MARKET UPDATE C4ISR QUARTERLY - Raymond James
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INVESTMENT BANKING Q1 2021
C4ISR QUARTERLY
IN THIS ISSUE
C4ISR Industry Update 3
Spotlight: 5Gystems 4
MARKET UPDATE
Public C4ISR Market Performance 5
C4ISR Transactions in CY Q1 2021 10
Recently Awarded C4ISR Contracts 13
FOR INSTITUTIONAL USE ONLY
C4ISR QUARTERLY MARKET UPDATE Q1 2021
Industry Expertise: Illustrative Transactions
DEFENSE & GOVERNMENT
SERVICES TEAM Has entered into a Has entered into a
Has been acquired by Has received a strategic
A portfolio company of A portfolio company of
definitive agreement definitive agreement
to be acquired by to be acquired by investment from
Has been acquired by Has been acquired by
SAM MANESS &
Evergreen
Managing Director Coast Capital
703.657.4646
sam.maness@raymondjames.com
Has been acquired by
ANDY MCENROE Has received a strategic
Has been acquired by Has been acquired by
Has received
Has been acquired by
financing from
Director investment from
A portfolio company of
703.657.4630
andy.mcenroe@raymondjames.com
ELLIS CHAPLIN The Federal Government The Global Defense
IT Solutions Business of Services Business of
Director
703.657.4620
Has been acquired by Has been acquired by
ellis.chaplin@raymondjames.com $227,700,000
Has been acquired by
Has been acquired by
Has been acquired by
Follow-On Offering
NATALIE WARTHER Co-Manager
Vice President
703.657.4622 The Government
natalie.warther@raymondjames.com Services Business of
A portfolio company of
Has been acquired by Has acquired Has been acquired by Has been acquired by
Has been acquired by
Has been acquired by
WASHINGTON, D.C. OFFICE
1875 Explorer Street, Suite 910
Reston, VA 20190
*Certain transactions displayed were advised by Raymond James principals while employed at a prior firm, transactions occurred between October 2014 and February 2021
RAYMOND JAMES HEADQUARTERS
880 Carillon Parkway Illustrative Equity Research Coverage
St. Petersburg, FL 33716 GOVERNMENT TECHNOLOGY & SERVICES SATELLITE COMMUNICATIONS SERVICES
*The public companies displayed are actively covered by Raymond James Equity Research analysts
RAYMOND JAMES INVESTMENT BANKING 2
C4ISR QUARTERLY MARKET UPDATE Q1 2021
C4ISR Industry Update
M&A Activity Summary Recent C4ISR Transaction Activity (1)
• Q1 2021 M&A activity grew 16% over Q1 2020 and returned to
90
normalized levels after a frenzy of deals closed in the final
quarter of 2020
• Several deals made headlines during the first quarter including 66 66
Cubic Corporation’s announcement of its pending ~$3.0B sale to 60
57
Veritas Capital and Evergreen Coast Capital and Teledyne 49
Technologies’ anticipated ~$8.0B acquisition of FLIR Systems
• Special Purpose Acquisition Companies (SPACs) showed
continued interest in the C4ISR industry through the
announcement of Osprey Technology Acquisition Corp.’s
pending acquisition of BlackSky Holdings, Generis Park
Acquisition Corp.’s pending acquisition of Redwire (a portfolio
company of AE Industrial Partners), and NavSight Holdings’ Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
pending acquisition of Spire Global
Industry News Recent, Representative M&A Transactions
• In March 2021, the U.S. Army announced the award of a
$21.9B Other Transaction Agreement (OTA) to Microsoft to
/ /
manufacture 120,000 Integrated Visual Augmentation
/ /
The Mission Systems
Division of
Systems (IVAS). Microsoft is leveraging its HoloLens
