Dividend Kings

Our themes are based on investment strategies

The Dividend Kings theme explores the equity research and video content we have for stable dividend paying companies. What rules do we use? Uk-listed companies with: Current Dividend Yield greater than 4% | 5-year net Dividend Growth Rate greater than 4% | Latest Dividend Coverage Ration greater than 1.2x  


Dividend Kings

This theme explores equity research and video content we have for stable dividend paying companies. 

Uk-listed firms with dividend yield > 4%, 5-year net dividend growth rate > 4%, and latest Dividend Coverage Ration greater than 1.2x  

Latest Content

Stronger than expected Q4 results

  • 08 Mar 17

Inmarsat released a mixed bag of full-year results, marked by a solid Q4, the lowering of the 2018 outlook and outstanding cash generation. Results For the full year: Revenue reach $1.33bn, in line with guidance but 2% above the consensus. EBITDA reached $795m, 4% above market expectations. Net income was $243m, in line with market expectations. The fourth quarter was strong, with a 7% increase in revenue and a 9.2% increase in EBITDA, driven by very strong growth in Government and Aviation services, partly offset by a slight decline in Maritime and, unsurprisingly, a stronger decline in Enterprise. Lastly, the board proposed a final dividend increase of 5% to $0.34 per share. Revised outlook The company revised its 2018 guidance downward from the previous $1,450-1,600m range (excluding Ligado) to a new $1,300-1,500m, arguing that there will be pressure on customer expenditure, increasing competition and the arrival of fresh capacity in some of the company’s markets. This new guidance is in line with current market expectations (c.$1,389) as well as AV’s forecasts ($1,335m). On the other hand, the group gave a new $1,200-1,300m guidance (excluding Ligado) for 2017. This is in line with our forecasts ($1,226m) and the market’s expectations (c.$1,270m). All other management forecasts stay unchanged, including the $500-600m capex guidance for 2017-18, annual GX revenues of $500m by the end of 2020 and the 3.5x maximum leverage. Lastly, management also reminded that EBITDA margins were to be negatively impacted by a ramp-up of the lower-margin In-Flight Connectivity (IFC) business. Other developments The group confirmed the expected IFC deal with IAG this morning. The airline group will be Inmarsat’s launch customer for its European Aviation Network (EAN) and plans to equip over 300 aircraft with broadband services, aiming to have 90% of its short-term fleet completed by early 2019. The group also expects to be able to launch the I-5 F4 satellite by the end of April, to provide in-orbit redundancy and additional growth opportunities.


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