Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €16.40, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 29x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 253% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.71 per share. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €15.50, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 31x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 205% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.55 per share. Announcement • May 27
Cohort plc to Report Fiscal Year 2026 Results on Jul 15, 2026 Cohort plc announced that they will report fiscal year 2026 results at 8:00 AM, GMT Standard Time on Jul 15, 2026 Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €12.70, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 41x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 139% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.30 per share. New Risk • Jan 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Declared Dividend • Dec 30
First half dividend of UK£0.058 announced Shareholders will receive a dividend of UK£0.058. Ex-date: 8th January 2026 Payment date: 17th February 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 77% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 28
Cohort plc to Report First Half, 2026 Results on Dec 10, 2025 Cohort plc announced that they will report first half, 2026 results on Dec 10, 2025 Announcement • May 29
Cohort plc to Report Fiscal Year 2025 Results on Jul 16, 2025 Cohort plc announced that they will report fiscal year 2025 results on Jul 16, 2025 Announcement • Jan 31
Cohort plc (AIM:CHRT) acquired of E M Solutions Pty. Ltd. from Electro Optic Systems Holdings Limited (ASX:EOS). Cohort plc (AIM:CHRT) agreed to acquire E M Solutions Pty. Ltd. from Electro Optic Systems Holdings Limited (ASX:EOS) for approximately AUD 159 million on November 21, 2024. The transaction will not result in any change to Electro Optic Systems Holdings Limited's (ASX:EOS) remaining business operations. Completion of the transaction will automatically trigger the repayment of Electro Optic Systems Holdings Limited's (ASX:EOS) AUD 64 million outstanding debt facility with Washington H. Soul Pattinson and Company Limited (“WHSP”) in full. The transaction shall be part financed through a placing and retail offer for gross proceeds of £41 million (AUD 79.37 million).
The transaction is subject to approval by regulatory board / committee. As of November 21, 2024, Cohort plc (AIM:CHRT) obtained approval from the Foreign Investment Review Board (FIRB). The expected completion of the transaction is November 21, 2024 to May 21, 2025. As of December 24, 2024, the revised expected completion of the transaction is by end of February 2025. Any change in the net contribution from the acquisition of EM Solutions in the year ending April 30, 2025 is expected to be de-minimis. The transaction is expected to be materially accretive to adjusted EPS in the first full financial year of ownership (2025/26) and thereafter. On January 20, 2025, Electro Optic Systems Holdings Limited (ASX: EOS) disclosed that the divestment of its subsidiary is now expected to be completed on January 31, 2025, due to the fulfillment of the necessary conditions of the transaction.
Cohort plc (AIM:CHRT) completed the acquisition of E M Solutions Pty. Ltd. from Electro Optic Systems Holdings Limited (ASX:EOS) on Januarys 31, 2025. Declared Dividend • Dec 30
First half dividend of UK£0.052 announced Shareholders will receive a dividend of UK£0.052. Ex-date: 9th January 2025 Payment date: 18th February 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 28
Cohort plc to Report First Half, 2025 Results on Dec 11, 2024 Cohort plc announced that they will report first half, 2025 results on Dec 11, 2024 Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €12.20, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 20x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.20 per share. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €11.50, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.06 per share. New Risk • Sep 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Sep 25
Cohort plc Announces Board and Committee Changes Cohort plc announced that Jeff Perrin retired from the Cohort Board following 24 September 2024 Annual General Meeting after 9 years during which he Chaired the Audit Committee, was a member of the Remuneration Committee and acted as Senior Independent Director. He brought diligence and wisdom to these roles and made a valuable contribution to the development of Cohort. Peter Lynas has succeeded Jeff as Chairman of the Audit Committee and Senior Independent Director. Upcoming Dividend • Aug 15
Upcoming dividend of UK£0.10 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 02 October 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.0%). Declared Dividend • Jul 19
Final dividend of UK£0.10 announced Shareholders will receive a dividend of UK£0.10. Ex-date: 22nd August 2024 Payment date: 2nd October 2024 Dividend yield will be 1.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 18
Full year 2024 earnings released: EPS: UK£0.38 (vs UK£0.28 in FY 2023) Full year 2024 results: EPS: UK£0.38 (up from UK£0.28 in FY 2023). Revenue: UK£202.5m (up 11% from FY 2023). Net income: UK£15.3m (up 35% from FY 2023). Profit margin: 7.6% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jul 17
Cohort plc Recommends Final Dividend, Payable on 2 October 2024 The Board of Cohort plc is recommending a final dividend of 10.10 pence per ordinary share (2023: 9.15 pence), making a total dividend of 14.80 pence per ordinary share (2023: 13.40 pence) for the year, a 10% increase. The dividend has been increased every year since the Group's IPO in 2006. The final dividend will be payable on 2 October 2024 to shareholders on the register at 23 August 2024, subject to approval at the Annual General Meeting on 24 September 2024. Announcement • Jul 11
