 Cohort (LON:CHRT) - H1'25 results: records continue to tumble - link to latest research:
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 and (adj.) EBIT of £8.5m, +41%YoY, a 15.4% margin compared to 13.7% a year earlier; the order book increased from £108.8m in April to £134.4m. Sensors & Effectors posted revenue of £64.2m, +26%YoY and (adj.) EBIT of £5.3m, +1.3x, an 8.3% margin compared to 4.5% in H1 24. Its closing order book was £406.8m (April, £410.7m) with H2 order intake expected to exceed revenue.
Post period-end, Cohort announced a conditional sale and purchase agreement to acquire Australian satellite communications specialist EM Solutions (Europe) B.V., for an enterprise value of c.£75.0m. The acquisition will take the Group pro forma order book to above £650m.
Recent events in Syria, the ongoing conflicts in Israel the Ukraine, and with persisting tension in the Far East / Asia Pacific region, serve as reminders of the importance to the UK of retaining an efficient and modernised defence capability.
We retain our Fair value / share of 1090p. That price is indicative of a FY26E PE of 19.0x compared to a peer group market cap weighted average of 22.2x, and EV/EBITDA of 10.1x, compared to 12.5x |
yeh imagine it's got to be partly priced in... but people would be mad to sell following that. I hope they do though.. happy to load up more on any dip. |
Wondering the same but my personal opinion is that this could react nicely today, lots of positives now for price to build on going forward (even if not today) so good news either way! |
Exceeds guidance but how much was priced in? |
Big day today chaps! Wishing you all the best. |
Got scaled back too by AJBell. 75% awarded. |
I clicked through to corporate actions. It then asked me to click on relevant event details. There was nothing to click. Probably me being thick. |
Yes all very quick. You only have @4 hours after release of the RNS and even then it's first come first serve. |
Skyracer: I have been a shareholder for years and sliced a little earlier. Why make foolish assumptions. I’m aggrieved at the hasty nature of these types of placing. It disadvantages large sections or the shareholder population. |
It was a corporate action. The number of actions you have are highlighted at the top of the portfolio page. Click through to enter the amount of cash you want to deploy in the placing. |
Stewpot same as me |
I am a shareholder and quickly went into ii following their email. However, nowhere was there any guidance as to how I could make a purchase, or any reference to Primary bid. I just didn't have the time to pursue it. Fortunately I do own quite a few of these so not a disaster. Anyone else with ii who could comment? |
Your broker registers with primary bid and you buy via your broker |
dozey4 and Stewpot3. Presumably you are not shareholders. Neither are you registered with PrimaryBid. Nevertheless you both had a fabulous opportunity to invest in Cohort at 910p yesterday morning on the open market. You would be over 10% up today. |
Cohort’s largest acquisition is expected to be EPS accretive from FY25/26 and adds complementary expertise in satellite communications for global naval and defence applications.
Equity Dev's Fair Value rises to 1090p/share - see/hear our detailed new note: |
AJ Bell worked fine too. But i did have to ask them for the SEDOL to subscribe |
HL worked fine with this. |
Agree Dozey, what chance did a working person have? Also, I.I. made it as clear as mud as to how to proceed. |
This is a shameful method of ‘rewardingR17; holders, discriminating against working people plus widows and orphans, short of time or knowhow. Should be illegal imo. |
I see what I get from aj bell |
Hargreaves lansdown |
What broker was that? |
Well it must of been oversubscribed as I’m only getting approximately 33% of my application |
I applied for £10k shares at 8.15 and have now been notified that I got just over £6kwhich I am reasonably happy with. |
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