10 / 13
Capital Markets Overview – Aerospace
10
Public Capital Markets Data
Financial Performance
Valuation
Valuation
LTM
TEV / LTM TEV / CY 2018E
Company Name
Ticker
Stock
Price at
9/30/2018
% of
52-Week
High
Enterprise
Value
Total
Sales EBITDA
EBITDA
Margin
Total
Sales EBITDA
Total
Sales EBITDA
Large Cap Aerospace
AMETEK, Inc.
NYSE: AME
$79.12
96.6% $19,936
$4,609 $1,232 26.7% 4.3x
16.2x
4.2x
16.1x
Rockwell Collins, Inc.
NYSE: COL
$140.47
98.5% $29,657
$8,592 $1,908 22.2% 3.5x
15.5x
3.4x
14.1x
Textron Inc.
NYSE: TXT
$71.47
98.1% $21,088 $14,523 $1,650 11.4% 1.5x
12.8x
1.4x
13.0x
The Boeing Company
NYSE: BA
$371.90
99.3% $216,075 $96,020 $13,268 13.8% 2.3x
16.3x
2.2x
15.4x
Transdigm Group Incorporated
NYSE: TDG
$372.30
98.6% $30,632
$3,686 $1,801 48.9% 8.3x
17.0x
7.8x
16.0x
United Technologies Corporation
NYSE: UTX
$139.81
97.0% $131,214 $62,689 $10,748 17.1% 2.1x
12.2x
2.0x
11.7x
Median
98.5% $29,657 $8,592 $1,801 22.2% 3.5x
16.2x
3.4x
15.4x
Average
98.2% $63,478 $25,486 $3,972 24.6% 4.0x
15.6x
3.8x
14.9x
Mid Cap Aerospace
Curtiss-Wright Corporation
NYSE: CW $137.42
95.8% $6,639
$2,348 $494
21.0% 2.8x
13.5x
2.7x
13.7x
Esterline Technologies Corporation
NYSE: ESL
$90.95
93.8% $3,074
$2,028 $288
14.2% 1.5x
10.7x
1.5x
10.3x
HEICO Corporation
NYSE: HEI
$92.61
98.4% $11,733
$1,722 $443
25.7% 6.8x
26.5x
6.5x
25.2x
Hexcel Corporation
NYSE: HXL
$67.05
91.3% $6,768
$2,091 $496
23.7% 3.2x
13.6x
3.1x
13.2x
Moog Inc.
NYSE: MOG.A $85.97
91.5% $3,818
$2,658 $343
12.9% 1.4x
11.1x
1.4x
11.1x
Spirit Aerosystems Holdings, Inc.
NYSE: SPR
$91.67
87.1% $11,157
$7,036 $1,076 15.3% 1.6x
10.4x
1.5x
10.0x
Median
92.7% $6,704 $2,219 $468 18.2% 2.2x
12.3x
2.1x
12.2x
Average
93.0% $7,198 $2,980 $523 18.8% 2.9x
14.3x
2.8x
13.9x
International Aerospace
Airbus SE
ENXTPA:AIR
$108.18
97.3% $98,905 $77,138 $6,303 8.2% 1.3x
15.7x
1.3x
11.8x
Bombardier Inc.
TSX:BBD.B
$4.60
82.4% $16,949 $16,759 $916
5.5% 1.0x
18.5x
1.0x
13.3x
Embraer S.A.
BOVESPA:EMBR3 $19.83
70.8% $5,410
$4,717 $236
5.0% 1.1x
22.9x
1.0x
9.5x
Leonardo SpA
BIT:LDO
$10.38
65.0% $11,185 $13,466 $1,642 12.2% 0.8x
6.8x
0.8x
6.0x
Meggitt plc
LSE:MGGT
$5.66
97.0% $7,259
$2,660 $609
22.9% 2.7x
11.9x
2.7x
11.5x
Rolls-Royce Holdings plc
LSE:RR.
$9.87
89.4% $24,588 $22,632 $2,545 11.2% 1.1x
9.7x
1.2x
13.9x
Safran SA
ENXTPA:SAF
$120.70
98.7% $66,004 $21,393 $3,897 18.2% 3.1x
16.9x
2.7x
15.6x
Thales S.A.
ENXTPA:HO $122.35
98.3% $27,697 $18,692 $2,477 13.3% 1.5x
11.2x
1.5x
11.7x
Median
93.2% $20,768 $17,725 $2,060 11.7% 1.2x
13.8x
1.3x
11.7x
Average
87.4% $32,250 $22,182 $2,328 12.1% 1.6x
14.2x
1.5x
11.7x
Small Cap Aerospace
AAR Corp.
NYSE:AIR
$47.89
93.0% $1,832
$1,817 $149
8.2% 1.0x
12.3x
1.0x
12.2x
Aerojet Rocketdyne Holdings Inc.
NYSE: AJRD
$33.99
90.2% $2,621
$1,972 $226
11.4% 1.3x
11.6x
ND
ND
AeroVironment, Inc.
NasdaqGS: AVAV $112.17
92.5% $2,358
$315
$64
20.4% 7.5x
36.6x
6.9x
40.6x
Astronics Corporation
NasdaqGS: ATRO $43.50
88.0% $1,474
$709
$86
12.2% 2.1x
17.1x
ND
ND
Intelsat SA
NYSE: I
$30.00
99.9% $17,716
$2,158 $1,643 76.1% 8.2x
10.8x
ND
ND
Triumph Group, Inc.
NYSE: TGI
$23.30
67.4% $2,648
$3,250 $196
6.0% 0.8x
13.5x
0.8x
11.2x
Wesco Aircraft Holdings, Inc.
NYSE: WAIR
$11.25
79.1% $1,955
$1,525 $144
9.5% 1.3x
13.6x
1.3x
11.3x
Median
90.2% $2,358 $1,817 $149 11.4% 1.3x
13.5x
1.1x
11.7x
Average
87.1% $4,372 $1,678 $358 20.5% 3.2x
16.5x
2.5x
18.8x