Inmarsat (ISAT)

Company name:	Inmarsat Plc
Company Description:	A group engaged in the provision of global mobile and transportable broadband communication services via satellite and solutions across its main areas of maritime; aeronautical and land
EPIC:	ISAT	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B09LSH68
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.inmarsat.com	Description:	ORD EUR0.0005
Industry Sector:	MOBILE TELECOMMUNICATIONS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
548.40	-5.2 [-0.94]	548.20	548.60	550.60	553.80	548.00	1,143,420
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,542.28	463.58	-0.48	21.53	15.68	25.47	2.86	646.00 - 355.00

Inmarsat Key Figures

(at previous day's close)
Market Cap.	2,542.28	m
Shares In Issue	463.58	m
Prev. Close	553.60
PE Ratio	25.47
Dividend Yield	2.86	%
EPS - basic	21.53	p
Dividend PS	15.68	p
Dividend Cover	-
Cash Flow PS	122.08	p
Return On Equity (ROE)	9.30	%
Operating Margin	11.46	%
PEG Factor	-0.78
EPS Growth Rate	-32.50	%
Dividends PS Growth Rate	-36.75	%
Net Debt	2,780.00	m
Gross Gearing	73.41	%
Quick Assets	582.40	m
Net Working Capital	-55.52	m
Intangibles / Fixed Assets	18.90	%
Turnover PS	247.84	p
Pre-Tax Profit PS	28.40	p
Retained Profit PS	9.15	p
Cash PS	24.65	p
Net Cash PS	-121.54	p
Net Tangible Asset Value PS *	90.60	p
Net Asset Value PS	226.12	p
Spread	0.40 (0.07%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Inmarsat Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	553.80	540.40
4 weeks	553.80	538.00
12 weeks	555.00	524.80
1 year	646.00	355.00

Share Price Chart (5 years)

Inmarsat Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	542.80	5.60	1.03	540.40	2.14		547.41
4 weeks	538.00	10.40	1.93	538.00	3.15		545.03
12 weeks	547.00	1.40	0.26	524.80	4.73		540.19
26 weeks	418.40	130.00	31.07	355.00	3.90		499.10
1 year	544.80	3.60	0.66	355.00	3.35		502.85
3 years	730.00	-181.60	-24.88	334.30	2.87		575.54
5 years	735.00	-186.60	-25.39	334.30	2.21		645.93
† periods calculated are whole weeks rather than calendar months

Inmarsat Key Management Ratios

Inmarsat Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	4.74
PE Ratio	25.47
Tobin's Q Ratio	0.51
Tobin's Q Ratio (excl. intangibles)	0.61
Dividend Yield	2.86	%
Market-to-Book Ratio	2.43
Price-to-Pre-Tax Profit PS	19.31
Price-to-Retained Profit PS	59.93
Price-to-Cash Flow PS	4.49
Price-to-Sales PS	2.21
Price-to-Net Tangible Asset Value PS	6.04
Price-to-Cash PS	22.25
Net Working Capital PS	-11.98
Price Pct to Working Capital PS	-45.79	%
Earnings Yield	3.93	%
Average PE	13.75
Years in average	5
PE to PE average	185.24	%

Inmarsat Financial Ratios

(Leverage Ratios)
Debt Ratio	67.89	%
Debt-to-Equity Ratio	2.11
Debt-to-Equity Ratio (excl. Intgbl)	5.27
Debt-to-Equity Market Value	0.87
Net Gearing	70.51	%
Net Gearing (excl. Intangibles)	83.86	%
Gross Gearing	73.41	%
Gross Gearing (excl. Intangibles)	87.31	%
Gearing Under 1 Year	17.19	%
Gearing Under 1 Year (excl. Intgbl)	20.44	%
Assets/Equity	3.76
Cash/Equity	10.90
(Liquidity Ratios)
Net Working Capital to Total Assets	-1.41	%
Current Ratio	0.92
Quick Ratio (Acid Test)	0.86
Liquidity Ratio	0.17
Cash & Equiv/Current Assets	18.36	%
(Solvency Ratios)
Enterprise Value	4,645.24	m
CFO/Sales	0.49
CFO/Attributable Profit	5.81
CFO/Assets	0.14
CFO/Debt	0.20
Total Debt/Equity Market Value	1.14
Total Debt/Sales	2.52
Total Debt/Pre-Tax Profit	21.98
Total Debt	2,894.26	m
Total Debt/Net Current Assets	-52.13	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	9

