QuickView: Back to the future
The FY16 profit warning and rights issue announced with the Q1 trading statement reflect the limited progress Cobham has made in recent years. The main problem appears to be a lack of core organic performance and reliance on an M&A-driven strategy to instil growth. These are similar criticisms to those levelled at previous management teams. Cobham now appears vulnerable as the technology positions and assets are attractive, but it looks like a slow process to drive value recovery in its current form.Cobham provides technologies and services across its defense, aerospace and space markets. Co. has four sectors: Communications and Connectivity, which provides equipment and solutions to enable connectivity across a range of environments in aerospace, avionics, satellite and radio, wireless and mobile connectivity markets; Mission Systems, which provides safety and survival systems, aerial refueling systems and wing-tip to wing-tip mission systems; Advanced Electronic Solutions, which provides solutions for communication on land, sea, in the air and in space through off-the-shelf and customized products; and Aviation Services, which provides outsourced aviation services.
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