CACI国际：国防科技峰会关注电子战、太空及数字领域多元化技术

USA | Aerospace & Defense ElectronicsCACI Int'l Defense Tech Summit Takes: Diversifying TechAcross EW, Space, and Digital We hosted Jason Bales, SVP and CTO of CACI, at our Jefferies Virtual DefenseTechnologies Summit. Key takes: 1) EW and space are enduring prioritymarkets; 2) software-defined systems are critical to field capability at speed; 3)ARKA expands CACI into all-domain sensing; 4) Counter-UAS demand remains Electromagnetic Warfare Remains A Core Enduring Market.EW is positioned around sensing,identifying, geolocating, tracking, and mitigating adversary spectrum activity, with over 1,000systems deployed globally sensing the electromagnetic spectrum. Counter-UAS is a majorcomponent, with 300+ systems deployed globally and capability spanning commercial drones Software-Defined Systems Are Driving Speed To Field.The customer bottleneck is speed, withnon-software-defined systems increasingly at risk of falling behind as threats evolve.CACI’s agilesolutions factory spans ~30 programs, ~$9BB-$10BB of contract value, and ~300 teams. Softwaredelivery has shifted from quarterly drops to over 1,000 releases last year and a target of ~1,300 this .Source: FactSet, Jefferies estimates Space Portfolio Expands With ARKA And All-Domain Sensing.ARKA moves CACI from land,air, and maritime sensing into space, making the company an all-domain sensing provider. Theacquired capability includes high-end EOIR imaging sensors, decades of tradecraft, IP, facilities, andspecialized production processes for mission-critical space sensors. ARKA was expected at close Actionable Intelligence Is Becoming The Focus In Space.ARKA adds ground processing andAgentic AI platforms deployed on classified networks, with software operating on the high side for~2 years and learning from classified data. The objective is to automate mission management, International Growth Is Moderate And Allied-Focused.International demand is concentratedamong NATO and Five Eyes partners across Counter-UAS, SIGINT, and EW. CACI has sold systemsinto ~20 countries, including Counter-UAS capability to Canada, and close to closing backpackCounter-UAS capability with Australia. Export controls remain a constraint, and the approach is to Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com Greg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comKyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.com Near-Term Milestones Center On Production, Supply Chain, Integration, And JTMS. Over the next12-24 months, key watch items include Spectral ramping into production for the Naval SurfaceFleet, Merlin Counter-UAS supply-chain ramping to meet demand, ARKA’s multi-INT processing and William Healey * | Equity Associate+1 (212) 778-8725 | bhealey@jefferies.comEegan McDermott * | Equity Associate+1 (212) 323-3325 | emcdermott1@jefferies.com Speaker Bio role, Bales is responsible for advancing critical technologies, driving technology investments,identifying and developing strategic partnerships, and recruiting and developing the company’stechnical workforce to accelerate growth and innovatively address customers’ most challenging Company Description CACI Int'l Headquartered in Arlington, VA, CACI was founded in 1962 as a simulation technology company. Over time, the company has grown into an informationsolutions and services provider, with primary customers as agencies and departments of the U.S. government. CACI went public in August 1968.The company’s information solutions and services support national security missions and government modernization/transformation for intelligence,defense, and federal civilian customers. CACI delivers innovative, high-end information solutions and services that support the critical missions of its Company Valuation/Risks CACI Int'l Our price target is based on: i) EV/EBITDA; ii) P/E; and iii) FCF yield. Risks include acquisition integration risk and competitive bidding. Analyst Certification: I, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Kyle Wenclawiak, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommenda