Cohort - Solid progress through the pandemic
Cohort has announced that it expects FY21 trading to be in line with consensus expectations, with a better-than-expected cash performance and a record order intake spread across most of the group. However, the Portuguese subsidiary EID has experienced significant order deferrals and leads us to reduce our FY22 EPS estimates by 7%. It leaves the shares trading on an FY22e P/E of 19.9x, a premium to UK defence peers, before growth resumes in FY23 aided by an assumed recovery at EID.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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