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2015 Year in Review
Public Market Valuations: EV/2015E 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: 13.2x
Median: 10.4x
Average: 11.3x
Median: 10.0x
Source: Public Filings; Capital IQ as of 12/31/15
Average: 10.8x
Average: 10.5x
Average: 10.4x
Average: 17.9x
Average: 11.0x
Average: 10.4x
Average: 12.4x
11.6x 11.3x 10.9x
9.5x
9.3x
RTN NOC LMT BA GD
11.7x 10.6x 10.4x 10.3x 10.2x 10.1x
LLL HRS OA TDY FLIR CUB
11.7x 11.4x 10.8x 10.4x 10.0x 9.4x
BAH LDOS EGL CACI SAIC MANT
62.7x 15.4x 9.0x 7.0x 6.8x 6.8x
KEYWKTOS ICFI VSEC NCIT VEC
15.5x 13.3x 13.2x 11.2x 9.5x 9.5x 9.3x 6.6x
TDG AME PCP COL BA UTX TXT SPR
13.7x 11.9x 11.6x 10.9x 10.4x 9.2x 8.7x 6.5x
HEI
HXL ESL BEAV OA CW MOG.A TGI
35.8x 11.8x 10.7x 9.4x 9.4x 8.2x 8.0x 6.2x
AVAV OA WAIR LMIA ATRO I
AIR DGI