Beta (60-Mnth)	Beta (36-Mnth)
-0.4811	-0.2059

Inmarsat Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	4.03	%
Return On Assets (ROA)	1.95	%
Net Profit Margin	8.48	%
Assets Turnover	0.23
Return On Equity (ROE)	9.30	%
Return On Investment (ROI)	2.36	%
Dividend Payout Ratio	74.07	%
Plowback Ratio	25.93	%
Growth from Plowback Ratio	1.95	%
Net Income Of Revenues	3.69	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.89
Fixed Assets Turnover	0.28
Current Assets Turnover	1.34
Net Working Capital Turnover
Inventory Turnover	27.16
(Other Operating Ratios)
Total Assets-to-Sales	4.35
Debtors-to-Sales	57.96	%
Debt Collection Period	211.54	Days

Inmarsat Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
07 Mar 2019	Final	USX	12.00	31/12/2017	31/12/2018	22/04/2019	23/04/2019	30/05/2019	20.00
02 Aug 2018	Interim	USX	8.00	31/12/2017	31/12/2018	13/09/2018	14/09/2018	19/10/2018	-
09 Mar 2018	Final	USX	12.00	31/12/2016	31/12/2017	19/04/2018	20/04/2018	25/05/2018	31.62
03 Aug 2017	Interim	USX	21.62	31/12/2016	31/12/2017	14/09/2017	15/09/2017	20/10/2017	-
08 Mar 2017	Final	USX	33.37	31/12/2015	31/12/2016	20/04/2017	21/04/2017	26/05/2017	53.96
04 Aug 2016	Interim	USX	20.59	31/12/2015	31/12/2016	15/09/2016	16/09/2016	21/10/2016	-
03 Mar 2016	Final	USX	31.78	31/12/2014	31/12/2015	12/05/2016	13/05/2016	27/05/2016	51.39
06 Aug 2015	Interim	USX	19.61	31/12/2014	31/12/2015	01/10/2015	02/10/2015	23/10/2015	-
05 Mar 2015	Final	USX	30.26	31/12/2013	31/12/2014	14/05/2015	15/05/2015	29/05/2015	48.90
05 Aug 2014	Interim	USX	18.68	31/12/2013	31/12/2014	01/10/2014	03/10/2014	24/10/2014	-
06 Mar 2014	Final	USX	28.82	31/12/2012	31/12/2013	14/05/2014	16/05/2014	30/05/2014	46.61
02 Aug 2013	Interim	USX	17.79	31/12/2012	31/12/2013	02/10/2013	04/10/2013	25/10/2013	-
07 Mar 2013	Final	USX	27.45	31/12/2011	31/12/2012	15/05/2013	17/05/2013	24/05/2013	44.39
03 Aug 2012	Interim	USX	16.94	31/12/2011	31/12/2012	03/10/2012	05/10/2012	25/10/2012	-
06 Mar 2012	Final	USX	24.96	31/12/2010	31/12/2011	16/05/2012	18/05/2012	25/05/2012	40.36
04 Aug 2011	Interim	USX	15.40	31/12/2010	31/12/2011	05/10/2011	07/10/2011	27/10/2011	-
07 Mar 2011	Final	USX	22.69	31/12/2009	31/12/2010	11/05/2011	13/05/2011	27/05/2011	36.69
06 Aug 2010	Interim	USX	14.00	31/12/2009	31/12/2010	29/09/2010	01/10/2010	29/10/2010	-
09 Mar 2010	Final	USX	20.63	31/12/2008	31/12/2009	17/03/2010	19/03/2010	01/04/2010	33.36
06 Aug 2009	Interim	USX	12.73	30/12/2008	30/06/2009	30/09/2009	02/10/2009	30/10/2009	-
13 Mar 2009	Final	USX	18.20	31/12/2007	31/12/2008	13/05/2009	15/05/2009	29/05/2009	30.33
06 Aug 2008	Interim	USX	12.13	30/12/2007	30/06/2008	24/09/2008	26/09/2008	24/10/2008	-
01 Mar 2008	Final	USX	17.35	31/12/2006	31/12/2007	07/05/2008	09/05/2008	23/05/2008	28.88
07 Aug 2007	Interim	USX	11.55	30/12/2006	30/06/2007	26/09/2007	28/09/2007	26/10/2007	-
25 Feb 2007	Final	USX	16.00	31/12/2005	31/12/2006	09/05/2007	11/05/2007	25/05/2007	26.66
02 Aug 2006	Interim	USX	10.66	30/12/2005	30/06/2006	27/09/2006	29/09/2006	27/10/2006	-
09 Mar 2006	Final	USX	10.95	31/12/2004	31/12/2005	03/05/2006	05/05/2006	26/05/2006	16.42
23 Aug 2005	Interim	USX	5.47	30/12/2004	30/06/2005	28/09/2005	30/09/2005	28/10/2005	-

