Edison Investment Research - Cohort (CHRT) Initiation: Visibility and balance sheet to drive growth

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Edison Investment Research

Initiation: Visibility and balance sheet to drive growth

Cohort has the order book visibility and balance sheet to drive significant organic growth. It operates primarily in defence & security, with application to added value markets such as transport, education and oil & gas. The Â£6m July 2014 acquisition of a controlling stake in Marlborough Communications Ltd (MCL) added a fourth leg to the group, while the Â£12m October 2014 acquisition of J+S strengthened the groupâ€™s position in naval systems and added further export markets opportunities. With a record order book of Â£146.6m, order cover is at the highest level since IPO at 88% of H2 forecast revenues and c 50% of our 2016 forecasts, providing confidence even in an uncertain year for UK defence budgets.

19/01/2015 12 EN

Underlying

Cohort

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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GB00B0YD2B94 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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