AEROSPACE, DEFENSE & GOVERNMENT SERVICES
|
|
- Linette Lawrence
- 5 years ago
- Views:
Transcription
1 AEROSPACE, DEFENSE & GOVERENT SERVICES Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
2 Number of Deals AEROSPACE VALUATION AND M&A TRANSACTION DATA AEROSPACE, DEFENSE & GOVERENT SERVICES STOCK PERFORMANCE AND TRADING MULTIPLES 1 ($ in millions) Aircraft OEMs CY17E CY17E CY17E Current Market % of Stock Price Revenue EBITDA EBITDA MarginStock Price Cap 52-Wk High YoY Change EV / CY 17E EBITDA Bombardier $16,3 $ % $2.43 $5, % 62.8% Boeing 92,225 12, % , % 87.5% Airbus 78,324 7, % , % 42.7% Embraer 5, % , % 6.2% Aerospace Equipment and Structural Components HEICO $1,512 $ % $91.14 $7, % 43.3% Astronics % , % 7.0% TransDigm 3,7 1, % , %.1% BBA Av iation 2, % , % 28.2% Hexcel 1, % , % 17.5% Woodward 2, % , % 9.2% Spirit AeroSystems 6, % , % 42.1% Barnes Group 1, % , % 33.4% KLX Aerospace 1, % , % 28.6% Heroux-Dev tek % % (.0%) Kaman 1, % , % 16.3% Safran,083 3,846.2% , % 30.6% Moog 2, % , % 26.7% Senior 1, % , % 40.1% AAR 1, % , % 11.4% Wesco Aircraft 1, % % (56.3%) Ducommun % % (0.2%) Meggitt 2, % , % 3.6% Triumph Group 3, % , % (5.5%) Arconic 12,769 1, % , % 17.5% Esterline Technologies 2, % , % (22.7%) Magellan Aerospace % % 12.8% GKN 13,270 1,356.2% , % (4.4%) RBC Bearings % , % 34.3% Zodiac Aerospace 5, % 29. 8, %.0% Rockwell Collins 8,738 2, % , % 42.8% Diversified Industrial Heavy Aerospace Exposure General Electric $124,296 $, % $17.84 $5, % (44.0%) Ametek 4,257 1, % , % 42.5% Honeywell 40,214 8, % , % 32.9% Curtiss-Wright 2, % , %.8% Parker-Hannifin 13,984 2, % 4. 25, % 37.1% Eaton,286 3, % , % 11.8% Textron 14,247 1,5.6% , % 13.6% Rolls Royce 18,956 2,026.7% 11., % 30.4% United Technologies 59,595, % , % 12.7% Crane 2, % , % 11.7% 6.4x.8x.3x Median: 12.8x.7x 13.8x 13.1x 13.0x 12.8x 12.5x 12.5x 12.1x.9x.4x.2x.0x 9.8x 9.4x 9.4x 9.2x 8.8x 7.6x 5.8x 18.4x Median:.5x 17.5x 16.5x 14.6x 13.6x 12.4x 11.8x 11.6x 11.1x.9x.3x Median: 12.1x AEROSPACE M&A ACTIVITY 2 Enterprise Value > $0 million x 9.8x x 11.5x 11.5x 11.7x 9.9x.4x x 9.3x 9.8x 9.2x x.0x 8.0x 6.0x 4.0x 2.0x Median EBITDA Multiple SELECT RECENT AEROSPACE M&A ACTIVITY 2 Announced Date Target Subsegment Acquirer Dec-17 A&D Business of Oxford Composite Components Hexcel Performance Materials Dec-17 Malabar Aviation Services and Tronair Support Dec-17 True Position Technologies Aerostructures Manufacturer HBD Industries Nov-17 Cadence Aerospace Airframe and Engine Structural Arlington Capital Partners Components Nov-17 Interface Displays & Controls Avionics and Electronics HEICO Corporation Nov-17 PaR Systems Electromechanical, Power, The Pohlad Family and Related Proprietary Nov-17 FMI Airframe and Engine Structural AE Industrial Partners Components Telefonix Avionics and Electronics Astronics Corporation Strategic Financial - ACTS Maintenance, Repair & Overhaul MB Aerospace PAGE 1
3 Number of Deals DEFENSE VALUATION AND M&A TRANSACTION DATA AEROSPACE, DEFENSE & GOVERENT SERVICES STOCK PERFORMANCE AND TRADING MULTIPLES 1 ($ in millions) Defense Prime Contractors CY 17E CY 17E CY 17E Current Market % of Stock Price Revenue EBITDA EBITDA Margin Stock Price Cap 52-Wk High YoY Change EV / CY 17E EBITDA Boeing $92,225 $12, % $ $172, % 87.5% Northrop Grumman 25,528 3,8 14.9% , % 33.4% Raytheon 25,370 3,890.3% , % 31.9% Lockheed Martin 50,673 7, % , % 25.9% General Dynamics 31,9 4,657.0% , % 13.6% Airbus 78,324 7, % , % 42.7% Huntington Ingalls 7,358 1, % , % 32.7% BAE Systems 26,331 3, % , % (3.5%) Thales 18,495 2, % , % (4.8%) 14.6x 14.2x.8x 9.3x 8.4x Defense Technologies Median: Kratos $745 $54 7.2% $.59 $1, % 46.7% Mercury Systems % , % 56.1% Teledyne Technologies 2, % , % 42.9% FLIR Systems 1, % , % 28.5% Elbit Systems Holdings 3, % , % 31.2% Harris 6,091 1, % , % 35.8% L-3 Communications 9,546 1, % 5.61,0 97.8% 23.8% Cubic 1, % , % 18.1% Cobham 2, % , % (12.7%) Comtech