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2014 Year in Review
TDG AME PCP COL BEAV UTX TXT BA HEI
ESL HXL DGI MOG.A CW TGI
SPR AVAV ATRO WAIR LMIA I
GY ORB AIR
12.5x
9.2x
10.2x
10.8x
8.8x
9.9x
14.2x
9.6x
10.0x 9.4x
13.7x
9.4x
10.1x
6.7x
6.8x
9.4x
10.5x
7.8x
9.6x
7.7x
8.6x
8.7x
19.5x
6.9x
GD LMT NOC RTN BA FLIR LLL TDY CUB HRS ATK XLS BAH CACI LDOS SAIC MANT EGL KEYW KTOS VSEC VEC ICFI
NCIT
9.7x
9.5x
8.1x
10.3x
7.0x
10.7x
9.2x
9.8x
8.4x 7.1x
9.3x
7.1x
9.3x
9.6x
8.8x
7.2x
11.5x
9.3x
9.6x
7.6x
14.3x 9.7x
4.7x
6.8x
Public Market Valuations: EV/2014E 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: 8.9x
Median: 9.3x
Average: 10.0x
Median: 9.5x
Source: Public Filings; Capital IQ as of 12/31/14
Average: 9.4x
Average: 9.1x
Average: 8.9x
Average: 8.4x
Average: 10.7x
Average: 9.4x
Average: 9.9x