Details for (COB) / Market data / Selftrade

COBHAM

(COB GB00B07KD360 GBX)

Value 220.000

Change Today -1.30

Updated17/05 16:35

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PROFILE

Registered Number	30470
Registered Address	Brook Road Wimborne Dorset BH21 2BJ
Phone Number	+44 (0) 1202 882020
Fax Number
Website	http://www.cobham.com
Activities	Designs and manufactures civil and military aerospace equipment and specialized systems and components
Country of Register	GB
Currency	GBX
Short Name	COBHAM
First Day Traded	11/07/2005
Industrial Sector	Aerospace
Number of shares	1.08b

Key People

Andy Stevens	Chief Executive Officer
Peter Hooley	Non Executive Director
Warren Tucker	Financial Director
Michael Wareing	Non Executive Director
Mark Ronald	Non Executive Director
John Devaney	Non Executive Director
Alison Wood	Non Executive Director
Michael Hagee	Non Executive Director

Major Shareholders

Invesco Asset Management Ltd.	5.49%
Newton Investment Management Ltd.	5.30%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	1,061.10	1,466.50	1,880.40	1,902.60	1,854.40
Cost of Goods Sold (COGS) incl. D&A	732	1,056.90	1,367.30	1,366.40	1,343.10
COGS excluding D&A	682.20	975.20	1,236.60	1,243.40	1,213.70
Depreciation & Amortization Expense	49.80	81.70	130.70	123	129.40
Depreciation	35.10	33.30	47.40	54.70	57.40
Amortization of Intangibles	14.70	48.40	83.30	68.30	72
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	329.10	409.60	513.10	536.20	511.30
Selling, General & Administrative Expense	163.20	221.10	268.90	310.10	100
Research & Development	55	70.50	88.30	73.80	75.30
Other Selling, General & Administrative	108.20	150.60	180.60	236.30	24.70
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	14.70	2.50	-10	-0.20	34.40
Non-Operating Interest Income	20.90	28.40	13.90	7.90	8.60
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	15.20	66.90	-36.90	2	178.20
EBIT after Unusual Expense	-15.20	-66.90	36.90	-2	0
Interest Expense	18.60	37.80	46.20	48.50	51.20
Gross Interest Expense	18.60	37.80	46.20	48.50	51.20
Interest Capitalized	0	0	0	0	0
Pretax Income	167.70	114.70	238.80	183.30	224.90
Income Tax	47.30	28.10	59	36.50	46.30
Income Tax - Current Domestic	44	36.50	71.70	34.30	51.70
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	3.30	-8.40	-12.70	2.20	-5.40
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0.30	0.10	0.10	0.10	0.10
Equity in Affiliates	5.80	6	6.10	6	9.40
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	125.90	92.50	185.80	152.70	187.90
Extraordinaries & Discontinued Operations	5.80	2.90	0	0	0
Extra Items & Gain/Loss Sale Of Assets	5.80	2.90	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	131.70	95.40	185.80	152.70	187.90
Preferred Dividends	0.00	0	0	0	0
Net Income available to Common	125.90	92.50	185.80	152.70	187.90
Operational EPS	11.97	12.17	13.92	13.32	27.89
EPS (basic)	11.10	8.13	16.26	13.27	16.80
EPS (diluted)	11.04	8.08	16.17	13.20	16.76
EBITDA	215.70	270.20	374.90	349.10	540.70
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	49.80	81.70	130.70	123	129.40

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	449.40	312.10	374.50	479.50	347
Cash Only	444.50	311	358	473	345.60
Short-Term Investments	4.90	1.10	16.50	6.50	1.40
Total Accounts Receivable	209.80	346.10	313.50	294.10	267.30
Accounts Receivables, Net	195.30	311.60	292.10	265.80	239.60
Accounts Receivables, Gross	195.30	311.60	292.10	268.20	241.60
Bad Debt/Doubtful Accounts	0	0	0	-2.40	-2
Other Receivables	14.50	34.50	21.40	28.30	27.70
Inventories	170.10	246.80	249.80	287.40	304.60
Finished Goods	18.40	29.50	27.70	32.20	29.90
Work in Progress	111.20	163.80	141.30	170.40	183.60
Raw Materials	47.60	86.90	121.50	125.10	132.20
Progress Payments & Other	-7.10	-33.40	-40.70	-40.30	-41.10
Other Current Assets	29.60	89.90	25.40	60.60	64.80
Prepaid Expenses	0	23.90	25.40	22.30	19.40
Miscellaneous Current Assets	29.60	66	0	38.30	45.40
Total Current Assets	858.90	994.90	963.20	1,121.60	983.70
Net Property, Plant & Equipment	203.80	291.10	318.20	339.70	318.60
Property, Plant & Equipment - Gross	528.80	665.80	721	787.50	785.80
Buildings	57.60	75.50	77.40	86.20	84.90
Land & Improvements	0	0	0	0	0
Machinery & Equipment	387.90	469.90	512	560.40	565.90
Construction in Progress	1.50	7	17.60	12.40	8.80
Leases	27.60	40.70	40	46.10	46.60
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	54.20	72.70	74	82.40	79.60
Accumulated Depreciation	325	374.70	402.80	447.80	467.20
Buildings	16.70	21.50	23.50	22.60	25.50
Land & Improvements	0	0	0	0	0
Machinery & Equipment	260.40	290.10	311.60	350.30	364.90
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	40.20	52.20	54.30	57.60	56.80
Total Investments and Advances	33	30.60	31	28.90	28.40
LT Investment - Affiliate Companies	18.80	16.90	17.40	17.20	16.10
Other Long-Term Investments	14.20	13.70	13.60	11.70	12.30
Long-Term Note Receivable	10.70	22.20	44.40	19.30	16.90
Intangible Assets	476.10	1,211.80	1,063	1,048.40	917.60
Net Goodwill	381.80	758.60	719.30	745.40	678.50
Net Other Intangibles	94.30	453.20	343.70	303	239.10
Other Assets	0	0	0	1.60	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	1.60	0
Total Assets	1,590.80	2,559.60	2,442.10	2,570.90	2,283.50
ST Debt & Curr. Portion LT Debt	243.10	823.90	402.80	315.90	225.70
Short Term Debt	239.10	783.20	401.50	313.30	114.10
Current Portion of Long Term Debt	4	40.70	1.30	2.60	111.60
Accounts Payable	89	113.70	97.50	107.50	102.60
Income Tax Payable	65.30	45.10	80.70	100	129.30
Other Current Liabilities	163.30	360	322.70	304.40	291.40
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	163.30	360	322.70	304.40	291.40
Total Current Liabilities	560.70	1,342.70	903.70	827.80	749
Long-Term Debt	123.48	128.38	376.20	483.20	352.40
Long-Term Debt excl. Capitalized Leases	122.68	127.38	375.50	482.60	351.70
Non-Convertible Debt	122.68	127.38	375.50	482.60	351.70
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0.80	1	0.70	0.60	0.70
Provision for Risks & Charges	67.50	77	123.10	86.60	79.20
Deferred Taxes	14.20	49	15	26.30	-2.80
Deferred Taxes - Credit	22.50	58	37.30	37.70	15.50
Deferred Taxes - Debit	-8.30	-9	-22.30	-11.40	-18.30
Accumulated Minority Interest	0.40	0.60	0.30	0.40	0.50
Other Liabilities	12.50	104.70	53.50	59.40	68.30
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	9.30	95.50	45.60	53.30	57.90
Deferred Income	3.20	9.20	7.90	6.10	10.40
Total Liabilities	786.68	1,710.78	1,493.80	1,494.70	1,264.40
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0.02	0.02	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0.02	0.02	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	803.70	848.20	948	1,075.80	1,018.60
Common Stock Par/Carry Value	28.40	28.50	28.60	28.90	28.90
Additional Paid-In Capital/Capital Surplus	98.80	103.90	137.40	126.60	126.60
Retained Earnings	657.20	678.60	753.10	850.50	779.30
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	1.40	15	28.90	45.50	59.40
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	17.90	22.20	0	24.30	24.40
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	803.72	848.22	948	1,075.80	1,018.60
Liabilities & Shareholders' Equity	1,590.80	2,559.60	2,442.10	2,570.90	2,283.50

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	132	95.50	185.90	152.80	261.50
Depreciation, Depletion & Amortization	50.10	81	130.70	123	129.40
Depreciation and Depletion	35.30	32.60	47.40	54.70	57.40
Amortization of Intangible Assets	14.80	48.40	83.30	68.30	72
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	23.50	55.90	-14.90	26.30	-113.50
Funds from Operations	205.60	232.40	301.70	302.10	277.40
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-25.40	27.70	-2.40	-55.20	11.50
Receivables	-45.70	-1.30	5.60	0	8.60
Inventories	-9.40	4.70	-19.20	-18.60	-13.70
Accounts Payable	29.70	24.30	11.20	-35.60	16.60
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	-1	0
Net Operating Cash Flow	180.20	260.10	299.30	246.90	288.90
Capital Expenditures	68.10	58.40	79.50	67.10	50.80
Capital Expenditures (Fixed Assets)	67.40	52	74.60	64.90	48.60
Capital Expenditures (Other Assets)	0.70	6.40	4.90	2.20	2.20
Net Assets from Acquisitions	-11.20	-603.40	-19.20	-18.90	-147.80
Sale of Fixed Assets & Businesses	30.60	3.40	2.50	16.40	231.40
Purchase/Sale of Investments	0	0	0	0	0
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	-15.30	-15.40	-41	-30	-10.60
Other Sources	0	0	19.30	23.20	16.90
Net Investing Cash Flow	-64	-673.80	-117.90	-76.40	39.10
Cash Dividends Paid - Total	-43.80	-52.70	-58.20	-64.60	-69.40
Common Dividends	-43.80	-52.70	-58.20	-64.60	-69.40
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	4.70	4.10	6.10	7.10	-159.50
Repurchase of Common & Preferred Stk.	0	-1.10	-0.70	-4.60	-159.50
Sale of Common & Preferred Stock	4.70	5.20	6.80	11.70	0
Proceeds from Stock Options	0	0	0	11.70	0
Other Proceeds from Sale of Stock	4.70	5.20	6.80	0	0
Issuance/Reduction of Debt, Net	0.90	333.60	-72.40	-18.60	-239.40
Change in Current Debt	8.60	-5.90	-1.60	-2.70	0
Change in Long-Term Debt	-7.70	339.50	-70.80	-15.90	-239.40
Issuance of Long-Term Debt	89.30	388.30	437.10	98.30	7.30
Reduction in Long-Term Debt	-97	-48.80	-507.90	-114.20	-246.70
Other Funds	0	0	-0.10	0	0
Other Uses	0	0	-0.10	0	0
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-38.20	285	-124.60	-76.10	-468.30
Exchange Rate Effect	2.20	-4.80	-1.40	12.20	1.50
Miscellaneous Funds	0.00	-0.00	-0.00	-0.00	0
Net Change in Cash	80.20	-133.50	55.40	106.60	-138.80
Free Cash Flow	69	155.40	166.50	117.40	170.90

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	2,372.89	2,341.66	2,883.03	2,349.46	1,978.11
Price/Earnings	18.83	25.28	15.47	15.34	10.92
Price/Sales	2.23	1.59	1.53	1.23	1.11
Price/Book Value	2.95	2.76	3.04	2.18	1.94
Price/Cash Flow	13.23	9.04	9.65	9.53	7.12
Enterprise Value/EBIT	13.87	15.88	13.49	11.83	5.56
Enterprise Value/EBITDA	10.67	11.08	8.79	7.66	4.23
Enterprise Value/Sales	2.17	2.04	1.75	1.41	1.23
Total Debt/Enterprise Value	0.16	0.32	0.24	0.30	0.25
Total Debt/EBITDA	1.70	3.52	2.08	2.29	1.07
EPS (basic)	11.10	8.13	16.26	13.27	16.80
EPS (diluted) as stated	11.04	8.08	16.17	13.20	16.76
Profitability
Gross Margin (%)	31.01	27.93	27.29	28.18	27.57
Operating Margin (%)	15.63	12.85	12.99	11.88	22.18
Pretax Margin (%)	15.80	7.82	12.70	9.63	12.13
Net Margin (%)	11.87	6.31	9.88	8.03	10.13
Return on Assets (%)	8.32	4.46	7.43	6.09	7.74
Return on Equity (%)	16.58	11.20	20.69	15.09	17.94
Return on Avg. Total Capital (%)	11.20	6.23	10.53	8.48	10.82
Return on Avg. Invested Capital (%)	14.19	9.72	16.15	10.59	12.83
Efficiency
Revenue/Employee	0.12	0.14	0.16	0.16	0.17
Receivables Turnover	5.68	5.28	5.70	6.26	6.61
Days of Sales Outstanding (DSO) (%)	64.22	69.18	64.02	58.28	55.25
Inventory Turnover	4.43	5.07	5.51	5.09	4.54
Days of Inventory on Hand (DIO)	82.35	71.99	66.28	71.75	80.44
Total Asset Turnover	0.70	0.71	0.75	0.76	0.76
Working Capital Turnover	3.56	0.00	31.60	6.48	7.90
Liquidity
Current Ratio	1.53	0.74	1.07	1.35	1.31
Quick Ratio	1.23	0.56	0.79	1.01	0.91
Capital Structure
Debt-to-Total Equity (%)	45.61	112.27	82.17	74.28	56.75
Debt-to-Total Capital (%)	31.32	52.89	45.11	42.62	36.21
Debt-to-Total Assets (%)	23.04	37.20	31.90	31.08	25.32
Interest Coverage	8.92	4.99	5.29	4.66	8.03

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,505.08	-0.74%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

COBHAM

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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