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Industry Indices - Market and Financial Performance...Industry Indices - Market and Financial...
34
25 January 2020 Industry Indices - Market and Financial Performance AEROSPACE DEFENSE GOVERNMENT SERVICES AIRLINES SPACE & SATCOM
Transcript of Industry Indices - Market and Financial Performance...Industry Indices - Market and Financial...
25 January 2020
Industry Indices - Market and Financial Performance
AEROSPACE DEFENSE GOVERNMENT SERVICES AIRLINES SPACE & SATCOM
2 of 33
4 Full Index (162 public companies): Total Returns To Investors, 1-Year Performance vs 3-Year Performance (CAGR)
5 Winners: Companies With High Returns - Both 1-Year and 3-Year Periods
6 Challenged: Companies With Negative Returns - Both 1-Year and 3-Year Periods
7 Valuation Trends: TEV:LTM EBITDA Multiple By Sector Since January 2010
8 Aerospace Index: Total Returns To Investors, 1-Year Performance vs 3-Year Performance (CAGR)
9 Aerospace Sector Financial Performance: LTM Revenue, LTM EBITDA, EBITDA Margin
11 Aerospace Sector Valuation: TEV and TEV: LTM EBITDA Multiple
13 Aerospace Sector Growth: LTM Revenue Growth and LTM EBITDA Growth (%)
15 Defense Index: Total Returns To Investors, 1-Year Performance vs 3-Year Performance (CAGR)
16 Defense Sector Financial Performance: LTM Revenue, LTM EBITDA, EBITDA Margin
18 Defense Sector Valuation: TEV and TEV:LTM EBITDA Multiple
20 Defense Sector Growth: LTM Revenue Growth and LTM EBITDA Growth (%)10
12
14
19
21
17
Table of Contents
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22 Government Services Index: Total Returns To Investors, 1-Year Performance vs 3-Year Performance (CAGR)
23 Government Services Sector Financial Performance: LTM Revenue, LTM EBITDA, EBITDA Margin
24 Government Services Sector Valuation: TEV and TEV:LTM EBITDA Multiple
25 Government Services Sector Growth: LTM Revenue Growth and LTM EBITDA Growth (%)
26 Airline Index: Total Returns To Investors, 1-Year Performance vs 3-Year Performance (CAGR)
27 Airline Sector Financial Performance: LTM Revenue, LTM EBITDA, EBITDA Margin
28 Airline Sector Valuation: TEV and TEV:LTM EBITDA Multiple
29 Airline Sector Growth: LTM Revenue Growth and LTM EBITDA Growth (%)
30 Space / Satcom Index: Total Returns To Investors, 1-Year Performance vs 3-Year Performance (CAGR)
31 Space / Satcom Sector Financial Performance: LTM Revenue, LTM EBITDA, EBITDA Margin
32 Space / Satcom Sector Valuation: TEV and TEV:LTM EBITDA Multiple
33 Space / Satcom Sector Growth: LTM Revenue Growth and LTM EBITDA Growth (%)
Table of Contents
4 of 33 25 January 2020
FAIRMONT Aerospace, Defense, Government Services Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 3 of 32
Boeing
GE
UTCHoneywell
AIRBUSSafran
TransDigm
Eaton
Dassault Systemes
AmphenolParker
Rolls-Royce
Arconic
MTU
Heico
Bombardier
ST EngineeringSmiths
CAE
Meggitt Woodward
Spirit
Hexcel Curtiss-Wright
Crane BBADassault Aviation
Barnes
RBCConstellium
Moog
ATI EmbraerTriumphLISI
AIDC
Circor
Senior Astronics
FACC
Global Eagle
Heroux-DevtekDucommun
Magellan
Figeac Aero
Latecoere
Bet Shemesh Engines
CTT SystemsPark Aerospace
Sogeclair
CPI AeroSABCA
Butler National
Air Industries
PTB Group
SIFCO
UPS
FedEx
Delta
American
China Southern
UnitedAir China
China Eastern
Southwest
British Airways
RyanairANA
Lufthansa
LATAM Singapore Airlines
Air Canada
Air France KLM
JetBlue
Avianca
CopaAirAsia
Lockheed MartinNorthrop Grumman
General Dynamics
Raytheon
HarrisMotorola
BAE
Ball
Thales
Teledyne
Textron
Huntington Ingalls
Leonardo
Elbit Systems Ltd.FLIR BWX
Oshkosh
Rheinmetall
Saab
H&K
Axon
Mercury
Aerojet Rocketdyne
FireEye
Fincantieri
KongsbergCubic
QinetiQUltra
Kratos
OSI
Griffon (Telephonics)
AARKaman
AeroVironment
Chemring
LIG Nex1
Comtech
AvonAustal
EOS
Ruger
Am Outdoor
INVISIO
VSENational Presto
Cohort
ECA
FrequentisIBM Corp.