technology, augmented by Azure cloud services, to create
ruggedized augmented reality goggles that allow the soldiers
/ /
The Combat Propulsion
Systems Business of
to fight, rehearse, and train using a single platform. IVAS
leverages existing high-resolution night, thermal, and soldier-
/ /
borne sensors integrated into a unified Heads-up-Display to The Military Training
Business of
provide the improved situational awareness, target
engagement, and informed decision-making necessary to
/ /
combat current and future adversaries and enable life-like
mixed reality training
(1) Totals include all closed transactions reported by DACIS / Infobase as of 3/31/2021
Sources: C4ISRNET, DACIS RAYMOND JAMES INVESTMENT BANKING 3C4ISR QUARTERLY MARKET UPDATE Q1 2021
Spotlight: 5G
Evolving Global Cellular Environment Department of Defense 5G Testing & Experimentation
(in billions of subscriptions) • In October 2020, the Department of Defense announced $600M in
Mobile Subscriptions by Technology awards to 15 companies for 5G experimentation and testing at five
10
U.S. military test sites, representing the largest full-scale 5G tests for
8 dual-use applications in the world
6 • Each military site will conduct controlled experimentation on a
specific application of 5G for military use
4
Ongoing 5G Application Experiments:
2
Augmented Reality / Distributed Command Dynamic Spectrum
CDMA-only TD-SCDMA GSM / EDGE-only WCDMA / HSPA LTE 5G Virtual Reality Training & Control Utilization
Global 5G in Defense Market
($ in billions)
$76.0
Smart Naval Smart Vehicular Storage &
68% Transshipment & Logistics Maintenance
Market CAGR from DoD 5G Partners:
2021P – 2030P
$0.7
2021P 2030P
Source: Ericsson; Allied Research
RAYMOND JAMES INVESTMENT BANKING 4C4ISR QUARTERLY MARKET UPDATE Q1 2021
Public C4ISR Market Performance
• The C4ISR Services and Multi-Platform Contractors indices continue to trade below the S&P 500 as
expectations surrounding a low growth or flat defense budget under the Biden administration create industry
Market headwinds
Commentary
• The C4ISR Technology index is tracking closely to the S&P 500 amidst favorable growth expectations for
companies with differentiated technology in key defense focus areas
LTM Index Performance
175%
+60.8%
+54.3%
150%
+24.9%
125%
+24.8%
100%
75%
C4ISR Services C4ISR Technology Multi-Platform Contractors S&P 500
Source: Capital IQ; Data as of 3/31/2021
Note: Companies included are those tracked internally by Raymond James – Individual assets disclosed on next page
RAYMOND JAMES INVESTMENT BANKING 5C4ISR QUARTERLY MARKET UPDATE Q1 2021
Publicly Traded C4ISR Companies
($ in millions except for stock price)
Market Data Financial Performance Valuation Multiples Valuation Multiples Valuation Multiples
LTM TEV / LTM TEV / CY 2021 (E) TEV / CY 2022 (P)
Price at % of Equity Enterprise Total EBITDA Debt / Total Total Total
Company Name Ticker 3/31/2021 52-Week High Value Value Sales EBITDA Margin EBITDA Sales EBITDA Sales EBITDA Sales EBITDA
AeroVironment, Inc. NasdaqGS:AVAV $116.06 80.8% $2,841 $2,480 $394 $57 14.6% 0.2x N.M. N.M. 4.7x 24.1x 4.1x 19.0x
C4ISR Technology
Cubic Corporation NYSE:CUB $74.57 95.4% $2,368 $3,243 $1,466 $185 12.6% 4.6x 2.2x 17.5x 2.1x 19.7x N.A. N.A.
FLIR Systems, Inc. NasdaqGS:FLIR $56.47 99.3% $7,399 $7,879 $1,924 $452 23.5% 1.7x 4.1x 17.4x 4.1x 17.1x 3.9x 16.0x
Kratos Defense & Security Solutions, Inc. NasdaqGS:KTOS $27.28 80.0% $3,368 $3,390 $748 $56 7.5% 5.7x 4.5x N.M. 4.1x N.M. 3.5x N.M.