Inmarsat Fundamentals

	31 Dec 2015 (USD)		31 Dec 2016 (USD)		31 Dec 2017 (USD)		31 Dec 2018 (USD)
turnover	1,274.10	100.00%	1,329.00	100.00%	1,400.20	100.00%	1,465.20	100.00%	m
pre tax profit	338.00	26.53%	299.20	22.51%	229.80	16.41%	167.90	11.46%	m
attributable profit	277.60	21.79%	242.80	18.27%	181.70	12.98%	124.20	8.48%	m
retained profit	53.90	4.23%	14.30	1.08%	-21.20	-1.51%	54.10	3.69%	m
eps - basic	63.00		54.00		40.00		27.00
eps - diluted	62.00		53.00		40.00		27.00
dividends per share	51.39		53.96		31.62		20.00

Inmarsat Balance Sheet

	31 Dec 2015 (USD)		31 Dec 2016 (USD)		31 Dec 2017 (USD)		31 Dec 2018 (USD)


	31 Dec 2015 (USD)		31 Dec 2016 (USD)		31 Dec 2017 (USD)		31 Dec 2018 (USD)
ASSETS
fixed assets	2,860.20	67.36%	2,971.40	61.35%	3,236.60	65.26%	3,352.70	66.68%	m
intangibles	772.00	18.18%	796.40	16.44%	788.90	15.91%	800.40	15.92%	m
fixed investments	12.10	0.28%	15.00	0.31%	17.60	0.35%	81.20	1.62%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	25.00	0.59%	34.30	0.71%	33.90	0.68%	50.70	1.01%	m
debtors	396.50	9.34%	761.40	15.72%	734.80	14.82%	597.00	11.87%	m
cash & securities	180.30	4.25%	264.80	5.47%	147.70	2.98%	145.70	2.90%	m

TOTAL	4,246.10	100%	4,843.30	100%	4,959.50	100%	5,027.70	100%	m

LIABILITIES
creditors - short	719.60	16.95%	748.90	15.46%	864.50	17.43%	864.20	17.19%	m
creditors - long	2,276.60	53.62%	2,854.10	58.93%	2,839.70	57.26%	2,826.70	56.22%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	2,996.20	70.56%	3,603.00	74.39%	3,704.20	74.69%	3,690.90	73.41%	m

EQUITY
ord cap, reserves	1,249.30	29.42%	1,239.70	25.60%	1,254.70	25.30%	1,336.00	26.57%	m
prefs, minorities	0.60	0.01%	0.60	0.01%	0.60	0.01%	0.80	0.02%	m

TOTAL	1,249.90	29.44%	1,240.30	25.61%	1,255.30	25.31%	1,336.80	26.59%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Inmarsat Cash Flow Statement

	31 Dec 2015 (USD)	31 Dec 2016 (USD)	31 Dec 2017 (USD)	31 Dec 2018 (USD)
Operating CF	705.50	770.90	760.10	721.70	m
Pre-Financing CF	244.80	-37.00	213.40	327.30	m
Retained CF	-29.70	86.80	-116.90	-4.30	m

Inmarsat Brokers

Name	Activity	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Commerzbank AG	Market Maker(MME)	Broker/Dealer	KLWT	DRESGB2LPST
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC