Last checked at 20 Dec 2018 14:40
Edison Investment Research Limited Edison Investment Research Limited: Edison issues outlook on Cohort (CHRT) 20-Dec-2018 / 14:39 GMT/BST London, UK, 20 December 2018 Edison issues outlook on Cohort (CHRT) Following a challenging first half, Cohort (CHRT) has seen excellent order intake in recent months. These underpin anticipated sales for H219 and provide longer-term visibility through some significant multi-year agreements. In addition, the company has bought Chess Technologies, broadening the geographic reach and product range while augmenting growth prospects. The purchase is aligned with the agile growth strategy and was financed through cash and the recently renewed bank facility. Having strongly outperformed its UK defence peers over the last 12 months, the FY20e P/E of 10.7x represents a discount of around 18% to its UK defence peers. The significant rise in the share price over the last 12 months delivered a strong outperformance of its UK aerospace and defence peers. The FY20e P/E remains at a c 18% discount to the UK defence peer average. Our fair value, based on capped DCF and peer group sum-of-the-parts (SOP), stands at 530p (previously 549p) which, if achieved, would place Cohort on a c 12% premium to its UK defence peers.Click here to view the full report. All reports published by Edison are available to download free of charge from its websitewww.edisoninvestmentresearch.com About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Andy Chambers, +44 (0)20 3681 2525Annabel Hewson, +44 (0)20 3077 5700industrials@edisongroup.comLearn more at www.edisongroup.com and connect with Edison on:LinkedIn https://www.linkedin.com/company/edison-investment-research Twitter www.twitter.com/Edison_Inv_ResYouTube www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement. |
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corporate announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.