24 Oct 2016 07:53
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Don't have an account? Click here to register.Cobham rallies on BofA Merrill Lynch upgrade to 'buy'
Mon, 20th Jun 2016 09:11
(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 issue of around £500m, bringing the leverage to a much healthier 1.9x net debt EBITDA by year end FY16, putting the bank's previous concerns about leverage to rest.It argued that commercial growth remains a concern but said Cobham has a well-positioned defence portfolio, and it expects modest organic improvements in both the US and non US defence exposures."The group remains one of the most cash generative in the defence sector, and we see upside risk to free cash flow in FY17 if the group can execute on working capital."ML noted that post the rights issue, Cobham currently trades at a 17% discount to peers."We believe this is an attractive risk reward, for a business with 61% of sales exposed to a troughing defence cycle," said the bank, adding that it more than compensates for commercial risks.BofA ML has a 165p price target on the stock.At 0920 BST, Cobham shares were up 5.4% to 151.32p.
More News
24 Oct 2016 07:29
Cobham cuts profit guidance as satellite and wireless lag
(ShareCast News) - Softer conditions in the wireless and satellite communications (satcom) markets have led Cobham to issue a profit warning. Although management expects an improvement in the fourth quarter, it said the overall full year outcome was likely to be below its initial estimates and cut i
Read more24 Oct 2016 06:15
Britain's Cobham downgrades profit forecast again
LONDON, Oct 24 (Reuters) - British aerospace and defence company Cobham downgraded its profit forecast for the second time this year after a continued weak performance in its communications unit. Cobham warned on Monday that its annual trading profit would now come in at between 255 million
Read more19 Oct 2016 15:07
4 Oct 2016 15:36
Sector movers: Construction and aerospace lead advance
(ShareCast News) - Construction and industrial engineering stocks led the way higher, with shares in aerospace and defence close behind thanks to the favourable tailwind from the pound's depreciation. Activity in the UK construction sector bounced back in September, with Markit's purchasing manag
Read more29 Sep 2016 15:03
11 Sep 2016 15:45
Sunday newspaper round-up: Inflation, MPC, Tesco, Rolls-Royce, Morrisons
(ShareCast News) - At their meeting this week, the Bank of England's rate setters are expected to pause and take stock of the impact on the economy of its recent interest rate cut, while UK inflation is set to continue its modest rise figures are likely to show. While inflation is likely to be boost
Read more5 Sep 2016 15:25
Monday broker round-up
(ShareCast News) - BAE systems: Goldman Sachs reiterates buy with a target price of 671p. Morrison: Jefferies maintains buy with a 210p target. Compass Group: UBS keeps at neutral with a 1485p target. Rio Tinto: Macquarie reiterates outperform with a 2900p target. Cobham: Goldman Sachs keeps at n
Read more5 Sep 2016 15:21
Sector movers: Big Oil, Industrial Metals pace gains on heels of G-20
(ShareCast News) - Big Oil again lent its heft to the market´s advance after Russia and Saudi Arabia unveiled an agreement to collaborate in the energy space. In a statement issued at the Group of 20 meeting in Hangzhou,China the oil producers said they would set up a working group to monitor the ma
Read more17 Aug 2016 16:16
Britain's FTSE dragged down by drop in Admiral
* FTSE 100 ends down 0.5 percent * Admiral falls as Brexit vote affects solvency ratio * Indivior climbs after clinical trial result * Laird boss to join Cobham, shares diverge (Updates prices at close, adds detail) By Kit Rees and Alistair Smout LONDON, Aug 17 (Re
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