BWX Technologies, Inc. (BWXT)

Industry: Aerospace & Defense Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ASELS.IS	38	Aselsan Elektronik	3,861	34.89	25.17	34.05	24.98	18.44	13.66
DRS	39	Leonardo DRS, Inc.	3,569	45.45	33.40	28.65	24.40	32.81	29.97
WWD	40	Woodward, Inc.	3,567	34.25	30.32	24.26	22.68	24.97	28.20
CAE	41	CAE Inc.	3,506	30.43	19.24	14.15	11.85	26.47	16.48
600372.SS	42	AVIC Airborne Syst	3,410	82.75	82.00	30.60	27.36	36.08	56.37
CW	43	Curtiss-Wright Cor	3,376	43.87	38.33	28.07	25.35	32.05	31.16
IRKT.ME	44	PJSC Yakovlev	3,294	-	-	-17.35	-17.35	-6.34	-
BWXT	45	BWX Technologies,	3,059	54.98	53.76	35.19	34.12	49.68	46.95
600685.SS	46	CSSC Offshore & Ma	2,985	45.81	62.34	107.26	87.46	1,770.72	48.82
AIR	47	AAR Corp.	2,858	93.46	93.46	19.44	14.43	14.33	11.47
HAG.DE	48	Hensoldt AG	2,743	123.62	123.62	34.73	34.73	128.80	66.84
ACLN.SW	49	Accelleron Industr	2,656	19.23	19.23	13.33	13.33	12.09	14.99
AXON	50	Axon Enterprise, I	2,558	218.89	218.89	183.17	183.17	-	-
079550.KS	51	LIG Nex1 Co., Ltd.	2,548	38.61	24.33	25.93	19.32	38.56	25.92
ESLT	52	Elbit Systems Ltd.	2,418	50.97	44.01	30.67	27.28	35.29	33.36
AJRD	53	Aerojet Rocketdyne	2,293	61.18	61.18	19.76	19.20	19.32	24.24

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	44.66	35.86	27.00	23.54	26.47	25.92
Full Range Median Multiple	45.63	41.17	28.36	24.69	32.05	28.20
Industry Multiple	65.96	62.54	42.43	38.25	168.46	30.88
Market Implied Multiple	64.98	63.53	41.09	39.84	58.01	54.82
Company (BWXT) Multiple	54.98	53.76	35.19	34.12	49.68	46.95
(*) Net Income / EBITDA / Revenue	307	314	520	537	369	390
Winsorized Enterprise Value	N/A	N/A	14,050	12,633	9,755	10,109
Full Range Median Enterprise Value	N/A	N/A	14,759	13,249	11,811	10,999
(-) Net Debt	1,427	1,427	1,427	1,427	1,427	1,427
Winsorized Equity Value	13,713	11,262	12,623	11,206	8,328	8,682
Full Range Median Equity Value	14,011	12,929	13,332	11,822	10,384	9,572
(/) Shares Outstanding	92	92	92	92	92	92
Winsorized Fair Value	$149.76	$123.00	$137.86	$122.38	$90.95	$94.81
Full Range Median Fair Value	$153.01	$141.20	$145.60	$129.11	$113.41	$104.54
Current Price	$217.89	$217.89	$217.89	$217.89	$217.89	$217.89
Upside / Downside	-31.27%	-43.55%	-36.73%	-43.83%	-58.26%	-56.49%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$104.83	$86.10	$96.50	$85.67	$63.66	$66.37
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy