Valuation & Comparison Matrix
		10-Jan														TTM	Latest									Market Cap.		Ent. Value
		2007														to FTM	Qtr.	TTM	FTM	TTM	FTM			TTM	FTM	TTM	FTM	TTM	FTM						EPS Growth							5 Yr.	2007
		Stock	52-Week:		% From:		FY	Sh.	Mkt.			Ent.	Debt/	TTM	FTM	Rev.	Yr./Yr. Rev.	P/S	P/S	EV/S	EV/S	TTM	FTM	EBITDA	EBITDA	EBITDA	EBITDA	EBITDA	EBITDA		Estimated CY E.P.S.:				Rate (GR)			P/E Ratios:				EPS	PEG
Company	Symb.	Price	High	Low	High	Low	End	Outst.	Cap.	Cash	Debt	Value	E.V.	Revs.	Revs.	Growth	GR	Ratio	Ratio	Ratio	Ratio	EBITDA	EBITDA	Margin	Margin *	Mult.	Mult.	Mult.	Mult.	BETA	2005A	2006E	2007E	2008E	'05/06	'06/07	'07/08	2005	2006	2007	2008	GR	Ratio
IBM	IBM	$  98.89	$100.33	$72.73	-1%	36%	Dec	1,510.0	$149,324	$10,900	$21,990	$160,414	13.7%	$89,590	$92,994	3.8%	5.1%	1.67	1.61	1.79	1.72	$16,580	$17,210	18.5%	18.5%	9.0	8.7	9.7	9.3	1.64	$5.32	$5.98	$6.54		12.4%	9.4%		18.6	16.5	15.1		10.0%	151
Boeing	BA	$  89.27	$92.05	$65.90	-3%	35%	Dec	790.7	$70,589	$5,620	$10,130	$75,099	13.5%	$59,110	$64,371	8.9%	19.3%	1.19	1.10	1.27	1.17	$4,410	$4,802	7.5%	7.5%	16.0	14.7	17.0	15.6	0.76	$3.20	$2.53	$4.74		-20.9%	87.4%		27.9	35.3	18.8		16.5%	114
Lockheed Martin	LMT	$  94.58	$94.85	$64.76	0%	46%	Dec	423.9	$40,092	$2,680	$4,440	$41,852	10.6%	$39,010	$41,195	5.6%	4.4%	1.03	0.97	1.07	1.02	$4,060	$4,287	10.4%	10.4%	9.9	9.4	10.3	9.8	0.43	$4.10	$5.58	$5.86		36.1%	5.0%		23.1	16.9	16.1		11.8%	137
General Dynamics	GD	$  79.29	$79.50	$56.77	0%	40%	Dec	404.6	$32,084	$963	$3,110	$34,231	9.1%	$23,580	$26,056	10.5%	14.5%	1.36	1.23	1.45	1.31	$2,940	$3,249	12.5%	12.5%	10.9	9.9	11.6	10.5	0.76	$3.61	$4.19	$4.75		16.1%	13.4%		22.0	18.9	16.7		10.3%	162
Infosys	INFY	$  54.23	$56.89	$31.96	-5%	70%	Mar	555.8	$30,140	$220	N/A	$29,920	N/A	$2,640	$3,500	32.6%	50.4%	11.42	8.61	11.33	8.55	$839	$1,113	31.8%	31.8%	35.9	27.1	35.7	26.9	1.87	$1.00	$1.41	$1.77		41.0%	25.5%		54.2	38.5	30.6		25.5%	120
Northrop Grumman	NOC	$  68.66	$71.37	$60.19	-4%	14%	Dec	345.4	$23,716	$1,460	$4,650	$26,906	17.3%	$30,450	$32,064	5.3%	1.9%	0.78	0.74	0.88	0.84	$3,200	$3,370	10.5%	10.5%	7.4	7.0	8.4	8.0	0.63	$3.80	$4.43	$4.84		16.6%	9.3%		18.1	15.5	14.2		10.5%	135
Raytheon	RTN	$  52.01	$54.17	$40.01	-4%	30%	Dec	444.6	$23,125	$1,160	$3,980	$25,945	15.3%	$22,770	$24,000	5.4%	6.8%	1.02	0.96	1.14	1.08	$2,450	$2,582	10.8%	10.8%	9.4	9.0	10.6	10.0	0.83	$2.08	$2.81	$3.12		35.1%	11.0%		25.0	18.5	16.7		16.1%	104
Accenture	ACN	$  37.34	$38.00	$25.68	-2%	45%	Aug	584.4	$21,820	$3,420	$52	$18,452	0.3%	$18,230	$19,907	9.2%	1.9%	1.20	1.10	1.01	0.93	$2,110	$2,304	11.6%	11.6%	10.3	9.5	8.7	8.0	1.58	$1.61	$1.83	$2.05		13.7%	12.0%		23.2	20.4	18.2		14.7%	124
L-3 Communications	LLL	$  81.43	$88.50	$66.50	-8%	22%	Dec	124.9	$10,174	$248	$4,630	$14,556	31.8%	$11,990	$13,045	8.8%	23.9%	0.85	0.78	1.21	1.12	$1,420	$1,545	11.8%	11.8%	7.2	6.6	10.3	9.4	0.95	$4.20	$4.20	$5.73		0.0%	36.4%		19.4	19.4	14.2		14.0%	102
Electronic Data Systems	EDS	$  26.93	$28.09	$22.42	-4%	20%	Dec	517.2	$13,929	$2,780	$3,090	$14,239	21.7%	$20,710	$21,559	4.1%	8.6%	0.67	0.65	0.69	0.66	$1,970	$2,051	9.5%	9.5%	7.1	6.8	7.2	6.9	1.38	$0.62	$0.87	$1.43		40.3%	64.4%		43.4	31.0	18.8		10.0%	188
Computer Sciences Corp.	CSC	$  51.66	$60.39	$46.23	-14%	12%	Mar	172.0	$8,883	$703	$2,120	$10,300	20.6%	$14,620	$15,146	3.6%	0.9%	0.61	0.59	0.70	0.68	$2,160	$2,238	14.8%	14.8%	4.1	4.0	4.8	4.6	0.97	$3.33	$3.61	$4.22		8.4%	16.9%		15.5	14.3	12.2		10.5%	117
Affiliated Computer Svs.	ACS	$  48.67	$63.66	$46.50	-24%	5%	Jun	118.1	$5,749	$101	$1,640	$7,289	22.5%	$5,350	$5,778	8.0%	13.7%	1.07	1.00	1.36	1.26	$876	$946	16.4%	16.4%	6.6	6.1	8.3	7.7	1.17	$3.02	$3.25	$3.82		7.6%	17.5%		16.1	15.0	12.7		14.5%	88
SAIC	SAI	$  17.78	$21.10	$17.21	-16%	3%	Jan	410.3	$7,295	$3,640	$1,220	$4,875	25.0%	$8,120	$8,688	7.0%	5.8%	0.90	0.84	0.60	0.56	$654	$700	8.1%	8.1%	11.2	10.4	7.5	7.0	0.00	N/A	$0.97	$0.86		N/A	-11.3%		N/A	18.3	20.7		10.5%	197
Unisys	UIS	$    8.19	$8.22	$4.72	0%	74%	Dec	344.6	$2,822	$612	$1,050	$3,260	32.2%	$5,770	$5,874	1.8%	1.7%	0.49	0.48	0.57	0.56	$353	$359	6.1%	6.1%	8.0	7.9	9.2	9.1	2.79	($0.46)	($0.81)	$0.23		76.1%	nm		-17.8	-10.1	35.6		9.5%	375
CACI	CAI	$  57.21	$68.24	$47.26	-16%	21%	Jun	30.7	$1,754	$41	$342	$2,055	16.6%	$1,800	$1,978	9.9%	10.5%	0.97	0.89	1.14	1.04	$203	$223	11.3%	11.3%	8.7	7.9	10.1	9.2	0.76	$2.72	$3.00	$3.37		10.3%	12.3%		21.0	19.1	17.0		19.5%	87
Perot Systems	PER	$  16.16	$17.07	$12.99	-5%	24%	Dec	120.1	$1,940	$302	$85	$1,723	4.9%	$2,200	$2,251	2.3%	14.3%	0.88	0.86	0.78	0.77	$243	$249	11.1%	11.1%	8.0	7.8	7.1	6.9	0.97	$0.87	$0.88	$0.93		1.1%	5.7%		18.6	18.4	17.4		12.5%	139
DynCorp	DCP	$  16.30	$16.95	$8.87	-4%	84%	Mar	57.0	$929	$80	$633	$1,481	42.7%	$2,110	$2,182	3.4%	8.0%	0.44	0.43	0.70	0.68	$155	$160	7.3%	7.3%	6.0	5.8	9.6	9.3	0.00	N/A	$0.40	$0.99		N/A	147.5%		N/A	40.8	16.5		13.5%	122
SRA International	SRX	$  27.50	$38.28	$23.31	-28%	18%	Jun	56.2	$1,546	$227	$0	$1,319	0.0%	$1,200	$1,364	13.7%	8.3%	1.29	1.13	1.10	0.97	$129	$146	10.7%	10.7%	12.0	10.6	10.2	9.0	1.18	$1.08	$1.24	$1.71		14.8%	37.9%		25.5	22.2	16.1		19.5%	82
ManTech	MANT	$  37.34	$38.75	$25.75	-4%	45%	Dec	33.7	$1,259	$47	$0	$1,212	0.0%	$1,110	$1,232	11.0%	8.1%	1.13	1.02	1.09	0.98	$107	$118	9.6%	9.6%	11.8	10.6	11.4	10.2	0.89	$1.57	$1.61	$1.82		2.5%	13.0%		23.8	23.2	20.5		15.0%	137
SI International	SINT	$  32.31	$36.26	$26.41	-11%	22%	Dec	13.0	$419	$16	$84	$487	17.3%	$463	$522	12.9%	17.8%	0.90	0.80	1.05	0.93	$45	$51	9.7%	9.7%	9.3	8.2	10.8	9.6	1.81	$1.45	$1.55	$1.84		6.9%	18.7%		22.3	20.8	17.6		15.5%	113
Stanley Associates	SXE	$  15.22	$18.24	$14.91	-17%	2%	Mar	21.2	$322	$0	$100	$422	23.7%	$344	$406	18.0%	46.9%	0.94	0.79	1.23	1.04	$29	$34	8.5%	8.5%	11.1	9.4	14.5	12.3	0.00	N/A	$0.53	$0.87		N/A	64.2%		N/A	28.7	17.5		17.5%	100
MTC Technologies	MTCT	$  21.94	$30.09	$18.64	-27%	18%	Dec	15.3	$336	$5	$85	$415	20.3%	$402	$432	7.5%	3.9%	0.84	0.78	1.03	0.96	$47	$51	11.8%	11.8%	7.1	6.6	8.8	8.2	1.09	$1.35	$1.26	$1.38		-6.7%	9.5%		16.3	17.4	15.9		18.0%	88
ICF International, Inc.	ICFI	$  14.75	$18.07	$11.66	-18%	27%	Dec	13.8	$204	$2	$26	$228	11.3%	$269	$350	30.2%	155.7%	0.76	0.58	0.85	0.65	$18	$23	6.7%	6.7%	11.3	8.7	12.7	9.7	0.00	N/A	$0.71	$1.13		N/A	59.2%		N/A	20.8	13.1		25.0%	52
NCI Inc	NCIT	$  14.46	$16.37	$10.35	-12%	40%	Dec	13.3	$193	$19	$0	$174	0.0%	$201	$224	11.3%	19.6%	0.96	0.86	0.87	0.78	$14	$16	7.0%	7.0%	13.8	12.4	12.4	11.2	(0.24)	$0.71	$0.65	$0.77		-8.5%	18.5%		20.4	22.2	18.8		20.0%	94
Dynamics Research Corp	DRCO	$    9.23	$15.65	$8.64	-41%	7%	Dec	9.3	$86	$1	$22	$107	20.3%	$270	$255	-5.8%	-20.2%	0.32	0.34	0.40	0.42	$20	$19	7.5%	7.5%	4.2	4.5	5.3	5.6	0.23	$1.24	$0.40	$0.54		-67.7%	35.0%		7.4	23.1	17.1		10.0%	171
BearingPoint**	BE	$    7.82	$9.59	$7.36	-18%	6%	Dec	N/A	$0	N/A	N/A	NM	N/A	N/A	NM	N/A	N/A	NM	NM	NM	NM	N/A	NM	NM	NM	NM	NM	NM	NM	1.15	N/A	n			N/A	nm		N/A	n	n		n	n
Avg. -- Total	25				-11%	29%			$17,259			$19,079	16.3%	$14,492	$15,415	9.2%	17.3%	1.35	1.17	1.41	1.23			11.2%	11.2%	10.2	9.2	10.9	9.8	0.91					11.2%	29.9%		21.1	21.0	17.9		14.8%	132
Avg. - Sales < $5,000M	12				-16%	31%			$3,261			$3,295	13.1%	$1,084	$1,225	12.3%	26.9%	1.74	1.90	1.80	1.48			11.1%	11.1%	11.6	10.0	12.4	10.7	0.71					-0.5%	37.2%		17.5	24.6	18.2		17.6%	109
Avg. - Sales > $5,000M	13				-6%	29%			$31,508			$33,648	18.0%	$26,869	$28,514	6.3%	8.3%	0.99	0.93	1.06	0.99			11.4%	11.4%	9.0	8.4	9.5	8.9	1.07					18.6%	20.9%		18.0	17.7	17.7		12.2%	153