Cohort Share Discussion Threads

[robertball] 21/7/2023 22:00

The share price will only change if there is a takeover bid or serious good news

[edmonda] 21/7/2023 07:32

after record results and a 10% dividend increase, Equity Dev raises FY24 forecasts. With a strategically firm defence outlook, fair value is seen at 650p/share.
As you can read in a detailed new rsearch note, free access here:



PS webinar today Friday 21st at 11am , see registration link on prior post

[km18] 19/7/2023 11:41

Cohort plc posted Prelims for FY23 ended 30th April 2023 this morning. Revenue was up 33% to a record £182.7m, adjusted operating profit was up 23% to a new record £19.1m. Adjusted EPS was up a healthy 17% to 36.48p. Growth was broad-based across both divisions but was particularly strong in Communications and Intelligence. The balance sheet remains solid with net funds higher than market expectations at £15.6m given continuing robust cash generation. The dividend was increased 10% to 13.4p and has been raised every year since the Group’s IPO in 2006. Profitability ratios are top quartile for the sector, valuation is reasonably attractive with forward PE ratio 12.4x and top third for the Software & IT Services sector. Share price has been drifting lower for over 3 years now and there is no obvious rush to buy. But the share pays a decent dividend yield at 3.3% and could outperform through a cyclical economic slowdown given the nature of the business. Certainly a share worth monitoring for the time being...

...from WealthOracle

[edmonda] 19/7/2023 06:48

Agreed, these are strong prelims with record levels of both adj operating profit of £19.1m and revs of £182.7m. The Board's outlook is 'encouraging'

You can see the CEO and FD explain in more detail at a webinar THIS Friday, 21st at 11am, just register here :

[chrisdgb] 19/7/2023 06:35

Looks excellent.......

[robertball] 19/7/2023 06:35

PE of less than 12

[terminator101] 19/7/2023 06:32

Good set of results there

[robertball] 19/7/2023 06:20

Eps up 24% and div up 10%

[chrisdgb] 18/7/2023 10:48

Results soon............?

[davebowler] 31/5/2023 16:42

hTTps://masterinvestor.co.uk/equities/small-cap-catch-up-ports-and-cohorts/?mc_cid=11da64ff45&mc_eid=31ad53697c

[robertball] 30/5/2023 13:57

This coolant seems to be winning a bitOf SE Asia business and the diversifying of customer base away fromMOD has to be a good sign

[dylanl2] 30/5/2023 08:34

I keep adding, guessing there are no fireworks with this one

[edmonda] 30/5/2023 07:26

Another win for group as subsidiary SEA gets a £7m contract for anti-sub warfare from a SE Asian Navy.
As CEO says 'this further underpins our order book.' It also underpins ED's 650p/share fair value set out in last week's detailed note, with free access here:

[edmonda] 25/5/2023 07:10

FY 23 trading update: ahead and unified (new research report link below)

In a Trading Update for the year to 30 April 2023, Cohort plc expects performance to be slightly ahead of market expectations based on higher revenue. We note FY23 net funds reported at c.£15.0m - well ahead of ED estimated, at £4.6m - strong order intake of c.£218m (FY22: £186.7m), and a closing order book of £325m - at the Interim £304.2m. This underpins £145m, i.e. 83%, of our FY 24 estimated revenue, compared with 69% in FY23 (E). Overall, the update confirms the strength of momentum into the medium term with delivery projected to 2032.

At the Interim we raised our FY23 revenue outlook by 3% to £165m (+20%YoY) and maintained our (adj.) EBITDA outlook of £22.0m (+13.1%YoY). At this stage, our outlook remains unchanged, with the opportunity to review with full FY 23 results, and which indicates a FY23 EV/EBITDA of 8.9x; and for FY24 (E) 8.2x.

Our Fair Value remains at 650p/share.

Link to note:

[edmonda] 09/5/2023 08:46

And another win: £26.2m upgrade contract for export customer won by subsidiary @SEA_Limited 🙌

As CHRT CEO says 'This contract is another significant win for SEA and further underpins our order book and enhances the visibility of future revenues'

Latest ED note commented on orders momentum and set Fair Value at 650p / share. Free access to research notes here:

[robertball] 29/4/2023 08:32

Share price languishing. Me thinks that Priest & Co might hoist the for sale sign

[edmonda] 27/4/2023 08:16

......and another extension order today as subsidiary MASS gets further year added to long term work with the Joint Command and Staff Training until July 2025. Contract value over £6m.

[edmonda] 12/4/2023 11:06

Defence-related newsflow has remained prominent and as above Cohort has won contract extensions recently.
Its shares are on a current FY EV/EBITDA of 8.1x and Equity Development retain a Fair Value of 650p/share. New research note out that you can read/hear with free access here:

[wad collector] 05/4/2023 07:28

Contract Announcement

MASS wins GBP8.7m Countermeasures Development contract

Cohort, the independent technology group, is pleased to announce that its wholly owned subsidiary MASS Consultants Ltd ("MASS") has been awarded a contract renewal to provide countermeasures development to UK MOD, with a total value of approximately GBP8.7 million. The contract will see MASS provide a team for a period of five years and will start immediately. It is a continuation of a longstanding contract held by MASS for over 27 years.


I suppose it is "just" a renewal but I wonder if this RNS enthusiasm marks increased engagement with the market? Maybe not ; they have been enthusiastic contract announcers for a while.

[wad collector] 28/3/2023 16:18

Just noticed another contract the next day.

MASS has been awarded an extension to a contract to provide software development, modelling and countermeasures services valued at GBP5million to UK MOD for a period of 2 years.

[wad collector] 22/3/2023 16:41

That would be a fair lump of the £137m turnover last year. And hopefully a profitable contract as well as a large one for CHRT. Will it trigger some more broker tipping?

[edmonda] 22/3/2023 08:30

A nice £11m extension order announced for surveillance equipment from Chess Dynamics, subsidiary of Cohort ✔️

This expands the group order book and further underpins our forecasts and Fair Value of 650p / share, as per recent research note:

[edmonda] 01/2/2023 17:13

A pleasure, Norbert . We would hope to have a link to the recording available for others to enjoy tomorrow.