Telecommunications % % 94.5% Ultra Electronics Holdings 1, % ,2 59.6% (31.4%) Chemring % % 6.9% AeroVironment % , % 96.1% Orbital ATK 4, % , % 51.2% 17.0x 16.4x 14.4x 13.8x 12.2x 9.7x 9.3x 7.9x 21.7x.9x Median: 13.6x DEFENSE M&A ACTIVITY 2 SELECT RECENT DEFENSE M&A ACTIVITY 2 Enterprise Value > $50 million x x.5x 11.9x 9.9x 9.0x.4x.0x 8.6x 8.4x x Strategic Financial 16.0x 12.0x.0x 8.0x 6.0x 4.0x 2.0x - Median EBITDA Multiple Announced Date Target Subsegment Acquirer Dec-17 Anaren Electronic Components & TTM Technologies Subsystems Nov-17 Surrey Satellite Technology Ground and Space Based General Atomics Satellite Technology Excelitas Technologies Defense Electronics AEA Investors Aurora Flight Sciences Unmanned Systems Boeing Sep-17 Orbital ATK Weapon Systems and Northrop Grumman Munitions Sep-17 Doss Aviation Flight Training L3 Technologies Sep-17 Adaptive Methods Unmanned Systems L3 Technologies Aug-17 United Shield International Tactical and Protection Point Blank Enterprises Equipment and Systems Aug-17 Cyalume Technologies Tactical and Protection Arsenal Capital Partners Equipment and Systems PAGE 2
4 Number of Deals AEROSPACE, DEFENSE & GOVERENT SERVICES GOVERENT SERVICES VALUATION AND M&A TRANSACTION DATA STOCK PERFORMANCE AND TRADING MULTIPLES 1 ($ in millions) Government Services CY17E CY17E CY17E Current Market % of Stock Price Revenue EBITDA EBITDA Margin Stock Price Cap 52-Wk High YoY Change EV / CY 17E EBITDA ManTech International $1,716 $ % $50.24 $1, % 14.7% KEYW % % (58.9%) SAIC 4, % , % (9.0%) Booz Allen Hamilton 6, % , % 5.3% Leidos,233 1,059.3% , % 27.8% 13.6x 13.5x 12.2x 11.8x CACI International 4, % , % 3.8% 11.3x Engility 1, % , % (22.3%) 11.0x CSRA 5, % , % (6.0%) 9.4x Vectrus 1, % % 31.8% Diversified Services Heavy Government Exposure 8.9x Median: 11.8x Serco $4,143 $5 3.7% $1.35 $1, % (27.6%) 11.0x Jacobs, % , % 12.1% Fluor, % , % (11.7%) ICF 1, % % (9.8%) CGI 8,745 1, % 53.35, % 8.0%.2x AECOM, % ,1 94.5% (3.9%) 9.6x KBR 4, %.35 2, %.3% 7.8x Babcock International 7, % 9. 4,6 68.6% (25.4%) 7.2x Median:.4x GOVERENT SERVICES M&A ACTIVITY 2 SELECT RECENT GOVERENT SERVICES M&A ACTIVITY 2 Enterprise Value > $50 million Announced Date Target Subsegment Acquirer x 11.9x 9.9x.5x x x x 7.6x x.0x 8.1x x x.0x 8.0x 6.0x 4.0x 2.0x Median EBITDA Multiple Dec-17 Crane Currency Security Services Crane Nov-17 Whitney, Bradley & Brown IT Services and Consulting HIG Capital Morphick Intelligence and Booz Allen Hamilton Cybersecurity DXC USPS Business / Vencore / Keypoint IT Services and Consulting Merger - Independent Public Company Praxis Engineering Systems Engineering and CSRA Technologies Technical Assistance FedBid Software and Information Compusearch Services Xebec Global Corporation Intelligence and Cybersecurity Arlington Capital Partners Sep-17 InfoZen Technical & Security Services ManTech Sep-17 Blue Canopy Cybersecurity Jacobs Engineering Group Strategic Financial PAGE 3
5 AEROSPACE, DEFENSE & GOVERENT SERVICES OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website. Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston One International Place Suite 26 Boston, Massachusetts 021 Phone: +1 (617) Cleveland 00 East 9th Street th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) UNITED STATES Richmond (Headquarters) 01 Haxall Point 9th Floor Richmond, Virginia 232 Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California 945 Phone: +1 (4) Washington, D.C th St. NW 2nd Floor Washington, D.C. 006 Phone: EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 4
6 HARRIS WILLIAMS & CO. AEROSPACE, DEFENSE & GOVERENT SERVICES SOURCES 1. FactSet 2. Mergermarket DISCLOSURES Harris Williams & Co. ( is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US. The information and views contained in this report were prepared by Harris Williams & Co. ( Harris Williams ). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams prior written consent. Copyright 17 Harris Williams & Co., all rights reserved. PAGE 5
