Capstone Partners Reports: Aerospace and Defense M&A Activity and Earnings Outperform Broader Market
Capstone Partners has released its Aerospace, Defense, Government, & Security (ADGS) Annual Report, revealing strong performance in the sector during 2024. The U.S. Aerospace and Defense Industry showed remarkable growth with sector index EBITDA increasing 14% year-over-year, outperforming the S&P 500's 11% growth.
Key highlights include a 15% year-over-year increase in M&A transactions, significantly outpacing the broader North American M&A market's 3% growth. Sector shipments rose 8% year-over-year, exceeding pre-Max issue peaks. Private equity sponsors dominated deal activity, with expectations of continued expansion through 2025.
Despite strong fundamentals, the sector faces challenges including economic concerns, reduced commercial aircraft orders, and production issues. The report also notes a proposed 13% increase in Defense spending in the President's budget.
Capstone Partners ha pubblicato il suo Rapporto Annuale sul Settore Aerospaziale, Difesa, Governo e Sicurezza (ADGS), evidenziando una performance solida nel 2024. L'Industria Aerospaziale e della Difesa degli Stati Uniti ha registrato una crescita notevole con un aumento del 14% anno su anno dell'EBITDA dell'indice di settore, superando l'11% di crescita dell'S&P 500.
I punti salienti includono un aumento del 15% anno su anno nelle transazioni M&A, che ha superato di gran lunga il 3% di crescita del mercato M&A nordamericano più ampio. Le spedizioni del settore sono cresciute dell'8% anno su anno, superando i picchi precedenti alla questione Max. I fondi di private equity hanno dominato l'attività di deal, con aspettative di ulteriore espansione fino al 2025.
Nonostante i fondamentali solidi, il settore affronta sfide come preoccupazioni economiche, riduzione degli ordini di aerei commerciali e problemi di produzione. Il rapporto segnala inoltre una proposta di aumento del 13% della spesa per la Difesa nel budget del Presidente.
Capstone Partners ha publicado su Informe Anual del sector Aeroespacial, Defensa, Gobierno y Seguridad (ADGS), revelando un desempeño sólido durante 2024. La Industria Aeroespacial y de Defensa de EE.UU. mostró un crecimiento notable con un aumento del 14% interanual en el EBITDA del índice sectorial, superando el crecimiento del 11% del S&P 500.
Los aspectos destacados incluyen un aumento del 15% interanual en transacciones de fusiones y adquisiciones (M&A), superando ampliamente el crecimiento del 3% del mercado M&A en Norteamérica. Los envíos del sector aumentaron un 8% interanual, superando los picos previos al problema Max. Los fondos de capital privado dominaron la actividad de acuerdos, con expectativas de expansión continua hasta 2025.
A pesar de los fundamentos sólidos, el sector enfrenta desafíos como preocupaciones económicas, reducción en pedidos de aviones comerciales y problemas de producción. El informe también señala una propuesta de incremento del 13% en el gasto de Defensa en el presupuesto presidencial.
Capstone Partners는 2024년 동안 이 부문의 강력한 실적을 보여주는 항공우주, 방위, 정부 및 보안(ADGS) 연례 보고서를 발표했습니다. 미국 항공우주 및 방위 산업은 부문 지수 EBITDA가 전년 대비 14% 증가하며 S&P 500의 11% 성장률을 능가하는 놀라운 성장을 보였습니다.
주요 내용으로는 M&A 거래가 전년 대비 15% 증가하여 북미 M&A 시장 전체의 3% 성장률을 크게 앞섰습니다. 부문 출하량은 전년 대비 8% 증가하여 Max 이슈 이전의 최고치를 넘어섰습니다. 사모펀드가 거래 활동을 주도했으며 2025년까지 지속적인 확장이 예상됩니다.
견고한 기본 여건에도 불구하고 경제적 우려, 상업용 항공기 주문 감소, 생산 문제 등 도전 과제가 존재합니다. 보고서는 대통령 예산안에 제안된 국방비 13% 인상도 언급하고 있습니다.
Capstone Partners a publié son rapport annuel sur le secteur Aérospatial, Défense, Gouvernement et Sécurité (ADGS), révélant une performance solide en 2024. L'industrie aérospatiale et de défense américaine a connu une croissance remarquable avec une augmentation de 14% du BAIIA de l'indice sectoriel en glissement annuel, dépassant la croissance de 11% du S&P 500.
Les points clés incluent une augmentation de 15% des transactions de fusions et acquisitions (M&A) en glissement annuel, dépassant largement la croissance de 3% du marché M&A nord-américain plus large. Les expéditions du secteur ont augmenté de 8% en glissement annuel, dépassant les pics précédents liés à la question Max. Les fonds de capital-investissement ont dominé l'activité des transactions, avec des attentes d'expansion continue jusqu'en 2025.
Malgré des fondamentaux solides, le secteur fait face à des défis tels que des inquiétudes économiques, une réduction des commandes d'avions commerciaux et des problèmes de production. Le rapport note également une proposition d'augmentation de 13% des dépenses de défense dans le budget présidentiel.
Capstone Partners hat seinen Jahresbericht für den Bereich Luft- und Raumfahrt, Verteidigung, Regierung und Sicherheit (ADGS) veröffentlicht und dabei eine starke Leistung im Jahr 2024 aufgezeigt. Die US-Luft- und Raumfahrt- sowie Verteidigungsindustrie verzeichnete ein bemerkenswertes Wachstum mit einem 14%igen Anstieg des EBITDA des Sektorindex im Jahresvergleich, was das Wachstum des S&P 500 von 11% übertraf.
Wichtige Highlights sind ein 15%iger Anstieg der M&A-Transaktionen im Jahresvergleich, der das breitere nordamerikanische M&A-Marktwachstum von 3% deutlich übertrifft. Die Auslieferungen im Sektor stiegen um 8% im Jahresvergleich und übertrafen damit die Spitzenwerte vor dem Max-Problem. Private-Equity-Investoren dominierten die Deal-Aktivitäten, mit Erwartungen einer weiteren Expansion bis 2025.
Trotz starker Fundamentaldaten sieht sich der Sektor Herausforderungen gegenüber, darunter wirtschaftliche Bedenken, reduzierte Bestellungen bei Verkehrsflugzeugen und Produktionsprobleme. Der Bericht weist zudem auf einen vorgeschlagenen 13%igen Anstieg der Verteidigungsausgaben im Haushaltsplan des Präsidenten hin.
- Sector index EBITDA grew 14% YOY, outperforming S&P 500's 11% growth
- M&A transaction volume increased 15% YOY, surpassing broader market's 3% growth
- Sector shipments rose 8% YOY, exceeding pre-Max issue peaks
- Valuation multiples showed stability with slight uplifts in both M&A and public trading
- President's budget proposes 13% increase in Defense spending
- Muted sector outlook due to emerging economic concerns
- Reduction in new commercial aircraft orders
- Ongoing production challenges affecting the sector
- Federal budget cuts affecting Information Technology development
U.S. Aerospace and Defense sector earnings outperformed the wider Public market in 2024, with sector index EBITDA rising
Aerospace and Defense M&A volume reflected similar levels of growth, with the number of M&A transactions rising
Looking forward, Capstone expects the Aerospace and Defense market to display resilience amid macroeconomics headwinds (e.g., federal budget cuts, tariff volatility, elevated interest rates). Strong company fundamentals will likely continue attracting attention from both strategic and financial acquirers. Advantageous end market dynamics—including demand for air travel and new commercial aircraft, an ageing global aircraft fleet, rising cybersecurity crime, and ongoing geopolitical conflicts—offer robust and continued demand for Aerospace and Defense products and services.
Also included in this report:
- Commercial Aerospace reached new highs in 2024, but concerns are emerging for 2025.
- President's budget calls for a
13% increase in Defense spending. - Federal cuts include Information Technology development, but opportunities exist in local government.
- Security Solutions & Cybersecurity see strong fundamentals and stable transactions.
- Training & Simulation benefit from technology advances.
- ADGS industry M&A activity shows resilience.
To access the full report, click here.
ABOUT CAPSTONE PARTNERS
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in
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SOURCE Capstone Partners
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