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27
As of 12/31/2016
27
Year in Review
2016
Public Market Valuations: EV/EBITDA
Defense and Government Services
Average: 11.4x
Median: 12.5x
Defense Prime Index
Defense Systems Index
Diversified Gov. Services
Middle Market Index
Average: 11.3x
Average: 11.4x
Average: 11.9x
Average: 10.9x
Aerospace
Large Cap Aerospace Index
Mid Cap Aerospace Index
Small Cap Aerospace Index
Average: 10.0x
Median: 10.1x
Average: 10.2x
Average: 10.8x
Average: 8.9x
Source: Public Filings, S&P Capital IQ
12.2x 12.0x 11.8x
11.2x
9.2x
NOC LMT RTN GD BA
13.0x 12.1x 12.0x 11.6x 11.5x 11.0x
SAIC EGL MANT BAH CACI LDOS
12.7x 11.9x 11.5x 11.5x 10.6x 10.3x
TDY FLIR CUB LLL HRS OA
17.8x 14.2x 10.5x 8.8x 7.8x 6.4x
KTOS KEYW ICFI VEC VSEC NCIT
12.8x 12.6x 10.3x 10.1x
9.6x
9.2x
6.8x
TDG AME COL UTX TXT BA SPR
15.5x 12.2x 11.4x 10.7x 10.3x 10.2x 9.5x
6.3x
HEI BEAV CW HXL OA ESL MOG.A TGI
10.6x 10.6x 9.6x 9.1x 9.0x 7.7x 7.7x 7.0x
WAIR ATRO OA AVAV I LMIA AIR DGI
Note: Multiples based on 2017 estimated EBITDA
Note: Multiples based on 2017 estimated EBITDA