Mda Cibc

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Institutional Equity Research

Earnings Update
July 30, 2014

Software & Systems

MacDonald, Dettwiler and
Associates Ltd.
Q2 Results A Beat As RCM And Other Contracts
Ramp Up
MDA reported Q2 results that were well ahead of consensus, with revenue
of $553 mln. and adjusted EPS of $1.43 (consensus of $502 mln/$1.39).
The beat was driven by the faster-than-expected ramp-up of RCM and other
recent contract wins. Backlog was $3 bln., up seq. from $2.8 bln.
EBITDA margins (16.4% vs. 17.6% cons.) were impacted by construction
ramp-up, pricing pressure and legal expenses associated with ViaSat. We
expect margins to trend closer to 18% as revenue mix normalizes and cost
savings are realized from processes refinement and tech. improvement.
SSL continues to maintain its historic market share (25%-30%), with five
awards YTD. Bidding activity remains competitive and commercial demand
robust. U.S. government work is slowly gaining traction and MDA is well
positioned (recent tuck-in, USAF IDIQ position, DARPA work).
Looking forward, the pipeline remains robust as satellite orders flow and we
view the overall outlook as stable given solid demand. We continue to see
upside potential from emerging markets, hosted payloads, robotics and
acquisitions. We retain our SO rating and $94 price target.

Stock Price Performance

Source: Reuters

All figures in Canadian dollars, unless otherwise stated. 14-130835 2014
CIBC World Markets does and seeks to do business with companies covered in
its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their
investment decision.
See "Important Disclosures" section at the end of this report for important
required disclosures, including potential conflicts of interest.
See "Price Target Calculation" and "Key Risks to Price Target" sections at the
end of this report, where applicable.

StephaniePrice, CFA
1 (416) 594-7047
Stephanie.Price@cibc.ca

Varun Choyah
1 (416) 956-3229
Varun.Choyah@cibc.ca
Stock Rating:
Sector Outperformer
Sector Weighting:
Market Weight
12-18 mo. Price Target $94. 00
MDA-TSX (7/30/ 14) $82. 00

Key Indices: None
3-5-Yr. EPS Gr. Rate (E) 6.0%
52-week Range $74. 66-$91.20
Shares Outstandi ng 36.0M
Float NA Shrs
Avg. Daily Tradi ng Vol. 109, 500
Market Capi tal ization $2,952.0M
Dividend/Div Yield $1.30 / 1.6%
Fiscal Year Ends December
Book Value $23. 34 per Shr
2014 ROE (E) 26.3%
Net Debt $624.8M
Preferred Nil
Common Equi ty $840.4M
Convertibl e Available No

Earnings Per Share Prev Current
2013 $5.13A
2014 $5.89E $5.89E
2015 $6.70E $6.67E
P/E
2013 16.0x
2014 13.9x 13.9x
2015 12.2x 12.3x

EBITDA ($mln)
2013 $325.4A
2014 $369.5E $371.1E
2015 $412.3E $413.0E
EV/EBITDA
2013 11.0x
2014 9.7x 9.7x
2015 8.7x 8.7x

Company Description
MacDonald, Dettwiler and Associates Ltd. provides
systems for earth observation, space, and defence, as
well as information products that deliver land and
property information.
www.mda.ca
Q2 Results A Beat As RCM And Other Contracts Ramp Up - July 30, 2014
2
MacDonald, Dettwiler and Associates Ltd. Sector Outperformer
MDA-TSX 7/30/14 $82.00 Stephanie Price, CFA (416-594-7047) Stephanie.Price@cibc.ca
12- To 18- Month Price Target: $94.00 Varun Choyah, (416-956-3229) Varun.Choyah@cibc.ca
Software & Systems
Sector Weighting: Market Weight
All Figures in Canadian millions, except per share data.
Key Statistics
Share Price $82.00 Net Cash (Debt) (624.8)
Shares Outstanding 36.1 Enterprise Value 3,583
Market Capitalization 2,959
Key Multiples F2013A F2014E F2015E
P/E 16.0x 13.9x 12.3x
EV/EBITDA 11.0x 9.7x 8.7x
Peers (Average)
P/E 18.7x 17.7x 17.8x
EV/EBITDA 11.9x 10.2x 9.1x
Profitability F2013A F2014E F2015E
EBITDA Margin 17.9% 17.0% 17.5%
Net Margin 9.9% 9.7% 10.2%
Cash Per Share $2.45 $7.02 $10.88
Nebt Debt/EBITDA 1.57 0.96 0.28
Income Statement F2013A F2014E F2015E
Sales 1819.0 2178.2 2361.0
Growth (y/y) 106.7% 19.8% 8.4%
Expenses 1505.3 1822.9 1962.7
EBITDA 325.4 371.1 413.0
Amortization (76.9) (79.8) (56.0)
Interest (49.0) (29.2) (20.1)
EBT 128.6 219.6 322.2
Tax Expense (Recovery) 23.5 49.8 87.0
Adjusted Net Income (Loss) 179.9 212.3 240.7
Adj. FD EPS $5.13 $5.89 $6.67
Free Cash Flow Performance F2013A F2014E F2015E
Cash Flow From Operations 152.4 293.7 343.3
Capital Expenditures (41.5) (53.8) (50.0)
Free Cash Flow 111.0 239.9 293.3
Free Cash Flow Per Share $3.17 $6.65 $8.13
Free Cash Flow Yield 4% 8% 10%
Balance Sheet F2013A F2014E F2015E
Cash & ST Investments 86.0 253.4 392.5
Goodwill & Intangibles 1076.1 1054.4 1015.7
Total Assets 2584.2 3085.3 3288.1
Debt 596.3 607.9 507.9
Total Liabilities 1788.1 2151.5 2157.2
Shareholder's Equity 796.2 933.8 1130.9
MacDonald, Dettwiler and Associates Ltd. is a global communications and
information company providing operational solutions to commercial and government
organizations.
The $875 million acquisition of SS/L provides the company with a critical mass in the
commerical satellite market, increases private sector revenue base and increases
US presence.
Investment Thesis
Company Profile
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Source: Company reports and CIBC World Markets I nc.

3
Q2 A Beat As RCM And Other Contracts Ramp
MacDonald Dettwiler and Associates (MDA-SO) reported Q2 results that were
well ahead of consensus, with revenue of $553 million and adjusted EPS of
$1.43 (versus consensus of $502 million/$1.39). Total backlog was $3 billion, up
sequentially from $2.8 billion.
The steady pace of satellite awards and ramp-up of RCM (nearing the peak) led
to the top-line beat. However, profitability (16.4% margins versus expectations
of 17.6%) was impacted by the larger proportion of satellite construction work,
continued pricing pressure in the commercial satellite market and legal expenses
associated with the ViaSat (VSAT-OTC) lawsuit ($2.5 million spent to date). MDA
is currently undertaking a processes improvement initiative to streamline
processes, enhance efficiency and improve technology. This is expected to drive
cost savings and offset margin pressure. We expect margins to improve towards
the targeted 18% level over the next year.
U.S. government market is slowly gaining traction; however, activity remains
well below pre-sequestration. Given pent-up demand, we expect orders to flow
at some point, but believe it will take several quarters for procurement activity
to be set in motion. Subsequent to the quarter, MDA secured a position on a
five-year IDIQ vehicle with the USAF for hosted payloads for LEO and GEO
satellites, with a ceiling of $500 million, and the company continues to
participate in DARPA and NASA projects. We believe these early successes will
position the company to secure larger contracts in the future.
Looking forward, the pipeline remains robust as satellite orders flow, with SSL
maintaining historic market share (25% to 30%). While we see some areas of
potential concern (Russia, Ukraine and ViaSat claim), we believe these are
contained and view the overall outlook as stable given solid demand for
commercial satellites. We continue to see upside potential from emerging
markets, hosted payloads, robotics and acquisitions. We retain our SO rating
and $94 price target.
Exhibit 1. GEO Satellite Awards 2014 YTD
Satellite Customer Contractor Model Expected Launch
SES 10 SES Americom Airbus Defense and Space Eurostar-3000 2016
SES 12 SES Americom Airbus Defense and Space Eurostar-3000EOR 2017
Intelsat 35e Intelsat Boeing Satellite Systems BSS-702MP 2017
NexStar 1 Aniara Dauria Aerospace 2017
NexStar 2 Aniara Dauria Aerospace 2017
Superbird 8 SKY Perfect JSAT Mitsubishi Electric DS-2000 2015
Thaicom 8 Thaicom OSC Star-2 2016
BRIsat Bank Rakyat Indonesia Space Systems Loral LS-1300 2016
Echostar 23 Echostar Space Systems Loral LS-1300 2016
Hispasat 1F Hispasat Space Systems Loral LS-1300 2016
JCSat 15 JSAT Space Systems Loral LS-1300 2016
JCSat 16 JSAT Space Systems Loral LS-1300 2016
HellasSat 3 Inmarsat / HellasSat Thales Alenia Spacebus-4000C4 2016
Koreasat 5A KT Sat Thales Alenia Spacebus-4000B2 2017
Koreasat 7 KT Sat Thales Alenia Spacebus-4000B2 2017
Yamal 601 Gazprom Space Systems Thales Alenia Spacebus-4000C4 2016
Telkom 3S PT Telkomunikasi Thales Alenia Spacebus-4000B2 2017
4
Financial Highlights
MDA reported Q2 revenue of $553 million and adjusted net income of $51.5
million ($1.43/share).
Exhibit 2. Financial Summary ($ mlns., except EPS)
Revenues EBITDA Adj. Net
Income
Adj. EPS
Q2/14 Actual 553 90.7 51.5 1.43
Year Ago Q2/13
450 81.5 43.3 1.20
Y/Y Change 23% 11% 19% 19%

