Cohort has delivered a resilient H121 performance, with operating profit rising on 10% lower revenues. There will be a significant second-half weighting as management still expects to deliver a similar overall performance from the continuing businesses to FY20, supported by a record order backlog. In addition, ELAC SONAR will makes its initial contribution in the second half. Our estimates are maintained and the shares trade at a c 5% FY22e P/E rating discount to UK defence peers.
10 Dec 2020
Cohort - Robust in a challenging environment
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Cohort - Robust in a challenging environment
Cohort plc (CHRT:LON) | 669 -107 (-2.3%) | Mkt Cap: 277.7m
- Published:
10 Dec 2020 -
Author:
Andy Chambers -
Pages:
6
Cohort has delivered a resilient H121 performance, with operating profit rising on 10% lower revenues. There will be a significant second-half weighting as management still expects to deliver a similar overall performance from the continuing businesses to FY20, supported by a record order backlog. In addition, ELAC SONAR will makes its initial contribution in the second half. Our estimates are maintained and the shares trade at a c 5% FY22e P/E rating discount to UK defence peers.