Mercury Systems, Inc. NasdaqGS:MRCY $70.65 73.4% $3,966 $4,102 $842 $153 18.2% 1.5x 4.9x 26.7x 3.9x 17.9x 3.6x 16.2x
Teledyne Technologies Incorporated NYSE:TDY $413.65 98.8% $15,314 $15,561 $3,086 $629 20.4% 1.4x N.M. 24.7x 4.8x 23.1x 4.5x 21.2x
Ultra Electronics Holdings plc LSE:ULE $27.94 79.8% $1,984 $2,102 $1,174 $179 15.3% 1.4x 1.8x 11.7x 1.8x 10.1x 1.7x 9.6x
Viasat, Inc. NasdaqGS:VSAT $48.07 78.4% $3,294 $5,196 $2,252 $364 16.2% 5.0x 2.3x 14.3x 2.1x 9.3x 1.8x 8.1x
Median: 80.4% $3,331 $3,746 $1,320 $182 15.7% 1.6x 3.2x 17.5x 4.0x 17.9x 3.6x 16.1x
Average: 85.7% $5,067 $5,494 $1,486 $260 16.0% 2.7x 3.3x 18.7x 3.4x 17.3x 3.3x 15.0x
Booz Allen Hamilton Holding Corporation NYSE:BAH $80.53 80.3% $11,089 $12,494 $7,849 $819 10.4% 3.0x 1.6x 15.2x 1.5x 14.8x 1.4x 13.7x
CACI International Inc NYSE:CACI $246.66 92.6% $6,224 $8,012 $5,889 $644 10.9% 2.5x 1.4x 12.4x 1.3x 12.0x 1.2x 10.8x
C4ISR Services
.
Jacobs Engineering Group Inc. NYSE:J $129.27 99.7% $16,816 $18,215 $13,589 $1,072 7.9% 2.2x 1.3x 17.0x 1.3x 15.6x 1.2x 13.9x
Leidos Holdings, Inc. NYSE:LDOS $96.28 84.6% $13,609 $18,632 $12,297 $1,326 10.8% 3.8x 1.5x 14.1x 1.3x 12.9x 1.3x 11.9x
ManTech International Corporation NasdaqGS:MANT $86.95 85.8% $3,522 $3,606 $2,518 $228 9.1% 0.5x 1.4x 15.8x 1.3x 14.6x 1.3x 13.8x
PAE Incorporated NasdaqCM:PAE $9.02 77.9% $839 $1,844 $2,715 $178 6.6% 4.5x 0.7x 10.4x 0.6x 8.7x 0.6x 8.2x
Parsons Corporation NYSE:PSN $40.44 93.2% $4,139 $4,533 $3,919 $343 8.7% 2.0x 1.2x 13.2x 1.1x 12.5x 1.1x 11.6x
Science Applications International Corporation NYSE:SAIC $83.59 80.4% $4,854 $7,552 $7,056 $573 8.1% 4.1x 1.1x 13.2x 1.0x 11.9x 1.0x 11.2x
Median: 85.2% $5,539 $7,782 $6,473 $609 8.9% 2.8x 1.4x 13.6x 1.3x 12.7x 1.2x 11.7x
Average: 86.8% $7,637 $9,361 $6,979 $648 9.1% 2.8x 1.3x 13.9x 1.2x 12.9x 1.1x 11.9x
Multi-Platform Contractors
BAE Systems plc LSE:BA. $6.96 89.7% $22,379 $28,457 $26,319 $2,907 11.0% 2.9x 1.1x 9.8x 1.0x 7.5x 0.9x 7.0x
The Boeing Company NYSE:BA $254.72 91.4% $148,665 $188,251 $58,158 ($6,413) N.M. N.M. 3.2x N.M. 2.3x N.M. 2.1x 20.2x
General Dynamics Corporation NYSE:GD $181.56 98.5% $51,886 $63,794 $37,925 $5,090 13.4% 2.7x 1.7x 12.5x 1.6x 12.8x 1.6x 12.1x
Honeywell International Inc. NYSE:HON $217.07 98.8% $150,972 $159,212 $32,637 $7,656 23.5% 2.9x 4.9x 20.8x 4.6x 18.6x 4.3x 17.0x
L3Harris Technologies, Inc. NYSE:LHX $202.68 96.6% $41,664 $48,273 $18,194 $3,585 19.7% 2.1x 2.7x 13.5x 2.6x 12.2x 2.4x 11.5x
Lockheed Martin Corporation NYSE:LMT $369.50 88.5% $102,984 $113,131 $65,398 $10,001 15.3% 1.3x 1.7x 11.3x 1.7x 10.7x 1.6x 10.1x
Northrop Grumman Corporation NYSE:NOC $323.64 90.6% $53,957 $65,263 $36,799 $5,496 14.9% 2.8x 1.8x 11.9x 1.8x 13.5x 1.8x 13.2x
Raytheon Technologies Corporation NYSE:RTX $77.27 83.8% $116,681 $143,421 $63,752 $7,794 12.2% 4.1x 2.2x 18.4x 2.2x 14.7x 2.0x 11.6x
Median: 91.0% $78,470 $89,197 $37,362 $5,293 14.9% 2.8x 2.0x 12.5x 2.0x 12.8x 1.9x 11.9x
Average: 92.2% $86,148 $101,225 $42,398 $4,514 15.7% 2.7x 2.4x 14.0x 2.2x 12.8x 2.1x 12.8x
Source: Capital IQ; Data as of 3/31/2021
Financial projections are sourced from Capital IQ consensus estimates; foreign traded companies are listed in U.S. dollars at 3/31/2021 spot exchange rate; TEV / EBITDA valuation multiples less than 0.0x or greater than 30.0x and TEV / Total Sales multiples less
