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August 2019 a Note from SCOTT-MACON SCOTT-MACON, LTD August 2019 A note from SCOTT-MACON We are pleased to present you with the August 2019 Edition of the Scott-Macon Aerospace, Defense and Government Services monthly newsletter! Our team strives to provide industry professionals such as yourself with the critical market information necessary to execute your strategic goals and initiatives. Please let us know if you would like to discuss any of the emerging trends presented in this review and how they can potentially impact your firm. Our team can help you with the following services: ➢ Mergers and Acquisitions - Sale of company - Acquisition of target companies ➢ Private Debt and Equity Financing ➢ Dividend Recapitalization We look forward to speaking to you soon! Best, Michael Michael N. Papazis Managing Director Aerospace, Defense & Government Services Office: (212) 755-8200 Fax: (212) 583-9262 [email protected] © Copyright 2018 SCOTT-MACON, LTD. 2 Table of Contents Section 1 Market Snapshot 4 Review of key valuation and deal trends analyzed on an Monthly and Last Twelve Month (LTM) basis Section 2 Public Trading Comparables 6 List of operating metrics and valuation multiples for public companies in selected sub-segments of the Aerospace, Defense & Government Services (ADG) sectors Section 3 M&A Transactions 9 List of relevant transactions with disclosed values which occurred in the last month segmented by Aerospace, Defense or Government Services Section 4 Recent Contracts 17 List of selected major government contracts that have been awarded in the last month Section 5 Key Aerospace & Defense Stats 21 Review of key trends in the aerospace and defense sectors Section 6 About Scott-Macon 24 Brief overview on Scott-Macon and their ADG investment banking practice Prepared by SCOTT-MACON, LTD. SECTION 1: MARKET SNAPSHOT Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Market Snapshot Monthly as of August 2019 LTM as of August 2019 Share Price Performance Share Price Performance 105.0 119.0 -1.0 % 103.0 # 0.9 % 114.0 101.0 109.0 $ -4.0 % -8.3 % 99.0 104.0 97.0 $ -2.5 % 99.0 -3.1 % 95.0 94.0 $ -2.0 % -9.2 % 93.0 89.0 91.0 84.0 89.0 79.0 87.0 74.0 8/7/2019 8/1/2019 8/3/2019 8/5/2019 8/9/2019 1/4/2019 2/1/2019 3/1/2019 6/7/2019 7/5/2019 8/2/2019 8/11/2019 8/13/2019 8/15/2019 8/17/2019 8/19/2019 8/21/2019 8/23/2019 8/25/2019 8/27/2019 8/29/2019 6/21/2019 8/31/2018 9/14/2018 9/28/2018 11/9/2018 12/7/2018 1/18/2019 2/15/2019 3/15/2019 3/29/2019 4/12/2019 4/26/2019 5/10/2019 5/24/2019 7/19/2019 8/16/2019 8/30/2019 10/12/2018 10/26/2018 11/23/2018 12/21/2018 S&P 500 Aerospace Government Services Defense S&P 500 Aerospace Government Services Defense Trading Valuation (TEV / LTM EBITDA) Trading Valuation (TEV / LTM EBITDA) 15.5x 16.0x 15.0x # 6.1 % # 11.3 % 14.5x 15.0x 14.0x 14.0x # 1.5 % -6.4 % 13.5x $ 13.0x 13.0x 12.5x $ -2.5 % 12.0x $ -6.3 % 12.0x 11.0x 11.5x 10.0x 11.0x 10.5x 9.0x 9/6/2018 4/4/2019 6/6/2019 8/8/2019 8/16/2018 9/27/2018 11/8/2018 1/10/2019 1/31/2019 2/21/2019 3/14/2019 4/25/2019 5/16/2019 6/27/2019 7/18/2019 8/29/2019 10/18/2018 11/29/2018 12/20/2018 Aug-01-2019 Aug-11-2019 Aug-21-2019 Aug-03-2019 Aug-05-2019 