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 Shares Traded Last Trade
  0.00 0.0% 544.40 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
544.40 545.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 1,148.95 131.66 21.17 26.1 2,524
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 544.40 GBX

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Date Time Title Posts
08/1/202012:21Inmarsat...a new issue that is profitable, with a decent yield.4,007

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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 544.40p.
Inmarsat Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 596p while the 1 year low share price is currently 538.40p.
There are currently 463,580,610 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Inmarsat Plc is £2,523,732,840.84.
steeplejack: I see that Cobham makes the Sundays with the family objecting to the opportunistic bid by private capital outfit Advent.Hopefully,this will open up a debate about what’s going on.Admittedly,Inmarsat didn’t call repeatedly on shareholders to provide emergency funding.However,ISAT did display a facile misunderstanding of its cash flow requirements as it struggled to balance competitive pressures in shipping whist trying to develop flight broadband.It was forced to do a volte face with an overly generous dividend policy which(along with over generous remuneration packages)contributed in part to a depressed share price that left it vulnerable to an opportunist bid approach.I find it extraordinary that institutional shareholders voted in favour of the bid for Inmarsat at this knock down price. As Bloomberg commented back in March,”Private equity offers can be appealing to managers of target companies as they can include financial incentives and give executives the opportunity to keep running the company”. Apax treated an undeserving ISAT management to windfalls when it floated the company in 2005 and has probably promised further treats after the planned delisting which will occur 15 years later.ISATs 15 year operational performance during the listing period has been mediocre at best but management have been handsomely rewarded from the outset.Beggars belief. 16 July FT ... “Competition watchdog to probe $6bn Inmarsat private buyout” Bit late methinks but who knows.
dexdringle: Unless they thought there was a counter bid coming, given that the share price is about equal to the offer price, why would anyone buy these now ?
steeplejack: The company is clearly facing a cash flow problem.The management appear to lack business acumen in that they unwittingly paid dividends that they simply couldn't afford and then cut them dramatically in a damascene experience.The feeling seems to be that Echostar (and others)are not in a position to counter the PE bid.The share price is not overly optimistic.As for Inmarsat management,they're happy to learn that their HQ will remain in the UK and that there won't be a widespread redundancy programme.One should bear in mind that Inmarsat management are far from popular with shareholders.Last year,they had to change their overly generous remuneration in response to shareholder pressure.Private ownership might be a bit of a godsend for a rather incompetent but avaricious crew but shareholders might have one more surprise for the management.
steeplejack: You're right.Sadly,the management are sitting tenants of sorts.The failure of management has reduced the share price to a level that attracts an opportunist bid at a level dismissed as ridiculous when Echostar made its approach.All you can hope is,that Echostar might counter.However,I imagine that the UK Government might quite like ISAT becoming private and slipping out of public view.This Deal has probably been given a nod and a wink.
steeplejack: Below are extracts from FT Alphaville today.I’ve tried to make the blog as readable as possible.Lengthy but worth scanning. Inmarsat PLC (ISAT:LSE): Last: 516.60, up 78.8 (+18.00%), High: 516.80, Low: 500.76, Volume: 11.77m Seems this was the UK takeover that's been muttered about for a while now, so everyone can stand down. Course, if Inmarsat had told us about it six weeks ago when the approach arrived, there wouldn't have been quite so much gossip around ...... And there was speculation around in the press -- -- just that it was pointed towards trade rather than PE. Anyway. Let's recap where we are. I'll let Goldman do it ..... Following press reports (FT) about a potential PE offer, Inmarsat has confirmed it received a non-binding proposal from a PE consortium on 31 January regarding a possible cash offer at $7.21 (equates to 542p at 1.33 FX), a c24% premium to March 19 closing share price (438p). We note the PE consortium now has until 16 April to make a firm offer. ISAT notes the proposal remains under discussion between ISAT and the PE consortium. Among the bid consortium, Apax is the most interesting name. Firstly because Apax used to own Inmarsat. Secondly, because its owns Marlink, which sells Inmarsat satphones for boats. It's one of the key distributors. Which makes this look relatively friendly, potentially. Which is a point Exane makes...... We think Inmarsat's management is likely to favour a takeprivate bid (vs. a take-over scenario) especially if it comes with the strategic benefit of closer integration with Marlink. Course, against that we have to spin back to the robust rejection Echostar was given just eight months ago. Its bid being 532p, of which 265p was cash, so basically no different in terms of headline valuation to the PE one. Roidster One just raised may come in ...thoughts? "If you engage at a level that's way below what you think is the right level, all you're doing is signaling weakness and a willingness to trade value below fair value"; "And after all, we're not for sale. We don't feel weak about our future and we don't feel the need to engage in a merger even with somebody in our industry at this point in time. We don't think that will drive exceptional value for shareholders beyond the value they've paid on the way into that kind of environment. So, that's why we did not engage". That was Inmarsat's CEO in August. Next, we have to examine the conspiracy theory angle. Here's Jefferies: The decision to unilaterally disclose the Consortium's six-week-old non-binding cash bid, almost identical in value to the rejected 3-Jul-18 EchoStar bid, feels like a well-advised "stalking horse" that could well now result in a revised bid (from either suitor). Except it wasn't unilaterally disclosed. It was in response to a specific report, so that doesn't quite work. And to follow that, we need to get knee deep in the binary value around Ligado (the former Lightsquared, messes with GPS, you remember) and strategic value to Charlie Ergen .....
