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Industrials & Manufacturing www.peakstone.com Industrials & Manufacturing Industry Insight November 2018 Industrials & Manufacturing Industry Insight | November 2018 Industrials & Manufacturing Industry Update Industrials & Manufacturing categories continue to see strong M&A activity So far in 2018, strategic buyers accounted for 89% of the Industrials and Manufacturing M&A transactions with financial buyers making up the difference; during 2017, strategic buyers accounted for approximately 90% of the transactions. Select Recent Notable Publicly Announced M&A Transactions Transaction Date Status Target Buyer Size 11/7/2018 Oct-2018 Announced $19.7 billion Oct-2018 Announced $4.4 billion Aug-2018 Announced $6.8 billion Aug-2018 Announced $6.8 billion Jul-2018 Announced $3.6 billion www.peakstone.com 1 Industrials & Manufacturing Industry Insight | November 2018 U.S. Industrials & Manufacturing Industry - M&A Market Overview Industrials & Manufacturing M&A market has seen moderate activity Industrials & Manufacturing Transactions by Buyer Type Industrials & Manufacturing Transaction Multiples 10.8x 9.3x 10.0x 9.4x 8.6x 134 8.6x 8.3x 8.1x 109 91 55 41 37 30 28 414 378 369 371 355 289 263 218 1.2x 1.2x 1.0x 0.9x 0.9x 0.9x 1.0x 1.0x 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2011 2012 2013 2014 2015 2016 2017 2018 YTD EV / EBITDA EV / Revenue Strategic Financial Source: Capital IQ, as of November, 2018. Note: Only includes transactions with total transaction value greater than $1.0 M www.peakstone.com 2 Industrials & Manufacturing Industry Insight | November 2018 Peakstone Industrials & Manufacturing Index – Trading Statistics Industrials & Manufacturing indexes have performed in line with the S&P 500 Relative Stock Performance – Group 1 120% 100% 80% Professional & Commercial Services: 76% 60% Aerospace & Defense: 73% 40% S&P 500: 57% Building Products: 54% 20% Automotive & Components: -4% 0% Peakstone Index Company details on pages 7-9 -20% -40% Source: Capital IQ, as of November, 2018. www.peakstone.com 3 Industrials & Manufacturing Industry Insight | November 2018 Peakstone Industrials & Manufacturing Index – Trading Statistics (cont.) Industrials & Manufacturing indexes have performed in line with the S&P 500 Comparable Valuation Trends – Enterprise Value/EBITDA – Group 1 18.0x 16.0x 14.0x 12.0x Aerospace & Defense: 13.3x S&P 500: 12.0x 10.0x Professional & Commercial Services: 11.2x 8.0x Building Products: 9.7x Automotive & Components: 5.7x 6.0x 4.0x Peakstone Index Company details on pages 7-9 2.0x 0.0x Source: Capital IQ, as of November, 2018. www.peakstone.com 4 Industrials & Manufacturing Industry Insight | November 2018 Peakstone Industrials & Manufacturing Index – Trading Statistics (cont.) Industrials & Manufacturing indexes have performed in line with the S&P 500 Relative Stock Performance – Group 2 120% 100% 80% 60% Machinery: 62% S&P 500: 57% 40% Construction & Engineering: 42% Trading & Distribution: 10% 20% Electrical Equipment: 6% 0% Peakstone Index Company details on pages 7-9 -20% -40% Source: Capital IQ, as of November, 2018. www.peakstone.com 5 Industrials & Manufacturing Industry Insight | November 2018 Peakstone Industrials & Manufacturing Index – Trading Statistics (cont.) Industrials & Manufacturing indexes have performed in line with the S&P 500 Comparable Valuation Trends – Enterprise Value/EBITDA – Group 2 18.0x 16.0x 14.0x Electrical Equipment: 13.5x 12.0x S&P 500: 12.0x Machinery: 10.7x 10.0x Trading & Distribution: 10.4x Construction & Engineering: 8.8x 8.0x 6.0x 4.0x Peakstone Index Company details on pages 7-9 2.0x 0.0x Source: Capital IQ, as of November, 2018. www.peakstone.com 6 Industrials & Manufacturing Industry Insight | November 2018 Public Trading Comparables by Sector Select Industrials & Manufacturing Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Aerospace & Defense The Boeing Company $208,113 $210,079 2.2x 16.7x 20.1x 21.1x 19% 13% United Technologies Corporation $102,478 $130,891 2.0x 12.3x 15.8x 17.2x 26% 17% Honeywell International Inc. $109,896 $116,678 2.7x 13.0x 14.8x 19.3x 32% 21% Lockheed Martin Corporation $87,194 $101,082 1.9x 13.3x 15.5x 16.3x 12% 13% General Dynamics Corporation $53,958 $66,029 1.9x 13.5x 15.6x 15.4x 19% 14% Northrop Grumman Corporation $49,089 $62,766 2.2x 13.3x 15.6x 16.2x 23% 17% Raytheon Company $52,590 $56,130 2.1x 15.2x 17.5x 16.2x 25% 14% Aerospace & Defense Median $87,194 $101,082 2.1x 13.3x 15.6x 16.3x 23% 14% 0 Automotive & Components Ford Motor Company $37,949 $167,903 1.1x 11.8x 27.9x 7.0x 9% 9% General Motors Company $51,460 $137,976 0.9x 6.1x 13.0x 6.2x 12% 14% The Goodyear Tire & Rubber Company $5,194 $11,018 0.7x 5.5x 9.1x 7.7x 23% 13% BorgWarner Inc. $8,327 $10,205 1.0x 5.7x 7.5x 8.7x 21% 16% Lear Corporation $8,911 $9,972 0.5x 4.3x 5.4x 7.7x 12% 11% Automotive & Components Median $8,911 $11,018 0.9x 5.7x 9.1x 7.7x 12% 13% 0 Building Products Masco Corporation $9,599 $12,174 1.5x 9.4x 10.6x 11.7x 32% 16% Lennox International Inc. $8,568 $9,648 2.5x 16.1x 18.1x 20.4x 29% 15% Fortune Brands Home & Security, Inc. $6,429 $8,554 1.6x 10.1x 12.0x 12.0x 36% 16% USG Corporation $5,983 $6,672 2.0x 12.9x 18.0x 19.4x 19% 14% JELD-WEN Holding, Inc. $1,788 $3,169 0.8x 8.7x 12.3x 8.8x 21% 9% Universal Forest Products, Inc. $1,777 $1,953 0.4x 7.7x 10.0x 10.7x 13% 6% Building Products Median $6,206 $7,613 1.5x 9.7x 12.2x 11.9x 25% 14% Source: Capital IQ, as of November, 2018. www.peakstone.com 7 Industrials & Manufacturing Industry Insight | November 2018 Public Trading Comparables by Sector (cont.) Select Industrials & Manufacturing Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Professional & Commercial Services Waste Management, Inc. $37,446 $47,381 3.2x 11.6x 17.9x 20.3x 38% 28% Republic Services, Inc. $23,470 $31,641 3.1x 11.4x 19.2x 22.6x 38% 28% Cintas Corporation $19,284 $21,706 3.3x 16.3x 20.7x 24.3x 45% 20% ManpowerGroup Inc. $5,156 $5,637 0.3x 6.0x 6.6x 9.8x 16% 4% Essendant Inc. $479 $967 0.2x 11.0x 21.1x 12.1x 14% 2% Kelly Services, Inc. $958 $925 0.2x 8.0x 10.3x 10.9x 18% 2% Professional & Commercial Services Median $12,220 $13,671 1.7x 11.2x 18.5x 16.2x 28% 12% 0 Construction & Engineering Jacobs Engineering Group Inc. $11,286 $12,894 1.0x 13.6x 16.8x 15.4x 19% 7% AECOM $5,256 $8,517 0.4x 10.2x 14.6x 10.9x 3% 4% Fluor Corporation $6,776 $6,734 0.3x 8.9x 12.6x 16.9x 4% 4% Quanta Services, Inc. $5,197 $6,061 0.6x 8.3x 12.4x 10.6x 13% 7% MasTec, Inc. $3,724 $5,430 0.8x 8.6x 12.8x 12.0x 13% 9% EMCOR Group, Inc. $4,281 $4,228 0.5x 8.8x 10.6x 14.5x 15% 6% Construction & Engineering Median $5,226 $6,397 0.6x 8.8x 12.7x 13.2x 13% 7% 0 Trading & Distribution United Rentals, Inc. $10,524 $20,537 2.7x 9.0x 10.2x 7.1x 43% 30% W.W. Grainger, Inc. $16,197 $18,077 1.6x 11.5x 13.9x 16.6x 39% 14% HD Supply Holdings, Inc. $7,140 $9,097 1.6x 12.0x 13.5x 11.0x 39% 14% Univar Inc. $3,144 $5,668 0.7x 9.2x 13.1x 12.7x 22% 7% WESCO International, Inc. $2,521 $3,664 0.4x 9.2x 10.6x 10.1x 19% 5% Veritiv Corporation $461 $1,420 0.2x 14.0x 22.7x 6.4x 18% 1% Trading & Distribution Median $5,142 $7,382 1.1x 10.4x 13.3x 10.5x 30% 10% Source: Capital IQ, as of November, 2018. www.peakstone.com 8 Industrials & Manufacturing Industry Insight | November 2018 Public Trading Comparables by Sector (cont.) Select Industrials & Manufacturing Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Electrical Equipment Emerson Electric Co. $44,326 $47,993 2.8x 13.5x 16.5x 18.9x 43% 21% Rockwell Automation Inc. $21,809 $21,548 3.2x 13.7x 15.3x 20.3x 43% 24% AMETEK, Inc. $17,325 $18,708 4.0x 15.1x 18.0x 21.3x 34% 26% Hubbell Incorporated $6,003 $7,703 1.8x 10.6x 13.0x 14.6x 30% 17% Acuity Brands, Inc. $5,252 $5,480 1.5x 10.0x 11.7x 14.1x 41% 15% Electrical Equipment Median $6,571 $8,400 1.6x 11.1x 13.4x 13.4x 37% 15% 0 Machinery General Electric Company $81,936 $200,194 1.6x 33.4x NM 11.5x 12% 5% Caterpillar Inc. $76,319 $104,946 2.0x 9.5x 12.8x 10.4x 28% 21% Deere & Company $46,794 $86,631 2.4x 15.9x 23.6x 13.1x 23% 15% Illinois Tool Works Inc. $43,698 $49,517 3.3x 12.2x 13.8x 16.6x 42% 27% PACCAR Inc $20,742 $26,566 1.2x 8.6x 10.2x 9.5x 15% 14% Parker-Hannifin Corporation $22,136 $26,259 1.8x 10.4x 12.7x 14.3x 25% 17% Cummins Inc.
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