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Second Quarter 2015
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: 10.6x
Median: 9.6x
Average: 10.9x
Median: 10.3x
Average: 9.5x
Average: 9.7x
Average: 9.4x
Average: 13.5x
Average: 10.8x
Average: 10.8x
Average: 11.0x
Source: Public Filings; Capital IQ as of 06/30/15
9.9x 9.8x 9.7x 9.0x 8.9x
GD NOC LMT BA RTN
11.1x 11.0x 10.0x 9.0x 8.9x 8.2x
TDY FLIR LLL OA CUB HRS
10.0x 10.0x 9.9x 9.6x 8.6x 8.6x
EGL LDOS CACI BAH MANT SAIC
36.7x 14.1x 9.0x 8.9x 6.4x 6.0x
KEYW KTOS ICFI
VEC VSEC NCIT
15.2x 13.0x 11.2x 10.8x 9.8x 9.6x 9.0x 7.6x
TDG AME COL PCP TXT UTX BA SPR
14.3x 12.7x 12.2x 11.2x 9.7x 9.6x 9.0x 7.5x
HEI
BEAV HXL ESL CW MOG.A OA TGI
18.2x 13.0x 11.3x 11.2x 9.3x 8.7x 8.4x 8.3x
AVAV ATRO AIR WAIT LMIA I
DGI
GY