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2017 Aerospace & Defense Global Overview

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2017 Aerospace & Defense Global Overview Aerospace & Defense Global Overview 2017 Aerospace & Defense Market Insights General Overview | 2017 Global Reach, Local Presence 19200 Von Karman Ave, Paseo de la Reforma 2620, Member Firm in India Havenlaan 2 Avenue du Suite 340 Despacho 1404 Col. Lomas Pending Port SIS, 8854 Irvine, CA 92612 Atlas, Mexico City 11950 B-1080 Brussels janescapital.com www.zimma.com.mx www.kbcsecurities.com 8F Cowell Building 140 Unit 1907-1908 Sapyeong-daero, No. 333 Lanhua Road Deocho-gu Shanghai 201204 Seoul 06577 www.oaklins.com/hfg www.sunp.co.kr Engelbrektsplan 1 88, rue El Marrakchi Kingdom Tower, King ul. Pańska 98, Suite 83 Stockholm Quartier Hippodrome Fahad Road, 49th floor Warsaw 00-837 www.mergers.pl SE-114 34 Casablanca 20100 Riyadh 11451 www.avantus.se www.atlascapital.ma www.swicorp.com Aerospace & Defense Market Insights Country Overview | 2017 Belgium Aerospace & Defense Overview The Belgian aerospace market is primarily comprised of small and medium enterprises (SMEs) producing assemblies, sub-assemblies and components for various aircraft, and offering various maintenance, repair and overhaul (MRO) services. These SMEs focus on advanced, small-batch production capabilities in both metallurgy and composite materials. The overall aerospace and defense (A&D) industry has total revenues of US$3.7 billion, representing a compound annual growth rate (CAGR) of 4.1% since 2010. The A&D industry is expected to grow at a 0.8% CAGR in the near-future, with the industry expected to reach a value of US$3.9 billion by the end of 2019. Recently, civil aerospace has been the Belgian A&D industry’s most lucrative segment, representing over 70% of the industry's total market. Belgium’s defense industry is fully privatized and centered on manufacturing components, subassemblies and small arms rather than full weapon systems and platforms. As a small nation, Belgium cannot maintain a large defense industry based on internal requirements, and instead, relies on external components and subcontractor work on major defense programs. Belgium’s military, similarly to other countries in Europe, is aging. The average soldier is 43 years old and the number of soldiers has declined from 40,000 in 2006 to 32,000 in 2016. Due to this decline, Belgium is streamlining its forces to no longer have a separate army, navy and air force, but rather a unified defense entity with a land, sea and air component served by a joint medical component. Additionally, Belgium has developed the Belgian Soldier Transformation (BEST) program integrating the latest technologies, including smart textiles, enhanced integrated and scalable communication, personal optics and global positioning. Belgian Deal Spotlight: Sonaca to Acquire LMI Aerospace Belgian Region Spotlight: Wallonia Transaction Highlights Deal Financials • The aerospace industry in Wallonia turns over almost US$1.9 billion annually and employs • On February 16, 2017, LMI Aerospace Inc. Transaction Value: US$432M 5,800 people, including 1,400 in the space (Nasdaq:LMIA) agreed to be acquired by Sonaca Equity Value: US$192M research sector for US$14/share (representing a 52% premium TEV/Sales: 1.2x • The A&D industry was initially funded with over LMI’s closing share price on February 16, TEV/EBITDA: 12.5x state investment. Today, several of Wallonia’s 2017) Announced Date: 02/16/17 Wallonia large companies are foreign-controlled • Sonaca Group is a Belgian company known for its • Companies with key investments in the region capability to produce advanced aerostructures include SABCA (plant in Charleroi), Safran • LMI Aerospace is a leading supplier of structural (subsidiary Techspace Aero), Thales (two assemblies, kits and components businesses in the region) and Sonaca (state- • The transaction closed on June 27, 2017 owned, based in Charleroi) Select Belgian A&D Transactions Select Company Profiles ($ in US millions) TEV / TEV / ($ in US millions) Date Target Acquirer TEV Sales EBITDA Company Commentary/Investments 07/16/17 ADB Safegate The Carlyle Group – – – • Manufactures high lift devices, complex mechanical assemblies, and functional components for the aerospace industry 11/07/16 Advanced Circuit Boards Edmond de Rothschild, – – – • On February 22, 2017, ASCO signed a long-term contract with Cabestan Capital Boeing for the production of hard metal and aluminum 10/10/16 Gatewing Delair-Tech – – – structural components and assemblies • The agreement, valid until 2024, includes both the renewal of 04/29/16 TCR International 3i Infrastructure $200 4.3x 5.3x existing work on the 737 MAX, 747-8, 777 and 787 platforms, as well as several new packages on the 777X 12/21/15 