Cobham Gross profit (H1, 2018)209.9 M

Cobham Gross profit margin (H1, 2018), %22.7%

Cobham Net income (H1, 2018)165.4 M

Cobham EBIT (H1, 2018)208.8 M

Cobham Cash, 30-Jun-2018333.7 M

Cobham EV396.2 M

Cobham revenue was £2.05 b in FY, 2017 which is a 5.6% year over year increase from the previous period.

Cobham revenue breakdown by business segment: 27.7% from Advanced Electronic Solutions, 34.1% from Communications and Connectivity, 17.8% from Aviation Services and 20.4% from Mission Systems

Cobham revenue breakdown by geographic segment: 13.1% from Rest of the World, 11.2% from Australia, 16.4% from Other EU, 9.2% from UK and 50.1% from USA

GBP | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 1.8 b | 1.9 b | 2.1 b | 1.9 b | 2.1 b |

| 3% | 12% | (6%) | 6% | |

## Cost of goods sold | 1.2 b | 1.3 b | 1.4 b | 1.6 b | 1.5 b |

## Gross profit | 568.8 m | 561.6 m | 663.8 m | 376.6 m | 594.6 m |

| 32% | 30% | 32% | 19% | 29% |

## Sales and marketing expense | 84.7 m | 100.3 m | 130.1 m | 134.5 m | |

## R&D expense | 88 m | 96.9 m | 138 m | 123.9 m | 121.9 m |

## General and administrative expense | 328.4 m | 403.9 m | 521.7 m | 1 b | |

## Operating expense total | 413.1 m | 504.2 m | 651.8 m | 1.2 b | 490.5 m |

## EBIT | 158.8 m | 57.6 m | 12 m | (779.1 m) | 104.1 m |

| 9% | 3% | 1% | (40%) | 5% |

## Interest expense | 37.5 m | 39.7 m | 57 m | 72.9 m | 43.3 m |

## Interest income | 5.3 m | 6.4 m | 5.2 m | 4.1 m | 6.1 m |

## Pre tax profit | 126.6 m | 24.3 m | (39.8 m) | (847.9 m) | 66.9 m |

## Income tax expense | 12.1 m | (4.7 m) | (2.1 m) | (52.8 m) | 11.9 m |

## Net Income | 114.5 m | 29 m | (37.7 m) | (795.1 m) | 78.8 m |

GBP | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Revenue | 1 b | 916.7 m | 1 b | 924.5 m |

## Cost of goods sold | 716.2 m | 648 m | 718.3 m | 714.6 m |

## Gross profit | 332 m | 268.7 m | 285 m | 209.9 m |

| 32% | 29% | 28% | 23% |

## Sales and marketing expense | 68.5 m | 67.2 m | ||

## General and administrative expense | 233.8 m | 213.5 m | ||

## Operating expense total | 302.3 m | 280.7 m | 250.3 m | 217.4 m |

## EBIT | 29.7 m | (12 m) | 34.7 m | 208.8 m |

| 3% | (1%) | 3% | 23% |

## Interest expense | 28.3 m | 28.1 m | 22.2 m | 35 m |

## Interest income | 2.9 m | 1.7 m | 1.8 m | 5.5 m |

## Pre tax profit | 4.3 m | (38.4 m) | 14.3 m | 179.3 m |

## Income tax expense | 6.5 m | (13.4 m) | (2 m) | 13.9 m |

## Net Income | (2.2 m) | (25 m) | 16.3 m | 165.4 m |

GBP | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 200.7 m | 225.6 m | 294.7 m | 236.2 m | 451.9 m |

## Accounts Receivable | 238.3 m | 331.4 m | 286.3 m | 307.5 m | 329 m |

## Inventories | 315.9 m | 431.4 m | 410.4 m | 405.3 m | 389.4 m |

## Current Assets | 849.9 m | 1.1 b | 1.1 b | 1.1 b | 1.4 b |

## PP&E | 350.8 m | 390 m | 379.9 m | 422.9 m | 380.9 m |

## Total Assets | 2.4 b | 3.6 b | 3.3 b | 2.8 b | 2.8 b |

## Accounts Payable | 116.4 m | 145 m | 145.9 m | 155.3 m | 448.2 m |

## Short-term debt | 48.1 m | 1.5 m | 156.4 m | 60.9 m | 100 k |

## Current Liabilities | 574.8 m | 699.1 m | 797.2 m | 864 m | 770.5 m |

## Long-term debt | 606 m | 1.4 b | 1.3 b | 1.2 b | 835.3 m |

## Non-Current Liabilities | 800.2 m | 1.8 b | 1.6 b | 1.4 b | 994.6 m |

## Total Debt | 654.1 m | 1.4 b | 1.5 b | 1.3 b | 835.4 m |

## Total Liabilities | 1.4 b | 2.5 b | 2.4 b | 2.3 b | 1.8 b |

## Common Stock | 28.9 m | 30.4 m | 30.4 m | 44.6 m | 61.7 m |

## Additional Paid-in Capital | 126.6 m | 301.9 m | 301.9 m | 778.3 m | 1.3 b |

## Retained Earnings | 832.7 m | 736.4 m | 576.8 m | (372 m) | 284 m |

## Total Equity | 1 b | 1.1 b | 909.7 m | 489.9 m | 1 b |

## EPS | 0.1 | 0 | (0 ) | (0.5 ) | 0 |

## Debt to Equity Ratio | 0.6 x | 1.3 x | 1.7 x | 2.6 x | 0.8 x |

## Debt to Assets Ratio | 0.3 x | 0.4 x | 0.5 x | 0.5 x | 0.3 x |

## Financial Leverage | 2.3 x | 3.2 x | 3.6 x | 5.7 x | 2.7 x |

GBP | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Cash | 224.1 m | 493.8 m | 482.5 m | 333.7 m |

