Cohort - Making good progress at SEA
Cohort’s subsidiary, SEA, has continued its strong order intake momentum by announcing a major new £34m support contract for the Royal Navy. The order augments the improving prospects for SEA as sales activity normalises following the pandemic hiatus. It also further underpins future revenue visibility at the group level, which was already strong with order cover at 90% of FY23 market consensus sales estimates in July although supply chain issues remain a risk. As Cohort’s defence focus returns to organic growth in FY23, the rating looks undemanding and well below our DCF value of 684p.Cohort is a holding company. Co. operates through its subsidiaries: Empresa de Investigacao e Desenvolvimento de Electronica, S.A., which is engaged in the fields of electronics, tactical and naval communications, command and control; MASS Consultants Limited, which is an electronic warfare operational support, cyber security, secure ICT networks and support to operations business serving customers primarily in defense and security markets; and Marlborough Communications Limited, which is a supplier of electronic communications, information systems and signals intelligence technology to the defense and security sectors.
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