Marlink Altamir, Apax Partners $437 – – • Manufactures metal and composite structures, servo-systems and sub-assemblies 06/05/15 Industrial Control Teledyne Technologies $21 – – Machines • A joint venture between Dassault Group and Fokker Technologies (GKN Group) 01/21/15 Cassidian Belgium PARTER Capital Group – – – • Focuses on “plug and fly” integrated structures, actuation systems and MRO and upgrades of platforms and equipment 01/08/15 Carat Security Group Axle Holdings – – – 09/29/14 Barco (aerospace and Esterline $189 1.0x 7.4x • Manufactures aerospace structures, such as movable wing defense display business) leading edges and wing skins, for civil, military and space markets 04/24/14 Mecar Giat Industries $165 – – • LMI Aerospace (US$432, 2017) – provides structural assemblies, kits and components and design engineering services to the 03/04/13 ADB PAI Partners $270 1.3x – aerospace and defense market Sources: CapIQ, Export.gov, Marketline, GlobeNewswire Stephen Perry Alyssa Morrisroe Ilana Germaine Manu De Vries Stefan Goethals Tom Van de Meirssche Managing Director Managing Director Vice President Director Head of Corporate Finance Senior Associate (949) 769-3323 x302 (949) 769-3323 x306 (949) 769-3323 x308 +32-2-429-22-53 +32-2-429-32-10 +32-2-429-32-19 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Aerospace & Defense Market Insights Country Overview | 2017 China Aerospace & Defense Overview In 2016, the aerospace and defense industry in China continued to grow due to increases in defense spending and changes to the Catalogue of Industries for Guiding Foreign Investment, which expanded the range of approved investment activities of foreign entities into the aviation sector. These changes should allow foreign companies to manufacture small scale aircraft parts, including aircraft engine components and bearings, and drive foreign M&A and direct investment activities. In 2016, China’s defense budget was the second largest in the world, as it rose 6.2% to US$192.0 billion. China’s military expenditure as a percentage of GDP is only 1.9%, which is low compared to other countries like India (2.3%), the US (3.3%) and Russia (5.4%), indicating additional capacity to increase military spending. The President of China, Xi Jinping, reduced armed forces personnel by approximately 13.0% (300,000 people) earlier this year as part of China’s ongoing restructuring to modernize its military with robust cyber warfare and joint operation capabilities. The commercial aerospace sector has also seen rapid growth, and China’s domestic aviation market is expected to become the world’s largest by 2035, surpassing North America and Europe with 1.9 trillion revenue passenger kilometers projected by 2035. Within the next 20 years, 6,810 new aircraft would be required to meet this growing travel demand. Domestic and global demand for travel has caused the country to enter the commercial aircraft manufacturing business itself in order to reduce dependency on Boeing and Airbus. Chinese state-owned aircraft manufacture, COMAC, plans to produce a 158 seat sing- aisle aircraft, with 570 order commitments received from 23 customers. COMAC believes that its new aircraft, the COMAC C919, has a market potential of nearly US$100 billion, and additionally has entered into a joint venture with UAC in Russia to develop a wide-body jet, the COMAC C929. Public Comparable Companies COMAC C919 Spotlight ($ in US millions) Market LTM TEV / LTM LTM EBITDA Key Statistics Cap TEV Revenue EBITDA Margin First Flight May 5th 2017 AVIC Aircraft $7,141 $6,726 $3,724 NM 2.8% Boeing 737 AECC Aviation Power $6,917 $9,234 $3,249 22.5x 12.4% Competition Airbus A320 China Avionics Systems $3,863 $4,378 $1,005 24.0x 13.5% • The COMAC C919 is a 158 seat, narrow-body twinjet Current Order 570 orders AviChina $3,683 $5,708 $5,275 10.9x 9.7% airliner developed by Chinese aerospace Count 23 buyers Avicopter $3,552 $3,204 $1,767 25.6x 6.8% manufacturer COMAC • Multinationals have played a large role in the List Price US$50 million China Aerospace Times Electronics$3,031 $3,431 $1,731 23.6x 8.1% development of the C919, with GE supplying engines Mean 21.3x 8.9% Estimated Sales and avionics and Honeywell supplying navigation 2,000 units (20 years) Trading metrics as of 6/6/17. Valuation multiples based on LTM financial data as of 3/31/17 equipment and fly-by-wire controls Select Recent Chinese Acquisitions of Western A&D Firms Select Company Profiles ($ in US millions) TEV / TEV / ($ in US millions) Date Target Acquirer TEV Sales EBITDA Company Financials Commentary/Investments 11/16/16 Gardner Aerospace Chengdu Aerospace $406 2.2x – • China Aviation Planning and Design Institute Superalloy Technology (US$342M) – Provides technical consultation 10/04/16 Airwork Holdings
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