11
Third Quarter 2014
TDG AME BEAV PCP COL UTX BA TXT
HEI
ESL HXL MOG.A CW DGI
TGI
SPR AVAV ATRO WAIR ORB LMIA GY AIR
12.0x
8.5x
10.5x
10.7x
8.1x
10.0x
13.7x
8.8x
9.4x 8.7x
11.2x
8.3x
9.4x
6.4x
7.0x
8.6x
9.8x
7.1x
9.6x
6.1x
7.9x
8.3x
21.0x
GD LMT BA RTN NOC FLIR TDY LLL CUB HRS ATK XLS CACI BAH LDOS SAIC MANT EGL KEYW KTOS ICFI VSEC NCIT VEC
9.5x
8.5x
7.5x
9.4x
5.9x
9.5x
8.6x
9.0x
7.9x 7.0x
8.8x
5.6x
8.2x
8.9x
8.1x
7.2x
11.0x
8.2x
8.9x
6.7x
12.5x 9.3x
3.7x
5.3x
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: 8.1x
Median: 8.3x
Average: 9.6x
Median: 8.8x
Average: 8.6x
Average: 8.4x
Average: 8.4x
Average: 7.2x
Average: 10.3x
Average: 8.6x
Average: 10.0x
Source: Public Filings; Capital IQ as of 09/30/14
