14 / 23
13
First Quarter 2016
Dry Powder Calculations
(US Aerospace)
Source: Public Filings; Capital IQ as of 03/31/16
Mid Cap Aerospace Index
3x LTM EBITDA
$1,234.3
$1,104.9
$714.3
$873.3
$1,227.3
$971.9
$2,967.0
$1,551.3
Less LT Debt
954.3
1,109.9
848.3
594.9
576.5
1,132.6
1,133.2
1,682.3
Plus Cash
288.7
126.1
200.9
29.9
51.8
323.3
957.3
41.7
Dry Powder
$568.6
$121.1
$66.8
$308.3
$702.6
$162.5
$2,791.1
($89.3)
Small Cap Aerospace Index
3x LTM EBITDA
$198.3
$52.1
$370.1
$453.9
$5,473.8
$120.5
$1,585.1
$265.9
Less LT Debt
195.7
0.4
169.8
652.0
14,795.0
250.0
1,490.0
953.4
Plus Cash
50.4
122.7
18.6
211.1
171.5
10.5
104.0
85.7
Dry Powder
$53.0
$174.4
$218.8
$13.0
($9,149.6)
($119.0)
$199.1
($601.8)
Large Cap Aerospace Index
3x LTM EBITDA
$3,281.3
$1,759.8
$27,009.0
$3,540.0
$4,722.0
$3,747.4
$30,795.0
Less LT Debt
1,942.1
2,034.1
9,964.0
2,475.0
3,610.0
8,402.8
20,425.0
Plus Cash
381.0
154.1
11,302.0
334.0
946.0
805.3
7,075.0
Dry Powder
$1,720.2
($120.2)
$28,347.0
$1,399.0
$2,058.0
($3,850.1)
$17,445.0
($ millions)