Financials Iridium Communications Inc.

Equities

IRDM

US46269C1027

Wireless Telecommunications Services

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-10 pm EDT			5-day change	1st Jan Change
29.78 ^USD	-0.93%		-1.78%	-27.65%

Apr. 18	Communications Services Up Ahead of Netflix Earnings -- Communications Services Roundup	DJ
Apr. 18	Transcript : Iridium Communications Inc., Q1 2024 Earnings Call, Apr 18, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,230	5,242	5,459	6,458	5,098	3,616	-	-
Enterprise Value (EV) ¹	4,783	6,635	6,736	7,794	6,526	5,152	4,985	4,936
P/E ratio	-18.5 x	-93.6 x	-590 x	734 x	343 x	38.3 x	29.2 x	21.7 x
Yield	-	-	-	-	1.26%	1.85%	1.98%	2.08%
Capitalization / Revenue	5.76 x	8.98 x	8.88 x	8.96 x	6.45 x	4.44 x	4.4 x	4.24 x
EV / Revenue	8.53 x	11.4 x	11 x	10.8 x	8.25 x	6.33 x	6.07 x	5.78 x
EV / EBITDA	14.4 x	18.7 x	17.8 x	18.4 x	14.1 x	11 x	10.2 x	9.42 x
EV / FCF	43.2 x	29.3 x	25.5 x	-	27 x	18.8 x	16.4 x	12.7 x
FCF Yield	2.31%	3.41%	3.92%	-	3.7%	5.31%	6.08%	7.87%
Price to Book	2.22 x	3.71 x	4.21 x	-	5.9 x	4.67 x	5.66 x	6.76 x
Nbr of stocks (in thousands)	131,094	133,302	132,202	125,643	123,851	121,429	-	-
Reference price ²	24.64	39.32	41.29	51.40	41.16	29.78	29.78	29.78
Announcement Date	2/25/20	2/11/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	560.4	583.4	614.5	721	790.7	814.2	821.3	853.6
EBITDA ¹	331.7	355.6	378.2	424	463.1	466.7	491.1	524.2
EBIT ¹	10.12	35.48	46.31	76.68	81.63	225.1	247.8	297.2
Operating Margin	1.81%	6.08%	7.54%	10.63%	10.32%	27.64%	30.17%	34.82%
Earnings before Tax (EBT) ¹	-218.1	-88.96	-28.89	9.014	-4.747	129.6	152.8	184
Net income ¹	-166.2	-56.05	-9.319	8.722	15.42	96.49	120.5	153.4
Net margin	-29.65%	-9.61%	-1.52%	1.21%	1.95%	11.85%	14.67%	17.97%
EPS ²	-1.330	-0.4200	-0.0700	0.0700	0.1200	0.7779	1.021	1.370
Free Cash Flow ¹	110.7	226.5	264.4	-	241.4	273.6	303.2	388.4
FCF margin	19.75%	38.81%	43.02%	-	30.53%	33.61%	36.91%	45.51%
FCF Conversion (EBITDA)	33.37%	63.69%	69.9%	-	52.13%	58.63%	61.73%	74.1%
FCF Conversion (Net income)	-	-	-	-	1,566.18%	283.59%	251.68%	253.27%
Dividend per Share ²	-	-	-	-	0.5200	0.5500	0.5900	0.6200
Announcement Date	2/25/20	2/11/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	155.9	168.2	174.9	184.1	193.8	205.3	193.1	197.6	194.7	203.9	203.5	206.1	201.6	200.5	204.5
EBITDA ¹	93.43	103.2	105.9	107.8	107	111.9	115.8	121.3	114.1	115	115.5	120.2	116	118.9	123.7
EBIT ¹	10.67	19.23	20.8	17.87	18.77	23.15	-15.97	28.16	46.3	49.77	52.96	57.35	54	51.08	53.42
Operating Margin	6.85%	11.43%	11.89%	9.71%	9.68%	11.28%	-8.27%	14.25%	23.77%	24.42%	26.02%	27.83%	26.79%	25.48%	26.12%
Earnings before Tax (EBT) ¹	-5.411	4.648	5.799	0.096	-1.529	5.477	-34.28	-6.162	30.21	29.15	31.69	36.02	32.74	35	42.4
Net income ¹	-5.884	2.824	4.557	2.149	-0.808	9.775	-30.74	-1.642	38.02	19.65	24.05	27.67	24.84	24.3	26.96
Net margin	-3.77%	1.68%	2.61%	1.17%	-0.42%	4.76%	-15.92%	-0.83%	19.53%	9.64%	11.82%	13.42%	12.32%	12.12%	13.19%
EPS ²	-0.0400	0.0200	0.0400	0.0200	-0.0100	0.0800	-0.2400	-0.0100	0.3000	0.1600	0.1832	0.2252	0.2079	0.2050	0.2300
Dividend per Share ²	-	-	-	-	-	0.1300	0.1300	0.1300	0.1300	0.1300	0.1400	0.1400	0.1400	0.1400	0.1500
Announcement Date	2/17/22	4/19/22	7/26/22	10/20/22	2/16/23	4/20/23	7/25/23	10/19/23	2/15/24	4/18/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,553	1,393	1,277	1,336	1,428	1,536	1,369	1,320
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.682 x	3.918 x	3.377 x	3.151 x	3.084 x	3.291 x	2.788 x	2.518 x
Free Cash Flow ¹	111	226	264	-	241	274	303	388
ROE (net income / shareholders' equity)	-	-	-0.69%	-	1.53%	14.5%	21.8%	32.1%
ROA (Net income/ Total Assets)	-	-	-	-	0.55%	4.49%	5.96%	6.68%
Assets ¹	-	-	-	-	2,808	2,147	2,020	2,297
Book Value Per Share ²	11.10	10.60	9.810	-	6.980	6.380	5.260	4.410
Cash Flow per Share ²	-	-	-	-	2.480	2.930	3.640	3.930
Capex ¹	118	38.7	42.1	71.3	73.5	68.5	67.2	64.5
Capex / Sales	21.02%	6.63%	6.86%	9.88%	9.29%	8.41%	8.18%	7.56%
Announcement Date	2/25/20	2/11/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Iridium Communications Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

29.78 USD

Average target price

39.8 USD

Spread / Average Target

+33.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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