Ultra Electronics Holdings Plc (ULE:LN)

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 Business Description and Key Statistics

Ultra Electronics Holdings is a holding company. Through its Current YTY % Chg subsidiaries, Co. operates mainly as a Tier 3 (sub-system) and occasionally a Tier 2 systems provider in the maritime, command, Revenue LFY (M) 825 7.6 control, communications, computers, intelligence, surveillance, EPS Diluted LFY 1.05 140.6 acquisition and reconnaissance – electronic warfare, military and commercial aerospace, nuclear, and industrial sensors Market Value (M) 2,296 markets. Co. core markets are Australia, Canada, New Zealand, United Kingdom and United States. Co. is organized into three Shares Outstanding LFY (000) 70,965 operating segments; Aerospace & Infrastructure, which comprises Book Value Per Share 6.07 Precision Control Systems, Energy and Forensic Technology; Intelligence & Communications; and Maritime. EBITDA Margin % 17.20 Net Margin % 9.3 Website: www.ultra-electronics.com Long-Term Debt / Capital % 34.7 ICB Industry: Industrials Dividends and Yield TTM 0.42 - 2.97% ICB Subsector: Defense Payout Ratio TTM % 49.6 Address: 35 Portman Square London 60-Day Average Volume (000) 376 GBR 52-Week High & Low 3,370.00 - 1,856.00 Employees: 4,089 Price / 52-Week High & Low 0.96 - 1.74

Price, Moving Averages & Volume

3,445.7 3,445.7 Ultra Electronics Holdings Plc is currently trading at 3,236.00 which is 1.8% above its 50 day 3,237.5 3,237.5 moving average price of 3,179.04 and 37.5% above its 3,029.4 3,029.4 200 day moving average price of 2,353.58.

2,821.2 2,821.2 ULE:LN is currently 4.0% below its 52-week high price of 3,370.00 and is 74.4% above 2,613.0 2,613.0 its 52-week low price of 1,856.00. Over the past 52- 2,404.8 2,404.8 weeks, ULE:LN is up 55.1% while on a calendar year-to- date basis it is up 56.2%. 2,196.7 2,196.7 The Relative Strength Index (RSI) indicator for ULE:LN is 1,988.5 1,988.5 currently 59.52. An RSI value of 70 and above is considered 1,780.3 1,780.3 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 2,179 2,179

1,634 1,634

1,089 1,089

545 545 Mean (218.53) 0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -0.43 -0.09 50-Day Average Price 3179.04 1-Week % 0.50 1.03 Price / 50-Day Average 1.02 4-Week % 1.00 2.66 200-Day Average Price 2353.58 52-Week % 55.13 32.24 Price / 200-Day Average 1.37 RSI - Relative Strength Index 59.52 Quarter-to-Date % 41.31 40.22

Year-to-Date % 56.18 46.01 Risk Metrics Last Month % 1.06 2.26 Price Volatility 40.03 Last Quarter % 41.31 40.22 Sharpe Ratio 0.14 Last Calendar Year % -1.99 11.00 Sortino Ratio 0.27

5-Year Price Performance vs. FTSE 350

Ultra Electronics Holdings Plc Current: 1.75 CAGR: 11.9% Over the past five years, Ultra FTSE 350 Index Current: 1.21 CAGR: 3.9% Electronics Holdings Plc's stock price is up 75.3% which 1.9 1.9 is 54.3% above the FTSE 350 Index performance of 21.0% over the same period. Ultra 1.7 ULE:LN 1.7 Electronics Holdings Plc's cumulative annualized growth 1.6 1.6 rate (CAGR) over the five year period has been 11.9% while that of the FTSE 350 Index 1.5 1.5 has been 3.9%.

Over the past year, Ultra 1.4 1.4 Electronics Holdings Plc's stock price performance of 1.3 1.3 55.1% has outperformed that of the FTSE 350 Index by 32.2%. On a year-to-date 1.2 ^NMX:LN 1.2 basis, Ultra Electronics Holdings Plc's stock price 1.1 1.1 performance of 56.2% has outperformed the FTSE 350 Index by 46.0%. 1.0 1.0 Over the past week, Ultra Electronics Holdings Plc's 0.9 0.9 stock price performance of 0.5% has outperformed that of 0.8 0.8 the FTSE 350 Index by 1.0%.

