Cohort (CHRT LN) - Initiation: Strong pipeline, better value - BUY

Cohort is a leading mid-tier defence manufacturer with strong market positions and a healthy pipeline. The recent pull back in the shares and more attractive valuation, present an excellent opportunity to BUY, target price 1,500p. Recent H1 results were robust, and a strong order book has been sustained, but the market reacted somewhat badly to lower margins in the Sensors and Effectors unit. We believe this underperformance is temporary, and divisional and Group margins will improve year-on-yea...

Cohort plc: Robust results and outlook: all on track

For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m). Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m). EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share. Communications & Intelligence (C&I) (EID, MASS, MCL and EMS) reported revenue of £62.3m, +12.8%YoY and (adj.) EBIT of £10.4m, +23.2%YoY, on margin improvement from 15.5% in H...

Nordic spin-offs: A quantitative study (2016-25)

Q3: -4% EBITDA miss, plans to spin off Maritime

Confident AGM statement: outlook maintained

In today’s AGM statement, Cohort noted the strength of record FY25 performance and expectations for growth in FY26 remaining, with the usual seasonal H2 weighting. Following contract wins since the start of FY2026 of over £60m, the order book on 20 September 2025 stood at over £590m, giving revenue cover of consensus FY26 estimated revenue of nearly 90%. Q1 saw a strong contribution from EM Solutions that was offset by reduced activity at MCL, the latter having enjoyed notably strong levels las...

Crude Quarterly Q3'25: oil price could be troughing

Stretched valuation and KM momentum slowing

Qinetiq Group: 1 director

A director at Qinetiq Group bought 9,857 shares at 505p and the significance rating of the trade was 51/100. 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 showi...

FY25 results - new records and more to come

For the year to 30 April 2025 Cohort reported record revenue of £270.0m, +33%YoY, record (adj.) EBIT of £27.5m, 10.2% margin, and a new high closing order book of £616.4m. Underlying order intake (i.e. excluding acquisition-related) grew 11%YoY, with the closing order book underpinning 79% of FY26 revenue. EPS (adj., basic) rose 27%YoY to 54.4p, with dividend per share up 10%YoY to 16.3p. Cohort's expertise and market reach is attenuated to three major defence drivers: the ongoing backdrop of ...

Cohort: 3 directors

Three Directors at Cohort sold 560,102 shares at 1,743p. The significance rating of the trade was 82/100. 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 showing ...

Estimates down on lower growth in KM

Q2: 4% Adj. EBITDA miss as Maritime growth decelerates

Crude Quarterly Q2'25: In the absence of war, the oil market is well s...

Market tailwinds, valuation headwinds

FY25 trading update and a new record order book

In a Trading Update for the year to 30 April 2025, Cohort reports strong growth and a record closing order book of £615m, materially surpassing the previous record of £518.7m. The Group expects FY25 performance in line with market expectations, underpinned by strength in the Communications & Intelligence (C&I) division, whilst Sensors & Effectors (S&E) performance was broadly comparable to FY24. Order intake was c.£285m (1.1x revenue) and excludes an additional £80m of orders acquired with EM ...

Kongsberg Gruppen (Sell, TP: NOK1250.00) - Expectations are set too hi...

We have downgraded Kongsberg Gruppen to SELL (HOLD) and lowered our target price to NOK1,250 (1,450). We believe the 2025e P/E of 46x overstates its growth capabilities 1) on an absolute basis, in a scenario where all of NATO reaches defence spending of 3.3% of GDP; and 2) compared to other defence companies as, in our view, the market appears to miss that only 20% of its 2024 sales were from European defence spending.

Q1: Small Adj. EBITDA beat and stronger orders

Kongsberg Gruppen (Hold, TP: NOK1450.00) - Less European exposure than...

We expect Q1 EBITDA of NOK2.2bn (results due at 07:00 CET on 8 May). Kongsberg Gruppen’s valuation premium to European defence peers has shrunk as peer multiples have converged on expectations of higher European defence spending. We believe this is warranted by its lower share of defence sales to EU countries. We continue to find the valuation demanding, while struggling to see negative share price catalysts. Hence, we reiterate our HOLD while we have raised our target price to NOK1,450 (1,300).

Crude Quarterly Q1'25: weaker oil market fundamentals

Kongsberg Gruppen ASA: 1 director

A director at Kongsberg Gruppen ASA sold 5,000 shares at 1,615.310NOK and the significance rating of the trade was 72/100. 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...