Galvan rated ISAT a buy at 695p on 11/2/2011 when Harbinger Capital Partners sold its remaining 14% stake in Inmarsat.

StockMarketWire.com
Inmarsat has announced that Alcatel-Lucent has become a technology partner for the development of a new, fully integrated telecommunications network to deliver high-speed broadband services to commercial and business aviation passengers across the European Union.

The unique network, which places Europe at the forefront of passenger aviation connectivity, is scheduled to enter commercial service by the end of 2016.

The new network represents two world-beating achievements for Inmarsat and its partners. It will be the world's first truly hybrid aviation network, consisting of an S-band satellite (Europasat), constructed by Thales Alenia Space, and a Europe-wide S-band ground network. Over the integrated network, based on state-of-the-art LTE technology and access to sufficient spectrum resources, Inmarsat will be offering airlines the world's fastest in-flight broadband connectivity service with speeds up to 75Mbps, far in excess of the limited capabilities of North American ATG systems.

Alcatel-Lucent and Inmarsat will work together to develop the ground infrastructure component of the new Europe-wide network. Alcatel-Lucent has proven expertise in the development of 4G LTE-based air-to-ground technology and was the world's first company to field trial this technology in 2011. The initial contract awarded to Alcatel-Lucent will see the global telecommunications equipment company adapting their existing 4G LTE technology to support the S-band spectrum.

StockMarketWire.com
Inmarsat will announce its preliminary results for the 12 months ended 31 December on 5th March 2015.

London, UK: 5 March 2015. Inmarsat plc (LSE: ISAT.L), the leading provider of global mobile satellite communications services, today provided the following information for the twelve months ended 31 December 2014.

Full Year Financial Headlines
· Total revenues $1,285.9m (2013: $1,261.9m)

o Maritime up $70.8m to $595.6m (+13.5%); underlying growth (excl. acquisition) +3.2%

o Government down $88.4m to $319.9m (-21.7%)

o Enterprise down $54.9m to $166.7m (-24.8%); underlying growth (excl. disposal) +6.2%

o Aviation up $27.7m to $101.1m (+37.7%)

o $75.4m from LightSquared (2013: $12.3m)

· Wholesale Mobile Satellite Service (MSS) revenues $791.4m, up 3.8% (2013: $762.4m)

· EBITDA1 $701.0m (2013: $648.8m)

· Profit after tax $341.1m (2013: $102.6m)

· Final dividend increased by 5% to 30.26 cents/share (2013: 28.82 cents/share)

Business Highlights
· Global Xpress (GX) commercial services started on Inmarsat-5 F1 on 1 July 2014; I-5 F2 launched successfully on 1 February 2015

· European aviation network programme announced; first MSS and ground licences acquired

· Acquisition of Globe Wireless, disposal of retail energy related assets and 19% stake in SkyWave

· Issue of $1 billion of 4.875% Senior Notes due 2022

· Innovative new products and services launched across all Business Units

Fourth Quarter Financial Headlines
· Total revenues $333.0m (2013: $314.8m)

o $18.5m from LightSquared (Q4 2013: $2.4m)

· Wholesale Mobile Satellite Service (MSS) revenues $211.8m, up 9.0% (2013: $194.4m)

· EBITDA1 $165.3m (2013: $150.9m)

StockMarketWire.com
Inmarsat has announced that it will report Results for the 3 months ended 31 March 2015 on Wednesday 6th May at 07.00 hrs GMT.

The company will host a conference call to discuss the results at 08.30 hrs London time.

StockMarketWire.com
Inmarsat reports a solid trading for the three months to the end of Mach and remains on track for the launch of a third GX satellite.

Total revenues fell to $304.8m - down from $344.7m a year ago.

This comprised: Maritime up $1.6m to $149.8m (+1.1%); Government down $12.7m to $66.8m (-16.0%); Enterprise down $5.5m to $38.9m (-12.4%); underlying growth (excl. disposal) +6.9%; Aviation up $4.9m to $27.1m (+22.1%); revenues from LightSquared down $27.8m to $17.5m (Q1 2014: $45.3m).

Wholesale Mobile Satellite Service (MSS) revenues rose to $198.2m, up 3.5% (Q1 2014: $191.5m). Total EBITDA fell to $176.8m (Q1 2014: $209.9m) and profit after tax fell to $77.4m (Q1 2014: $100.2m).