AccentureCGI
Leidos
Jacobs
Booz Allen
AECOM
CACI
PerspectaSAIC
Babcock
Tetra Tech
KBR
Maximus
Parsons
Insight ManTech
Fluor
Serco
ICF
Unisys
VectrusGarmin
Intelsat
ViaSat
Iridium
MAXAR
Echostar
GoGo
Globalstar
OHB
Loral
Orbcomm
Gilat
Avio
KVH
-100%
-50%
0%
50%
100%
150%
-100% -50% 0% 50% 100% 150% 200% 250% 300%
FAIRMONT Aerospace, Defense, Government Services Index1-Year vs 3-Year Total Return To Investors (% CAGR)
One-Year Total Return
Thre
e-Ye
arTo
tal R
etur
n
25 JANUARY 2020
5 of 33 25 January 2020
FAIRMONT - Big Winners - >50% 1-Year, >20% 3-Year1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 4 of 32
EOS
TransDigm
Air Canada
Axon
Heico
Teledyne
Butler NationalBet Shemesh EnginesAvon Vectrus
Booz AllenHarris
AustalMercury Motorola
CACI LeidosManTech
Tetra Tech INVISIO
Cohort
Lockheed Martin
Woodward20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
50% 100% 150% 200% 250% 300%
FAIRMONT - Big Winners - >50% 1-Year, >20% 3-Year1-Year vs 3-Year Total Return To Investors (% CAGR)
Thre
e-Ye
arTo
tal R
etur
n
One-Year Total Return
25 JANUARY 2020
6 of 33 25 January 2020
FAIRMONT - Challenged - Negative 1-Year, Negative 3-Year1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 5 of 32
Global Eagle
Globalstar
Fluor
Figeac Aero
LIG Nex1Am OutdoorBombardierOrbcomm
American
SABCAEmbraer
CPI AeroLoralATI FedEx
China Southern
Unisys
TextronSeniorLATAMNational Presto
Astronics
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%-90% -80% -70% -60% -50% -40% -30% -20% -10% 0%
FAIRMONT - Challenged - Negative 1-Year, Negative 3-Year1-Year vs 3-Year Total Return To Investors (% CAGR)
Thre
e-Ye
arTo
tal R
etur
n
One-Year Total Return
25 JANUARY 2020
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FAIRMONT - Valuation Trends Since 2010TEV:LTM EBITDA By Sector
Page 1 of 1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
02/0
1/10
05/0
1/10
08/0
1/10
11/0
1/10
02/0
1/11
05/0
1/11
08/0
1/11
11/0
1/11
02/0
1/12
05/0
1/12
08/0
1/12
11/0
1/12
02/0
1/13
05/0
1/13
08/0
1/13
11/0
1/13
02/0
1/14
05/0
1/14
08/0
1/14
11/0
1/14
02/0
1/15
05/0
1/15
08/0
1/15
11/0
1/15
02/0
1/16
05/0
1/16
08/0
1/16
11/0
1/16
02/0
1/17
05/0
1/17
08/0
1/17
11/0
1/17
02/0
1/18
05/0
1/18
08/0
1/18
11/0
1/18
02/0
1/19
05/0
1/19
08/0
1/19
11/0
1/19
FAIRMONT - Valuation Trends Since 2010TEV:LTM EBITDA By Sector
AEROSPACE DEFENSE GOVERNMENT SERVICES AIRLINES SPACE/SATCOM
8 of 33 25 January 2020
FAIRMONT - Aerospace Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 7 of 32
Boeing
GE
UTC
Honeywell
AIRBUSSafran
TransDigm
Eaton
Dassault Systemes
Amphenol
Parker
Rolls-Royce
Arconic
MTU
Heico
Bombardier
ST Engineering
Smiths
CAE
MeggittWoodward
Spirit
Hexcel Curtiss-Wright
Crane BBA
Dassault Aviation
Barnes
RBCConstellium
Moog
ATIEmbraer
TriumphLISI
AIDC
Circor
SeniorAstronics
FACC
Global Eagle
Heroux-DevtekDucommun
Magellan
Figeac Aero
Latecoere
Bet Shemesh Engines
CTT Systems
Park Aerospace
Sogeclair
CPI AeroSABCA
Butler National
Air Industries
PTB Group
SIFCO
-60%
-40%
-20%
0%
20%
40%
60%
