Rational Investing

Aerospace/Defense Products & Services

	Total Market Capitalization of All Firms	$179,445 mm
	Average Market Capitalization	$7,477 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.2
	Average EV To Revenue	2.3
	Average EV To EBITDAM	25.7
	Average Price To Free Cash Flow	20.5

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
TDG	Transdigm Group Incorporated	2.30	23,523	5.9	52.3	15.0	31	1.4	Mar 20
CAE	Cae Inc.	1.96	4,119	2.4	15.4	30	5	1.9	Mar 20
HEI	Heico Corp.	1.82	13,281	6.7	50.8	30.8	1	1.1	Apr 20
CUB	Cubic Corp.	1.75	1,485	1.2	47.7	30	6	1.1	Mar 20
AIR	Aar Corp.	1.55	729	0.4	20.8	30	7	1.6	Feb 20
AAXN	Axon Enterprise Inc	1.37	5,933	8.8	46.8	42.7	26	0.7	Mar 20
MTX.F	MTU Aero Engines AG	1.35	9,277	2.1	25.4	21.4	6	1.1	Mar 20
BBD-B.TO	Bombardier Inc	0.98	773	0.8	2	30	2	1.1	Mar 20
HXL	Hexcel Corp.	0.90	3,744	2.1	15.0	11.0	-4	1.2	Mar 20
BAB.L	Babcock Intl Grp	0.88	1,989	1.2	3.1	30	2	1.3	Mar 20
CW	Curtiss-wright Corp	0.85	3,760	1.8	28.0	12.3	3	1.2	Mar 20
RHM.DE	Rheinmetall AG	0.83	3,811	0.9	8.2	40.7	2	0.9	Mar 20
CAE.TO	Cae Systems	0.80	4,160	2.6	21	43.8	2	1.8	Mar 20
SPR	Spirit Aerosystems Holdings In	0.80	2,445	1.2	23.6	30	-21	1.4	Mar 20
RR.L	Rolls-royce Group Plc	0.76	6,275	0.8	2.6	30	3	1.3	Dec 19
AJRD	Aerojet Rocketdyne Holdings, I	0.72	3,052	2.0	21.9	18.0	3	0.7	Mar 20
QQ.L	Qinetiq Group	0.72	2,113	1.8	3	30	11	0.7	Mar 20
HO.PA	Thales SA	0.70	17,840	1.3	32.6	12.1	10	0.7	Dec 19
LDO.MI	Leonardo SpA	0.70	3,821	0.6	5.8	12.6	6	1.3	Mar 20
MGGT.L	Meggitt Plc	0.70	3,015	1.8	3.1	30	5	1.4	Dec 19
BA.L	Bae Systems Plc	0.65	19,330	1.4	4.8	30	9	0.8	Dec 19
SAF.PA	Safran	0.65	41,991	1.8	14.2	12.1	6	1.2	Dec 19
AVAV	Aerovironment, Inc.	0.60	1,860	4.0	38.2	24.2	26	1.1	Apr 20
ERJ	Embraer-empresa Brasileira De	0.40	1,118	0.7	6	19.5	9	0.7	Dec 19