11
2013 Year in Review
AME TDG PCP BEAV UTX BA COL TXT
HEI
DGI
HXL ESL CW MOG.A SPR TGI
AVAV ATRO WAIR ORB LMIA GILT AIR GY
14.0x
10.0x
12.3x
12.8x
9.0x
9.1x
13.2x
10.1x
12.5x
10.1x
13.8x
8.7x
11.9x
6.9x 6.9x
9.1x
12.2x
6.7x
11.4x
6.5x
8.1x
8.2x
7.0x
19.7x
BA RTN LMT GD NOC FLIR TDY CUB LLL HRS ATK XLS LDOS SAIC BAH MANT CACI EGL KEYW KTOS DRCO ICFI VSEC NCIT
10.0x
8.7x
6.8x
9.2x
6.3x
10.6x
6.5x
7.6x
6.4x
6.8x
7.6x
5.4x
7.8x
8.5x
7.6x
8.2x
10.9x
9.0x
9.6x
8.6x 7.8x
13.4x 8.7x
6.2x
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: 8.3x
Median: 8.0x
Average: 10.4x
Median: 10.1x
Source: Public Filings; Capital IQ as of 12/31/13
Average: 8.5x
Average: 8.7x
Average: 7.4x
Average: 8.4x
Average: 11.3x
Average: 10.0x
Average: 10.0x