AEROSPACE, DEFENSE & GOVERNMENT SERVICES
www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated
More informationQ1 2014: Key Statistics and Market Review
Aerospace & Defense Q1 2014: Key Statistics and Market Review Q1 2014 Aerospace & Defense Outpaces the Broader Market for the Year; 2014 Industry Outlook Positive Aerospace & Defense Annual Sector Highlights
More informationAEROSPACE, DEFENSE & GOVERNMENT SERVICES
www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
More informationCCAM Certified Control Account Manager CREDENTIAL CERTIFICATION FACT SHEET
About CCAM Certified Control Account Manager Certification CCAM Certified Control Account Manager credential certification is the number one certification in the world for Control Account Managers (CAMs)
More informationAEROSPACE, DEFENSE, AND GOVERNMENT SERVICES
AEROSPACE, DEFENSE, AND GOVERNMENT SERVICES QUARTERLY UPDATE 4 TH QUARTER 2014 Market Highlights Defense and Government 2014 brought an improved M&A environment for defense and government services companies,
More informationQ Aerospace, Defense & Government Services Quarterly Industry Update 2 nd Quarter 2017
Aerospace, Defense & Government Services Quarterly Industry Update 2 nd Quarter 2017 Mergers & Acquisitions Support Business Valuation Corporate Finance The McLean Group 7918 Jones Branch Drive, Suite
More informationJCOSE INCOSE. JCOSE (INCOSE Japan Chapter) 1. INCOSE 2. INCOSE
2016-04-12 JCOSE INCOSE JCOSE (INCOSE Japan Chapter) http://www.incose.org/japan/index.asp 1. INCOSE 2. INCOSE 3. 4. 5. 6. 2 1. INCOSE " INCOSE! The International Council on Systems Engineering! http://www.incose.org
More informationTop 100 Government Contractor Slogans 2018
Top 100 Government Contractor Slogans 2018 Below is an annual compilation by Boscobel of the top 100 government contractor slogans, based on Washington Technology's Top 100 Government Contractors list.
More informationTop 100 GovCon Slogans 2018
Company 2007 Slogan 2007 Rank 2018 Slogan 2018 Rank Abt Associates 67 Bold thinkers driving real-world impact. 66 Accenture High performance. Delivered. 25 New isn't on its way. We're applying it right
More informationTop 100 GovCon Slogans
Top 100 GovCon Slogans Company 2015 Slogan 2016 Slogan 2016 Rank AASKI Technology Mission Focused, Customer Centric Mission Focused, Customer Centric 66 Abt Associates Bold thinkers driving real-world
More informationFACE Technical Overview
FACE Technical Overview NAVAIR Public Release 2017-900 Distribution Statement A "Approved for public release distribution is unlimited Ken Stanka NAVAIR 4.5.3.1 PMA-209 Avionics Architecture Team Acting
More informationIntroduction to IAEG International Aerospace Environmental Group
Introduction to IAEG International Aerospace Environmental Group April 2017 IAEG-COM-PS1 The International Aerospace Environmental Group ("IAEG ") is the owner of this material. This material may not be
More information2017 Aerospace Industry Mid-Year M&A Review
Aerospace Industry Mid-Year M&A Review INDUSTRY EXPERTISE GLOBAL PERSPECTIVE Investment Bank for the Manufacturing Sector SM Aerospace Merger & Acquisition Activity Quarterly Transaction Data While still
More informationAerospace, Defense and Government Services Quarterly Industry Update 1 st Quarter 2014
Aerospace, Defense and Government Services Quarterly Industry Update 1 st Quarter 2014 The McLean Group 7900 Westpark Drive A320 McLean, VA 22102 www.mcleanllc.com 877.843.0997 Quarterly Industry Snapshot
More informationIntroduction to IAEG International Aerospace Environmental Group
Introduction to IAEG International Aerospace Environmental Group September 2017 IAEG-COM-PS1 The International Aerospace Environmental Group ("IAEG ") is the owner of this material. This material may not
More informationA e r o s p a c e, D e f e n s e, G o v e r n m e n t M & A A n n u a l R e v i e w. Aerospace Defense Government Services M&A
A e r o s p a c e, D e f e n s e, G o v e r n m e n t M & A 2 0 1 4 A n n u a l R e v i e w Aerospace Defense Government Services M&A Executive Summary The US economy grew modestly in 2014 with the S&P
More informationAerospace, Defense and Government Services Quarterly Industry Update Third Quarter 2013
Aerospace, Defense and Government Services Quarterly Industry Update The McLean Group 7900 Westpark Drive A320 McLean, VA 22102 www.mcleanllc.com 877.843.0997 Quarterly Industry Snapshot Industry News
More informationAerospace, Defense and Government Services Quarterly Industry Update 2 nd Quarter 2014
Aerospace, Defense and Government Services Quarterly Industry Update 2 nd Quarter 2014 The McLean Group 7900 Westpark Drive A320 McLean, VA 22102 www.mcleanllc.com 877.843.0997 Quarterly Industry Snapshot
More information2014 Global Aerospace and Defense Industry outlook Expect another record year for commercial aerospace and continued declines in defense
2014 Global Aerospace and Defense Industry outlook Expect another record year for commercial aerospace and continued declines in defense 2 Summary The global commercial aerospace sector is expected to
More informationPMA MANUFACTURING & ENGINEERING INVESTMENT BANKING PERSPECTIVES
Our Insight, Your Growth PMA MANUFACTURING & ENGINEERING INVESTMENT BANKING PERSPECTIVES DANIEL E. SIRVENT DIRECTOR, CORPORATE FINANCE AEROSPACE, DEFENSE & GOVERNMENT MARKETS 949.975.2055 DSIRVENT@CKCOOPER.COM
More informationSensor Open Systems Architecture (SOSA)
Sensor Open Systems Architecture (SOSA) Dr. Ilya Lipkin Lead Manager Patrick Collier Technical Lead Trend in Modern Systems Next Military Vehicle Unaffordable! Time/ Cost H/W Dominant S/W Integration Dominant
More informationEuropean Technology Update 25 th August 2014
European Technology Update 25 th August 2014 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 tmonjauze@harriswilliams.com Jonathan Organ Vice
More informationA e r o s p a c e, D e f e n s e, G o v e r n m e n t M & A A n n u a l R e v i e w. Aerospace Defense Government Services M&A
A e r o s p a c e, D e f e n s e, G o v e r n m e n t M & A 2 0 1 3 A n n u a l R e v i e w Aerospace Defense Government Services M&A Executive Summary The global macroeconomic uncertainties that highlighted
More informationA e r o s p a c e, D e f e n s e, G o v e r n m e n t M & A A n n u a l R e v i e w. Aerospace Defense Government Services M&A
A e r o s p a c e, D e f e n s e, G o v e r n m e n t M & A 2 0 1 5 A n n u a l R e v i e w Aerospace Defense Government Services M&A Executive Summary Transaction volume in the Aerospace, Defense and
More informationMarketView Winter 2015 Aerospace / Defense and Government Technology Solutions
MarketView Aerospace / Defense and Government Technology Solutions 8000 Towers Crescent Drive Suite 1200 Tysons Corner, Virginia 22182 703.442.1400 www.kippsdesanto.com Operational / Funding Environment
More informationUK Software Sector. Quarterly Report. First Quarter 2009
UK Software Sector Quarterly Report First Quarter 009 UK Software Sector Valuation Metrics Share Price ( ) Market Net Enterprise Revenue Company -Apr-09 Cap () Debt () Value ( m) CY09E ( m) CY008 CY009
More informationDCMA Update for NDIA IPMD
One team, one voice delivering global acquisition insight that matters. DCMA Update for NDIA IPMD Presented By: DCMA EVMS Center NDIA IPMD Hurst, TX August 29 th, 2018 Topics to Cover Mission Work Products
More informationCL King Best Ideas Conference
CL King Best Ideas Conference Nasdaq: ATRO Pete Gundermann, President & CEO Dave Burney, Executive Vice President & CFO September 13, 2018 astronics.com Safe Harbor Statement These slides (and the accompanying
More informationBOEING OVERVIEW. Connect Protect Explore Inspire. Copyright 2018 Boeing. All rights reserved.