Chief executive Rupert Pearce said: "This was a solid quarter of trading, although starting slowly, in particular in Maritime and certain Government contracts. However momentum developed well towards the end of the period, especially in Maritime, with strong growth in FleetBroadband subscribers and ARPU as well as XpressLink installations. We remain confident about the underlying growth and margin trends across all of our business units, and that we will deliver our wholesale MSS revenue target for 2015 and beyond.

"Our third GX satellite, I-5 F3, has been shipped to Baikonur and is on track for launch in early June. We now expect commercial launch of global GX services mid-to-late in the third quarter, which is slightly later than originally planned but does not change our expectations for GX revenue growth in 2015 or over the longer term.

"There was significant progress in Aviation in the quarter, with several major new cabin connectivity contracts in advanced stages of negotiation, and the S-band licence acquisition process moving forward well. Plans for developing our air-to-ground network are also progressing well."

StockMarketWire.com
Inmarsat has confirmed that the launch of Inmarsat-5 F3 has been delayed.

According to an announcement by Inmarsat's launch partner, ILS, the Proton Breeze M rocket carrying the Centenario satellite suffered a disabling anomaly during the operation of the third stage, approximately eight minutes after lift-off, resulting in the loss of the satellite and rocket.

A Russian State Commission has begun the process of determining the reasons for the failure.

In parallel with the State Commission, ILS will form its own Failure Review Oversight Board, which will review the State Commission's final report and corrective action plan, in accord with U.S. and Russian government export control regulations.

Inmarsat chief executive Rupert Pearce, speaking about the planned ILS launch of Inmarsat-5 F3, said: "This incident involving a failed Proton launch from the Baikonur Cosmodrome is extremely unfortunate and will inevitably delay our launch plans for our third Global Xpress satellite.

"This is the third time our Global Xpress programme has suffered launch delays because of Proton launch failures. Although in the past, Proton has returned to flight within a few months of a launch failure, it will not be possible to determine the length of the delay in the launch of I-5 F3 until the cause of the Centenario launch failure is established. Customers are understandably anxious to see the delivery of GX services on a global basis, and as soon as we have sufficient information to ascertain the new launch date for I-5 F3, we will make the information public, as well as comment further on the impact of the delayed launch of I-5 F3.

"Meanwhile, we are pleased by the strong interest in GX services across many customer constituencies and buoyed by early revenues from I-5 F1, which is in service over EMEA and Asia, and by the successful delivery of I-5 F2 into orbit over the Americas. We are also reassured that I-5 F4 is currently under construction by Boeing in California, and remains on schedule for completion in mid-2016, with a potential SpaceX launch in the second half of 2016, providing us with significant mission assurance in the case of any protracted delays in Proton's return to flight, or a failed launch of I-5 F3."

The delay in the launch of Inmarsat-5 F3 is currently expected to have a small negative effect on 2015 revenue and earnings. The impact in subsequent years cannot currently be determined due to timing uncertainty and consequently Inmarsat is therefore suspending its guidance of an 8-12% CAGR in wholesale MSS revenues over 2014-16. The medium term expectation for GX to deliver no less than $500m of additional revenues by the fifth anniversary of the global launch of commercial GX services and the related revenue growth profile are currently not changed by this delay.

Cazenove note:
"Q2 revenues are 2.5% below company consensus owing to Maritime which suffered accelerated declines in Fleet and other legacy services. This, twinned with a softer Government margin, drove a 4.9% EBITDA miss. However we take comfort from the new FY revenue guidance which, on a LFL basis, is just 0.8% ($10m) below consensus (Q2 miss $8m) and hence argues against extrapolating Q2 trends into H2. Separately Inmarsat has confirmed the I-5 F3 launch is now expected in August (so we may get new medium-term guidance targets by Q3) and management are in advanced negotiations with airlines to provide cabin connectivity with a first contract win anticipated in H2.
 Revenues miss due to Maritime: Revenue $311m (+1.2% y/y) is 2.5% (or $8m) below consensus. The miss is led by Maritime -3.5% y/y (Q1 +1.1%). Whilst core FB and VSAT revenues were +17% and +11% y/y, respectively, the 26% of revenues coming from Fleet and Legacy services were -55% and -24% y/y in the quarter. As the significance of these non-core revenues continues to diminish, so should the drag they present to the Maritime unit.
 Mid-point of new revenue guidance is a modest 0.8% below consensus: Guidance of $1250-1300m now includes $70m from LightSquared and a $25m impact from the I-5 F3 launch delay. On a LFL basis consensus is $1285m, just $10m (0.8%) above the mid point of guidance. With the $10m FY deviation similar to the $8m Q2 revenue miss, it implies no change in the H2 outlook and that management anticipate stronger H2 revenue trends.
 Estimates: Ex LightSquared we lower revenues 4% pa and EBITDA 3-6% pa. But including LightSquared for 2015 to align with guidance (still left out of future years) leaves this year’s headline revenues unchanged and raises EBITDA 5%. Adjusting for the pre-guided GX delay, our new EBITDA forecasts are a modest $10m pa (1%) below company consensus.
 Valuation: Rolling forward to Dec-16, updating FX rates and raising our LightSquared contribution raises our SoTP TP from 910p to 1050p (20% upside). 15E/16E/17E EV/EBITDA 13x/11x/9x and EFCF yield 2%/2%/5% show that once GX revenues ramp, Inmarsat’s multiples reduce. We do not include LightSquared payments post 2015E nor aviation cabin connectivity growth within our forecasts, but both offer sources of possible upside."

17th August 2015 - Inmarsat (LSE:ISAT.L), the leading provider of global mobile satellite communications services, today confirmed that the third satellite in the transformational Global Xpress (GX) programme - Inmarsat-5 F3 (I-5 F3) - has been scheduled for launch at the Baikonur Cosmodrome in Kazakhstan at 12.44pm (BST) on Friday 28th August 2015.

The third Global Xpress satellite to be launched, I-5 F3, will cover the Pacific Ocean Region and will, together with Inmarsat-5 F1 and Inmarsat-5 F2, create the world's first globally available, high-speed mobile broadband service, delivered through a single provider.

Inmarsat's 5th generation satellites have all been built by Boeing Satellite Systems International Inc. in California. The launch is being undertaken for Inmarsat by International Launch Services ("ILS") using a Proton launch vehicle.

Global Xpress will deliver broadband speeds around 100 times faster than the company's fourth generation (I-4) constellation. It will offer new opportunities for customers, in both the public and private sectors, to significantly enhance their connectivity and to access bandwidth-hungry applications, even in the remotest and most inaccessible regions of the world.

StockMarketWire.com
Berenberg Bank has downgraded its investment rating on Inmarsat (LON:ISAT) to sell from hold, stating that it sees considerable competitive and regulatory headwinds, which it believes are not currently reflected in the current share price.

Notwithstanding today's downgrade, the broker added: "The consensus view is that after the recent successful Global Xpress launch, Inmarsat is now free to reap the rewards of its much delayed GX investment programme, and then at end-2016, start to see material growth from its S-band European air-to-ground (ATG) network."

Analysts have trimmed their target price to 870 pence a share from 900 pence.

StockMarketWire.com
Inmarsat has announced a strategic partnership with Deutsche Telekom to bring unprecedented passenger connectivity to Europe's aviation industry and its customers.

A new innovative, combined satellite network and LTE-based ground network will deliver travellers in Europe the advantage of in-flight high-speed Internet access when in the air.

Airlines will benefit from a cost efficient and high speed, high capacity connectivity solution.

Inmarsat and Deutsche Telekom are working together to develop the European Aviation Network, seamlessly combining satellite connectivity from a new Inmarsat S-band satellite with an LTE-based ground network, operating in the same frequency band, developed and run by Deutsche Telekom.

The connectivity platform developed by Inmarsat and Deutsche Telekom has been designed specifically to meet the growing needs of passengers travelling across Europe, which includes some of the highest density air-traffic routes in the world.

It provides a long-term solution with abundant capacity, speed and coverage to equal an at-home high-speed broadband customer experience while aboard an airplane.

StockMarketWire.com
Inmarsat is reiterating its guidance for 2015 with group revenue for the full year expected to be in the range of $1,250m to $1,300m, including revenue of $70m expected to be received from LightSquared during the full year.

Capex for the full year is expected to be in the range of $450m - $500m.

Inmarsat is today hosting a capital markets day for investors and analysts at its offices at 99 City Road, London EC1. The event will run from 8.30 a.m. until approximately 12.30 p.m. and will focus on business strategy and operations, including presentations by chief executive Rupert Pearce and chief financial officer Tony Bates and the heads of Inmarsat's five business units.

The company will discuss the approach it will take to future financial guidance. No material new information is being made available today.

The capital markets day is being web-cast on www.inmarsat.com and the presentation slides available for download.

StockMarketWire.com
Global mobile satellite communications services provider Inmarsat has signed a contract to provide high-speed inflight connectivity services for passengers onboard Lufthansa's European continental fleet. The contract, which follows the memorandum of understanding announced between Inmarsat and Lufthansa last month, formalises not only a 10 year strategic partnership between Lufthansa Group and Inmarsat, but also provides a contract framework to extend the service to the other airline brands in the group.

Under the agreement, Inmarsat will equip more than 150 Lufthansa airlines aircraft with Global Xpress (GX), with additional Lufthansa Group aircraft being added in due course. The first of these aircraft will be equipped and tested in early summer 2016. Lufthansa will additionally be trialling the European Aviation Network in 2017.

StockMarketWire.com
Satellite communications services provider Inmarsat is on track after a solid third quarter bolstered by its aviation division.

Total revenues rose to $323.1m (2014: $300.6m) with maritime up $2.6m to $150.2m (+1.8%); government up $0.9m to $77.2m (+1.2%); enterprise down $1.2m to $39.7m (-2.9%); aviation up $11.9m to $32.6m (+57.5%) and $17.9m from LightSquared (2014: $9.8m).

Wholesale Mobile Satellite Service (MSS) revenues rose to $213.7m, up 11.3% (2014: $192.0m) and total EBITDA increased to $180.2m (2014: $166.0m).

Chief executive Rupert Pearce said: "We delivered solid growth in the quarter, across our business. In Maritime, higher FleetBroadband and XpressLink revenue off-set the continuing decline in legacy services, enabling a resumption of growth. A number of new contracts in the US and other government markets allowed us to report growth in our Government business for the first time for several years. Enterprise experienced an Isatphone 2 manufacturing issue, now resolved. Aviation had another strong quarter, financially and strategically.

"The successful launch of I-5 F3 at the end of August means that we expect to introduce GX commercial services globally by the end of the year. This will be a key milestone for Inmarsat, enabling us to deliver the high-speed, high-volume seamless global service that customers want, and to start to build towards our medium-term revenue targets for GX.

"Our Aviation business also took two major steps forward, when we joined in a strategic partnership with Deutsche Telekom to develop the ground component of our European Aviation Network. We also signed an MOU with Lufthansa, which has now become a ten-year contract, to provide high-speed inflight connectivity services on board Lufthansa's European fleet.

"In the third quarter we therefore saw real progress across all three of the core elements of our strategy - L-band, GX, and aviation passenger connectivity - and we are confident that we can maintain this momentum in all of these areas of opportunity for Inmarsat."

StockMarketWire.com
Inmarsat's GX Aviation high-speed connectivity service is to be deployed by Singapore Airlines for passengers on-board its long-haul fleet. The services are procured by the airline from Inmarsat's partner SITAONAIR and will be powered by Honeywell's JetWave satellite communications hardware.

The first installation is scheduled for the second half of 2016, starting with Singapore Airlines' Boeing B777-300ER aircraft, which will be followed by its Airbus A380-800s and A350-900s.

Credit Suisse today reaffirms its outperform investment rating on Inmarsat PLC (LON:ISAT) and raised its price target to 1186p (from 1080p).

Barclays Capital today downgrades its investment rating on Inmarsat PLC (LON:ISAT) to underweight (from equal weight) and raised its price target to 1000p (from 740p).

StockMarketWire.com
Global mobile satellite communications services provider Inmarsat's total revenues were flat at USD1,274.1m in the year to the end of December (2014: USD1,275.1m).

EBITDA rose by 3.6% to USD726.0m but profit after tax fell to USD282.0m from USD341.1m.

Final dividend is up by 5.0% to 31.78 cents per share.

Chief executive Rupert Pearce said: "2015 has been another year of solid achievement during a period of transition as we bring our Global Xpress services to market and establish our new European Aviation Network. We have been equal to the challenges of some very difficult market conditions whilst putting in place the foundations for an exciting future with higher growth and a more diversified business.

