Research, Charts & Company Announcements
Research Tree offers INMARSAT PLC research coverage from 1 professional analysts, and we have 5 reports on our platform.
Our simple but effective charting function allows for a quick scan of INMARSAT PLC's performance over multiple time horizons.
|18/10/2016 16:30:05||London Stock Exchange||Additional Listing|
|07/10/2016 07:00:07||London Stock Exchange||Inmarsat Capital Markets Day|
|30/09/2016 08:41:30||London Stock Exchange||Total Voting Rights|
|23/09/2016 13:46:29||London Stock Exchange||Inmarsat Capital Markets Day 2016|
|22/09/2016 10:27:37||London Stock Exchange||Scrip Reference Price|
|20/09/2016 16:41:07||London Stock Exchange||Holding(s) in Company|
|16/09/2016 07:00:05||London Stock Exchange||Successful $400m bond offering announced|
Frequency of research reports
Research reports on INMARSAT PLC
Providers covering INMARSAT PLC
Capital Markets Day update
07 Oct 16
Inmarsat had its capital markets day during which management provided an overview of the satcom market, with a quick analysis of supply, demand and technology. Management then made two complete presentations focusing on the Maritime and Aviation markets. No financial details were given as the company has already entered into its quiet period, preceding the 3 November Q3 results. All in all, no game-changing information was provided during the presentations and management confirmed its confidence in its ability to deliver growth in the future. At the end of the presentation, the share price was up c.1.5%, at 710p.
Reassuring H1 16
04 Aug 16
Inmarsat released positive first half results. For the first half, revenue reached $629m, up 2.1% and slightly above the $626.5m of consensus. EBITDA reached $368.4m (58.6% margin, up 3 points yoy) while net profit was $122.4m, down by $9.2m due to increased depreciation caused by the GX constellation entry into full commercial service in 2015. For the second quarter, revenue reach $330.4m, up 6.1% and slightly above the $322.5m consensus. EBITDA reached $202.2m (61.2% margin, up 7.9 points yoy). At 30 June 2016, net debt stood at $1,923.9m vs $1,985.8m in December 2015. The company re-iterated its financial guidance. In line with its dividend growth policy, the board announced an increased interim dividend of 20.59 cents per share for 2016 (vs 19.61 cents in 2015). Inmarsat announced it had landed a third major contract for which Navarino, a provider of satcom solutions to the merchant market, commits over 1,200 vessels onto the new Fleet Xpress service during a 6-year period. This will add to the 4,000 vessels won in June 2016 thanks to the Marling and SpeedCast agreements (see our 14 June Latest). The company also announced the lifting of the stop-work order issued on the US Navy contract due to a bid protest filed on the initial award.
Significant increase in Fleet Xpress customer base
14 Jun 16
Inmarsat announced, one after the other, the landing of two contracts in the Maritime business: On 10 June, a take-or-pay capacity leasing contract with Marlink, the world’s leading maritime communication and maritime VSAT operator, which will bring more than two thousand vessels to Inmarsat’s new Fleet Xpress services over a five-year period. On 13 June, a two-way partnership with SpeedCast International, a provider of high-speed broadband connectivity to the maritime industry, under which Inmarsat agrees to provide its Fleet Xpress services to another 2,000 vessels while Speedcast agrees to enable Inmarsat to utilise its global Ku-band network for its Xpress link customers. The new Fleet Xpress services went operational in March 2016 and will deliver dual capability of high speed, high Ka-band capacity services based on the GX constellation, together with the FleetBroadband L-band services.
Disappointing Q1, downward review of management guidance, brutal market reaction
09 May 16
Inmarsat released quite disappointing Q1 figures and lowered its revenue projections for the full year. The company reported revenues down $6.2m yoy (-2.0%), at $298.6m. EBITDA fell 6% at $166.2m (vs $176.8m in Q1 15), with the EBITDA margin decreasing slightly from 58% to 55.7% translating mainly the negative trend in the maritime activity. Net profit was down 41.1% at $45.6m (vs $77.4m). The 2016 guidance has been revised downward, to a range of $1,175m to $1,250m (excluding Ligado) vs $1,225-1,300m. Ligado’s revenues are now expected to increase to approximately $108m, $111m and $118m in respect of 2016, 2017 and 2018. However, the company reminded that the cash payments from Ligado in later periods continue to be uncertain, as it relies on the success of Ligado as well as the still-pending FCC approval.
Satellite technologies brightening but more capex-consuming and offered by more competitors
03 Mar 16
FY 15 results released Perfectly in line with AlphaValue's forecasts. Revenue +$1,274m (stable at cc and lfl), driven mainly by growth from Aviation, Enterprise and LightSquared but with continuing weakness in government expenditure across the globe. Maritime revenues were little changed, with strong growth in two key products, FleetBroadband and XpressLink, continuing to be offset by the decline in the non-core legacy product. EBITDA +$25m at cc (with LightSquared up $13.2m to $88.6m +17.5%), thanks to lower costs as the impact of the improved product mix more than offset the additional costs incurred to deliver the new opportunities in Aviation and to support the new GX infrastructure. Net profit $282m -$59m FY 15 dividend proposed: up 5%.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
Nvidia opens doors, weak PNDs slam them
21 Oct 16
TomTom reported Q3 revenues of €239.3m, down 5.9% yoy and 9.8% sequentially. Consumer decreased by 15% yoy to €137.1m, representing the biggest down-mover. Automotive’s top-line grew by 20.4% to €31.3m, Telematics by 14.8% to €36.5m, while Licensing showed some weakness (€34.4m, -2.3%). The gross margin came in at 60.4%, up 730bp yoy, while the EBIT margin lost 150bp to 0.4% (€1m). EPS came in at zero and adjusted EPS at €0.05. Despite the weak market conditions in Consumer, the company re-iterated its adjusted EPS guidance for FY16 of around €0.23, while the revenues are now estimated to be around €980m, down from €1,050m.
N+1 Singer - Vislink - $16m VCS sale restores balance sheet; Software strategy from here
20 Oct 16
It was announced today that xG Technology has entered into a binding agreement to acquire VCS, Vislink’s hardware division, for $16m. If the transaction completes, Vislink will be left substantially debt free and will be on course to execute its software transition strategy with Pebble Beach. On a standalone basis, we have forecast Pebble Beach revenues of £12.0m for the year to Dec 2016 and adjusted EBIT of £3.6m. We also forecast central overheads of £2.6m in Vislink, but with the disposal of VCS, there should be scope for this to come down. Assuming continued good trading for Pebble Beach, we see further upside to the shares reflecting the good growth, high margin nature of the business.
Que viva Espana !
25 Oct 16
Q3 revenues have grown organically by 0.8% yoy. This is quite a good performance, slightly better than the market’s expectations. Remember, revenues had increased by 0.3% during H1 (they were even stable in Q2). Growth was remarkable in Spain (+7.8%), led by mobile services and mobile equipment sales, while the growth in fixed broadband continued to be strong with the success of fibre (1.4m customers at end September). In France, revenues declined by only 0.6% yoy, the impact of roaming being completely offset by a clear improvement in the mobile trend. EBITDA rose by 1.6% yoy to €3.6bn (corresponding to a margin of 31.3%), mainly tied to revenue growth: a good performance as it was merely stable during H1. The group has confirmed the objective for the full year of a higher EBITDA in 2016 than in 2015 on a comparable basis. With no surprise, the group plans to propose the payment of a dividend of €0.60 per share for 2016.
No fireman seems to be willing to extinguish the fire
21 Oct 16
Ericsson reported sales of SEK51.1bn, a decrease of 13.7% yoy, which was expected after the profit warning on 12 October. On a comparable basis (comparable units and currency), however, the decline was 7%. Every region but SE Asia displayed a decrease, the sharpest being once again in the Middle East (-25%). Networks fell by 19% yoy (SEK23.3bn), Global Services by 8.3% (SEK24.8bn) and Support Solutions by 10.9% (SEK2.9bn). The gross margin, excluding restructuring charges, decreased yoy by 490bp to 29.4%, due to an unfavourable mix. The operating margin was therefore negatively impacted yoy, losing 790bp at 0.7% (710bp excluding restructuring). The EPS came in at SEK-0.07, corresponding to a 106% decline yoy. As a consequence, the company announced an intensification of its restructuring effort in the short term as a way to offset the sales decline. However, the weak market conditions are expected to remain in the short term.
Consensus eps falling…falling…falling…rising 2.0
29 Apr 16
In January we screened for companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 22 January 2016). We have reviewed the performance of those companies and, given the overall strength of this selection, we have re-run the screen. In the c.3 months since selection, the unweighted average rise was c.34% against a c.11% rise in the main All-Share index. From the same universe as before (some 900 companies) we find 38 companies selected by the screen. We note a number of stocks in the list where we have a supportive stance including: Devro (DVO LN, Buy), James Fisher (FSJ LN, Corporate), Mattioli Woods (MTW LN, Buy) and Spirent Communications (SPT LN, Buy).