德安华Kroll：全球航空航天、国防及政府服务研究报告：2024年回顾及2025年展望（英文版）

M&A Transaction Multiples Increased in 2024 to the Highest Level Since 2021 ADG M&A Valuation and Buyer Trends (1) For deals with disclosed value Source: DACIS Mergers & Acquisitions; Capital IQ 13.6x13.8x 11.8x 14.8x 19.1x 12.4x 15.8x 18.5x 9.1x 15.6x 12.2x 13.4x 9.1x 11.2x 9.8x 10.9x 16.5x 13.8x 10.9x 13.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Average EV/EBITDA Multiple by Quarter(1) 13.5x 16.4x 12