Leonardo DRS, Inc. (DRS)

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
600760.SS	32	AVIC Shenyang Airc	5,410	69.21	59.84	49.51	44.32	206.23	48.91
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	39.38	34.33	26.17	23.69	25.72	22.34
Full Range Median Multiple	44.84	39.20	29.34	24.84	29.26	29.68
Industry Multiple	46.56	43.10	31.51	27.33	170.71	28.84
Market Implied Multiple	42.62	31.31	26.89	22.90	30.80	28.13
Company (DRS) Multiple	45.45	33.40	28.65	24.40	32.81	29.97
(*) Net Income / EBITDA / Revenue	265	361	426	500	372	407
Winsorized Enterprise Value	N/A	N/A	11,147	11,852	9,568	9,101
Full Range Median Enterprise Value	N/A	N/A	12,498	12,426	10,884	12,090
(-) Net Debt	162	162	162	162	162	162
Winsorized Equity Value	10,436	12,381	10,985	11,690	9,406	8,939
Full Range Median Equity Value	11,883	14,138	12,336	12,264	10,722	11,928
(/) Shares Outstanding	265	265	265	265	265	265
Winsorized Fair Value	$39.34	$46.67	$41.41	$44.06	$35.45	$33.69
Full Range Median Fair Value	$44.79	$53.29	$46.50	$46.23	$40.42	$44.96
Current Price	$42.57	$42.57	$42.57	$42.57	$42.57	$42.57
Upside / Downside	-7.59%	9.62%	-2.73%	3.50%	-16.72%	-20.85%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$27.54	$32.67	$28.98	$30.84	$24.82	$23.59
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy