Contents
Summary: Key themes and top picks for 2013 3
Key themes in Aerospace 3
Key themes in Defense 3
Our top picks in the space 3
Regional jets 11
Business jets 13
Defense: What’s currently priced in/expected 16
What do Defense stocks already price 16
Defense: the social contract and M&A 18
Cash generation and deployment to drive differentiation 18
Fundamentals supportive of potential M&A activity 19
GS EPS estimates vs. consensus 26
GS US valuation multiples and share price performance 27
Disclosure Appendix 28