-100% -50% 0% 50% 100% 150%
FAIRMONT - Aerospace Index1-Year vs 3-Year Total Return To Investors (% CAGR)
One-Year Total Return
Thre
e-Ye
arTo
tal R
etur
n
25 JANUARY 2020
9 of 33 25 January 2020
FAIRMONT - Aerospace Index Financials (1 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
Page 8 of 32
$120
,079
$86,
989
$75,
732
$75,
539
$36,
942
$27,
434
$21,
611
$20,
491
$15,
855
$14,
263
$14,
176
$8,2
25
$7,7
39
$7,3
89
$6,4
69
$5,3
17
$5,2
23
$5,0
73
$4,7
70
$4,2
11
$4,1
42
$3,2
85
$3,1
79
$3,0
53
$14,
246
$6,5
60
$7,3
66
$14,
340
$8,6
00
$5,1
45
$3,8
74
$779
$913 $2,0
44
$2,4
84
$1,9
57
$1,1
87
$764
$191
$672 $2
,323
$887
$232 $1,2
36
$433
$564
$231
$609
12%
8%
10%
19%
23%
19%18%
4%
6%
14%
18%
24%
15%
10%
3%
13%
44%
17%
5%
29%
10%
17%
7%
20%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
FAIRMONT - Aerospace Index Financials (1 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 2020
10 of 33 25 January 2020
FAIRMONT - Aerospace Index Financials (2 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
Page 9 of 32
$2,9
05
$2,9
00
$2,7
95
$2,6
90
$2,5
86
$2,4
81
$2,3
52
$2,0
56
$1,9
71
$1,5
05
$1,4
48
$1,1
51
$932
$866
$811
$777
$773
$718
$698
$655
$491
$447
$205
$198
$151
$112
$101
$66
$61
$54
$37
$36
$357
$484
$451 $5
11
$429 $5
12 $563
$546
$285 $3
31
$170
$129
$107
$65
$54 $9
0 $116 $1
83
$81
$12 $6
4
$64
$15
$14
$21
-$3
$11
$15
$13
$3 $13
$6
12%
17%16%
19%
17%
21%
24%
27%
14%
22%
12%11% 11%
8%7%
12%
15%
26%
12%
2%
13%
14%
7% 7%
14%
-2%
11%
23%
21%
5%
34%
16%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-$500
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
FAIRMONT - Aerospace Index Financials (2 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 2020
11 of 33 25 January 2020
FAIRMONT - Aerospace Index TEV (1 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
Page 10 of 32
$197
,085
$186
,053
$173
,150
$133
,727
$124
,881
$69,
280
$50,
824
$47,
811
$44,
619
$34,
201
$30,
808
$19,
648
$17,
958
$16,
561
$15,
096
$12,
227
$10,
937
$10,
644
$9,8
03
$8,4
65
$8,4
14
$8,0
36
$7,3
34
$6,9
13
30.0
13.112.1
15.5
17.0
13.5
21.9
12.3
36.1
17.5
12.4
25.2
8.8
18.7
27.6
13.4
16.3
17.5
19.2 18.8
17.4
6.8
13.013.5
0
5
10
15
20
25
30
35
40
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
FAIRMONT - Aerospace Index TEV (1 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 2020
12 of 33 25 January 2020
FAIRMONT - Aerospace Index TEV (2 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
Page 11 of 32
$5,7
93
$5,7
78
$5,1
99
$4,1
07
$4,0
97
$4,0
22
$3,9
87
$3,5
12
$2,6
69
$2,6
30
$2,0
33
$1,8
92
$1,4
84
$1,2
41
$1,0
52
$873
$812
$779
$727
$681
$642
$509
$408
$262
$185
$141
$113
$113
$83
$82
$51
$48
10.3
13.5
6.8
12.4
21.521.9
11.2
8.1
11.5 11.4
7.1
17.7
11.5
7.3
11.7
13.4
12.1
9.0
5.9
10.09.3
19.1
20.4
14.7
9.8
7.4
9.9
5.4
28.2
8.6
0
5
10
15
20
25
30
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
FAIRMONT - Aerospace Index TEV (2 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 202025 JANUARY 2020