Aug-07-2019 Aug-09-2019 Aug-13-2019 Aug-15-2019 Aug-17-2019 Aug-19-2019 Aug-23-2019 Aug-25-2019 Aug-27-2019 Aug-29-2019 Aerospace Government Services Defense Aerospace Government Services Defense M&A Transactions M&A Transactions 90 900 78 80 800 757 70 700 638 136 23 # 360.0 % # 40.2 % 60 600 97 50 # 27.3 % 500 # 17.3 % 39 333 40 28 400 284 5 # 125.0 % # 12.1 % Number of Dealsof Number 30 Dealsof Number 300 22 20 200 27 257 288 10 100 12 0 0 31-Aug-18 31-Aug-19 LTM-Aug-18 LTM-Aug-19 Aerospace Defense Government Services Aerospace Defense Government Services © Copyright 2018 SCOTT-MACON, LTD. 5 SECTION 2: PUBLIC COMPARABLES Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Public Comparables Aerospace Public Comparables % of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Aerospace OEMs Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year Airbus SE $137.86 93.6% $107,183.7 $110,815.5 14.2 x -2.1% 15.7% 1.4 x -3.1% 14.9% Boeing Company 364.09 81.6 204,877.1 215,983.1 NM 6.3 NM 2.3 8.4 12.9 Bombardier Inc. 1.29 35.9 3,087.5 12,122.5 11.5 -1.0 -13.9 0.8 -2.7 -18.9 Embraer S.A. 4.34 77.7 3,194.9 2,285.2 8.3 -19.7 -68.1 0.5 -7.8 -58.3 Median 79.7% $55,189.3 $61,469.0 11.5 x -1.0% -45.2% 1.1 x -2.5% -3.1% Mean 72.2% $79,585.8 $85,301.6 11.3 x -6.7% -46.1% 1.3 x 0.9% -4.1% % of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year AAR Corp. $42.96 83.4% $1,483.6 $1,604.0 10.4 x 3.1% -11.3% 0.8 x 5.2 -21.9% AMETEK, Inc. 85.93 93.1 19,621.8 21,710.0 15.9 -2.7 7.7 4.3 -1.4 2.1 Astronics Corporation 27.51 62.0 903.0 1,036.2 10.6 -13.8 -26.9 1.3 -19.5 -38.9 CAE Inc. 26.20 94.5 6,976.1 8,774.4 17.4 -4.2 20.9 3.4 -2.2 26.1 Crane Co. 76.24 76.1 4,570.5 5,325.1 9.0 -7.7 -2.9 1.6 -6.7 -22.4 HEICO Corporation 144.67 97.8 16,651.4 17,437.3 NM 1.2 38.4 8.8 1.1 30.6 Héroux-Devtek Inc. 13.16 86.2 478.5 680.0 11.3 -11.5 20.9 1.7 -12.1 5.2 Meggitt PLC 7.54 99.5 5,817.9 7,187.7 16.6 14.6 46.0 2.7 -1.2 2.0 Moog Inc. 81.25 82.5 2,837.0 3,574.1 10.0 -0.8 -6.9 1.3 1.6 -4.7 MTU Aero Engines AG 273.10 98.8 14,134.7 15,249.0 16.7 8.9 19.7 3.0 8.3 43.9 Textron Inc. 45.00 61.8 10,355.6 13,950.6 8.8 -6.6 -12.0 1.1 -4.7 -25.5 TransDigm Group Incorporated 538.32 96.9 28,732.7 43,076.5 19.8 -2.6 14.2 8.8 -8.1 10.1 Woodward, Inc. 107.85 90.5 6,670.1 7,802.2 14.6 -8.8 0.1 2.7 -8.5 -4.0 Median 90.5% $6,670.1 $7,802.2 13.0 x 1.4% -6.7% 2.7 x -1.7% 30.2% Mean 86.4% $9,171.7 $11,339.0 13.4 x 2.0% -0.7% 3.2 x -3.9% 14.1% % of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA as OF Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year CPI Aerostructures, Inc. $8.09 84.7% $95.8 $131.4 12.7 x -0.1% 10.8% 1.4 x 0.0% 5.5% Ducommun Incorporated 41.18 79.1 474.9 720.3 9.5 -8.1 -16.4 1.1 -5.1 -9.8 RBC Bearings Incorporated 159.53 93.0 3,917.4 3,937.5 NM -3.2 10.2 5.6 -0.6 3.7 Hexcel Corporation 84.15 98.3 7,159.7 8,297.4 15.0 2.5 12.7 3.6 3.0 11.8 Kaman Corporation 58.39 84.9 1,634.0 1,950.0 12.2 -6.7 -0.8 1.0 -2.3 -8.4 Latécoère S.A. 4.20 89.8 398.4 454.9 9.7 0.0 NA 0.6 -0.3 -2.0 Magellan Aerospace Corporation 11.61 80.2 675.8 716.3 6.2 -8.0 -7.9 0.9 -10.5 -16.8 Senior plc 2.47 62.1 1,025.2 1,352.1 8.3 4.6 -4.1 1.0 5.6 -31.7 Spirit AeroSystems Holdings, Inc.
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