Finalist

1. Booz Allen Hamilton (NYSE: BAH)
Brian Etienne | Cianan Moore | Manav Sarkaria | Matt Thomas
Cleveland Research Company Stock Pitch | 2016

2. Investment Thesis & Overview 3
Industry Dynamics 7
Growth Opportunities & Drivers 10
Valuation 14
Final Thoughts 17
Appendix 18
2

3. Investment Thesis
3
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Booz Allen Hamilton is positioned to take advantage of growing threats facing both the
United States government and private sector
 Booz Allen Hamilton is a non-cyclical company as a result of its primary focus on government contracts
 Growing demand for cyber security expertise due to increasing global cyber attack activity
 Anticipated future margin growth led by a shift to fixed-price contracts and growth in commercial markets
We recommend Booz Allen Hamilton as a Buy with a 12 month price target of $35.10,
which is an upside of 25.99% from the current share price of $27.86

4. Company Overview
Company Description
 Headquartered in Tysons Corner, Virginia
 NYSE: BAH
 Management consulting firm serving as a
security and defense contractor
 Operations in 12 countries
4
Key Statistics
Sources of Revenue
 Revenue derived from contracts and task
orders with the U.S. government
 Revenue generated under 3 contract types:
 Cost-reimbursable
 Time-and-materials
 Fixed-price
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
55%
25%
20%
Cost-reimbursable
Time-and-materials
Fixed-price
MarketData
Current Price $27.86
Market Cap. 4.15B
P/E Ratio 15.56x
Price/Book 11.09x
Operations
TTM Revenue 5.27B
Profit Margin 5.11%
Diluted EPS $1.79
CapitalStructure
Net Debt 1.59B
Cash – Cash Equiv. 207.2M
Current Ratio 1.43x
Quick Ratio 1.43x
Value
EV/Revenue 1.06x
EV/EBITDA 12.15x
EV/FCF 21.41x
Source: Company 10-K, Bloomberg

5. Company Overview
52-Week Stock Performance
5
Client
Relationship
Length (Years)
U.S. Navy 70+
U.S. Army 65+
U.S. Air Force 35+
Dept. of Energy 35+
National Security Agency 30+
Dept. of Homeland Security 30+
Federal Bureau of Investigation 20+
National Reconnaissance Office 15+
Long-Term Client Relationships
 Long standing and extensive relationship
with U.S. government
 Deep understanding of clients’ problems
and strategies
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Company Structure
 Parent company split in 2008
 Booz Allen Hamilton half focusing on U.S.
government contracts
 Non-compete provision expired in 2011,
allowing Booz Allen Hamilton to build out
commercial consulting practice
$20
$25
$30
$35
0mm
2mm
4mm
6mm
4/6/2015 7/6/2015 10/6/2015 1/6/2016
Source: Company 10-K, Bloomberg

6. Company Overview
3.2%
24.9%
23.5%
48.4%
Commercial/
International
Intelligence
Civil
Defense
6
Contract Win Rate
Revenue By Market FY15
Breakdown
 Historically successful in receiving and
retaining contracts
 Resistant to market cycles due to high
percentage of revenue from the government
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Investor Relations
88%
55%
0%
50%
100%
Re-competes New Business
Historical Contract Mix
28% 28% 25%
57% 55% 55%
15% 17% 20%
0%
50%
100%
FY2013 FY2014 FY2015
Time & Materials Cost Reimbursable Fixed Price

7. Industry Outlook
Government Defense Spending
Cyber Security Global Growth
IT Market Growth
Industry Success Factors
 Competitive pricing and services
 Well developed internal processes
 Access to niche markets
 Long lasting customer relationships
 Adaptability to market preference changes
7
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2014 2015 2016 2017
$0B
$100B
$200B
$300B
2015 2017 2019 2021 2023 2025
Source: TechTarget, Defense.gov
$mm
$1000mm
$2000mm
$3000mm
$4000mm
$5000mm
$B
$200B
$400B
$600B
$800B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Government Defense Spending Net Income