gambo555: tHIS IS VERY STRANGE - YESTERDAY AND TODAY SHARE PRICE IS MOVING(sorry for caps) and showing as low trades - then all of a sudden its 700,000. This share price did the same thing before the previous bid was announced - loads of smallish trades - and the share price moves up - yesterday and today - far higher than the average 3m. showing more sells than buys and yet the price is up. I just wonder if this is doing the same thing prior to the June bid - lots of trading with small volumes...HMMMM may only be a theory - but I think something is afoot - well wait and see eh?? GLA
zcaprd7: From FT:YESTERDAY Inmarsat, the UK satellite group, has rejected a multibillion takeover offer from EchoStar, a US peer founded by billionaire Charlie Ergen, in a sign that cross-border consolidation may ramp up in an industry that has been unnerved by falling profits and share prices.London-based Inmarsat said it had received "a highly preliminary and indicative non-binding proposal from EchoStar Corporation in relation to the potential acquisition of the entire issued, and to be issued, share capital of Inmarsat."Inmarsat, headquartered at Old Street roundabout, said it had rejected the proposal, which "significantly undervalued" the company. It added: "The board remains highly confident in the independent strategy and prospects. The statement came in response to earlier reporting by FT Alphaville, which prompted a sharp rise in the company's share price. Inmarsat shares climbed 13.5 per cent on Friday in London, giving it a market value of £2.15bn. Including the company's more than £1.7bn of debt, a deal could likely give Inmarsat an enterprise value above £4bn. Inmarsat has long been seen by analysts as vulnerable to a bid from a regional satellite operator looking to stitch together spectrum licences, particularly as earnings deteriorated. In recent years, the decline in its share price has also knocked it out of the FTSE 100 large-cap index and into the FTSE 250 index for mid-sized groups. The group, which takes the majority of revenue from its shipping business, also rents its spectrum to Ligado Networks, a US hybrid network that plans to launch in competition with EchoStar and Dish Network, Mr Ergen's sister company. In May, shares in Inmarsat dropped more than 10 per cent after news that it would no longer have a monopoly on international maritime distressed communications. Stress in the shipping industry has led to a shrinking market for broadband terminals, which has also hurt Inmarsat's performance. Almost 7 per cent of the company's free-floating equity are on loan to hedge funds, including AQR, who are betting against a rise in Inmarsat's stock price. Analysts have discussed the likelihood of a takeover approach by EchoStar for more than a year. "The fall in the Inmarsat share price now outweighs the evident dis-synergies and clunking industrial logic of a bid from EchoStar," analysts at Jefferies wrote in December. EchoStar did not immediately respond to a request for comment. Under UK Takeover Panel rules, EchoStar has until July 6 to make a firm bid for Inmarsat or to walk away for six months. Mr Ergen, a former professional poker player and self-described avid mountain climber, is a veteran in the media and telecoms industry with a reputation for being a cut-throat operator. In 1980, he founded EchoStar with his friend Jim DeFranco, with the goal of providing rural Americans satellite service. The company grew, and in 1996 it launched Dish, which beamed cable channels to TVs across the country. The groups ultimately split in two. The billionaire's nose for dealmaking continued. In 2013 he launched a bid to take wireless carrier Sprint Nextel private for more than $25bn, but Dish ultimately pulled out after a bidding war with SoftBank. Two years later he held talks with T-Mobile USA on a possible deal that would see Dish buy out the wireless group. Negotiations between Dish and T-Mobile later broke down. EchoStar has a market value of $4.5bn, with its shares falling 0.6 per cent by midday in New York. Inmarsat provides satellite communications services for industries ranging from maritime to military use and aviation. The company has also sought to expand in providing in-flight Wi-Fi to consumers. Its core business is providing connectivity to ships, aeroplanes and hard-to-reach places around the world. Inmarsat has faced competition from new entrants, such as SoftBank-backed OneWeb, as well as tech giants such as Google, which are looking to provide connectivity to far-flung corners of the world. The bid by EchoStar follows an attempt last year by Japan's SoftBank merge Intelsat, the heavily indebted commercial satellite operator, with OneWeb. The deal between the two companies fell through.
wskill: No one thinking that there is a ew found strength in the isat share price are the hedges closing this 5% short positions. I think we have a buyer accumulating stock and building a position as certainly swimming against the tide today.
stun12: chancer, I don't really see the link between share price and dividend that you're making - either the divi is sustained and the lower share price just increases the yield or the divi is cut in which case the yield remains roughly the same in line with the lower share price. Since the divi is a conscious company policy based on earnings and profitability, the share price is unconnected. ISTR that the divi exceeds free cash flow, but that ISAT has defended this policy given expected future earnings.
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.
Inmarsat share price data is direct from the London Stock Exchange
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