Cohort plc to Report Fiscal Year 2024 Results on Jul 17, 2024 Cohort plc announced that they will report fiscal year 2024 results on Jul 17, 2024 Buy Or Sell Opportunity • Jul 01
Now 15% overvalued after recent price rise Over the last 90 days, the stock has risen 8.8% to €8.65. The fair value is estimated to be €7.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Buy Or Sell Opportunity • Jun 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to €9.10. The fair value is estimated to be €7.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.20, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 9.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.33 per share. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €6.05. The fair value is estimated to be €5.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to decline by 0.3% in 2 years. Earnings are forecast to grow by 0.2% in the next 2 years. Buy Or Sell Opportunity • Feb 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to €6.30. The fair value is estimated to be €5.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to decline by 0.3% in 2 years. Earnings are forecast to grow by 0.2% in the next 2 years. Recent Insider Transactions • Jan 19
Non-Executive director recently bought €95k worth of stock On the 17th of January, Peter Lynas bought around 15k shares on-market at roughly €6.36 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €90k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 28
Upcoming dividend of UK£0.047 per share at 2.5% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 13 February 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.5%). Announcement • Dec 17
Cohort plc, Annual General Meeting, Sep 24, 2024 Cohort plc, Annual General Meeting, Sep 24, 2024. Reported Earnings • Dec 15
First half 2024 earnings released: EPS: UK£0.075 (vs UK£0.027 in 1H 2023) First half 2024 results: EPS: UK£0.075 (up from UK£0.027 in 1H 2023). Revenue: UK£94.3m (up 22% from 1H 2023). Net income: UK£3.02m (up 172% from 1H 2023). Profit margin: 3.2% (up from 1.4% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Dec 08
Now 20% undervalued Over the last 90 days, the stock is up 2.7%. The fair value is estimated to be €7.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings is also forecast to grow by 6.9% per annum over the same time period. Announcement • Nov 30
Cohort plc to Report First Half, 2024 Results on Dec 13, 2023 Cohort plc announced that they will report first half, 2024 results on Dec 13, 2023 Reported Earnings • Aug 25
Full year 2023 earnings released: EPS: UK£0.28 (vs UK£0.23 in FY 2022) Full year 2023 results: EPS: UK£0.28 (up from UK£0.23 in FY 2022). Revenue: UK£182.7m (up 33% from FY 2022). Net income: UK£11.4m (up 23% from FY 2022). Profit margin: 6.2% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Aug 24
Cohort plc, Annual General Meeting, Sep 26, 2023 Cohort plc, Annual General Meeting, Sep 26, 2023, at 13:30 Coordinated Universal Time. Location: Boyes Turner LLP, Abbots House, Abbey Street Reading United Kingdom Upcoming Dividend • Aug 17
Upcoming dividend of UK£0.091 per share at 2.6% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 03 October 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.5%). Announcement • Jul 21
Cohort plc Recommends Final Dividend for the Fiscal Year 2023, Payable on 3 October 2023 Cohort plc recommended final dividend of 9.15 pence per ordinary share (2022: 8.35 pence), making a total dividend of 13.40 pence per ordinary share (2022: 12.20 pence) for the year, representing a 10% increase. The dividend has been increased every year since the Group's IPO in 2006. It will be payable on 3 October 2023 to shareholders on the register at 25 August 2023, subject to approval at the Annual General Meeting on 26 September 2023. Reported Earnings • Jul 20
Full year 2023 earnings released: EPS: UK£0.28 (vs UK£0.23 in FY 2022) Full year 2023 results: EPS: UK£0.28 (up from UK£0.23 in FY 2022). Revenue: UK£182.7m (up 33% from FY 2022). Net income: UK£11.4m (up 23% from FY 2022). Profit margin: 6.2% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Share price has been volatile over the past 3 months (7.3% average weekly change). Significant insider selling over the past 3 months (€91k sold). Upcoming Dividend • Dec 29
Upcoming dividend of UK£0.043 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 14 February 2023. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.3%). Reported Earnings • Dec 15
First half 2023 earnings released: EPS: UK£0.027 (vs UK£0.017 loss in 1H 2022) First half 2023 results: EPS: UK£0.027 (up from UK£0.017 loss in 1H 2022). Revenue: UK£77.5m (up 29% from 1H 2022). Net income: UK£1.11m (up UK£1.82m from 1H 2022). Profit margin: 1.4% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Dec 14
Cohort plc Declares Interim Dividend, Payable on 14 February 2023 The Board of Cohort plc has declared an interim dividend of 4.25 pence per share (2021: 3.85 pence per share), 10% higher than last year. The interim dividend is payable on 14 February 2023 to shareholders on the register as of 6 January 2023. Announcement • Dec 06
Cohort plc to Report First Half, 2023 Results on Dec 14, 2022 Cohort plc announced that they will report first half, 2023 results on Dec 14, 2022 Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €4.34, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Aerospace & Defense industry in Germany. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.01 per share. Upcoming Dividend • Aug 18
Upcoming dividend of UK£0.084 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 04 October 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 29