8. Cyber Security Industry
Attack Surface Expansion
 Expected device expansion (2015-2020)
 Global public cloud computing market: 63.9%
 Wearable technology: 290.0%
 Tablets: 8.5%
 Growing trend in connected vehicles
 Increased use of cryptocurrencies
8
Rising Cost of Data Breaches
History of Chinese Intrusions
$5mm
$6mm
$7mm
$4mm
$5mm
$6mm
$7mm
2013 2014 2015
Average Organizational Breach Cost
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: IBISWorld, McAfee
2002 2004 2006 2008 2010 2012 2014
Titan Rain
State Dept
US BIS
US NWC
US Sec Def
Enfal
US Rep Frank Wolf
POTUS Campaign
Ghost Net
F-35 JSF
Aurora
Shadows in the Cloud
Byzantine Haydes
Night Dragon
RSA
Shady RAT
Lurid
Nitro
Taidoor
Luckycat
Ixeshe
VOHO
Elderwood
Cyber-Sitter
HeartBeat
US News Media
ATP1/CommentCrew
Beebus, Mutter
Bit9
Telvent
QinetiQ
Safe
ASIO
SCADA Honeypot
ATP12: G-20
Hidden Lynx
Icefog
 Government
 Mixed
 Commercial

9. 9
Government Consulting Market
 Highly concentrated segment of consulting
management
 Advancements in technology have led to a
more competitive market
 Smaller firms now able to succeed in niche
markets
Commercial Markets
 Focused on cyber security and analytics market
 Becoming increasingly fragmented due to
number of products and services in the industry
 Industry's sheer size prevents any one company
from dominating the industry
Industry Landscape
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
$9B
$5B
$2B
$2B
$1B
$0B $4B $8B
Towers Watson & Co.
Booz Allen Hamilton
CEB Inc.
WageWorks Inc.
Fit Consulting Inc.
Key Players by Revenue
19%
81%
Industry Market Share
Top 4 Firms
Other
Source: IBISWorld, ControlRisks

10. Areas of Focus for Growth
Engineering
 First began building engineering portfolio in
2012
 Purchased Defense Systems Engineering and
Support division of Annapolis-based Arinc Inc.
 3,000 engineers and applied scientists
 Access to engineering-focused firms
 U.S. Air Force Space Command
10
Innovation
 Broken up into four areas:
 Digital
 Next-generation analytics and data science
 Predictive intelligence
 Innovation services
Cyber Security
 Devise cyber strategies for clients
 Rising cost of data breaches
 Increased cyber attack activity
Commercial and International
 Looking to re-establish commercial markets
 Grown commercial revenue to 3% since 2011
 Emerging markets for IT Consulting
 Brazil, Russia, India, China, Middle-East
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Company 10-K

11. Margin Analysis
11
Competitor MarginsMargin Growth
Margin Outlook
 Increased focus towards software vs. hardware
will lead to higher margins
 Targeting the commercial consulting market,
leading to higher margins relative to
government contracts
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
5.0%
7.0%
9.0%
11.0%
$0mm
$200mm
$400mm
$600mm
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Adj. EBITDA Margin
Variable Contracts
 Increasing fixed price contract mix resulting in
higher margin
 Hedge high risk of fixed price contracts with
time-and-material and cost-reimbursable
contract mixes
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
Booz Allen
Hamilton
Leidos
Holdings
Maximus Inc Science
Applications
Intl.
Mantech
International
Corp
Caci
International
Avg.

12. $0
$50
$100
$150
$200
$250
$300
$350
11/17/10 3/31/11 3/31/12 3/31/13 3/31/14 3/31/15
Comparison of Cumulative Total Returns Since IPO
Booz Allen Hamilton Holding Corp Russell 1000 Index DJ US Computer Services
Return on Investment
12
 Assumes a $100 investment
Source: Company 10-K, Google Finance
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix

13. 13
SWOT Analysis
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
 Long lasting
customer
relationships
 72% of employees
have classified
clearances
 Large backlog
provides realizable
revenues
S
 Changes in U.S.
government’s
budget process
 Upcoming U.S.
Presidential
election
 Contract
modifications
T
 Relatively new to
commercial
market
 Beginning to build
international
presence
 Lack of consulting
headcount to
fulfill demand
W
 Higher margins in
commercial
markets
 International
expansion
 Increasing cyber
attack activity
O
Source: Company 10-K

14. Valuation Summary
14
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Company 10-K, Bloomberg
$10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00
Public Comparables - EV/EBITDA
DCF - Bear Case
DCF - Base Case
Public Comparables - P/E
DCF - Bull Case
Implied Price Target of $35.10

