GE Aerospace (GE)

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	21.18	17.38	11.58	10.21	14.18	13.45
Full Range Median Multiple	21.90	20.03	13.43	11.61	14.44	14.74
Industry Multiple	27.81	25.38	13.30	11.59	15.11	16.15
Market Implied Multiple	43.03	37.01	30.97	33.85	31.76	28.32
Company (GE) Multiple	39.81	34.25	28.71	31.38	29.44	26.26
(*) Net Income / EBITDA / Revenue	8,062	9,373	11,470	10,495	11,184	12,542
Winsorized Enterprise Value	N/A	N/A	132,783	107,202	158,595	168,644
Full Range Median Enterprise Value	N/A	N/A	154,083	121,849	161,522	184,910
(-) Net Debt	8,337	8,337	8,337	8,337	8,337	8,337
Winsorized Equity Value	170,779	162,895	124,446	98,865	150,258	160,307
Full Range Median Equity Value	176,570	187,724	145,746	113,512	153,185	176,573
(/) Shares Outstanding	1,067	1,067	1,067	1,067	1,067	1,067
Winsorized Fair Value	$160.06	$152.67	$116.63	$92.66	$140.82	$150.24
Full Range Median Fair Value	$165.48	$175.94	$136.59	$106.38	$143.57	$165.49
Current Price	$325.12	$325.12	$325.12	$325.12	$325.12	$325.12
Upside / Downside	-50.77%	-53.04%	-64.13%	-71.50%	-56.69%	-53.79%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$112.04	$106.87	$81.64	$64.86	$98.58	$105.17
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy