23 Jun 2016 06:26
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Don't have an account? Click here to register.Barclays downgrades Cobham to 'equalweight'
Mon, 15th Aug 2016 09:10
(ShareCast News) - Barclays downgraded Cobham to 'equalweight' from 'overweight' saying it expects several unquantifiable bumps along the way in the next six months and sees cleaner yet equally compelling value to be had elsewhere in its coverage.The bank said that while the logic behind rebalancing away from defence was sound at the time, commercial markets have softened significantly since then, while pure-play defence peers have re-rated to all-time highs.It said the rights issue further dented sentiment and in turn valuation multiples, meaning the stock still looks cheap, but the the impending management change cannot be ignored in the near term."We remain compelled by Cobham's valuation, this is still the highest margin defence company on the planet trading at just 12.6x FY16E P/E, with a 4.8% dividend yield and a free cash flow of yield of around 7%, yet it trades at a P/E discount of around 30% to comparable US defence peers. Clearly the risk/reward looks to be skewed to the upside on a 12 month view," the bank said.Barclays said that while management remains cautiously optimistic in the company just about attaining the second half plan, this is unlikely to be sufficient to see that valuation gap close materially more than it has already as around 30% of revenues are exposed to non-aerospace and defence 'commercial' end markets, offering a lesser degree of safety than the pure-play defence peers."With the balance sheet now addressed the underlying story at Cobham should be a cleaner one. Should management be able to deliver their revised guide, confidence will slowly be restored in this 16% margin, highly cash generative technology business with high barriers to entry."Barclays maintained its 183p price target on Cobham.At 0920 BST, shares were down 1.1% to 160.03p.
More News
20 Jun 2016 15:09
Broker tips: Asos, Cobham, Inmarsat
(ShareCast News) - RBC Capital Markets reiterated its 'outperform' stance and 4,500p price target on online fashion retailer ASOS, saying the recent share price weakness was a buying opportunity. The broker noted the shares have dropped more than 10% over the last month, most likely on concerns over
Read more20 Jun 2016 09:11
Cobham rallies on BofA Merrill Lynch upgrade to 'buy'
(ShareCast News) - Aerospace and defence group Cobham got a boost on Monday as Bank of America Merrill Lynch upgraded the stock to ' buy' from 'neutral' noting the balance sheet was reset and the valuation is attractive for a defence asset. BofA ML pointed out that Cobham has completed a rights issu
Read more17 Jun 2016 16:07
17 Jun 2016 12:49
17 Jun 2016 07:44
Cobham £506m rights issue 97% subscribed
(ShareCast News) - Aerospace and defence firm Cobham said its one-for-two rights issue had been 97.21% subscribed. The 89p-a-share issue announced earlier this month will raise £506.7m to reduce debt. Chief executive officer Bob Murphy said at the time that the issue would put Cobham on a "sound fi
Read more6 Jun 2016 12:55
Monday broker round-up
(ShareCast News) - Wolseley: JP Morgan reiterates neutral with a target price of 4100p. Cairn Energy: RBC reiterates sector perform with a 250p target. Shire: Jefferies reiterates buy with a target price of 6050p and Exane BNP Paribas stays at outperform. Cobham: JP Morgan keeps at neutral with a
Read more2 Jun 2016 16:39
Thursday broker round-up
(ShareCast News) - Moneysupermarket.com: Jefferies downgrades to hold with a target price of 312p. Wolseley: Canaccord downgrades to hold with a 4200p target, UBS reiterates buy with a target price of 4300p and Credit Suisse stays at outperform with a 4200p target. Daily Mail: Goldman Sachs reitera
Read more2 Jun 2016 14:27
Cobham secures contract with Airbus
(ShareCast News) - FTSE 250 aerospace and defence group Cobham has been awarded a contract by Airbus worth several hundred million US dollars over the period. The contract is to supply its new digital RAIMS, Radio and Audio Integrated Management System, for the A320neo aircraft family. Cobham's sa
Read more2 Jun 2016 08:41
European shares little changed before ECB; Voestalpine shines
(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details) Adds details, updates prices) * Pan-European STOXX 600
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