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9
First Quarter 2015
10.6x 10.2x 9.8x 9.6x 9.4x
LMT RTN NOC GD BA
11.3x 10.6x 10.6x 10.1x 9.4x 9.2x 8.4x
FLIR TDY LLL OA CUB XLS HRS
10.5x 10.2x 9.9x 9.6x 9.0x 6.7x
BAH CACI MANT LDOS SAIC EGL
20.8x 11.6x 9.3x 8.9x 6.4x 4.4x
KEYW KTOS VEC ICFI VSEC NCIT
15.0x 12.7x 11.8x 10.3x 9.9x 9.6x 9.4x 7.9x
TDG AME COL PCP UTX TXT BA SPR
14.4x 14.2x 12.5x 11.0x 10.1x 9.9x 9.3x 6.8x
HEI
BEAV HXL ESL OA MOG.A CW TGI
22.1x 13.0x 11.9x 10.6x 9.7x 9.4x 8.9x 8.7x
AVAV ATRO AIR WAIT DGI LMIA I
GY
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: 9.8x
Median: 9.7x
Average: 11.2x
Median: 10.2x
Average: 9.9x
Average: 9.9x
Average: 9.3x
Average: 10.2x
Average: 10.8x
Average: 11.0x
Average: 11.8x
Source: Public Filings; Capital IQ as of 03/31/15