BOEING OVERVIEW Connect Protect Explore Inspire Copyright 2018 Boeing. All rights reserved. HISTORY The First 100 Years Founded in 1916 in the Puget Sound region of Washington State in the U.S. Became
More informationTECHNICAL SUPPORT CONTRACTS EGLIN AFB FL
82 56 22 13 Test & Evaluation Technologies for Ranges, Armaments & Spectrum (TETRAS) IDIQ Eglin Operations & Maintenance Services (E-OMS) Weapons Planning Software (WPS) IDIQ Presolicitation: https://www.fbo.gov/notices/c2010d2cfb860a
More information2018 Trends in Hosting & Cloud Managed Services
PREVIEW 2018 Trends in Hosting & Cloud Managed Services DEC 2017 Rory Duncan, Research Director, Managed Services & Hosting Penny Jones, Principal Analyst - MTDC & Managed Services Aaron Sherrill, Senior
More informationMAY DEFENSE TECHNOLOGY & GOVERNMENT SERVICES MARKET UPDATE
MAY DEFENSE TECHNOLOGY & GOVERNMENT SERVICES MARKET UPDATE Aronson Capital Partners, LLC 805 King Farm Boulevard, Suite 300 Rockville, Maryland 20850 Tel: (301) 231-6200 Fax: (301) 231-7630 Larry A. Davis
More informationMilitary Electro-Optics/Infrared Systems Market by Platform, System (Targeting, Imaging), Technology (Uncooled, Cooled), Sensor Technology (Staring,
Military Electro-Optics/Infrared Systems Market by Platform, System (Targeting, Imaging), Technology (Uncooled, Cooled), Sensor Technology (Staring, Scanning), Imaging Technology (Hyperspectral, Multispectral),
More informationEuropean Technology Update 16 th January 2014
European Technology Update 16 th January 2014 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 tmonjauze@harriswilliams.com Jonathan Organ Vice
More informationEuropean Technology Update 19 th September 2013
European Technology Update 19 th September 2013 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 tmonjauze@harriswilliams.com Francois Morin
More informationInnovation and Excellence in Engineering and Support. Solutions.
Innovation and Excellence in Engineering and Support Marshall Aerospace and Defence Group Airport House The Airport Cambridge CB5 8RX UK T +44 (0) 1223 373737 marshalladg.com Contains public sector information
More informationMarshall Aerospace and Defence Group.
Marshall Aerospace and Defence Group. We are a leading independent aerospace and defence company and are respected and trusted worldwide for our expertise in civil, military and commercial aircraft and
More informationIntegrative Trade Global Strategy. Aerospace
Integrative Trade Global Strategy Aerospace The Trade Commissioner Service s integrative trade global strategy for the aerospace sector contains three sub sectors (aviation, maintenance, repair and overhaul
More informationIndustry Observations December 31, Hotels, Restaurants and Leisure Industry
Industry Observations December 31, 2018 Hotels, Restaurants and Leisure Industry Select Hotels, Restaurants, and Leisure Public Company Industry Data The material contained in this publication is meant
More informationOpen Source Cloud Platforms: OpenStack
Open Source Cloud Platforms: OpenStack This Market Monitor overview report on the OpenStack marketplace provides updated vendor estimates through Q2 2017. OpenStack, the open source cloud project, was
More informationHM-1 Committee for Integrated Vehicle Health Management. PHM Society Panel Discussion September 26, 2012
HM-1 Committee for Integrated Vehicle Health Management PHM Society Panel Discussion September 26, 2012 Goals for HM-1 Committee Review industry experience and the state-of-the-art technologies for integrated
More informationBOEING OVERVIEW. Connect Protect Explore Inspire. Copyright 2018 Boeing. All rights reserved.
BOEING OVERVIEW Connect Protect Explore Inspire HISTORY The First 100 Years Founded in 1916 in the Puget Sound region of Washington state Became a LEADING PRODUCER of military and commercial aircraft Completed
More informationDatacenter Cooling Market Map 2016
MARKET MAP Datacenter Cooling Market Map 2016 MAY 2016 Andrew Donoghue, European Research Manager This report provides an overview of the datacenter cooling market, focusing on suppliers of particularly
More informationOmni-Lite Industries Canada Inc.
Omni-Lite Industries Canada Inc. Leadership in Material Science for Mission Critical Applications June 2017 Headquarters in Cerritos, CA MISSION CRITICAL APPLICATIONS WORLD CLASS ENGINEERING, MATERIAL
More informationHOT TOPICS IN DATA PRIVACY REGULATION IN RUSSIA
HOT TOPICS IN DATA PRIVACY REGULATION IN RUSSIA Ksenia Andreeva Anastasia Dergacheva Vasilisa Strizh November 27, 2018 2018 Morgan, Lewis & Bockius 2017 Morgan, Lewis & Bockius Contents News from the Russian
More informationHong Kong EXECUTIVE OVERVIEW. Multi-Tenant Datacenter Market MARKET FORECAST DEC Dan Thompson, Senior Analyst, Multi-tenant Datacenters
MARKET FORECAST DEC 2016 Hong Kong Multi-Tenant Datacenter Market Dan Thompson, Senior Analyst, Multi-tenant Datacenters This report provides an overview of the competitive dynamics in the Hong Kong market,
More informationDoing Business with Defence. Opportunities and Innovation in the Defence Supply Chain
Over the next decade we are committed to spending over 178Bn on equipment and support. Defence has a major role to play in delivering the government s growth and enterprise agenda the MOD accounts for
More informationAIA Update 2018 S1000D User Forum
AIA Update 2018 S1000D User Forum September 11, 2018 Rusty Rentsch Vice President Technical Operations and Standards Rusty.Rentsch@aia-aerospace.org 1 Waldorf Astoria, New York, NY, January 1919 Glen Curtiss
More information2017 Trends in Datacenter and Critical Infrastructure
PREVIEW 2017 Trends in Datacenter and Critical Infrastructure DEC 2016 Rhonda Ascierto, Research Director, Datacenter Technologies & Eco-Efficient IT Andy Lawrence, Research Vice President - Datacenter
More informationEuropean Technology Update 17 th October 2013
European Technology Update 17 th October 2013 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 tmonjauze@harriswilliams.com Francois Morin Director
More informationOpen Source Cloud Platforms: OpenStack
Open Source Cloud Platforms: OpenStack This Market Monitor overview report on the OpenStack marketplace provides updated vendor estimates through Q3 2016. OpenStack, the open source cloud project, was
More informationWELCOME TO TE CONNECTIVITY
WELCOME TO TE CONNECTIVITY With a 50-plus year history of leadership, TE Connectivity is a global, $12.1 billion company that designs and manufactures over 500,000 products that connect and protect the
More informationGOVERNMENT CONTRACTOR
GOVERNMENT CONTRACTOR QUARTERLY MARKET UPDATE Q2 2015 In This Issue A New Era of Stability (Finally?) 1 A New Era of Stability (Finally?) 2 Public Company Valuation Multiples & Select Financial Metrics
More informationISE Cyber Security UCITS Index (HUR)
ISE Cyber Security UCITS Index (HUR) Why Cybersecurity is important Data breaches have become almost commonplace in the last few years Cybersecurity focuses on protecting computers, networks, programs,
More informationCitiManager Alerts
GSA SmartPay 2010 Conference CitiManager Email Alerts Mini Session 12 th Annual GSA SmartPay Conference Atlanta, GA August 10 12, 2010 Goals & Objectives This course is designed to assist you in achieving
More informationFederal Ministry of Budget & National Planning TACKLING NIGERIA'S INFRASTRUCTURE DEFICIT THROUGH PUBLIC PRIVATE PARTNERSHIPS
Federal Ministry of Budget & National Planning TACKLING NIGERIA'S INFRASTRUCTURE DEFICIT THROUGH PUBLIC PRIVATE PARTNERSHIPS SUMMIT CONVENORS His Excellency Prof. Yemi Osinbajo SAN Vice President, Federal
More informationYour experts in the space and satellite application markets. The Euroconsult Group is
The Group Your experts in the space and satellite application markets The Euroconsult Group is Consulting Research Summits Training About us The Euroconsult Group is composed of privately-owned, independent
More informationMarketView Fall 2017 Aerospace / Defense and Government Technology Solutions
MarketView Aerospace / Defense and Government Technology Solutions 8000 Towers Crescent Drive Suite 1200 Tysons Corner, Virginia 22182 703.442.1400 www.kippsdesanto.com Select Recent KippsDeSanto & Co.
More informationFDC EXCLUSION LIST (as of 15 May 2017 * )
FDC EXCLUSION LIST (as of 15 May 2017 * ) N COMPANY COUNTRY BENCHMARK INDUSTRY EXCLUSION CRITERIA 1 ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED IN Transportation Infrastructure 2 AECOM US Construction
More informationExhibit R-2, RDT&E Budget Item Justification
PE NUMBER: 0604853F PE TITLE: Evolved Expendable Launch - EMD Exhibit R-2, RDT&E Budget Item Justification BUDGET ACTIVITY PE NUMBER AND TITLE Launch - EMD 0004 (U) Cost ($ in Millions) FY 2004 FY 2005
More informationCHANGING THE WAY WE LOOK AT NUCLEAR
CHANGING THE WAY WE LOOK AT NUCLEAR John Hopkins Chairman and CEO, NuScale Power NuScale UK Supplier Day 13 July 2016 Acknowledgement and Disclaimer This material is based upon work supported by the Department
More informationAerospace and Defense Group
FOCUS Government, Aerospace and Defense Group Q4 2014 Report Vol. 8, No. 1 In this Issue Seasoned, Systematic, Successful SM Investment Banking and Advisory Services The FOCUS government, aerospace, and
More informationEuropean Technology Update 15 th November 2013
European Technology Update 15 th November 2013 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 tmonjauze@harriswilliams.com Francois Morin Director
More informationQ1 Revenues. Paris April 26 th, 2017
2017 Q1 Revenues Paris April 26 th, 2017 Disclaimer This presentation does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the
More informationSEPTEMBER DEFENSE TECHNOLOGY & GOVERNMENT SERVICES MARKET UPDATE
SEPTEMBER DEFENSE TECHNOLOGY & GOVERNMENT SERVICES MARKET UPDATE Aronson Capital Partners, LLC 805 King Farm Boulevard, Suite 300 Rockville, Maryland 20850 Tel: (301) 231-6200 Fax: (301) 231-7630 Larry
More informationDealing with Security and Security Breaches
BEIJING BRUSSELS CHICAGO DALLAS FRANKFURT GENEVA HONG KONG LONDON LOS ANGELES NEW YORK PALO ALTO SAN FRANCISCO SHANGHAI SINGAPORE SYDNEY TOKYO WASHINGTON, D.C. Dealing with Security and Security Breaches
More informationEU - Brazil cooperation opportunities in aerospace sector
ESA/ESTEC (The Netherlands) 22-23 November 2018 EU - Brazil cooperation opportunities in aerospace sector BRAZILIAN AEROSPACE CLUSTER OVERVIEW In partnership with: WHERE THE BRAZILIAN COMPANIES ARE LOCATED?
More informationIntegra Telecom Buys Electric Lightwave
MEDIA CONTACTS John Nee, 503-453-8084, john.nee@integratelecom.com Shannon Riggs, 503-546-7885, shannon@lanepr.com Integra Telecom Buys Electric Lightwave Acquisition of Customers and Eight Metropolitan
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationApplied Technology & Digital Media Industry Update Q2 2017
Applied Technology & Digital Media Industry Update Q2 2017 Q2 M&A TRANSACTION SUMMARY Q2 Deal Volume (1) Applied Technology & Digital Media M&A decreased slightly in Q2 2017 following an increase in transaction
More informationSouth Korea EXECUTIVE OVERVIEW. Multi-Tenant Datacenter Market MARKET FORECAST MAY Dan Thompson, Senior Analyst, Multi-Tenant Datacenters
MARKET FORECAST MAY 2017 South Korea Multi-Tenant Datacenter Market Dan Thompson, Senior Analyst, Multi-Tenant Datacenters This report provides an overview of the competitive dynamics in the South Korea
More informationBEZEQ (TASE: BEZQ) Investor Presentation
BEZEQ (TASE: BEZQ) Investor Presentation Forward-Looking Information and Statement This presentation contains general data and information as well as forward looking statements about Bezeq The Israel Telecommunications
More informationUS Economic Indicators: Construction Spending
US Economic Indicators: Construction Spending April 6, Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.
More informationMarketView Winter 2014 Aerospace / Defense and Government Technology Solutions
MarketView Aerospace / Defense and Government Technology Solutions 8000 Towers Crescent Drive Suite 1200 Tysons Corner, Virginia 22182 703.442.1400 www.kippsdesanto.com Operational / Funding Environment
More informationGDPR: A QUICK OVERVIEW
GDPR: A QUICK OVERVIEW 2018 Get ready now. 29 June 2017 Presenters Charles Barley Director, Risk Advisory Services Charles Barley, Jr. is responsible for the delivery of governance, risk and compliance
More informationProject to acquire Clarion Accelerating strategy to become a global leader in cockpit electronic systems. October 26, 2018
Project to acquire Clarion Accelerating strategy to become a global leader in cockpit electronic systems October 26, 2018 A value-creating acquisition fully in line with Faurecia strategy Clarion is a
More informationAEROSPACE & DEFENSE OUTLOOK
AEROSPACE & DEFENSE OUTLOOK MERGERS & ACQUISITIONS UPDATE 2018 Capstone Headwaters www.capstoneheadwaters.com Aerospace & Defense Outlook 2018 Annual Report AEROSPACE & DEFENSE OUTLOOK Mergers & Acquisitions
More informationFor personal use only
Vocus Communications Acquisition of Amcom Telecommunications Limited 17 December 2014 Transaction highlights Transaction announcement Vocus Communications Limited (ASX: VOC) to acquire Amcom Telecommunications
More informationMarketView Spring 2018 Aerospace / Defense and Government Technology Solutions
MarketView Aerospace / Defense and Government Technology Solutions 8000 Towers Crescent Drive Suite 1200 Tysons Corner, Virginia 22182 703.442.1400 www.kippsdesanto.com Select Recent KippsDeSanto & Co.
More informationEuropean Technology Update 18 th July 2013
European Technology Update 18 th July 2013 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 tmonjauze@harriswilliams.com Francois Morin Director
More information2015 AUSA ILW Global Force Symposium & Exposition Win in a Complex World 31 March 2 April 2015 The Von Braun Center Huntsville, Alabama
2015 AUSA ILW Global Force Symposium & Exposition Win in a Complex World 31 March 2 April 2015 The Von Braun Center Huntsville, Alabama A Professional Development Forum Exhibitor List (as of 3-31-15) Company/Group
More informationCYRUSONE / GDS STRATEGIC PARTNERSHIP. October 18, 2017
CYRUSONE / GDS STRATEGIC PARTNERSHIP October 18, 2017 Safe Harbor This presentation contains forward-looking statements regarding future events and our future results that are subject to the "safe harbor"
More informationM&A Cyber Security Due Diligence
M&A Cyber Security Due Diligence Prepared by: Robert Horton, Ollie Whitehouse & Sherief Hammad Contents Page 1 Introduction 3 2 Technical due diligence goals 3 3 Enabling the business through cyber security
More informationNEWPORT BUSINESS PARK
LOCATION MAP FOR LEASE NORTH NEWPORT ROAD Platte Ave. Academy Blvd. Powers Blvd. Peterson AFB Airport Rd. CONTACT US Fountain Blvd. -1090 N. NEWPORT RD. Powers Blvd. COS Airport OPPORTUNITY OVERVIEW Class
More informationJuly Hexcel. All rights reserved.
