Cohort (CHRT)

Business description

Cohort is an AIM-listed defence and security company operating across four divisions: MASS (30% of FY18e sales); SEA (40%); MCL (15%); and the 80%-owned Portuguese business EID (15%) acquired in FY17.

Stock data

Market cap.£162.8m
Last close397.50p
High / Low (52 weeks)462.5p / 285.0p
Stock market listingLN
Forecast net cash (£m)9.7
Forecast gearing ratio (%)N/A
TeamIndustrials
SectorAerospace & Defence

Price performance

%1m3m12m
Actual22.3(4.2)(1.2)
Relative *19.7(6.2)(8.2)

* % Relative to local index

Other companies in sector Show

Company news

Can Cohort Plc (CHRT.L) Go The Extra Mile?

Sat, 20 Jan 2018 19:30:00 GMT

Factory Mutual Insurance Company Cut By $1.90 Million Its Vertex ...

Sun, 21 Jan 2018 10:18:45 GMT

What Are the Ichimoku Levels Revealing For Cohort Plc (CHRT.L)?

Sat, 02 Sep 2017 16:18:45 GMT

Alpha Cubed Investments Trimmed Abbvie (ABBV) Stake By $3.90 Million; Last ...

Mon, 15 Jan 2018 12:45:00 GMT

MASS builds on training expertise with Exercise Eagle Warrior

Fri, 12 Jan 2018 16:07:30 GMT

Y/E Apr Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 112.6 13.0 12.0 27.2 14.6 19.0
2017A 112.7 15.7 14.5 27.9 14.2 42.3
2018E 119.0 16.6 15.4 29.1 13.7 11.5
2019E 128.2 17.4 16.1 31.2 12.7 10.8

Last updated on 13/12/2017

Investment summary

Cohort continues to make progress in a tough UK defence trading environment. Our earnings forecasts remain largely unchanged as performances at MASS and EID continue ahead of expectations, compensating for pressures at MCL and SEA. Our fair value calculation currently stands at 483p implying significant unrecognised potential. The recent share price fall seems unwarranted given the maintained outlook.

Last updated on 13/12/2017

Industry outlook

Cohort is heavily influenced by activities in defence and security (90% of FY17 sales). These markets require highly differentiated technologies and services with high barriers to entry based on customer relationships, regulation and high-level security clearances. The UK government's commitment to spend at least 2% of GDP on defence provides greater confidence, as does the parliamentary approval for the replacement of Trident.

Last updated on 02/11/2017

Key management

Nick Prest, Chairman
Andrew Thomis, CEO
Simon Walther, FD

Company address

2 Waterside Drive
Arlington Business Park
Theale
Reading
RG7 4SW
United Kingdom
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