Despite Cobham’s Rights Issue to Address Financial Concerns, We Think Asset Disposals Are Next Step
In line with the view we expressed after Cobham’s profit warning on Feb. 16, the board has proposed a rights issue of GBP 500 million (gross proceeds) to address high financial leverage, with completion expected during the second quarter of 2017. Another capital raising--less than a year after the deeply discounted rights issue of June 2016--is painful, but we view this as the appropriate action, as Cobham’s balance sheet is not strong enough to properly support the current business operations....
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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