EchoStar, controlled by Charlie Ergen, is sitting on a cash pile of a huge $2.8 billion (€2.36bn), plus another $500 million of marketable securities, and is currently not doing anything with this ‘war chest’. Equity analysts at investment bank Jefferies have carried out a study to examine whether a hypothetical bid for Inmarsat might now make sense. Helping their rationale is a fall in Inmarsat’s share price which the bank says “now outweighs the evident dis-synergies and clunking industrial logic of a bid from EchoStar. The ‘earnings penalty’ from holding so much cash must now also be unbearable for EchoStar shareholders.” “We believe there is merit in doing the merger analysis. We conclude that a £10 per share offer balances all interests (though we estimate EchoStar could bid as high as £15 and still see year 3 Free Cash Flow per share accretion pre-synergies). Our analysis suggests the urge to finally ‘pull the trigger’ on an offer must be becoming overwhelming.” The bank stresses that its discussion is hypothetical and “is not based on non-public information / confirmation from the issuer or another party, and does not otherwise reference an impermissible rumour.” The bank adds that it could see EchoStar paying up to a 30 per cent premium for Inmarsat, or even more in order to secure the business. hTTp://
wskill: We have to go back to 2012 to see the share price at today's level .
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: It's a question of priorities and frankly I don't see that it's a priority to maintain the dividend that currently provides a yield of well over 8%.The priority is to grow the business and fund capex to gain a real foothold in a growth market.As I've mentioned before,even if they equalised the interim and final payments,cutting the final by a third,the yield would still be around 6.6%.The dividend is uncovered for the foreseeable future,that's the key.The yield is of little consequence in itself,if the share price was double the current level and the shares yielded a well above average of 4.25% ,the cash flow draining dividend would remain a concern.The management only woke up to the fact that they were paying an overly generous dividend quite recently.Unquestionably,bad planning.Companies,like Indivior (admittedly a very different company in a different market ) decided to stop all dividend payments to grow the business a year or so back.You might like to check out that share's performance since,as volatile as it is.
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.
eipgam: from the Alliance Trust newsletter... Inmarsat dividend to return to earth Yield still worth the risk despite growth threat Steven Frazer Shareholders in Inmarsat (ISAT) could face a payout freeze as the company grapples with investing for long-term growth versus bumpy free cash flow. The satellites network operator has increased its dividend payment by more than 4% in each of the past five years, with double-digit increases in two of those financial periods. Since 2013 free cash flow (FCF) has bobbed between $81m and $298.9m. It is anticipated to deliver $96.3m for 2016. Consensus forecasts for 2017 through to 2019 show free cash flow of $24.4m, $109.6m and $111.2m respectively. Dividends will cost the company between $245m and $264m per year over the same three years. ‘We believe that the market is pricing in continued growth in the dividend near-term,’ note UBS analysts Michael Hill and Polo Tang. ‘In our base-case scenario we expect Inmarsat – possibly at full year 2016 results – to stop growing the dividend until it is covered by equity free cash flow (EFCF).’ EFCF is calculated by adding net income, depreciation and amortisation and net borrowings together, then stripping out capital expenditure and working capital. ‘We believe this change in the dividend policy will allow Inmarsat to invest in its substantial long-term opportunities and avoid pressuring the balance sheet while EFCF generation is limited and uncertain,’ comment Hill and Tang. Growing pains Inmarsat has endured a tough past year with a patchy operating performance sparking increasing concerns over financing costs of its near $1.8bn net debt. The share price has almost halved since the start of 2016 to 638p. Headline trading showed some improvement during the third quarter to 30 September 2016. Revenue and EBITDA (earnings before interest, tax, depreciation and amortisation) increased 5.8% and 14% to $342m and $205m respectively, although almost all of the growth was down to its Ligado networks joint venture in the US (previously called LightSquared). There has been some improvement. Contracts with government agencies have increased modestly while Inmarsat’s aviation side has seen a swathe of agreements over the past three or four months. It has been signing airlines to its Global Xpress fleet to supply inflight broadband internet access. But the enterprise division continues to go backwards as does its maritime arm, worth 45% of group revenues. The latter ‘continues to be hindered by a sustained recession in the global shipping industry,’ according to analysts. Shares says: "Even if the payout is frozen the forward income yield would still stand out at 6.6%. On balance that looks attractive even if sentiment may make for a bumpy share price through 2017. "
Inmarsat share price data is direct from the London Stock Exchange
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P:42 V: D:20171218 22:27:52