Woodward, Inc. (WWD)

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
KOG.OL	33	Kongsberg Gruppen	5,339	48.65	40.07	31.55	24.70	41.30	34.75
VVX	34	V2X, Inc.	4,419	19.10	15.78	4.70	3.34	6.22	5.32
FII.PA	35	Lisi S.A.	4,241	14.79	15.61	5.17	5.07	6.16	8.84
600038.SS	36	Avicopter Plc	3,905	52.01	53.76	43.69	46.62	142.97	38.47
MOG-A	37	Moog Inc.	3,866	27.57	13.80	13.46	10.35	14.27	14.36
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

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	28.36	24.55	29.26	23.23
Full Range Median Multiple	45.63	39.20	29.63	24.84	32.43	30.57
Industry Multiple	51.24	47.88	30.77	26.77	165.74	30.25
Market Implied Multiple	45.14	39.96	32.02	29.93	32.95	37.22
Company (WWD) Multiple	34.25	30.32	24.26	22.68	24.97	28.20
(*) Net Income / EBITDA / Revenue	442	499	621	664	603	534
Winsorized Enterprise Value	N/A	N/A	17,608	16,301	17,646	12,403
Full Range Median Enterprise Value	N/A	N/A	18,394	16,493	19,559	16,322
(-) Net Debt	-82	-82	-82	-82	-82	-82
Winsorized Equity Value	19,746	17,911	17,690	16,384	17,728	12,485
Full Range Median Equity Value	20,174	19,577	18,476	16,575	19,641	16,404
(/) Shares Outstanding	60	60	60	60	60	60
Winsorized Fair Value	$329.53	$298.91	$295.23	$273.42	$295.86	$208.36
Full Range Median Fair Value	$336.68	$326.71	$308.33	$276.61	$327.79	$273.76
Current Price	$333.06	$333.06	$333.06	$333.06	$333.06	$333.06
Upside / Downside	-1.06%	-10.25%	-11.36%	-17.91%	-11.17%	-37.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$230.67	$209.24	$206.66	$191.39	$207.10	$145.85
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy