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Second Quarter 2016
Public Market Valuations: EV/2016E 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: 10.6x
Median: 10.3x
Average: 10.3x
Median: 9.4x
Average: 11.1x
Average: 10.7x
Average: 10.3x
Average: 10.3x
Average: 9.6x
Average: 9.9x
Average: 11.2x
Source: Public Filings; Capital IQ as of 06/30/16
13.2x
12.7x 11.9x
9.3x
8.2x
NOC LMT RTN GD BA
11.9x 11.6x 10.9x 10.3x 10.1x 9.4x
LLL TDY FLIR HRS OA CUB
11.1x 11.0x 10.5x 10.3x 10.1x 9.0x
MANT BAH CACI SAIC EGL LDOS
16.6x 13.8x 9.4x 7.9x 7.0x 6.9x
KTOS KEYW ICFI
VEC VSEC NCIT
14.4x 12.0x 10.3x
9.6x
8.2x
7.8x
4.9x
TDG AME COL UTX BA TXT SPR
14.1x 11.0x 10.7x 10.1x 10.0x 8.7x 8.7x 6.0x
HEI BEAV CW OA HXL MOG.A ESL TGI
31.7x 10.3x 9.4x 9.1x 8.8x 7.7x 6.8x 6.2x
AVAV WAIR OA I
ATRO LMIA DGI
AIR