than 0.0x or greater than 5.0x are considered not material (“N.M.”); Debt / LTM EBITDA figures represent total debt divided by LTM EBITDA, which includes a lease adjustment
RAYMOND JAMES INVESTMENT BANKING 6C4ISR QUARTERLY MARKET UPDATE Q1 2021
C4ISR Technology Benchmarking
Revenue Growth: CY21E & CY22P (1) LTM EBITDA Margin
40% 40% 25% 23%
35%
35% 35% 20%
20% 18%
30% 30%
26% 16%
25% 25% 15% 15%
15%
13%
20% 20%
15% 15% 10%
12% 11% 8%
10% 10%
6%
5% 3% 5% 5%
1%
CY21E Revenue Growth CY22P Revenue Growth
Capital Structure Total Debt to LTM EBITDA Ratio
100% 6.0x 5.7x
5.0x
5.0x 4.6x
80%
60% 4.0x
71%
60%
90% 90% 88%
100% 94% 94% 3.0x
40%
2.0x 1.7x 1.5x 1.4x 1.4x
20% 40%
29% 1.0x
0.2xC4ISR QUARTERLY MARKET UPDATE Q1 2021
C4ISR Services Benchmarking
Revenue Growth: CY21E & CY22P LTM EBITDA Margin
25% 25% 12% 11% 11% 10%
21%
20% 20% 9% 9%
9% 8% 8%
14%
15% 13% 15% 7%
6%
10% 10%
7% 7%
5%
5% 5% 3%
3%
1%
CY21E Revenue Growth CY22P Revenue Growth
Capital Structure Total Debt to LTM EBITDA Ratio
100% 5.0x
4.5x
4.1x
4.0x 3.8x
80% 44%
63% 3.0x
77% 71%
60% 83% 80% 3.0x 2.5x
86%
97% 2.2x
2.0x
40% 2.0x
56%
20% 37% 1.0x
29% 0.5x
20% 23%
14% 17%
3%
Equity Funding Debt Funding
Sources: Raymond James Research, Capital IQ; Data as of 3/31/2021
RAYMOND JAMES INVESTMENT BANKING 8C4ISR QUARTERLY MARKET UPDATE Q1 2021
Multi-Platform Contractors Benchmarking
Revenue Growth: CY21E & CY22P LTM EBITDA Margin
45% 45% 30%
40%
40% 40% 23%
25%
35% 35% 20%
20%
30% 30% 15% 15%
13% 12%
15% 11%
25% 25%
20% 20% 10%
15% 13% 15% 5%
10% 10%
5% 4% 3%
5% 3% 2% 5%
(5%)
(10%)
(5%) (5%)
(4%) (11%)
(15%)
CY21E Revenue Growth CY22P Revenue Growth
Capital Structure Total Debt to LTM EBITDA Ratio (1)
100% 5.0x
4.1x
80% 4.0x
70% 70% 2.9x 2.9x
60% 78% 78% 76% 3.0x 2.8x 2.7x
89% 87% 84%
2.1x
40% 2.0x
1.3x
20% 1.0x
30% 30%
22% 22% 24%
11% 13% 16%
Equity Funding Debt Funding
Sources: Raymond James Research, Capital IQ; Data as of 3/31/2021
(1) Boeing excluded due to non-material financial data
RAYMOND JAMES INVESTMENT BANKING 9C4ISR QUARTERLY MARKET UPDATE Q1 2021
Recent C4ISR Transactions
APRIL 2021 MARCH 2021 (ANNOUNCED) MARCH 2021 (ANNOUNCED)
A portfolio company of
A portfolio company of
Has entered into a definitive
Has entered into a definitive agreement to be acquired by
Has been acquired by agreement to be acquired by
$380 Million $615 million (1) $1,350 million
Capabilities Capabilities Capabilities
• Electronic Systems • Undersea Warfare • Satellite & Space • Space Exploration • Single Board • Avionics
• Anti-submarine • Full Lifecycle Systems Solutions Computers • Middleware
Warfare Support (Design • Space Sensors • Space Technology • Digital Signal • I/O & Storage
through Production) • 3-D Printing Components Processing
Customers Customers Customers
FMS
Buyer Perspective Buyer Perspective Buyer Perspective
CEO & Director of Genesis Park stated, AMETEK Chairman & CEO stated, “Their market
Elbit Systems President & CEO stated, “The “Redwire is a proven, solidly profitable player leading embedded computing solutions are ideally
acquisition of Sparton will strengthen Elbit in the space community and the undisputed positioned across a number of attractive
Systems of America's capabilities and will enable leader in on-orbit 3D printing, servicing, aerospace and defense platforms, further
expansion of activities in the naval arena.” assembly, and manufacturing.” broadening our differentiated product offering
serving these markets.”
