9
First Quarter 2014
TDG AME PCP BEAV COL UTX BA TXT
HEI
HXL DGI
ESL CW MOG.A TGI
SPR AVAV ATRO WAIR ORB LMIA AIR GY
13.6x
9.4x
12.2x
12.3x
9.0x
11.0x
14.0x
10.2x
11.2x 10.2x
14.2x
9.0x
11.4x
5.9x
8.0x
9.4x
12.2x
6.9x
10.8x
6.9x
8.8x
10.0x
30.2x
BA LMT RTN GD NOC FLIR TDY CUB LLL ATK HRS XLS BAH LDOS SAIC CACI EGL MANT KEYW KTOS ICFI
NCIT VSEC
9.4x
8.6x
8.9x
9.4x
6.3x
10.9x
8.4x
8.7x
7.6x 7.4x
8.4x
8.0x
8.6x
8.8x
7.6x
8.4x
13.8x
9.1x
8.5x
8.1x
27.4x 10.4x
6.1x
Public Market Valuations: EV/2014E EBITDA Multiples
Defense and Government Services
Defense Prime Index
Defense Systems Index
Diversified Government Services
Middle Market Index
Aerospace
Large Cap Aerospace Index
Mid Cap Aerospace Index
Small Cap Aerospace Index
Average: 9.5x
Median: 8.6x
Average: 11.2x
Median: 10.2x
Average: 8.6x
Average: 9.5x
Average: 8.2x
Average: 12.0x
Average: 11.5x
Average: 9.9x
Average: 12.3x
Source: Public Filings; Capital IQ as of 03/31/14
