Looks a lovely place to top up on the chart, so I have done |
Just to let shareholders and prospective investors know that CHRT will be presenting on the MelloMonday webinar starting at 4.30pm on the 27th January, 2025.
The programme for the evening is as follows:
4.30pm Interview with Fund Manager, Katen Patel
5:00pm Company presentation from Helios Underwriting plc
5:40pm Company presentation from Solvonis Therapeutics (formerly Graft Polymer)
6.20pm Educational session
6:35pm Company presentation from Cohort plc
7:05pm BASH (Buy, Avoid, Sell Hold) Panel featuring Kevin Taylor and Mark Simpson
Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. |
Useful summary. |
Cohort is a collection of specialist defence companies on whom the likes of BAe and Thales rely in order to integrate their systems and meet performance requirements. QinetiQ is different because its main role in the UK is the Long Term Partner agreement with MoD under which it provides consultancy services but not products. In contrast BAe & Thales are prime contractors whose share prices are likely to swing with sentiment within the defence industry. The Cohort share price will not be subject to sentiment to the same extent and will increase as it continues to provide the primes with much needed support |
Hardly comparable. |
Happy with the results:
- Revenue, adjusted* operating profit and net funds all
ahead of recent guidance.
O Revenue up 25% to £118.2m (2023: £94.3m).
O Adjusted* operating profit up 69% to £10.1m
(2023: £6.0m). A net margin of 8.5% (2023: 6.4%).
O Adjusted* earnings per share of 20.00 pence
(2023: 10.36 pence) reflecting the marked
improvement in performance.
O Order intake of £139.2m (2023: £119.1m), 1.2x the
period’s revenue (2023: 1.3x).
O Record closing order book of £541.1m (30 April 2024: £518.7m).
O Interim dividend increased by over 10% to 5.25 pence
per share (2023: 4.70 pence per share) continuing the
Group’s long standing track record of progressive
dividend growth.
O Net funds of £37.9m at 31 October 2024 (31 October 2023:
£13.3m net funds; 30 April 2024: £23.1m net funds), well
ahead of expectations due to working |
Agreed robow, although 16.4m euros is only £13.7m, and defence contracts do not always end up profitable.
It seems a very well run company, but I just wonder if they have been spreading themselves too assertively, both geographically and financially. Cohort are keener on expanding through acquisitions rather than organically, and that’s fine. However it was apparently bought for 19m AU dollars in 2019 and is being sold to Cohort for 144m.
Without bank support they could not have paid 144m without the capital raise, so are they paying a rather full price? |
E16.4 mill contract win for ELAC German subsidiary |
Interesting to see that Liontrust has sold 5 percent of its holding.The stock was clearly swiftly placed. |
Apologies for that confused with another stock I own… don’t think TU is due until May. |
15th I believe. |
Is it a TU in 14 days? |
Bosh another 5%! 14 more days to go? |
Well it is up 6% on first day of trading; only need another 15 days like this... |
Unlikely unless taken over. Maybe £13 by end 2025 |
Cracking 12 months here , up 100%. Same again next year? |
Thanks for the last two posts guys |
Investor Presentation video recording now available (HY Results Nov 24)
Andy Thomis (Chief Executive) and Simon Walther (Finance Director) of Cohort plc conducted an Investor Presentation covering results for the financial year ended 31 October 2024.
The management team took viewers through Cohort plc's strong interim results, confident outlook, and exciting acquisition of EM Solutions in Australia. Audience questions are then addressed.
The video lasts 52 mins, with content divided up as follows:
00:00 Introduction and Investment Case
03:51 First Half Highlights
07:32 Financial Review
10:39 Group Outlook & Summary
27:10 Questions & Answers
Link to video: |
 From the IC.There have been some recent jitters amongst defence stocks after US president-elect Donald Trump called for an "immediate ceasefire" in Ukraine. But the war has highlighted long-term underinvestment in defence and security in Europe, as has the incoming US administration's more antagonistic view of Nato. Aim-traded mini-defence conglomerate Cohort (CHRT) is navigating this demand context well, and is benefiting from heightened tensions in the Asia-Pacific and Middle East, evidenced by the company's disclosure of a record order book and revenue growth of a quarter in its first half. Sales to the UK Ministry of Defence (MOD), which contributed an increased 56 per cent of total revenue in the half, drove the revenue and profit performance. Both the communications and intelligence and sensors and effectors units delivered robust adjusted operating profit growth, as profit jumped 69 per cent to £10.1mn. The net margin improved from 6.4 per cent to 8.5 per cent, with progress being made towards management's medium-term mid-teen target. Encouragingly, management expects its Portuguese communications systems business EID, which has been loss-making over the past couple of years, to return to profit over the full year on the back of "long-awaited" naval orders. The order book sat at £541mn at the period-end, up from £519mn in April. and representing an order cover of 99 per cent of the analyst consensus for annual revenue. Order intake of £139mn was 1.2 times revenue in the half. Meanwhile, the £74mn acquisition of high-margin naval defence communications business EM Solutions (the transaction is expected to complete imminently) provides a tasty long-term opportunity. Clients include the Australian navy, Norwegian navy and Dutch defence department. The deal was part-funded through a £41mn share placing and retail offer. Chief executive Andy Thomas said the company was in discussions with more "big potential customers" for EM Solutions. Net funds improved by £15mn to £37.9mn, although a net cash outflow is anticipated in the second half, given capex, working capital movements and the EM Solutions purchase. Cohort trades on 20 times forward consensus earnings, a higher rating than at Chemring (CHG), as well as bigger sector beasts BAE Systems (BA.) and Lockheed Martin (US:LMT). The share price has more than doubled over the past year. But, as analysts at Shore Capital argued, Cohort is "visibly becoming a strategic supplier with clients, justifying a premium valuation", and there is an expectation of "strong news flow continuing for shareholders". We remain bullish on the outlook. Buy. |
I don't know about that. Likely to tread water for next year. Positive sentiment will limit downside |
Cohort own some very necessary military tools and I think the share price will double in the near term |
"EM Solutions has operated predominantly as a standalone business since being acquired in 2019 to support the SpaceLink operations which EOS has since exited. Whilst attractive, growing and profitable business, we believe its future success and growth prospects will be more fully realised under Cohort’s ownership." |
Sorry, 2019 not 1909! |
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