Cobham 2018 Results in Line; Shares Fairly Valued
Cobham reported full-year results in line with expectations. We are maintaining our no-moat rating and GBP 130 fair value estimate. The company also settled its k-46 tanker contract dispute with Boeing but as a result will incur extra operational expense of GBP 74 million in 2018 and an additional settlement fee to Boeing. As a result, reported EBIT of GBP 112 million, diverged significantly from the company’s underlying GBP 196 million EBIT. The group underlying EBIT margin came in 30 basis poi...Cobham provides technologies and services across its defense, aerospace and space markets. Co. has four sectors: Communications and Connectivity, which provides equipment and solutions to enable connectivity across a range of environments in aerospace, avionics, satellite and radio, wireless and mobile connectivity markets; Mission Systems, which provides safety and survival systems, aerial refueling systems and wing-tip to wing-tip mission systems; Advanced Electronic Solutions, which provides solutions for communication on land, sea, in the air and in space through off-the-shelf and customized products; and Aviation Services, which provides outsourced aviation services.
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