Update: Portugal bolsters growth prospects
Cohort reported results in line with market expectations, as well as confirming the initial purchase of the 57% stake in EID in Portugal. FY16 sales and profits modestly beat expectations. EID also looks set to produce better margins than previously anticipated, further enhanced by FX. Growth therefore looks set to continue, with the strong balance sheet enabling further appropriate acquisitions, as well as a growing dividend yield. In the current market turmoil, defence has distinct attractions and our SOP-based fair value currently stands at 387p.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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