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First Quarter 2016
Public Market Valuations: EV/2015E 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: 9.7x
Median: 9.8x
Average: 10.6x
Median: 9.5x
Average: 10.2x
Average: 9.6x
Average: 9.8x
Average: 9.4x
Average: 9.8x
Average: 9.5x
Average: 12.4x
Source: Public Filings; Capital IQ as of 03/31/16
11.9x
11.7x
10.7x
8.8x
7.9x
LMT NOC RTN GD BA
11.6x 10.6x 10.2x 10.1x
9.4x
5.7x
FLIR LLL TDY OA HRS CUB
10.9x
9.9x
9.8x
9.5x
9.5x
9.4x
BAH EGL SAIC CACI MANT LDOS
15.5x 12.4x
8.1x
7.2x
6.7x
6.6x
KTOS KEYW ICFI
VSEC NCIT VEC
13.3x 12.2x 11.8x 11.0x
9.2x
7.9x
7.5x
5.7x
TDG AME PCP COL UTX BA TXT SPR
13.1x 10.9x 10.1x
9.9x
9.7x
8.9x
8.0x
5.2x
HEI
BEAV OA HXL CW ESL MOG.A TGI
41.7x
9.9x
9.8x
9.3x
9.1x
7.6x
6.1x
6.1x
AVAV WAIR ATRO OA I
LMIA AIR DGI