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FAIRMONT - Aerospace Index - Revenue & EBITDA Growth (1 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
Page 12 of 32
83%
57%
51%
43%
38% 37%35% 34%
30%
27% 26%25% 25% 24%
23%21%
18% 18% 18% 17%16% 15% 15%
13%
125%
64%
54%
42%
110%
28%
54%
17%
2%
17%
51%
0%
18%24%
121%
19%24%
39%
-5%
21% 23%
37%
5%
-20%
0%
20%
40%
60%
80%
100%
FAIRMONT - Aerospace Index - Revenue & EBITDA Growth (1 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 2020
14 of 33 25 January 2020
FAIRMONT - Aerospace Index - Revenue & EBITDA Growth (2 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
Page 13 of 32
13%
12%11% 11%
10% 10%9%
8%
7% 7% 7%
6%5%
4% 4%4% 3% 3% 3%
2%1% 1% 1% 1% 1%
0%
-2%
-4%
-5%
-11%
-14% -14%
22%
0%
17%
-16%
16%
6%
10%9%
12%
2%
-11%
6%8%
-16%
36%
-9%
13%
6%
1%3% 3%
0% 2%
-2%
0%
4%
-15%
-5%
29%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
FAIRMONT - Aerospace Index - Revenue & EBITDA Growth (2 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 202025 JANUARY 2020
15 of 33 25 January 2020
FAIRMONT - Defense Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 14 of 32
Lockheed MartinNorthrop Grumman
General Dynamics
Raytheon
HarrisMotorola
BAE
Ball
Thales
Teledyne
Textron
Huntington Ingalls
Leonardo
Elbit Systems Ltd.FLIR BWX
Oshkosh
Rheinmetall
Saab
H&K
Axon
Mercury
Aerojet Rocketdyne
FireEye
Fincantieri
KongsbergCubic
QinetiQ
Ultra
Kratos
OSI
Griffon (Telephonics)
AARKaman
AeroVironment
Chemring
LIG Nex1
Comtech
AvonAustal
EOS
Ruger
Am Outdoor
INVISIO
VSENational Presto
Cohort
ECA
Frequentis
-60%
-40%
-20%
0%
20%
40%
60%
80%
-50% 0% 50% 100% 150% 200% 250% 300%
FAIRMONT - Defense Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Thre
e-Ye
arTo
tal R
etur
n
One-Year Total Return
25 JANUARY 2020
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FAIRMONT - Defense Index Financials (1 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
Page 15 of 32
$58,
345
$38,
955
$33,
276
$28,
694
$22,
027
$18,
881
$14,
321
$13,
345
$11,
558
$9,6
90
$8,6
86
$8,3
82
$7,7
65
$6,8
45
$6,4
96
$4,2
65
$3,6
51
$3,1
64
$2,2
09
$2,2
09
$2,1
95
$1,8
96
$1,8
84
$1,8
72
$1,8
46
$1,6
69
$9,2
39
$5,4
37
$5,0
20
$4,5
19
$2,5
69
$2,1
17
$1,6
85
$1,6
44
$1,8
14
$2,0
80
$976
$909 $2
,116
$755
$384
$441
$395
$610
$199
$167
$169
$283
$170
$333
$410
$46
16%
14%
15%16%
12%11%
12%12%
16%
21%
11%11%
27%
11%
6%
10%11%
19%
9%
8% 8%
15%
9%
18%
22%
3%
0%
5%
10%
15%
20%
25%
30%
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
FAIRMONT - Defense Index Financials (1 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 2020
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FAIRMONT - Defense Index Financials (2 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
Page 16 of 32
$1,4
96
$1,2
99
$1,2
07
$1,2
02
$1,0
21
$872
$738
$697
$688
$681
$616
$474
$433
$426
$335
$333
$303
$271
$221
$183
$129
$77
$42
$141
$85
$155
$208
$156
-$12
0
$86
$64
$130
$78
$84
$24
$78
$77
$23 $5
3
$43
$20 $4
7
$28
$12
$13
$8
9%
7%
13%
17%
15%
-14%
12%
9%
19%
11%
14%
5%
18% 18%
7%
16%
14%
7%
21%
15%
9%
17%
