General Dynamics Corporation (GD)

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
RTX	1	RTX Corporation	85,988	34.02	34.02	17.56	12.95	26.32	23.18
BA	2	The Boeing Company	80,758	-	-	-	-	-	-
LMT	3	Lockheed Martin Co	73,349	27.16	29.68	17.28	18.12	14.56	23.29
GD	4	General Dynamics C	51,509	21.18	20.03	15.14	14.44	18.21	17.33
0IW5.L	5	Thales S.A.	47,619	24.79	22.79	11.48	10.21	14.18	13.21
GE	6	GE Aerospace	43,988	39.81	34.25	28.71	31.38	29.44	26.26
RRU.DE	7	Rolls-Royce Holdin	43,909	11.08	11.08	13.43	13.43	9.90	14.74
LDO.MI	8	Leonardo S.p.A.	27,540	19.33	13.79	9.46	7.65	14.44	13.37
2357.HK	9	AviChina Industry	23,885	7.83	6.47	1.24	0.99	1.56	1.28
LHX	10	L3Harris Technolog	21,740	31.62	29.85	17.25	16.30	27.02	27.55
S63.SI	11	Singapore Technolo	17,369	17.35	16.46	9.88	8.61	13.16	13.45
012450.KS	12	Hanwha Aerospace C	15,652	21.90	10.70	15.40	9.83	19.13	11.88
S51.SI	13	Sembcorp Marine Lt	14,717	-	-	-	-	9.28	-
AMTM	14	Amentum Holdings,	14,393	95.54	95.54	5.99	5.99	12.31	12.31
TXT	15	Textron Inc.	14,156	17.50	17.38	11.58	11.61	16.34	16.78
600150.SS	16	China CSSC Holding	13,839	32.22	22.17	27.18	20.53	-	21.59

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	21.90	17.38	11.58	10.21	14.18	13.45
Full Range Median Multiple	24.79	22.17	13.43	11.61	14.44	14.74
Industry Multiple	29.24	26.48	14.34	12.89	15.97	16.84
Market Implied Multiple	23.43	22.15	16.61	15.85	19.99	19.02
Company (GD) Multiple	21.18	20.03	15.14	14.44	18.21	17.33
(*) Net Income / EBITDA / Revenue	4,215	4,458	6,406	6,715	5,324	5,595
Winsorized Enterprise Value	N/A	N/A	74,160	68,590	75,497	75,230
Full Range Median Enterprise Value	N/A	N/A	86,055	77,961	76,891	82,486
(-) Net Debt	7,674	7,674	7,674	7,674	7,674	7,674
Winsorized Equity Value	92,315	77,478	66,486	60,916	67,823	67,556
Full Range Median Equity Value	104,486	98,841	78,381	70,287	69,217	74,812
(/) Shares Outstanding	269	269	269	269	269	269
Winsorized Fair Value	$343.43	$288.24	$247.34	$226.62	$252.32	$251.32
Full Range Median Fair Value	$388.71	$367.71	$291.60	$261.49	$257.50	$278.32
Current Price	$367.38	$367.38	$367.38	$367.38	$367.38	$367.38
Upside / Downside	-6.52%	-21.54%	-32.67%	-38.31%	-31.32%	-31.59%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$240.40	$201.77	$173.14	$158.63	$176.62	$175.93
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy