Inmarsat: Valuation up in the air

Inmarsat has a good track record when it comes to flying. Its satellites are among the most reliable in the business. But it has had trouble in floating. An IPO attempt in 2001 was shelved. Instead, Inmarsat two years ago turned for support to Apax and Permira, the private equity houses, who bought in at an enterprise value of $1.8bn. Now Inmarsat is attempting an IPO again, and targeting an enterprise value of $3.0bn. Is that realistic? At the top of the indicated price range, the company will...