## Inventories | 420.6 m | 439.3 m | 415.8 m | 275.3 m |

## Current Assets | 1.1 b | 1.3 b | 1.3 b | 1.1 b |

## PP&E | 380.4 m | 406.7 m | 403 m | 375.8 m |

## Total Assets | 3.4 b | 3.6 b | 2.9 b | 2.5 b |

## Short-term debt | 51.7 m | 93.7 m | 57.9 m | 12.5 m |

## Current Liabilities | 719.7 m | 747.1 m | 824.5 m | 734.8 m |

## Long-term debt | 1.4 b | 1.3 b | 885.4 m | 374.8 m |

## Non-Current Liabilities | 1.7 b | 1.6 b | 1.1 b | 523.8 m |

## Total Debt | 1.5 b | 1.4 b | 943.3 m | 387.3 m |

## Total Liabilities | 2.4 b | 2.3 b | 1.9 b | 1.3 b |

## Common Stock | 30.4 m | 44.6 m | 61.7 m | 61.7 m |

## Additional Paid-in Capital | 301.9 m | 778.3 m | 1.3 b | 1.3 b |

## Retained Earnings | 649 m | 445.1 m | (342.5 m) | (73 m) |

## Total Equity | 987.3 m | 1.3 b | 993.6 m | 1.3 b |

## EPS | (0 ) | (0 ) | 0 | 0.1 |

## Debt to Equity Ratio | 1.5 x | 1 x | 0.9 x | 0.3 x |

## Debt to Assets Ratio | 0.4 x | 0.4 x | 0.3 x | 0.2 x |

## Financial Leverage | 3.4 x | 2.7 x | 2.9 x | 2 x |

GBP | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Depreciation and Amortization | 235.1 m | 190.8 m | 254.4 m | 248.1 m | 223.9 m |

## Accounts Receivable | (26.2 m) | (68.3 m) | (19.1 m) | (21.9 m) | 24.1 m |

## Inventories | (300 k) | (11.9 m) | 34.6 m | (50.8 m) | (26.7 m) |

## Accounts Payable | (300 k) | 17.3 m | 38.6 m | 9.7 m | 71.1 m |

## Cash From Operating Activities | 210.6 m | 167.9 m | 189.1 m | 134.7 m | 215.2 m |

## Purchases of PP&E | (58 m) | (63.7 m) | (97.8 m) | (82.8 m) | (69 m) |

## Cash From Investing Activities | (208.3 m) | (950.8 m) | 53.9 m | (86.5 m) | (75.5 m) |

## Long-term Borrowings | (359.6 m) | ||||

## Dividends Paid | (96.6 m) | (108.3 m) | (122.1 m) | (126.1 m) | (100 k) |

## Cash From Financing Activities | (39.1 m) | 839.4 m | (160.1 m) | (120.3 m) | 137.5 m |

## Net Change in Cash | (36.8 m) | 56.5 m | 82.9 m | (72.1 m) | 277.2 m |

## Interest Paid | (41.6 m) | ||||

## Income Taxes Paid | (32.2 m) |

USD | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Depreciation and Amortization | 126.9 m | 116 m | 113.8 m | 84.9 m |

## Accounts Receivable | (21.5 m) | (24.5 m) | (40 m) | (10 m) |

## Inventories | (23.6 m) | (1.1 m) | (22.4 m) | (16.4 m) |

## Accounts Payable | (4.9 m) | (5.8 m) | 27 m | (13.1 m) |

## Cash From Operating Activities | 121.5 m | 120.6 m | 129.5 m | 30.2 m |

## Purchases of PP&E | (54.8 m) | (35.7 m) | (21.7 m) | (20.6 m) |

## Cash From Investing Activities | (56.8 m) | (36.3 m) | (27.1 m) | 303.3 m |

## Long-term Borrowings | (469.9 m) | |||

## Dividends Paid | (87.7 m) | (91.6 m) | ||

## Cash From Financing Activities | (58.3 m) | 109.2 m | 215.5 m | (469.9 m) |

## Net Change in Cash | 6.4 m | 156.7 m | 279.5 m | (136.4 m) |

GBP | Y, 2018 |
---|---|

## EV/EBIT | 1.9 x |

## EV/CFO | 13.1 x |

## Debt/Equity | 0.3 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 2 x |

## P/E Ratio | 204.3 |

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