"We successfully launched the second and third Inmarsat-5 Global Xpress Ka-band satellites in February and August 2015 respectively and in December we announced Global Commercial Service Introduction for Global Xpress. We now have the satellite platform in place to deliver a steadily growing material new revenue stream for the Group.

"We also made significant progress on our plans to develop a new aviation cabin connectivity opportunity globally. In Europe, we put in place a partnership with Deutsche Telekom for them to build the air-to-ground network that will be fully integrated with our S-band satellite programme to form the European Aviation Network, the world's first hybrid network for broadband connectivity to aircraft. We continued our efforts to secure necessary ground and satellite licences in all 28 EU member states and two further European countries, and now have 28 satellite authorisations in Europe and confirmations from 18 countries regarding ground-based licences. Our negotiations with individual airlines also continued, with notable deals for Global Xpress services being concluded with Deutsche Lufthansa and Singapore Airlines. I expect to be able to report further progress in this area in 2016 given continued strong customer interest.

"After adjusting for disposals, total Group revenues were unchanged on last year, driven mainly by growth in our revenues from Aviation, Enterprise and LightSquared but with continuing weakness in government expenditure across the globe. Maritime revenues were little changed, with strong growth in our two key products, FleetBroadband and XpressLink, continuing to be offset by decline in our non-core legacy product suite.

"EBITDA increased by $25m reflecting unchanged revenues but lower costs as the impact of improved product mix more than offset the additional costs incurred to deliver the new opportunities in Aviation and to support our new GX infrastructure. We will invest further in these areas over the coming years to maximise the longer term opportunities for growth."

Berenberg today upgrades its investment rating on Inmarsat PLC (LON:ISAT) to hold (from sell) and cut its price target to 890p (from 900p).

StockMarketWire.com
Inmarsat says Ligado Networks - formerly known as LightSquared - has elected for the 30 MHz option under the cooperation agreement between the two companies.

Inmarsat and Ligado Networks remain in discussion around the details of the plan and consequent change in payments.

Further details will be announced in due course.

Morgan Stanley note:
"Downgrade to Equal-weight: Despite a 33% YTD decline in the shares (offsetting +42% in 2015), we see: (1) 2018 revenue guidance as too ambitious. Management has already cut 2016 revenue guidance by 4%, but kept 2018 targets, and we expect these to be the next to fall away; and (2) Scope for earnings downgrades. We cut 2017-18 EPS forecasts by 18-22%.
Cutting estimates below guidance and consensus: Inmarsat targets revenue growth of 2% in 2016, but sees acceleration to 11-13% CAGR for 2017 and 2018. We think this looks too ambitious given pressure in the data business, with Eutelsat citing “slowing industry-wide growth”. The revenue uplift for Inmarsat relies on Global Xpress, predominantly in the maritime and government markets. In Maritime, in particular, we see 2 headwinds: (1) Recession in the global maritime market resulting in vessels being laid up or scrapped; (2) Increased competition in new growth markets, such as for cruise liners and oil & gas rigs (see O3b’s contract with Royal Caribbean). We still look for 8% mid-term revenue growth, but sit 8% below the mid-point of the 2018 revenue target.
PT cut to 800p driven by lower estimates and terminal growth. We think the market values the core satellite business at a P/E of 18x for 2017 and 16x for 2018 (considering 200p in value for Ligado Networks – formerly LightSquared). FSS peers trade on 15x 2018 earnings. We acknowledge that the Inmarsat multiple could come under pressure if further negative industry news were to materialise given the high expected growth built into forecasts (MSe +8% revenues, +21% EPS over 2016-18 CAGR).
What could go right: (1) New airline deals would be supportive. Indeed, the last agreement was in Nov 15 with Singapore Airlines for GX, and management says talks with other airlines are ongoing. (2) Launch of the 4th GX satellite is due in the latter part of 2016 and management will provide an update on guidance closer to the launch date. We assume $40mn of revenues in 2017, ramping up to $60mn in 2018 before reaching its steady run-rate of $100mn by 2019. (3) New acquisitions – management has not commented on the potential for new deals, but we note that M&A has been a strategy to boost growth in the past (eg, purchase of ShipEquip in 2011)."