Full year 2022 earnings released: EPS: UK£0.23 (vs UK£0.13 in FY 2021) Full year 2022 results: EPS: UK£0.23 (up from UK£0.13 in FY 2021). Revenue: UK£137.8m (down 3.9% from FY 2021). Net income: UK£9.20m (up 68% from FY 2021). Profit margin: 6.7% (up from 3.8% in FY 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 19%, compared to a 28% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Ed Lowe was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be UK£6.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Buying Opportunity • Mar 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be UK£8.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 34% share price gain to €6.90, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.50 per share. Upcoming Dividend • Dec 30
Upcoming dividend of UK£0.038 per share Eligible shareholders must have bought the stock before 06 January 2022. Payment date: 14 February 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.7%). Reported Earnings • Dec 16
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: UK£0.017 loss per share (down from UK£0.003 profit in 1H 2021). Revenue: UK£60.0m (up 10% from 1H 2021). Net loss: UK£710.0k (down UK£814.0k from profit in 1H 2021). Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 6.9%, compared to a 24% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 28
Full year 2021 earnings released: EPS UK£0.13 (vs UK£0.23 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£143.3m (up 9.3% from FY 2020). Net income: UK£5.46m (down 43% from FY 2020). Profit margin: 3.8% (down from 7.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 12
Upcoming dividend of UK£0.076 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 27 September 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 15% share price gain to UK£6.75, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 22x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.72 per share. Reported Earnings • Jul 28
Full year 2021 earnings released: EPS UK£0.13 (vs UK£0.23 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£143.3m (up 9.3% from FY 2020). Net income: UK£5.46m (down 43% from FY 2020). Profit margin: 3.8% (down from 7.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 16
New 90-day high: €7.15 The company is up 8.0% from a price of €6.62 on 16 December 2020. Underperformed the German market, which is up 9.0% over the last 90 days. Exceeded the Aerospace & Defense industry, which is down 3.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at €10.53 per share. Recent Insider Transactions • Jan 14
Chairman of the Board recently sold €2.0m worth of stock On the 12th of January, Nicholas Prest sold around 285k shares on-market at roughly €6.89 per share. This was the largest sale by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months. Is New 90 Day High Low • Dec 29
New 90-day high: €7.12 The company is up 9.0% from its price of €6.54 on 30 September 2020. The German market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Aerospace & Defense industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.74 per share. Reported Earnings • Dec 12
First half 2021 earnings released: EPS UK£0.003 The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: UK£54.4m (down 9.5% from 1H 2020). Net income: UK£104.0k (down 74% from 1H 2020). Profit margin: 0.2% (down from 0.7% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 11
Cohort plc, Annual General Meeting, Sep 20, 2021 Cohort plc, Annual General Meeting, Sep 20, 2021. Is New 90 Day High Low • Dec 04
New 90-day high: €6.94 The company is up 3.0% from its price of €6.72 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.06 per share. Announcement • Dec 04
Cohort plc (AIM:CHRT) completed the acquisition of Wartsila Elac Nautik GmbH from Wärtsilä Oyj Abp (HLSE:WRT1V). Cohort plc (AIM:CHRT) agreed to acquire L-3 Communications ELAC Nautik GmbH from Wärtsilä Oyj Abp (HLSE:WRT1V) for €11.25 million on December 12, 2019. There is no earn-out. The actual consideration will be adjusted to take into account the pension deficit and, based on completion accounts, the cash and working capital in the business at closing. On completion, Cohort will pay an agreed initial consideration of €10.5 million which is being funded through a combination of own cash and the Group’s £30 million revolving credit facility, with the Group expecting additionally to draw down on its £10 million accordion facility. Wärtsilä ELAC Nautik GmbH will be renamed ELAC SONAR GmbH. It generates annual revenues of approximately €21 million. In its financial year ended December 31, 2018, ELAC generated revenues of €20.7 million and EBIT of €1.4 million and total assets of €21.7 million. Subject to German government approval, completion of the transaction is expected on or before June 30, 2020. As on July 23, 2020, transaction is subject to approval from German Federal Government and is expected to complete by September 30, 2020. The acquisition is expected to be immediately earnings enhancing following completion. Daniel Adams and Chris Baird of Investec Bank Plc acted as nominated and financial advisor to Cohort. GÖRG Rechtsanwälte acted as legal advisor to Cohort plc (AIM:CHRT). Dr Hendrik Drinkuth, Dr Hermann Müller, Dr Heino Büsching, Dr Isabelle Holly and Dr Andreas Hofelich of CMS Hasche Sigle PG v. RA u. STB mbH acted as legal advisors to Wärtsilä Oyj Abp.
Cohort plc (AIM:CHRT) completed the acquisition of Wartsila Elac Nautik GmbH from Wärtsilä Oyj Abp (HLSE:WRT1V) on December 3, 2020. The acquisition was approved by German government in November 2020. Announcement • Nov 19
Cohort plc to Report First Half, 2021 Results on Dec 10, 2020 Cohort plc announced that they will report first half, 2021 results on Dec 10, 2020 Is New 90 Day High Low • Nov 07
New 90-day low: €6.04 The company is down 17% from its price of €7.24 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.01 per share. Is New 90 Day High Low • Oct 21
New 90-day low: €6.20 The company is down 2.0% from its price of €6.34 on 23 July 2020. The German market is also down 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Aerospace & Defense industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.61 per share. 