15. Valuation
Historical Earnings Performance
Comparables
WACC Calculation
Comparable Analysis
 Low P/E ratio compared to its peers indicates
that the stock is currently undervalued
 Capital structure causes its EV/EBITDA multiple
to be slightly higher than average
15
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Company 10-K, Bloomberg
WACC Analysis
Market Value of Debt $1,590
Market Value of Equity 4,330
Total Capital $5,920
Beta 1.24
Market Risk Premium 5.75%
Risk Free Rate 1.73%
Cost of Equity 8.86%
Cost of Debt 4.52%
WACC 7.29%
Implied Valuation
EV/EBITDA
Low Average High
Implied Share Price $20.94 $26.50 $34.63
Upside (25.8%) (6.1%) 22.7%
P/E
Implied Share Price $30.85 $36.47 $43.17
Upside 9.3% 29.2% 52.9%
0
0.1
0.2
0.3
0.4
0.5
0.6
Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016
Consesus EPS Actual EPS

16. Discounted Cash Flow Analysis
Perpetuity Growth Method @ 2.25%
PV of Projection Period $ 1,698,178
2020 FCF 355,667
Perpetuity Growth Rate 2.25%
Terminal Value $ 7,217,842
Years 5.0
PV of Terminal Value $ 5,077,406
Total Enterprise Value $ 6,775,584
Equity Value 5,188,384
Shares Outstanding 147,196
Price Per Share $35.25
Valuation
16
Sensitivity Analysis
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Company 10-K, Bloomberg
Variance of Perpetuity Growth Rate - Bull Case
WACC
1.75% 2.00% 2.25% 2.50% 2.75%
6.50% $47.56 $50.20 $53.15 $56.47 $60.24
6.75% $44.20 $46.52 $49.11 $52.00 $55.25
7.00% $41.17 $43.23 $45.51 $48.04 $50.87
7.29% $38.04 $39.84 $41.82 $44.01 $46.44
7.50% $35.95 $37.59 $39.39 $41.36 $43.55
7.75% $33.68 $35.16 $36.77 $38.53 $40.46
8.00% $31.61 $32.94 $34.38 $35.96 $37.68
Variance of Perpetuity Growth Rate - Bear Case
WACC
1.75% 2.00% 2.25% 2.50% 2.75%
6.50% $32.74 $34.70 $36.88 $39.34 $42.12
6.75% $30.25 $31.97 $33.89 $36.03 $38.43
7.00% $28.01 $29.54 $31.22 $33.10 $35.19
7.29% $25.69 $27.02 $28.49 $30.11 $31.91
7.50% $24.14 $25.36 $26.69 $28.15 $29.77
7.75% $22.47 $23.56 $24.75 $26.05 $27.48
8.00% $20.93 $21.91 $22.98 $24.15 $25.42
Variance of Perpetuity Growth Rate - Base Case
WACC
1.75% 2.00% 2.25% 2.50% 2.75%
6.50% $40.21 $42.49 $45.04 $47.90 $51.15
6.75% $37.30 $39.31 $41.54 $44.04 $46.84
7.00% $34.69 $36.47 $38.44 $40.62 $43.06
7.29% $31.98 $33.54 $35.25 $37.14 $39.24
7.50% $30.18 $31.59 $33.15 $34.85 $36.74
7.75% $28.22 $29.49 $30.88 $32.40 $34.07
8.00% $26.43 $27.58 $28.82 $30.18 $31.67

17. Final Thoughts
17
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Booz Allen Hamilton is positioned to take advantage of growing threats facing both the
United States government and private sector
 Booz Allen Hamilton is a non-cyclical company as a result of its primary focus on government contracts
 Growing demand for cyber security expertise due to increasing global cyber attack activity
 Anticipated future margin growth led by a shift to fixed-price contracts and growth in commercial markets
We recommend Booz Allen Hamilton as a Buy with a 12 month price target of $35.10,
which is an upside of 25.99% from the current share price of $27.86

18. Appendix
18
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix

19. 19
 Pro Forma Income Statement
 Pro Forma Balance Sheet
 Pro Forma Statement of Cash Flows
 Discounted Cash flow
 Comparables
 United States Office Locations
 International Office Locations
 Notable Contract Awards
Appendix Table of Contents
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix

20. 20
Fiscal Year Ended March 31, 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Revenue $5,591,296 $5,859,218 $5,758,059 $5,478,693 $5,274,770 $5,353,892 $5,471,677 $5,608,469 $5,759,898 $5,915,415
% Growth 1.50% 2.20% 2.50% 2.70% 2.70%
Cost of revenue 2,836,955 2,934,378 2,871,240 2,716,113 2,593,849 2,611,341 2,646,904 2,690,643 2,740,250 2,790,576
% of Revenue 48.77% 48.37% 47.97% 47.57% 47.17%
Billable expenses 1,473,266 1,542,822 1,532,590 1,487,115 1,406,527 3,076,230 3,123,126 3,179,904 3,243,887 3,309,006
General and administrative expenses 881,028 903,721 833,986 742,527 752,912 1,646,702 1,671,805 1,702,198 1,736,448 1,771,306
Depreciation and amortization 80,603 75,205 74,009 72,327 62,660 137,044 139,134 141,663 144,513 147,414
Restructuring Charge 0 15,660 0 0 0 0 0 0 0 0
Total operating costs and expenses 5,271,852 5,471,786 5,311,825 5,018,082 4,815,948 4,859,976 4,934,065 5,023,766 5,124,848 5,227,727
% of Revenue 42.00% 41.80% 41.60% 41.40% 41.20%
Operating income 319,444 387,432 446,234 460,611 458,822 493,916 537,612 584,703 635,050 687,688
Interest expense (131,892) (48,078) (70,284) (78,030) (71,832) (77,326) (84,167) (91,540) (99,422) (107,663)
Other, net (59,488) 4,520 (7,639) (1,794) (1,072) (1,154) (1,256) (1,366) (1,484) (1,607)
Income before income taxes 128,064 343,874 368,311 380,787 385,918 415,436 452,189 491,798 534,144 578,419
Income tax expense 43,370 103,919 149,253 148,599 153,349 138,848 151,132 164,370 178,523 193,321
Net income $84,694 $239,955 $219,058 $232,188 $232,569 $276,587 $301,057 $327,427 $355,621 $385,098
Earnings per common share (Note 3):
Basic 0.74 1.83 1.56 1.62 1.58 $1.88 $2.05 $2.22 $2.42 $2.62
Pro Forma Income Statement
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Bloomberg

21. 21
Fiscal Year Ended March 31, 2011 2012 2013 2014 2015
x Assets
Cash and cash equivalents $192,631 $484,368 $350,384 $259,994 $207,217
Accounts receivable, net of allowance 1,111,004 1,077,315 1,029,586 916,737 857,310
Deferred income taxes 0 0 0 29,687 14,539
Prepaid expenses and other current assets 56,808 45,180 44,382 49,559 84,142
Income taxes receivable 0 46,794 0 0 0
Total current assets 1,360,443 1,653,657 1,424,352 1,255,977 1,163,208
Property and equipment, net of accumulated depreciation 173,430 191,079 166,570 129,427 111,367
Deferred income taxes 41,409 7,790 10,032 0 14,758
Intangible assets, net of accumulated amortization 240,238 223,834 236,220 220,887 219,382
Goodwill 1,163,549 1,188,004 1,277,369 1,273,789 1,304,231
Other long-term assets 44,954 50,427 62,985 60,738 64,547
Totalassets $3,024,023 $3,314,791 $3,177,528 $2,940,818 $2,877,493
x Liabilities & Shareholder's Equity
Current portion of long-term debt $30,000 $42,500 $55,562 $73,688 $57,063
Accounts payable and other accrued expenses 406,310 443,951 451,065 488,807 481,815
Accrued compensation and benefits 396,996 357,872 385,433 331,440 279,239
Deferred income taxes 21,231 59,493 10,286 0 0
Other current liabilities 11,598 10,630 62,300 23,169 30,877
Totalcurrent liabilities 866,135 914,446 964,646 917,104 848,994
Long-term debt, net of current portion 964,328 922,925 1,659,611 1,585,231 1,569,272
Income tax reserve 90,474 55,282 57,018 57,406 58,444
Deferred income taxes 0 0 0 8,231 0
Other long-term liabilities 195,836 236,953 269,460 201,210 214,285
Totalliabilities $2,116,773 $2,129,606 $2,950,735 $2,769,182 $2,690,995
Common stock, Class A — $0.01 par value — authorized, 600,000,000
shares; issued, 150,237,675 shares at March 31, 2015 and
143,962,073 shares at March 31, 2014; outstanding, 147,238,282
shares at March 31, 2015 and 143,352,448 shares at March 31, 2014 1,227 1,287 1,364 1,440 1,502
Non-voting common stock, Class B — $0.01 par value — authorized,
16,000,000 shares; issued and outstanding, 0 shares at March 31,
2015 and 582,080 shares at March 31, 2014 31 25 15 6 0
Restricted common stock, Class C — $0.01 par value — authorized,
5,000,000 shares; issued and outstanding, 0 shares at March 31, 2015
and 935,871 shares at March 31, 2014 20 15 12 9 0
Special voting common stock, Class E — $0.003 par value —
authorized, 25,000,000 shares; issued and outstanding, 1,851,589
shares at March 31, 2015 and 4,424,814 shares at March 31, 2014 37 30 22 13 6
Treasury stock, at cost — 2,999,393 shares at March 31, 2015 and
609,625 shares at March 31, 2014 0 (5,377) (6,444) (10,153) (72,293)
Additional paid-in capital 840,058 898,541 120,836 144,269 174,985
Retained earnings 71,330 299,379 124,775 42,688 104,457
Accumulated other comprehensive loss (5,453) (8,715) (13,787) (6,636) (22,159)
Total stockholders’ equity 907,250 1,185,185 226,793 171,636 186,498
Totalliabilities andstockholders’ equity $3,024,023 $3,314,791 $3,177,528 $2,940,818 $2,877,493
Pro Forma Balance Sheet
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Bloomberg

