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Capital Markets Overview – Defense and Government Services
9
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
Defense Primes
General Dynamics Corporation
NYSE: GD
$204.72
89.0% $73,071 $32,578 $4,850 14.9% 2.2x
15.1x
2.0x
13.9x
Lockheed Martin Corporation
NYSE: LMT
$345.96
95.3% $111,634 $52,306 $7,433 14.2% 2.1x
15.0x
2.1x
13.4x
Northrop Grumman Corporation
NYSE: NOC
$317.37
87.9% $68,854 $26,774 $4,198 15.7% 2.6x
16.4x
2.3x
15.8x
Raytheon Company
NYSE: RTN
$206.66
89.9% $61,422 $25,959 $4,064 15.7% 2.4x
15.1x
2.3x
11.9x
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
Median
89.9% $73,071 $32,578 $4,850 14.9% 2.3x
15.1x
2.2x
13.9x
Average
92.3% $106,211 $46,727 $6,763 14.9% 2.3x
15.6x
2.2x
14.1x
Defense Systems
Cubic Corporation
NYSE: CUB
$73.05
94.4% $2,124
$1,550
$95
6.1% 1.4x
22.5x
1.8x
17.9x
FLIR Systems, Inc.
NasdaqGS: FLIR $61.47
96.2% $8,433
$1,852 $442
23.9% 4.6x
19.1x
4.7x
20.3x
Harris Corporation
NYSE: HRS
$169.21
99.2% $23,385
$6,182 $1,482 24.0% 3.8x
15.8x
3.7x
16.4x
L3 Technologies
NYSE: LLL
$212.62
97.2% $19,275
$9,821 $1,399 14.2% 2.0x
13.8x
1.9x
14.1x
Teledyne Technologies Incorporated
NYSE: TDY
$246.68
98.3% $9,710
$2,795 $543
19.4% 3.5x
17.9x
3.4x
18.6x
Median
97.2% $9,710 $2,795 $543 19.4% 3.5x
17.9x
3.4x
17.9x
Average
97.1% $12,585 $4,440 $792 17.5% 3.0x
17.8x
3.1x
17.5x
Diversified Government Services
Booz Allen Hamilton Holding Corporation
NYSE: BAH
$49.63
94.4% $8,726
$6,296 $645
10.2% 1.4x
13.5x
1.3x
13.8x
CACI International Inc.
NYSE: CACI
$184.15
91.7% $5,545
$4,468 $432
9.7% 1.2x
12.8x
1.2x
12.9x
Engility Holdings, Inc.
NYSE: EGL
$35.99
93.4% $2,225
$1,917 $189
9.9% 1.2x
11.8x
1.2x
13.2x
Leidos Holdings, Inc.
NYSE: LDOS
$69.16
95.7% $13,175
$9,991 $1,076 10.8% 1.3x
12.2x
1.3x
12.2x
ManTech International Corporation
NasdaqGS: MANT $63.30
92.9% $2,528
$1,849 $156
8.4% 1.4x
16.2x
1.3x
15.1x
Science Applications International Corporation NYSE: SAIC
$80.60
86.4% $4,327
$4,563 $358
7.8% 0.9x
12.1x
0.9x
13.0x
Median
93.2% $4,936 $4,515 $395
9.8% 1.3x
12.5x
1.2x
13.1x
Average
92.4% $6,087 $4,847 $476
9.5% 1.2x
13.1x
1.2x
13.4x
Middle Market Government Services
ICF International, Inc.
NasdaqGS: ICFI
$75.45
91.7% $1,660
$1,254 $131
10.4% 1.3x
12.7x
1.3x
13.5x
Kratos Defense & Security Solutions, Inc.
NasdaqGS: KTOS $14.78
98.9% $1,644
$766
$57
7.4% 2.1x
29.0x
2.6x
29.0x
The KeyW Holding Corporation
NasdaqGS:KeyW $8.66
88.1% $705
$503
$47
9.3% 1.4x
15.0x
1.4x
15.6x
Vectrus, Inc.
NYSE: VEC
$31.19
75.2% $385
$1,207
$51
4.2% 0.3x
7.6x
0.3x
7.0x
VSE Corporation
NasdaqGS: VSEC $33.13
55.3% $560
$716
$79
11.1% 0.8x
7.1x
ND
ND
Median
88.1% $705
$766
$57
9.3% 1.3x
12.7x
1.3x
14.5x
Average
81.8% $991
$889
$73
8.5% 1.2x
14.3x
1.4x
16.3x