Finland joining NATO; the leak of classified US documents relating to the war in Ukraine; recent Chinese military drills around Taiwan: defence-related news flow has remained prominent in areas of present military tension.
Following a strong first half, Cohort PLC itself is closing FY23 with contract extensions at MASS and CHESS totalling c. £30m over periods of up to 7 years, with a focus on e-warfare.
We noted at the Interim that over £80m of orders deliverable in the second half equates to 95% coverage of our FY23 year revenue outlook of £165.0m, and order intake of £88.6m resulted in a record closing order book of £304.2m. Following that strong H1 performance, we raised our FY23 outlook by 3% to £165m (+20%YoY) and maintained our (adj.) EBITDA outlook of £22.0m (+13.1%YoY).
Cohort trades on a current FY EV/EBITDA of 8.1x and for FY24 (E) just 7.5x so our Fair Value remains at 650p/share.
12 Apr 2023
Closing FY23 orders highlight group attractions
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Closing FY23 orders highlight group attractions
Cohort plc (CHRT:LON) | 787 -63 (-1.0%) | Mkt Cap: 327.4m
- Published:
12 Apr 2023 -
Author:
Mike Jeremy -
Pages:
6
Finland joining NATO; the leak of classified US documents relating to the war in Ukraine; recent Chinese military drills around Taiwan: defence-related news flow has remained prominent in areas of present military tension.
Following a strong first half, Cohort PLC itself is closing FY23 with contract extensions at MASS and CHESS totalling c. £30m over periods of up to 7 years, with a focus on e-warfare.
We noted at the Interim that over £80m of orders deliverable in the second half equates to 95% coverage of our FY23 year revenue outlook of £165.0m, and order intake of £88.6m resulted in a record closing order book of £304.2m. Following that strong H1 performance, we raised our FY23 outlook by 3% to £165m (+20%YoY) and maintained our (adj.) EBITDA outlook of £22.0m (+13.1%YoY).
Cohort trades on a current FY EV/EBITDA of 8.1x and for FY24 (E) just 7.5x so our Fair Value remains at 650p/share.