22. 22
Pro Forma Statement of Cash Flows
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Fiscal Year Ended March 31, 2011 2012 2013 2014 2015
Assets
Cash and cash equivalents $192,631 $484,368 $350,384 $259,994 $207,217
Accounts receivable, net of allowance 1,111,004 1,077,315 1,029,586 916,737 857,310
Deferred income taxes 0 0 0 29,687 14,539
Prepaid expenses and other current assets 56,808 45,180 44,382 49,559 84,142
Income taxes receivable 0 46,794 0 0 0
Total current assets 1,360,443 1,653,657 1,424,352 1,255,977 1,163,208
Property and equipment, net of accumulated depreciation 173,430 191,079 166,570 129,427 111,367
Deferred income taxes 41,409 7,790 10,032 0 14,758
Intangible assets, net of accumulated amortization 240,238 223,834 236,220 220,887 219,382
Goodwill 1,163,549 1,188,004 1,277,369 1,273,789 1,304,231
Other long-term assets 44,954 50,427 62,985 60,738 64,547
Totalassets $3,024,023 $3,314,791 $3,177,528 $2,940,818 $2,877,493
Liabilities & Shareholder's Equity
Current portion of long-term debt $30,000 $42,500 $55,562 $73,688 $57,063
Accounts payable and other accrued expenses 406,310 443,951 451,065 488,807 481,815
Accrued compensation and benefits 396,996 357,872 385,433 331,440 279,239
Deferred income taxes 21,231 59,493 10,286 0 0
Other current liabilities 11,598 10,630 62,300 23,169 30,877
Totalcurrent liabilities 866,135 914,446 964,646 917,104 848,994
Long-term debt, net of current portion 964,328 922,925 1,659,611 1,585,231 1,569,272
Income tax reserve 90,474 55,282 57,018 57,406 58,444
Deferred income taxes 0 0 0 8,231 0
Other long-term liabilities 195,836 236,953 269,460 201,210 214,285
Totalliabilities $2,116,773 $2,129,606 $2,950,735 $2,769,182 $2,690,995
Common stock, Class A — $0.01 par value — authorized, 600,000,000
shares; issued, 150,237,675 shares at March 31, 2015 and 143,962,073
shares at March 31, 2014; outstanding, 147,238,282 shares at March
31, 2015 and 143,352,448 shares at March 31, 2014 1,227 1,287 1,364 1,440 1,502
Non-voting common stock, Class B — $0.01 par value — authorized,
16,000,000 shares; issued and outstanding, 0 shares at March 31, 2015
and 582,080 shares at March 31, 2014 31 25 15 6 0
Restricted common stock, Class C — $0.01 par value — authorized,
5,000,000 shares; issued and outstanding, 0 shares at March 31, 2015
and 935,871 shares at March 31, 2014 20 15 12 9 0
Special voting common stock, Class E — $0.003 par value —
authorized, 25,000,000 shares; issued and outstanding, 1,851,589
shares at March 31, 2015 and 4,424,814 shares at March 31, 2014 37 30 22 13 6
Treasury stock, at cost — 2,999,393 shares at March 31, 2015 and
609,625 shares at March 31, 2014 0 (5,377) (6,444) (10,153) (72,293)
Additional paid-in capital 840,058 898,541 120,836 144,269 174,985
Retained earnings 71,330 299,379 124,775 42,688 104,457
Accumulated other comprehensive loss (5,453) (8,715) (13,787) (6,636) (22,159)
Total stockholders’ equity 907,250 1,185,185 226,793 171,636 186,498
Totalliabilities andstockholders’ equity $3,024,023 $3,314,791 $3,177,528 $2,940,818 $2,877,493
Source: Bloomberg

23. 23
2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Year 1.0 2.0 3.0 4.0 5.0
Revenue $5,591,296 $5,859,218 $5,758,059 $5,478,693 $5,274,770 $5,353,892 $5,471,677 $5,608,469 $5,759,898 $5,915,415
% Growth 4.8% (1.7%) (4.9%) (3.7%) 1.5% 2.2% 2.5% 2.7% 2.7%
Less: Cost of Goods Sold 2,836,955 2,934,378 2,871,240 2,716,113 2,593,849 $2,611,341 $2,646,904 $2,690,643 $2,740,250 $2,790,576
Gross Profit 2,754,341 2,924,840 2,886,819 2,762,580 2,680,921 2,742,550 2,824,773 2,917,826 3,019,647 3,124,839
Less: Operating Expenses 2,434,897 2,537,408 2,440,585 2,301,969 2,222,099 $2,248,634 $2,287,161 $2,333,123 $2,384,598 $2,437,151
Operating Income 319,444 387,432 446,234 460,611 458,822 493,916 537,612 584,703 635,050 687,688
Less: Taxes 43,370 103,919 149,253 148,599 153,349 165,078 179,683 195,421 212,248 229,842
Tax Rate 13.6% 26.8% 33.4% 32.3% 33.4% 33% 33% 33% 33% 33%
NOPAT 276,074 283,513 296,981 312,012 305,473 328,838 357,930 389,282 422,801 457,847
Add: D&A 80,603 75,205 74,009 72,327 62,660 69,601 71,132 72,910 74,879 76,900
Less: Capex 87,400 53,593 190,452 13,556 60,575 53,539 76,603 128,995 57,599 59,154
Less: Change in W/C ($34,334) ($132,459) ($12,317) $11,493 (57,141) (22,559) (25,175) (26,053) (30,009)
Unlevered FCF $269,277 $339,459 $312,997 $383,100 $296,065 $402,040 $375,017 $358,373 $466,134 $505,603
PV of FCF @ Discount Rate 7.29% 374,728 325,795 290,185 351,802 355,667
PV of Projection Period 1,698,178
Discounted Cash Flow
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Bloomberg

24. 24
Name Ticker Mkt. Cap EV/EBITDA T12M Net Sales T12M P/E
Booz Allen BAH $4,395.20 12.15x $5,324.37 16.52x
Leidos Holdings LDOS $3,658.66 9.25x $5,086.00 16.86x
Maximus Inc MMS $3,107.13 12.77x $2,189.50 21.70x
Science Applications SAIC $2,345.34 8.92x $4,315.00 18.69x
Mantech International Corp MANT $1,173.55 9.71x $1,550.12 23.59x
Caci International CACI $2,537.07 10.10x $3,336.18 18.81x
Average $2,869.49 10.48x $3,633.53 19.93x
Comparables
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Source: Bloomberg

25. 25
United States Office Locations
Source: Company 10-K
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix
Corporate Headquarters
Major U.S. Military Installment
Office Location

26. 26
International Office Locations
Corporate Headquarters
Major U.S. Military Installment
Office Location
Source: Company 10-K
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix

27. 27
 March 2016: $5B IDIQ Cybersecurity and Information Systems Contract by Department of Defense
 October 2015: $937M Threat Intelligence Contract with Department of Defense
 August 2015: $500M Support Contract with Department of Health and Human Services
 June 2015: $3.5B Research and Development Task Order with U.S. Army
 June 2015: $7.9B Information Technology Contract with U.S. Air Force
 May 2015: $39M Cyber Security Task with Department of Homeland Security
Notable Contract Awards
Source: Company 10-K, Google Finance
Investment Thesis
& Overview
Industry Dynamics
Growth Opportunities
& Drivers
Valuation & Final
Thoughts
Appendix