Research on Cohort plc (CHRT:LON) from Equity Development
For the year to 30 April, 2026 Cohort reported revenue of £306.4m, +13%YoY (our est. £303.0m) and (adj.) EBIT of £36.3m (our est. £36.0m), +32%YoY, with improved margin 11.8% (FY25: 10.2%). Order intake of £314.2m rose 10%YoY, i.e. above revenue, with an order book of £618.8m – stretching out to 2037 – confirming another record year. The war in Iran, ongoing conflict in Ukraine and continued Asia-Pacific tension, mean that defence challenges have multiplied and accelerated rather than diminished. In the UK, detailed spending plans highlight new priorities that look well aligned with Cohort’s specialised technology. We have added estimates to FY29 and expect particularly strong cash generation propelled by order inflow and the completion of an increasingly healthy order pipeline. Our Fair Value per share estimate is raised from 1930p to 2150p.
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