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BUZZ-Inmarsat: leverage rising despite dividend cut-MS

Reuters - UK Focus

** Morgan Stanley (Xetra: 885836 - news) points to rising leverage despite "deeper than expected" 63 pct dividend cut at Inmarsat (LSE: ISAT.L - news) (-1.9 pct)

** MS forecasts net debt to EBITDA rising to 2.9x in FY18 and to 3.4x in FY19 due to lower Ligado payments and elevated capex

** "We do not see the rebased dividend covered by free cash flow until 2021," analysts say in the note

** Analysts lower 2019 revenue, EBITDA and EPS estimates by 3 pct, 4 pct and 12 pct respectively following FY results and cut PT to 500p from 550p

** Stock hits its lowest since May 2012