When good isn't good enough

Kongsberg Gruppen (Hold, TP: NOK1300.00) - Strong order intake in Defe...

Kongsberg Gruppen reported Q4 EBITDA of NOK2.2bn, largely in line with estimates. Group order intake surged to NOK45bn, beating our estimates and consensus by 15% and 28%, respectively. A 2024 DPS of NOK22 was proposed alongside a 1/5 stock split. We have adjusted our 2025–2026e EPS by 2–3% on higher-than-expected order intake. We reiterate our HOLD and NOK1,300 target price.

Q4: Slight EBITDA miss, but strong orders

Backlog bonanza

Kongsberg Gruppen (Hold, TP: NOK1300.00) - Ticking all the boxes but v...

We estimate Q4 group EBITDA of NOK2.3bn, translating to EPS of NOK9.2 and DPS of NOK18.5, alongside a record-high order intake for Kongsberg Defence of NOK30.7bn after large contract announcements. We have raised our 2025–2026e EPS by 3–5%, reflecting strong order backlog growth. We reiterate our HOLD but have raised our target price to NOK1,300 (1,100).

Crude Quarterly Q4'24: oil market stabilising

H1'25 results: records continue to tumble

For the six months to 31 October 2024 Cohort reported revenue (adj.) operating profit and net funds ahead of recent guidance: revenue +25%YoY at £118.2m, (adj.) EBIT +69%YoY to £10.1m and net funds at 31 October of £37.9m. Order intake of £139.2m compared to £119.1m a year earlier, with a record closing order book of £541.1m. EPS (adj., dil.) was 19.8p (H1 24: 10.3p) and the interim dividend was raised by 12%YoY to 5.25p/share. Communications & Intelligence delivered revenue of £55.2m, +26%YoY ...

SATCOM deal is Group’s largest acquisition

Cohort has announced a conditional sale and purchase agreement to acquire EM Solutions Pty Ltd from Electro Optic Systems Holdings Ltd, for an enterprise value of AUS$144.0m, c.£75.0m This is Cohort’s largest acquisition to date. The purchase will be funded from Group cash resources, debt facility plus a share placing, and is expected to be EPS-accretive from FY25/26. EM Solutions offers a range of satellite-based secure communications systems including satellite on-the-move (SOTM) and radio f...

Qinetiq Group: 1 director

A director at Qinetiq Group bought 23,359 shares at 426p and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Continued to execute well in Q3

Cohort plc - Company Profile and SWOT Analysis

Summary Cohort plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Cohort plc (Cohort) is a provider of communication systems and technological services for defense, security, offshore, private organisations and local authorities (U.K). The company designs, develops and man...

Still in a sweet position

Kongsberg Gruppen (Hold, TP: NOK1100.00) - Norwegian premium

We expect Q3 group EBITDA of NOK2.0bn, in line with consensus (results due at 07:00 CET on 24 October). We have raised our 2024–2026e EPS by 0–8% and our target price to NOK1,100 (970) following several large orders. However, we reiterate our HOLD, with the stock now trading at a 70-80% premium to its defence and maritime peers, as well as outperforming Saab by 40% since mid-June despite their similar growth prospects and earnings streams.

Crude Quarterly Q3'24: Lower oil price

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

AGM gives another confident update

In a statement to accompany today’s AGM, Cohort reported that, propelled by trading and order intake, notably in the Sensors & Effectors division, H1 25 is expected to be significantly ahead year-on-year, with net margin improvement. The Group indicates that FY25 revenue and (adj.) operating profit are now expected to be slightly ahead of management prior expectations. The year-end record closing order book was £518.7m, with visibility out to 2037 and an estimated 90% of FY25 consensus estimat...

Kongsberg Gruppen ASA: 1 director

A director at Kongsberg Gruppen ASA maiden bought 1,000 shares at 974.810NOK and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...

FY24: record results and maintained momentum

Cohort reported strong FY24 results, with revenue +11%YoY at £202.5m, which was 8% above our outlook, and (adj.) operating profit of £21.1m +11%YoY (3% above EDE). The closing order book was £518.7m +58%YoY with order intake of £392.1m, +78%YoY, and estimated 95% coverage of our FY25 revenue outlook. The year closed with net cash of £23.1m. National security and spending on defence became an issue of top priority through the course of pre-election campaigning, with the Labour Government indicat...

Kongsberg Gruppen (Hold, TP: NOK970.00) - Kongsberg Gruppen keeps firi...

Kongsberg Gruppen reported Q2 EBITDA of NOK1,815m, surpassing our estimate by 8% and consensus by 11%. The result was driven largely by a strong performance in Kongsberg Maritime (KM) and Kongsberg Defence & Aerospace (KDA), while this was slightly offset by weaker results in Kongsberg Discovery and Kongsberg Digital (KD). We have raised our 2025–2027e EPS by 5%. We have increased our target price accordingly to NOK970 (850) and reiterate our HOLD.

Another solid quarter

12% EBITDA beat in Q2. Backlog supports estimates, but KM needs solid after-market growth. Rich valuation, but positive revisions - HOLD.

Likely still going strong in Q2