Sector reports›Aerospace & Defence

weapons, munitions and their subsystems

Edition 6 · figures read up to 6 Oct 2026 · 18 listed companies, 4 transactions

Listed companies (18)

Money in millions of each company’s own currency. e Argonaut’s own estimate · g the company’s guidance · ~ one fiscal year standing for the calendar year · † after capitalised development cost · n.m. not meaningful. No mark: the analysts’ consensus, or a year the company has reported. Appendix A says how each figure was obtained.

Transactions (2 with a multiple)

How to read it

• Money is in millions of each company’s or transaction’s own currency, named in its line; nothing is converted. The multiples are computed here from the figures the site keeps, not copied from a data site; the one that is quoted from a buyer is marked.
• Listed companies. The enterprise value is the one read on the day of the price, or the market value plus net debt, or, for a company under offer, the one before the offer: Appendix A says which. The price against its 52-week high, its change over twelve months and the dividend yield are as a data site prints them. Net debt / LTM EBITDA is on the EBITDA of the last twelve months as a data site prints them, else of the last reported year; net cash is in brackets, and beyond 15x either way, or on an EBITDA of zero or less, it is n.m.
• 2026E and 2027E. The calendar year of the edition’s last update and the next: an edition updated in 2027 shows 2027E and 2028E. Each figure is the best estimate the report can make: the analysts’ consensus, or what the company has reported for a year already ended; else the company’s guidance, marked g; else Argonaut’s own estimate, marked e - sales carried forward at the growth the company’s own figures show, by 25% a year at most, and EBITDA as those sales at the margin of the nearest year the library holds, a forecast year’s, else the last reported year’s, else the last twelve months’. Where a fiscal year does not end in December, the two fiscal years are weighted by the months each has in the calendar year; where only one of them is held and it covers at least half the year, it stands in, marked ~. Appendix A gives every figure with how it was obtained.
• EBITDA. In this order: the analysts’ consensus; else the company’s guidance, marked g; else Argonaut’s own estimate, marked e. Appendix A says which of the three each figure is, and where it was read. Where the library holds the development cost a company capitalised in its last reported year, read in its annual report, it is taken off both years’ EBITDA, as a bank’s comps do for companies reporting under IFRS, and the multiple and the margin are marked †; where it holds none, nothing is taken off. P / E is the share price over the consensus earnings per share of the year, weighted by months as the other figures are and marked ~ where one fiscal year stands in. Sales growth is the second year’s sales over the first’s; where a fiscal year stands for the first, it is that fiscal year’s growth to the next, marked ~, and none is shown where the second year is only the first held. The EBITDA margin is the second year’s.
• Transactions. The value is the buyer’s own figure where it gives one. The columns are the bases a valuation counts on, LTM and forward; the word under a multiple says what its year really is when it is not that. LTM: the twelve months, or the last full year, before the announcement. Current year: the year running at the announcement, which the buyer only expected. Next year: the year after; a later year, one further out. NTM: the twelve months after the announcement, from a forecast of the time or, where it is marked projected, estimated from the target’s reported growth with the LTM margin held. Where the buyer states its own multiple and no figure, the multiple is quoted as stated and marked the buyer’s multiple, on the twelve months before the announcement as on the year after. No LTM figure is worked back from a multiple the buyer states. Marked estimate: the EBITDA is Argonaut’s, from the buyer’s own figures - the revenue it expects at the margin it gave, a range taken at its midpoint, or the EBITDA its multiple after synergies implies, less the synergies it counts; on the twelve months before the announcement too, where the EBITDA column then stays empty. Marked consensus: the forward figures are the analysts’ consensus for a listed target; where two readings of it differ by more than 2%, the multiple is a range, and where they differ by more than 10% none is shown. A value marked estimate is one no party states: the price of a stake scaled to the whole, plus the debt. ‡: a figure a newspaper reported, not one the buyer or the target states. A figure may come from the buyer’s release, its acquisition call or presentation, the target’s own accounts or the press that names its source: Appendix B says which. n.d.: not disclosed. Appendix B gives what each target makes, who sold it, what its figures rest on, the editor’s note and the source.
• An EBITDA multiple above 35x, or on a figure of zero or less, is shown as n.m. (not meaningful), as is a P / E above 100x or on earnings of zero or less; both are left out of the medians, which also leave out a company without the figure. A median is the middle value of a segment’s companies.
• Charts. Each bar is a listed company, named without its legal form, the highest first, and the line the segment’s median; a company whose multiple is not meaningful keeps its line and says n.m., and one without the figure is not drawn. A multiple with fewer than three figures has no chart.
• Sources. All are public. Each transaction names its own. The notes on the transactions are the editor’s comments, not sourced figures. The valuation in a profile does not rest on this report: it stays on the next twelve months. The listed companies’ figures were read from, with the number of companies in brackets where more than one: MarketScreener (18); StockAnalysis.com (18); the companies’ own reports, releases and filings (10); Yahoo Finance. Appendix A names each company’s sources.

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