Table of Contents
Investment Summary 3
Key Industry Investment Considerations 4
Company Investment Case Summaries 9
Historical Valuation 12
Key Drivers 16
Industry Trends 20
Industry Overview 24
Deconstructing the Federal IT Industry 24
The FED IT Sub-segment 26
The Cybersecurity Sub-segment 28
C4ISR 28
The Intelligence Subsegment 29
Industry Participants 31
Risks 34
Valuation Methodology 35
HOLT Analysis 36
CACI International, Inc. (CACI) 40
Investment Summary 41
Business Description 43
Defense & Fed IT Sector Outlook and CACI Catalysts 52
Valuation Methodology & Target Price Sensitivity 54
Risks 60
Earnings and Cash Flow Projections 61
Corporate Governance and Share Ownership 63
Management 65
ManTech International Corp. (MANT) 69
Investment Summary 70
Business Description 72
Defense & Fed IT Sector Outlook and MANT Catalysts 80
Valuation Methodology & Target Price Sensitivity 82
Risks 87
Earnings and Cash Flow Projections 89
Balance Sheet 91
Corporate Governance and Share Ownership 92
SAIC (SAI) 98
Investment Summary 99
Business Description 100
Defense & Fed IT Sector Outlook and SAI Catalysts 111
Valuation Methodology & Target Price Sensitivity 114
Risks 119
Earnings and Cash Flow Projections 121
Corporate Governance and Share Ownership 123