Leading International Investment Research

Edison Investment Research

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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Cohort&#8217;s earnings performance in FY17 once again exceeded our expectations. Stronger performances from EID and MCL more than outweighed the sharp contraction at SCS, where a swift response from management has already improved profitability. The cash performance was also better than expected and the dividend increase to 7.1p was also ahead of our forecast. We expect further solid progress in the current year, and our fair value estimate currently stands at 471p.</p>

Cohort&#8217;s earnings performance in FY17 once again exceeded our expectations. Stronger performances from EID and MCL more than outweighed the sharp contraction at SCS, where a swift response from management has already improved profitability. The cash performance was also better than expected and the dividend increase to 7.1p was also ahead of our forecast. We expect further solid progress in the current year, and our fair value estimate currently stands at 471p.

Cohort

Marching on