20%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
-$200
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
FAIRMONT - Defense Index Financials (2 of 2)LTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 202025 JANUARY 2020
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FAIRMONT - Defense Index TEV (1 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
Page 17 of 32
$134
,134
$79,
026
$67,
843
$67,
828
$56,
370
$36,
007
$31,
473
$30,
373
$28,
343
$13,
987
$13,
729
$13,
033
$12,
078
$7,8
68
$7,7
73
$7,1
33
$6,4
66
$5,7
29
$5,2
01
$5,1
51
$4,4
80
$4,0
59
$3,9
62
$3,5
60
$3,5
18
$3,1
92
14.5
15.7
12.5
15.0
27.1
17.0
12.2
16.7
13.4
22.9
8.4
13.4
7.2
17.819.0
21.4
7.17.6
13.2
31.3
14.0
9.3
19.1
0
5
10
15
20
25
30
35
40
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
FAIRMONT - Defense Index TEV (1 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 202025 JANUARY 2020
19 of 33 25 January 2020
FAIRMONT - Defense Index TEV (2 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
Page 18 of 32
$2,4
80
$2,4
33
$2,3
41
$2,2
20
$2,0
77
$2,0
75
$1,7
76
$1,4
95
$1,3
31
$1,1
48
$1,0
88
$1,0
63
$864
$862
$739
$729
$717
$675
$663
$457
$388
$304
$285
17.6
11.7
15.0
10.5
13.4
10.5
8.8
25.0
14.7
23.5
13.6
18.4
10.29.4
8.6
7.7
10.6
14.1
25.5
12.2
0
5
10
15
20
25
30
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
FAIRMONT - Defense Index TEV (2 of 2)Total Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 202025 JANUARY 202025 JANUARY 2020
20 of 33 25 January 2020
FAIRMONT - Defense Index - Revenue & EBITDA Growth (1 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
Page 19 of 32
90%
54%
43%
34% 33%
30%
24%22%
18% 18% 17% 16%14% 14% 13% 12% 12% 12% 11% 10% 10% 10% 10% 10% 9%
0%
60%
44%
26%
47%
40%
26%
39%
53%
0%
-19%
34%
11%14%
25%
0%
24%
40%
3%
21%
39%
5%
23%
11%
-20%
0%
20%
40%
60%
80%
100%
FAIRMONT - Defense Index - Revenue & EBITDA Growth (1 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 2020
21 of 33 25 January 2020
FAIRMONT - Defense Index - Revenue & EBITDA Growth (2 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
Page 20 of 32
9% 9% 9% 8% 8%7% 7% 7% 6% 6% 5% 4% 4%
1%0% 0%
0%-2% -3%
-5%-6%
-12%-13%
-20%
21%
14%
22%25%
-6%
2% 4% 0%
-4%
15%
-6%
11%
0%
1% 0%
-6%
-15%
-59%
22%
8%
-39%
-20%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
FAIRMONT - Defense Index - Revenue & EBITDA Growth (2 of 2)LTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 202025 JANUARY 2020
22 of 33 25 January 2020
FAIRMONT - Government Services Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 21 of 32
IBM
Accenture
CGI
Leidos
Jacobs
Booz Allen
AECOM
CACI
Perspecta
SAIC
Babcock
Tetra Tech
KBR
Maximus
Parsons
Insight
ManTech
Fluor
Serco
ICF
Unisys
Vectrus
-30%
-20%
-10%
0%
10%
20%
30%
40%
-60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140%
FAIRMONT - Government Services Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Thre
e-Ye
arTo
tal R
etur
n
One-Year Total Return
25 JANUARY 2020
23 of 33 25 January 2020
FAIRMONT - Government Services Index FinancialsLTM Revenue, LTM EBITDA, EBITDA Margin