July 2018 1 Risks, Uncertainties and Other Factors with Respect to Forward-Looking Statements Disclaimer Certain statements contained in this presentation constitute forward-looking statements within the
More informationCYBERSECURITY AND THE MIDDLE MARKET
CYBERSECURITY AND THE MIDDLE MARKET The Importance of Cybersecurity and How Middle Market Companies Manage Cyber Risks IN COLLABORATION WITH 2 Concerns about cybersecurity are not matched by plans. IMPORTANCE
More informationPerformance Derby: S&P 500 Sectors & Industries Year-Over-Year Change
Performance Derby: S&P 500 Sectors & Industries Year-Over-Year Change May 11, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Please visit our sites at blog.yardeni.com thinking outside the box Table
More informationDMX Technologies Group 2Q2010 Results Presentation. Riding the Digital Media Wave
DMX Technologies Group 2Q2010 Results Presentation Riding the Digital Media Wave Disclaimer This Presentation should be read in conjunction with the full text of the announcements released by DMX Technologies
More informationLessons Learned from Implementing Large-Scale Biometrics Identity Programs
Lessons Learned from Implementing Large-Scale Biometrics Identity Programs CTST 2008 May 13, 2008 Copyright 2008 International Biometric Group International Biometric Group Leading biometric research and
More informationM2M device connections and revenue: worldwide forecast
Research Forecast Report M2M device connections and revenue: worldwide forecast 2013 2023 August 2013 Morgan Mullooly and Steve Hilton 2 Contents Slide no. 5. About this report 6. Executive summary 7.
More informationDatacenter Management Software: DCIM and DCSO
Datacenter Management Software: DCIM and DCSO This Market Monitor overview report on the Datacenter Management Software (DCIM and DCSO) marketplace reflects updated market vendor estimates through Q315.
More informationMarketView Winter 2018 Aerospace / Defense and Government Technology Solutions
MarketView Aerospace / Defense and Government Technology Solutions 8000 Towers Crescent Drive Suite 1200 Tysons Corner, Virginia 22182 703.442.1400 www.kippsdesanto.com Select Recent KippsDeSanto & Co.
More informationMarketView Spring 2014 Aerospace / Defense and Government Technology Solutions
Aerospace / Defense and Government Technology Solutions 8000 Towers Crescent Drive Suite 1200 Tysons Corner, Virginia 22182 703.442.1400 www.kippsdesanto.com 5.0% $535 $411 2.0% $601 $432 (1.1%) $666 $479
More informationIPC Financial Markets Network
Why trading firms choose... IPC Financial Markets Network worldwide connectivity you can count on throughout the trade lifecycle Strength for Voice and and Data Services Today s trading global, faster,
More informationInvestigating Insider Threats
Investigating Insider Threats February 9, 2016 Jonathan Gannon, AT&T Brenda Morris, Booz Allen Hamilton Benjamin Powell, WilmerHale 1 Panelist Biographies Jonathan Gannon, AT&T, Executive Director & Senior
More informationFinmeccanica to Acquire DRS Technologies
Finmeccanica to Acquire DRS Technologies Pier Francesco Guarguaglini Finmeccanica Chairman and CEO Mark Newman DRS President and CEO Alessandro Pansa Finmeccanica Co-General Manager / CFO London, 13 May
More informationTOWER SEMICONDUCTOR COMPLETES MERGER WITH JAZZ TECHNOLOGIES
NEWS ANNOUNCEMENT FOR IMMEDIATE RELEASE TOWER SEMICONDUCTOR COMPLETES MERGER WITH JAZZ TECHNOLOGIES Merger Creates: Leading specialty foundry with increased capacity and scale offering a comprehensive
More informationFocus On: The Deal Pipeline
By Penny Crossland This article was published in December 2009 and was accurate as of that date. Used under license agreement with Free Pint Limited; all other rights reserved. For further information
More informationAIA /ATA/ ASD S1000D Users Forum
AIA /ATA/ ASD S1000D Users Forum S1000D: Realizing the Benefits of Integrated Logistics Support October 12- October 15, 2009 Crown Plaza Hilton Head Resort, Hilton Head, SC, USA AIA Overview Rusty Rentsch
More informationThis Questionnaire contains the Privacy Policy Statement; Part A: General Information of Respondents; and Part B: Consultation Questions.
QUESTIONNAIRE ON CAPITAL RAISINGS BY LISTED ISSUERS We invite interested parties to respond to the Consultation Paper on Capital Raisings by Listed Issuers (Consultation Paper), which can be downloaded
More information