Sources: Capital IQ, Deltek GovWin, DACIS, and publicly available information; “FMS” stands for “foreign military sales”
(1) Based on pro forma valuation
RAYMOND JAMES INVESTMENT BANKING 10C4ISR QUARTERLY MARKET UPDATE Q1 2021
Recent C4ISR Transactions
MARCH 2021 (ANNOUNCED) FEBRUARY 2021 (ANNOUNCED) FEBRUARY 2021 (ANNOUNCED)
A subsidiary of
A portfolio company of
Has entered into a definitive
Has entered into a definitive
agreement to be acquired by
agreement to be acquired by
Has been acquired by
Evergreen
&
Coast Capital
$1,100 million (1) ~$3,000 Million N.D.
Capabilities Capabilities Capabilities
• Geospatial Intelligence • Machine Learning • Protected • Rugged IoT • Wireless • Tactical Surveillance
• Real-time Earth • Internet-of-things Communications Solutions Communications • Robotic
Observations • Terrestrial Based • Digital Intelligence • Autonomous • Mesh Networking Communications
• Artificial Intelligence Sensors • Training Systems
Customers Customers Customers
Buyer Perspective Buyer Perspective Buyer Perspective
Veritas CEO & Managing Director stated, “We look
CEO of Osprey Technology stated, “The new space
forward to leveraging our expertise in the Codan's President for Tactical Communications
economy is taking off, and we believe that BlackSky's
government technology market – a key focus of stated, “DTC is an important strategic acquisition
low-cost image capture and on-demand delivery of
Veritas since our inception – in partnership with for us and brings complementary capabilities to
analytics will revolutionize the way companies and
the team at Cubic to accelerate product our existing tactical communications solutions.”
governments detect and track change.”
development and drive growth.”
Sources: Capital IQ, Deltek GovWin, DACIS, and publicly available information; “N.D.” stands for “not disclosed”
(1) Based on pro forma valuation
RAYMOND JAMES INVESTMENT BANKING 11C4ISR QUARTERLY MARKET UPDATE Q1 2021
Recent C4ISR Transactions
FEBRUARY 2021 JANUARY 2021 (ANNOUNCED) JANUARY 2021
Has been acquired by
And combined with Has entered into a definitive
Has been acquired by
agreement to be acquired by
To form
N.D. ~$8,000 million $405 million
Capabilities Capabilities Capabilities
• Cyber • Data Science • Advanced Sensors • Unmanned Ground • VTOL Airborne • Ground Control
• Artificial Intelligence & • Cryptography • Airborne Systems Systems Platforms Systems
Machine Learning • Vulnerability • Unmanned Aerial • CBRNE Detectors • COMINT and SIGINT • ISR-as-a-Service
• Mobile & Tactical Assessment Systems • Soldier Solutions Payload Integration
Networks
Customers Customers Customers
Buyer Perspective Buyer Perspective Buyer Perspective
Managing Director of The Carlyle Group stated, Executive Chairman of Teledyne stated, “Our
“We are very excited to partner with Joe Logue technologies and products are uniquely AeroVironment President & CEO stated, “We
and the broader Two Six Technologies team to complementary with minimal overlap, having are excited about…our acquisition of Arcturus
build a platform focused on solving critical imaging sensors based on different semiconductor UAV, which will enable us to accelerate our
national security problems through unique technologies for different wavelengths.” growth strategy and expand our reach into the
technology solutions.” more valuable Group 2 and 3 UAS segments.”