Page 22 of 32
$77,
147
$43,
968
$20,
173
$18,
520
$12,
738
$10,
787
$9,1
49
$7,1
83
$7,0
88
$6,0
31
$5,5
17
$5,4
30
$5,1
84
$4,4
48
$3,8
46
$3,7
44
$2,9
68
$2,8
87
$2,3
90
$2,1
15
$1,4
60
$1,3
47
$16,
602
$7,0
69
$919
-$11
9
$930
$1,0
63
$1,5
84
$285
$718
$510
$376
$669
$488
$559
$185
$166
$251
$398
$237
$182
$134
$58
22%
16%
5%
-1%
7%
10%
17%
4%
10%
8%
7%
12%
9%
13%
5%4%
8%
14%
10%
9%9%
4%
-5%
0%
5%
10%
15%
20%
25%
-$10,000
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
FAIRMONT - Government Services Index FinancialsLTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 2020
24 of 33 25 January 2020
FAIRMONT - Government Services Index TEVTotal Enterprise Value, TEV:LTM EBITDA Multiple
Page 23 of 32
$183
,919
$130
,443
$24,
735
$17,
295
$13,
749
$12,
625
$10,
388
$8,6
76
$7,4
02
$7,2
47
$6,6
96
$5,0
21
$4,7
73
$4,6
45
$4,6
31
$3,4
00
$3,4
00
$2,9
65
$2,9
55
$2,0
65
$1,0
14
$705
11.1
18.5
15.616.3
14.8
17.6
11.3
17.8
13.2
14.2
10.0
21.2
12.7
11.7
25.0
18.7
11.9
17.8
15.5
4.0
12.2
0
5
10
15
20
25
30
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
FAIRMONT - Government Services Index TEVTotal Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 202025 JANUARY 2020
25 of 33 25 January 2020
FAIRMONT - Government Services Index - Revenue & EBITDA GrowthLTM Revenue Growth and LTM EBITDA Growth (%)
Page 24 of 32
35%
31%
22%21% 20%
14% 14% 14%
11%10%
9% 8%7%
6% 5% 5% 5%
1%0% 0%
-3%-4%
11%
48%
25%
13%12%
9%
17%
0%
15%13%
0%
18%
5%
-13%
8% 7% 8%
19%
0%
-1% -2%
-20%
-10%
0%
10%
20%
30%
40%
50%
FAIRMONT - Government Services Index - Revenue & EBITDA GrowthLTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 2020
26 of 33 25 January 2020
FAIRMONT - Airline Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 25 of 32
UPS
FedEx
Delta
American
China Southern
United
Air China
China Eastern
Southwest
British Airways
Ryanair
ANA
Lufthansa
LATAM
Singapore Airlines
Air Canada
Air France KLM
JetBlue
Avianca
Copa
AirAsia
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-40% -20% 0% 20% 40% 60% 80%
FAIRMONT - Airline Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Thre
e-Ye
arTo
tal R
etur
n
One-Year Total Return
25 JANUARY 2020
27 of 33 25 January 2020
FAIRMONT - Airline Index FinancialsLTM Revenue, LTM EBITDA, EBITDA Margin
Page 26 of 32
$73,
374
$69,
189
$47,
007
$45,
768
$43,
259
$40,
043
$29,
735
$27,
760
$22,
428
$21,
181
$19,
208
$19,
162
$16,
851
$14,
359
$12,
103
$9,9
52
$8,9
95
$8,0
94
$4,7
61
$2,8
44
$2,6
82
$7,9
06
$4,4
56
$9,1
21
$5,9
93
$6,8
35
$4,4
85
$2,8
61 $4,5
87
$4,1
76
$3,4
97
$2,8
80
$4,0
38
$3,2
82
$1,8
70
$2,0
01
$1,3
91
$1,8
27
$1,3
27
$523
$21
$558
11%
6%
19%
13%
16%
11%
10%
17%
19%
17%
15%
21%
19%
13%
17%
14%
20%
16%
11%
1%
21%
0%
5%
10%
15%
20%
25%
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
FAIRMONT - Airline Index FinancialsLTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 2020
28 of 33 25 January 2020
FAIRMONT - Airline Index TEVTotal Enterprise Value, TEV:LTM EBITDA Multiple
Page 27 of 32
$122
,029
$71,
417
$53,
003
$41,
726
$37,
947
$36,
230
$34,
861
$34,
104
$29,
685
$21,
697
$18,
827
$15,
563
$14,
394
$13,
775
$13,
401
$12,
217
$12,
122
$7,4
74
$5,2
98
$4,9
62
$3,5
87
15.4
16.0
5.8
7.0
10.9
5.3
8.6
10.4
7.1
4.7
10.3
5.4
3.2
9.9
6.7
4.3
6.5
5.6
10.1
8.9
0
2
4
6
8
10
12
14
16
18
20
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
FAIRMONT - Airline Index TEVTotal Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 202025 JANUARY 2020
29 of 33 25 January 2020
FAIRMONT - Airline Index - Revenue & EBITDA GrowthLTM Revenue Growth and LTM EBITDA Growth (%)
Page 28 of 32
12%
9%8% 8% 7% 7%
6% 6%5% 5% 4% 3% 3% 3% 3% 3% 2%
1% 1% 1%
-1%
-96%
-21%
16%
2% 3%
-2%
21%
14%16% 14% 15%
12%
-12%
1%
-24%
0% -1% -4%
-14%
-50%
-2%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
FAIRMONT - Airline Index - Revenue & EBITDA GrowthLTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 2020
30 of 33 25 January 2020
FAIRMONT - Space Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Page 29 of 32
Garmin
Intelsat
ViaSat
Iridium
MAXAR
Echostar
GoGo
Globalstar
OHB
Loral
Orbcomm
Gilat
Avio
KVH
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
-100% -50% 0% 50% 100% 150% 200% 250%
FAIRMONT - Space Index1-Year vs 3-Year Total Return To Investors (% CAGR)
Thre
e-Ye
arTo
tal R
etur
n
One-Year Total Return
25 JANUARY 2020
31 of 33 25 January 2020
FAIRMONT - Space Index FinancialsLTM Revenue, LTM EBITDA, EBITDA Margin
Page 30 of 32
$3,5
87
$2,2
41
$2,1
70
$2,0
87
$1,9
69
$1,1
12
$832
$554
$488
$269
$255
$173
$132
$0
$994
$297
$841
$1,4
79
$407
$68 $1
42
$300
$44
$47
$35
$29
28%
13%
39%
71%
21%
6%
17%
54%
9%
18%
14%
-3%
22%
0%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
Garmin ViaSat Echostar Intelsat MAXAR OHB GoGo Iridium Avio Orbcomm Gilat KVH Globalstar Loral
FAIRMONT - Space Index FinancialsLTM Revenue, LTM EBITDA, EBITDA Margin
LTM Revenue LTM EBITDA Margin
25 JANUARY 2020
32 of 33 25 January 2020
FAIRMONT - Space Index TEVTotal Enterprise Value, TEV:LTM EBITDA Multiple
Page 31 of 32
$17,
712
$14,
832
$5,9
79
$5,0
54
$4,4
87
$4,0
00
$1,4
67
$1,2
03
$1,0
74
$767
$527
$519
$437
$156
17.8
10.0
20.1
16.9
11.0
4.8
10.3
41.9
15.915.0
11.09.9
0
5
10
15
20
25
30
35
40
45
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Garmin Intelsat ViaSat Iridium MAXAR Echostar GoGo Globalstar OHB Loral Gilat Orbcomm Avio KVH
FAIRMONT - Space Index TEVTotal Enterprise Value, TEV:LTM EBITDA Multiple
TEV TEV:LTM EBITDA
25 JANUARY 202025 JANUARY 2020
33 of 33 25 January 2020
FAIRMONT - Space Index - Revenue & EBITDA GrowthLTM Revenue Growth and LTM EBITDA Growth (%)
Page 32 of 32
26%
20%
13%
9% 8% 8%
3%
0%
-3% -4%-6%
-9%-10% -10%
160%
40%
0%
23%19%
44%
23%
0%
-9%
21%
49%
7%
-2%
7%
-20%
0%
20%
40%
60%
80%
100%
ViaSat Echostar KVH Iridium Garmin OHB Globalstar Loral Intelsat GoGo Orbcomm Gilat Avio MAXAR
FAIRMONT - Space Index - Revenue & EBITDA GrowthLTM Revenue Growth and LTM EBITDA Growth (%)
LTM Rev Gr LTM EBITDA Gr
25 JANUARY 2020
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