Inmarsat Share Discussion Threads

[m.t.glass] 19/8/2005 15:46

Yeh, saw that one. I guess there'll be dozens of them by next year.
Edit: Started a thread on that one too:

[andrbea] 19/8/2005 15:06

Thanks MT
There's another satellite player too on AIM

Gilat Satcom

[m.t.glass] 19/8/2005 14:30

-->andrbea - I've now opened a thread for SGH as there wasn't one

Incidentally I notice advfn's quotation page for SGH shows it capitalised at around £1600m instead of £16m ;o)

[andrbea] 19/8/2005 11:51

Tks Martinb

[martingb] 19/8/2005 11:25

Interims are on the 23rd.
Haven't found any news for the sudden rise.

Credit Suisse have reaffirmed their rating this morning - Neutral with 345p price target.

[andrbea] 19/8/2005 11:00

reasons for the rise, anyone?:
2 guesses:

- interims due soon (anyone have the date?). simply put (anf IMO) the ever-eastward coverage of BGan (to Asia & the Pacific + that contract in Brazil of late), should increase turnover over 2005

- perhaps fund manager buying ahead of the index change (Sept 19th) announced this week


"Other Index Changes

The other companies to join the index are Gaz de France SA, the French utility whose shares began trading last month; Gibraltar-based PartyGaming Plc, the world's largest online poker operator; Inmarsat Plc, which provides satellite phone services to trawlers and patrol boats; C&C Group Plc, the Irish maker of Tullamore Dew whiskey; and Stork NV, the largest Dutch maker of aircraft parts.

Index changes can affect stock prices because funds that mirror the benchmark buy shares of new members and sell those that exit. About 6.3 billion euros ($8.2 billion) tracks the Stoxx 600, according to Citigroup Inc. figures. "

[andrbea] 19/8/2005 10:26

Xantic introduces VoIP for Inmarsat destinations

[martingb] 19/8/2005 09:29

Good to see a blue morning for once!

12.5p up already!

[kashifi] 18/8/2005 19:46

Post Removed By ADVFN !!

[andrbea] 18/8/2005 10:28

quote from strados:

Added Mr. Parm, "The addition of Xantic significantly expands our geographic and vertical market presence, and the extensive skills and experience of Xantic's staff will be an asset as we continue to rollout new advanced data services, such as high-speed BGAN data service, to better serve the critical remote communications needs of our customers. Finally, our expanded scale will drive operational synergies, an improved cost structure, and create value for our shareholders."

[andrbea] 18/8/2005 10:25

confirming what was posted by someone else:

"Effective with the open of European markets on September 19, 2005, the following six stocks will be added to the Dow Jones STOXX 600 and its respective size and sector indexes: GAZ DE FRANCE (France, Utilities), PARTYGAMING (Great Britain, Travel & Leisure), INMARSAT (Great Britain, Telecommunications), LUNDIN PETROLEUM (Sweden, Oil & Gas), C&C GROUP (Ireland, Food & Beverage) and STORK (Netherlands, Industrial Goods & Services).

Companies exiting the index are: HENDERSON GROUP (Great Britain, Financial Services), COOKSON GROUP (Great Britain, Industrial Goods & Services), DAIRY CREST GROUP (Great Britain, Food & Beverage), AMLIN (Great Britain, Insurance), OMX AB (Sweden, Financial Services) and M-REAL-B (Finland, Basic Resources).

[andrbea] 18/8/2005 10:17

stratos pact:

[whipround] 17/8/2005 09:08

Ftse 350 committee quarterly meeting takes place on September 9th, when Inmarsat should be included within the 350.

[martingb] 17/8/2005 08:08

Full Moody's press release:

MOODY'S UPGRADES RATINGS OF INMARSAT HOLDINGS LIMITED (CORPORATE FAMILY
RATING TO Ba3 FROM B1) AND SUBSIDIARIES; OUTLOOK CHANGED TO POSITIVE (FROM
STABLE)

Approximately USD 760 million of Long-Term Debt Instruments Affected


London, 16 August 2005 -- Moody's Investors Service has upgraded the debt
ratings for Inmarsat Holdings Limited ("Inmarsat" or the company). This
concludes the review dated June 2, 2004 which followed the company's
announced intention to complete a $645m initial public equity offering.
The proceeds have been applied to reduce debt and to fully redeem the
Subordinated Preference Certificates.

The upgraded ratings are as follows:

Inmarsat Holdings Limited

- Corporate family rating to Ba3 (from B1)

Inmarsat Finance plc (gtd. by Inmarsat Group Limited)

- US$ 244 million 7.625% senior notes and the US$ 67 million 7.625%
senior notes (both due

2012) to B1 from B2

Inmarsat Finance II plc (gtd. by Inmarsat Holdings Limited)

- US$450 (face-value) million 10.375% senior discount notes (due 2012) to
B2 from Caa1

The outlook for the ratings is positive.

The upgrades acknowledge both the reduction in Inmarsat's debt levels
following the application of $645 million of equity issue net proceeds
and the company's commitment not to return to the previous higher debt
levels.

