7
Second Quarter 2013
PCP AME BEAV UTX BA COL TXT BBD.B HXL MOG.A ESL TGI
CW ORB AIR SPR AVAV DGI
WAIR HEI
ATRO GY LMIA
12.2x 11.2x
12.7x
9.6x
8.6x
9.2x
7.7x 7.6x
10.7x
7.9x
7.9x
6.6x
7.3x
7.4x
6.0x 5.6x 38.9x 14.2x
11.5x
11.7x
11.0x 9.6x 7.4x
LLL RTN LMT GD NOC SAI
BAH CACI
MANT CSC TDY FLIR CUB HRS XLS KEYW KTOS ICFI DRCO VSEC NCIT
7.6x 7.1x 7.1x 6.7x 6.4x
7.2x 7.1x 6.6x 5.5x 3.6x
10.5x 9.8x 9.2x 6.7x 5.1x
15.9x 8.5x 7.6x
5.4x
6.2x 6.0x
Public Market Valuations: EV/2013E EBITDA Multiples
Source: Public Filings; Capital IQ as of 06/28/13
Defense and Government Services
Defense Prime Index
Government Services Index
Defense Systems Index
Middle Market Index
Aerospace
Large Cap Aerospace Index
Mid Cap Aerospace Index
Small Cap Aerospace Index
Average: 7.4x
Median: 7.1x
Average: 10.5x
Median: 9.2x
Average: 7.0x
Average: 6.0x
Average: 8.3x
Average: 8.3x
Average: 9.9x
Average: 7.4x
Average: 13.9x
