KEYW
How an earnings update separates a near-term estimate cut from an unchanged thesis, and values a small-cap on forward EV/EBITDA.
- Rating
- Price target
- USD 18.00
- Published
- April 30, 2013
- Length
- 7 pages
- Sector
- Defense IT
- Market
- US
What the analyst argued
SunTrust reiterated its Buy on KEYW after first-quarter results because Project G, the company's commercial cyber-analytics product, shipped its first unit ahead of the promised second-quarter timetable. Revenue of $78M rose 40% and beat consensus, but adjusted EPS missed on hiring to support Project G, so the analysts cut 2013 EBITDA from $42M to $36M while keeping an $18 target based on a forward EV/EBITDA multiple at a slight premium to government-services and security-software peers. Catalysts were partnership announcements and Project G sales.
Lead analysts: Tobey Sommer, Frank Atkins.
Inside the report
- 01Reiterate Buy; Project G Ahead of Schedule
- 02Comments
- 03Quick Snapshot of 1Q13 Results
- 04KEYW Valuation
- 05Company Description
- 06Actual and Forecasted Income Statements
- EV/EBITDA
- Comparable companies
Includes a multi-year earnings model with the income statement, balance sheet, and cash flow forecasts the valuation is built on.
Read the report
7 pages
Tap the cover to open the PDF.Published by SunTrust Robinson Humphrey on April 30, 2013 and hosted here for educational use; the report and everything in it belongs to SunTrust Robinson Humphrey. The rating, estimates, and price target are the analysts’ view on that date, more than a decade ago, and are not a recommendation today. Copy first uploaded October 5, 2026.
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