Proceeds from the IPO have been used to repay the Euro denominated
Subordinated Preference Certificates (approximately $360m) owned by
shareholders and to redeem 35% of the Senior Notes ($180m). The previous
$975m senior credit facility has been financed with drawings ($250
million) under a new $550m senior credit facility, cash on balance sheet
and remaining IPO proceeds. Moody's recognizes that as a result of the
IPO, Net Adj. Debt (adjusted for leases and satellite incentive payments)
/ EBITDAR would have been 3.8 times pro forma for the transaction on a
March 31 LTM basis (vs. 4.7 times). Interest expenses will also be lower
as a consequence.

The upgrade on the Senior Discount Notes also reflects the significant
reduction in debt ranking ahead of them but the instruments remain
structurally subordinated to all obligations of the subsidiaries of
Inmarsat Holdings Limited.

However, Moody's also notes the company's decision to pay a material
dividend going forward (based on paying out at least 50% of normalized
free cash flow annually), which will constrain the company's near-term
ability to achieve further debt reduction in absolute terms. IPO proceeds
have been down-streamed to Inmarsat Investments Limited to repay the
Senior Credit Facility and to claw back 35% of Senior Notes. This has
increased the Restricted Payments Basket available for Inmarsat to pay
dividends which had previously been limited to 50% of cumulative net
income. Moody's expects that the stated dividend policy will not allow
Inmarsat to generate free cash flow (after capex and dividends) before
2007 at the earliest when the company's current investment cycle comes to
an end.

The positive outlook reflects potential for a positive ratings development
over the next six to eighteen months depending amongst other things on
the successful launch of the second I-4 satellite, the successful
initiation of the company's broadband global area network and effective
cost control. The increased bandwidth of the I-4 satellites will be used
to provide mobile broadband services globally, at speeds of up to 0.5
Mb/s.

The ratings also continue to reflect risks from (i) Inmarsat's dependence
on third-party distributors for the sale of end-services and a
substantial revenue concentration with respect to the company's
distributors (the top five distributors accounted for ~87% of revenues
in 2004); limited visibility regarding the pricing and demand for the
company's next generation of services and incremental capacity (BGAN
services); and overall uncertainties with respect to longer-term
competitive and regulatory developments within the mobile satellite
services (MSS) market.

Positively, the ratings continue to reflect Inmarsat's overall leading
position in the mobile satellite communications industry and particular
strength in the maritime and data sectors of the market; the company's
stable historic financial performance and a strong service and
operational track record; an established satellite fleet and distribution
network which provides an array of MSS services; the customer stability
afforded by Inmarsat's large installed customer base; and substantial
overall barriers to entry.

Moody's expects Inmarsat's strategy to remain focused on exploiting the
growth momentum in its existing data business, on the BGAN roll-out and
attendant opportunities to limit the further decline of its voice
business and on the further development of its capacity leasing business.
The agency would further expect that the pursuit of additional
opportunities over the medium term such as a possible entry into the
market for hand-held voice devices and a push for aero passenger
connectivity revenues would be largely funded from internal resources and
in any case not result in a deterioration of EBITDA-based leverage
measurements.

Headquartered in London, Inmarsat is a leading provider of global mobile
satellite communication services. For the twelve months ending 31 March
2005, the company reported revenues of approximately US$ 484.6 million
and EBITDA of US$ 315.7m.

[martingb] 17/8/2005 07:59

ISAT has been added to DJ Stoxx 600 index effective Sept 19.
Awaiting more announcements to it being added to other indicies.

[m.t.glass] 16/8/2005 22:33

LONDON (AFX) - Moody's Investors Service said it has upgraded Inmarsat Holdings Limited's debt ratings to Ba3 from B1, and the outlook to positive from stable, following a reduction in its debt levels.

The upgrades conclude a review started on June 4.

Moody's said the positive outlook reflects potential for a positive ratings development over the next six to eighteen months depending amongst other things on the successful launch of the second I-4 satellite, the successful initiation of the company's broadband global area network and effective cost control.

cml

[whipround] 16/8/2005 11:12

What doesn't?

[andrbea] 16/8/2005 09:48

haha whipround

beats Woman's Realm.. :-)

[whipround] 16/8/2005 09:09

You do read some obscure journals andrbea

[whipround] 15/8/2005 10:15

Interesting. Possible vertical integration in the future? Telenor owns about 10% of Inmarsat.

[andrbea] 15/8/2005 09:32

Stratos to Acquire Xantic, Creating the World's Leading Remote Communications Provider


/......
"For some time, we've anticipated consolidation in the mobile satellite
services sector, and our strategy has been focused on ensuring that Stratos
leads that consolidation," said Jim Parm, Stratos' president and chief
executive officer. "Today, I'm pleased to announce that we have successfully
executed on that strategy. With the acquisition of Xantic, we will be even
better positioned to deliver enhanced service for our customers and additional
value for our shareholders."
Added Mr. Parm, "The addition of Xantic significantly expands our
geographic and vertical market presence, and the extensive skills and
experience of Xantic's staff will be an asset as we continue to rollout new
advanced data services, such as high-speed BGAN data service, to better serve
the critical remote communications needs of our customers. Finally, our
expanded scale will drive operational synergies, an improved cost structure,
and create value for our shareholders."

[andrbea] 13/8/2005 08:44

jugu
I reduced my iqe holding gradually betwen 2002 and now
saw other shares as being faster risers

I think intel, cisco, arm and iqe are all in the same boat
squeezed margins, more competition, less profit

but if the Internet truly takes off in China (the new IT bubble, they say) and mobile sales rise in say China and India maybe things will pick up in the chip sector.