Level up in sight
Cohort has delivered solid profit growth in H117; this performance is expected to strengthen in the second half. The mix of profitability and reducing minorities has led us to increase our FY18 forecasts by 6% at the EPS level. The progressive dividend policy provides immediate benefit to investors, but the capital progress should also remain attractive. The shares have performed well in recent months, aided by a healthy rerating of peer defence stocks; as a result, our fair value has risen to 485p, supported by the improved cash flow valuation.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.
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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