Sources: Capital IQ, Deltek GovWin, DACIS, and publicly available information; “N.D.” stands for “not disclosed”
RAYMOND JAMES INVESTMENT BANKING 12C4ISR QUARTERLY MARKET UPDATE Q1 2021
Recently Awarded C4ISR Contracts
Date Customer(s) Winning Bidder(s) Amount ($MM) Description
ACC-APG awards Other Transaction Agreement (OTA)
U.S. Army Contracting Command - Aberdeen Proving
3/26/2021 Microsoft Corporation $21,880.0 to Microsoft for Integrated Visual Augmentation
Ground (ACC-APG)
Systems (IVAS) and associated equipment / services
USSF contracts with Lockheed Martin for next
1/4/2021 U.S. Space Force (USSF) Lockheed Martin Corporation $4,934.0 generation Overhead Persistent Infrared (OPIR)
Geosynchronous Earth Orbit (GEO) space vehicles
AFLCMC contracts with Northrop Grumman for
U.S. Air Force Life Cycle Management Center
1/21/2021 Northrop Grumman Corporation $3,600.0 Battlefield Airborne Communications Node (BACN)
(AFLCMC)
operations, sustainment, and support
U.S. Army Contracting Command - Aberdeen Proving ACC-APG contracts with Textron Systems for RQ-
3/18/2021 Ground; U.S. Army Program Executive Office Aviation Textron Systems $607.0 7Bv2 Tactical Unmanned Aircraft System (TUAS)
(PEO AVN) contractor logistics support
NAVSEA contracts with Lockheed Martin for Small
U.S. Naval Sea Systems Command (NAVSEA); U.S.
2/17/2021 Lockheed Martin Corporation $345.0 Surface Combatant (SSC) Combat System (CS) ship
Navy PEO Integrated Warfare Systems (PEO IWS)
integration and test
NAVSEA contracts with Northrop Grumman for Joint
Counter Radio-Controlled Improvised Explosive
2/3/2021 U.S. Naval Sea Systems Command Northrop Grumman Corporation $329.9
Device (RCIED) Electronic Warfare (JCREW) systems
and services
MCSC contracts with Northrop Grumman for AN/TPS-
2/12/2021 U.S. Marine Corps Systems Command (MCSC) Northrop Grumman Corporation $236.9 80 Ground/Air Task-Oriented Radar (G/ATOR) full-
rate production systems
U.S. Defense Information Technology Contracting
DITCO contracts with Perspecta for Global Content
2/9/2021 Organization (DITCO); U.S. Defense Information Perspecta, Inc. $201.5
Delivery Services II (GCDS II)
Systems Agency (DISA)
NIWC Pacific awards SeaPort-NxG task order to Booz
U.S. Naval Information Warfare Center Pacific (NIWC
2/24/2021 Booz Allen Hamilton Inc. $190.0 Allen Hamilton for networking, communications, and
Pacific)
computer systems
AFLCMC contracts with Raytheon for Air Force
3/10/2021 U.S. Air Force Life Cycle Management Center (AFLCMC) Raytheon Technologies Corporation $178.0 Distributed Common Ground System (AF DCGS)
enterprise GEOINT / infrastructure field support
Source: DACIS / Infobase; Data as of 3/31/2021; Data sorted by reported contract ceiling size
RAYMOND JAMES INVESTMENT BANKING 13C4ISR QUARTERLY MARKET UPDATE Q1 2021
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