0.7 0.7

0.6 0.6 2017 2018 2019 2020 2021 2022

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 1.7 2.9 2.4 Gross Margin % 29.0 30.1 Revenues Per Share % 0.1 1.9 1.7 EBITDA Margin % 17.2 15.1 EBITDA % 0.6 12.0 2.4 Pre-Tax Margin % 11.0 7.4 EPS Diluted % 8.2 28.7 -0.9 Net Margin % 9.3 6.0 Free Cash Flow % -4.8 4.6 -2.1 Return on Equity % 17.7 13.5 Cash from Operations % 0.6 6.6 -0.8 Return on Capital % 14.3 10.4 Book Value % 5.6 6.0 8.5 Return on Assets % 7.6 5.1

Revenue (M) Ultra Electronics Holdings Plc's cumulative annualized Current: 825.40 Median: 780.58 High: 825.40 Low: 766.75 CAGR: 1.7% revenue growth rate over the 837.1 837.1 825.4 charted period is 1.7%. This compares to cumulatative 812.7 812.7 annualized growth of 1.7% over the past 3 years. 788.3 785.8 788.3 775.4 766.7 763.8 763.8 2016 2017 2018 2019 2020 2021 Ultra Electronics Holdings EPS Diluted Plc's cumulative annualized Current: 1.05 Median: 0.75 High: 1.05 Low: 0.44 CAGR: 8.2% EPS growth rate over the 1.17 1.17 charted period is 8.2%. This 1.05 compares to cumulatative annualized growth of 8.2% 0.92 0.83 0.92 over the past 3 years. 0.66 0.66 0.66 0.44 0.41 0.41 2016 2017 2018 2019 2020 2021

Net Profit Margin % Ultra Electronics Holdings Plc's net profit margin of 9.3% Current: 9.34 Median: 6.36 High: 9.34 Low: 4.21 CAGR: 8.1% is 2.9% above the period's 9.6 9.6 mean net margin of 6.4%. During the charted period, the 7.7 7.7 observed net profit margin Mean (6.42) high and low were 9.3% and 5.8 5.8 4.2% respectively.

4.0 4.0 2016 2017 2018 2019 2020 2021 Ultra Electronics Holdings Return on Equity % Plc's return on equity of 17.7% Current: 17.70 Median: 12.20 High: 17.70 Low: 6.80 CAGR: 0.0% is 5.2% above the period's 18.2 18.2 mean return on equity of 12.5%. During the charted 14.2 14.2 period, the observed ROE Mean (12.49) high and low were 17.7% and 6.8% respectively. 10.3 10.3

6.3 6.3 2016 2017 2018 2019 2020 2021

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 30.9 23.9 26.2 Earnings Yield % 5.31 3.70

Price / Sales 2.9 1.7 1.7 Free Cash Flow Yield % 3.35 5.74 5.36

Price / Operating Cash Flow 19.1 13.2 13.6 Dividend Yield % 2.97 2.97 2.50

Price / Book Value 5.3 3.4 3.8 Enterprise Value / EBITDA 17.3 11.8 12.1

Price / EPS TTM Ultra Electronics Holdings Plc is trading at 30.85 times its Current: 30.85 Median: 23.87 High: 36.61 Low: 16.21 CAGR: 3.5% EPS generated during the 37.6 37.6 latest fiscal year. This multiple is above the historically 30.2 30.2 observed median of 23.87, while high and low Median (23.87) observations have been 36.61 22.7 22.7 and 16.21.

15.2 15.2 2016 2017 2018 2019 2020 2021 Price / Sales Ultra Electronics Holdings Plc is trading at a Price to Sales Current: 2.88 Median: 1.74 High: 2.95 Low: 1.07 CAGR: 11.4% ratio of 2.88 based on sales 3.04 3.04 generated during the latest fiscal year. This ratio is above 2.35 2.35 the historically observed median ratio of 1.74, while Median (1.74) high and low observations 1.67 1.67 have been 2.95 and 1.07.

0.98 0.98 2016 2017 2018 2019 2020 2021 Ultra Electronics Holdings Plc Price / Book Value is trading at a Price to Book Current: 5.33 Median: 3.38 High: 5.47 Low: 1.91 CAGR: 5.5% ratio of 5.33 based on book 5.6 5.6 value at the latest fiscal year end. This ratio is above the historically observed median 4.3 4.3 of 3.38, while high and low Median (3.38) observations have been 5.47 3.0 3.0 and 1.91.

1.7 1.7 2016 2017 2018 2019 2020 2021 Ultra Electronics Holdings Plc Free Cash Flow Yield % has a Free Cash Flow Yield of Current: 3.35 Median: 5.74 High: 9.02 Low: 3.27 CAGR: -10.9% 3.35% based on free cash flow 9.3 9.3 generated during the latest fiscal year. This value is below the historically observed 7.2 7.2 median yield of 5.74%, while Median (5.74) high and low observations 5.1 5.1 have been 9.02 and 3.27.

3.0 3.0 2016 2017 2018 2019 2020 2021

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 Dividends Data

Dividends Per Share TTM 0.42 Payout Ratio TTM % 49.57% Dividend Yield TTM % 2.97%

Rate Ex Date Record Date Payment Date Currency Note 0.415 08-04-2021 09-04-2021 14-05-2021 GBP FINAL GROSS 0.392 27-08-2020 28-08-2020 18-09-2020 GBP ADDITIONAL INTERIM GROSS 0.154 27-08-2020 28-08-2020 18-09-2020 GBP INTERIM GROSS 0.392 23-04-2020 24-04-2020 18-05-2020 GBP THE BOARD IS WITHDRAWING THE RECOMMENDATION TO PAY A FINAL DIVIDEND. 0.150 29-08-2019 30-08-2019 20-09-2019 GBP INTERIM GROSS 0.370 11-04-2019 12-04-2019 09-05-2019 GBP FINAL GROSS 0.146 30-08-2018 31-08-2018 21-09-2018 GBP INTERIM GROSS 0.350 05-04-2018 06-04-2018 03-05-2018 GBP FINAL GROSS 0.146 31-08-2017 01-09-2017 21-09-2017 GBP INTERIM GROSS 0.336 06-04-2017 07-04-2017 04-05-2017 GBP FINAL GROSS 0.142 01-09-2016 02-09-2016 23-09-2016 GBP INTERIM GROSS 0.323 07-04-2016 08-04-2016 05-05-2016 GBP FINAL GROSS

Dividend Growth and Yield

Dividends Per Share TTM Ultra Electronics Holdings Plc's trailing 12-month Current: 0.42 Median: 0.50 High: 0.96 Low: 0.42 CAGR: -1.9% dividend per share is 0.42 and 0.99 0.99 its dividend has grown at a cumulative annualized rate of 0.89 0.89 -1.9% over the charted period. This compares to dividend 0.79 0.79 growth of -55.80% over the past year and cumulative annualized growth of -5.80% 0.69 0.69 over the past 3 years.

0.59 0.59

0.49 0.49

0.39 0.39 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Ultra Electronics Holdings Plc's current dividend yield is Current: 2.97 Median: 2.97 High: 5.00 Low: 2.11 CAGR: 3.4% 2.97% based on trailing 12 5.14 5.14 month dividends. The current yield is equal to the historically 4.61 4.61 observed median yield of 2.97% and, over the charted 4.08 4.08 time period, the observed high yield has been 5.00% and the observed low yield has been 3.55 3.55 2.11%.

3.03 3.03

2.50 2.50

1.97 1.97 2016 2017 2018 2019 2020 2021

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -57.4 -20.8 15.9 52.5 89.2 -82.7 -47.6 -12.4 22.7 57.8

MS International PLC 82.5 Avon Protection PLC 51.4 Ultra Electronics Holdings Plc 56.2 Chemring Group PLC 18.7 Babcock International Group PLC 32.8 TP Group PLC 3.2 Westminster Group Plc, Banbury 22.9 Ultra Electronics Holdings Plc -2.0 BAE Systems Plc 15.6 Qinetiq Group Plc, London -10.6 Peer Group Average 15.2 Peer Group Average -11.9 Chemring Group PLC 11.7 Cohort PLC -12.5 Qinetiq Group Plc, London 1.4 BAE Systems Plc -13.5 Cohort PLC -12.0 MS International PLC -33.7 TP Group PLC -20.9 Babcock International Group PLC -55.5 Avon Protection PLC -38.6 Westminster Group Plc, Banbury -64.7

-57.4 -20.8 15.9 52.5 89.2 -82.7 -47.6 -12.4 22.7 57.8

Price / EPS TTM Price / Book Value 0.0 26.2 52.3 78.5 104.7 0.0 1.4 2.8 4.2 5.6

Babcock International Group PLC 99.9 Ultra Electronics Holdings Plc 5.3 Westminster Group Plc, Banbury 99.9 BAE Systems Plc 3.9 TP Group PLC 99.9 Avon Protection PLC 3.3 Peer Group Average 44.6 Westminster Group Plc, Banbury 3.2 MS International PLC 31.3 Cohort PLC 3.0 Ultra Electronics Holdings Plc 30.9 Chemring Group PLC 2.7 Chemring Group PLC 26.6 Peer Group Average 2.7 Cohort PLC 23.9 Qinetiq Group Plc, London 2.1 Qinetiq Group Plc, London 15.0 TP Group PLC 1.5 BAE Systems Plc 14.0 MS International PLC 1.1 Avon Protection PLC 4.4 Babcock International Group PLC 0.7

0.0 26.2 52.3 78.5 104.7 0.0 1.4 2.8 4.2 5.6

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -270.5 62.2 395.0 727.7 1,060.4 0.0 6.7 13.4 20.1 26.8

Chemring Group PLC 999.9 Westminster Group Plc, Banbury 25.6 Peer Group Average 104.6 TP Group PLC 23.6 Westminster Group Plc, Banbury 72.9 Qinetiq Group Plc, London 11.1 Avon Protection PLC 51.9 Peer Group Average 8.4 Ultra Electronics Holdings Plc 28.7 Cohort PLC 5.6 Cohort PLC 11.1 Avon Protection PLC 4.6 BAE Systems Plc 7.0 MS International PLC 4.5 Qinetiq Group Plc, London 3.7 Ultra Electronics Holdings Plc 2.9 MS International PLC -6.1 BAE Systems Plc 2.8 TP Group PLC -23.3 Babcock International Group PLC 2.2 Babcock International Group PLC -100.0 Chemring Group PLC 1.3

-270.5 62.2 395.0 727.7 1,060.4 0.0 6.7 13.4 20.1 26.8

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Industrials/Defense Price: 3,236.00 GBX Report Date: September 30, 2021

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