Consensus 502 88.2 47.9 1.39
Q2/14 CIBC Est.
510 92.0 51.9 1.44
Revenue: Revenue in the communications segment was $391 million, up
17% Y/Y as a result of increased volumes from higher levels of activity on
satellite construction as well as favorable FX translation. Revenue in
surveillance and intelligence was up 39% year over year to $161 million
primarily due to the ramp-up of RCM, which contributed over $40 million in
Q2 and is approaching its peak, as well as higher volumes in robotics
programs.
Backlog And Contract Signings: Total backlog stood at $3 billion, up
sequentially from $2.8 billion. Notable contracts in Q2 include 1) a satellite
orders from Bank Rakyat Indonesia (BBRI-JK) and HISPASAT, with an order
from Echostar (SATS-OTC) announced post quarter; 2) a $30 million hosted
payload order from Aselsan Electronic Industries (ASELS-IS); 3) $5 million
UAV award with the Canadian Defense Force, with $11 million in optionality;
and 4) over $32 million in geospatial contracts.
Profitability: Adjusted EBITDA was $90.7 million versus $81.5 million a
year ago. Margins of 16.4% were lower than consensus (17.6%) and our
estimate of 18%. The 170 bps Y/Y impact is attributable to higher proportion
of satellite construction contracts, pricing pressures on the commercial
satellite market and mix of construction and service contracts in the
surveillance and intelligence business.
Cash: MDA used $6 million in cash from operations versus $27 million used
in Q2/13 primarily due to drawdowns in working capital for satellite
construction contracts. We expect a reversal in working capital in the back-
half of the year as satellite construction work progresses. During the
quarter, the company invested $17.6 million in capex and drew $70 million
from its revolver to fund operating activities. The company exited the
quarter with net debt of $625 million (1.77x net debt to EBITDA) versus
$609 million ($1.73x) in Q1.
Acquisitions: Post Q2, MDA announced a tuck-in acquisition of an unnamed
radar and information sensor business in the U.S., which provides unique
radar processing capability. This together with SSL provides MDA with ability
to secure additional U.S. surveillance and intelligence work, in our view.
ViaSat Litigation: During the quarter, Loral (LORL-NASDAQ) and SSL filed
12 post-trial motions seeking to overturn the verdict of patent infringement
5
of three ViaSat patents and US$283 million damage award. We note MDA is
indemnified up to a cap of US$200 million from issues surrounding the
lawsuit and related costs based on the purchase agreement with Loral
Holdings. As a result, we believe the headwind from the potential damage
award will be relatively muted. SSL is looking to have the jurys decision
thrown out or reduced to a lower amount (possibly below the indemnity
cap). Though MDA already has a design work-around in place to mitigate
patent infringement, the impact on existing construction work is muted
given there is no significant HTS-type satellite in the pipeline. In post-trial
motions, ViaSat is seeking a permanent injunction to halt the sales of
current and future infringing satellites. SSL and Loral have opposed this
motion. A hearing for these motions is set for August 7. We believe there is
a strong likelihood that the motion for permanent injunction will be
dismissed as ViaSat has to demonstrate proof of entitlement to this remedy.
Changes To Our Model
We have revised our model to reflect recent results and the current outlook as
follows:
Exhibit 3. Financial Outlook
Revs ($ mln.) EBITDA ($ mln.) EPS

2013A 1,819 325.4 5.13

2014E
CIBC new 2,178 371.1 5.89
CIBC prior 2,053 369.5 5.89
Consensus 2,010 352.1 5.68

2015E
CIBC new 2,361 413.0 6.67
CIBC prior 2,205 412.3 6.70
Consensus 2,167 393.0 6.45
Price Target Calculation
Our $94.00 price target is derived by applying a 9.5x multiple to our 2015
estimates, supported by a discounted cash flow (8.27% discount rate, 12x
terminal multiple).
Key Risks To Price Target
The key risks to our price target include, but are not limited to: delayed or
reduced spending from Canadian, U.S. or international space/defense agencies
on satellite/aerial surveillance, imaging or robotics technology; the inability of
management to deploy its capital on accretive acquisitions or investments; and,
cost overruns on large, fixed-price contracts.
6

Our EPS estimates are shown below:

1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. Yearly
2013 Current $1.30A $1.20A $1.29A $1.34A $5.13A
2014 Prior $1.37A $1.44E $1.50E $1.59E $5.89E
2014 Current $1.37A $1.43A $1.51E $1.57E $5.89E
2015 Prior -- -- -- -- $6.70E
2015 Current -- -- -- -- $6.67E

Our EBITDA ($mln) estimates are shown below:

1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. Yearly
2013 Current $81.6A $81.5A $80.4A $81.9A $325.4A
2014 Prior $85.3A $92.0E $94.2E $98.0E $369.5E
2014 Current $85.3A $90.7A $96.5E $98.6E $371.1E
2015 Prior -- -- -- -- $412.3E
2015 Current -- -- -- -- $413.0E

7
IMPORTANT DISCLOSURES:
Analyst Certification: Each CIBC World Markets research analyst named on the front page of this research report, or
at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein
accurately reflect such research analyst's personal views about the company and securities that are the subject of this
report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii)
no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed by such research analyst in this report.
Potential Conflicts of Interest: Equity research analysts employed by CIBC World Markets are compensated from
revenues generated by various CIBC World Markets businesses, including the CIBC World Markets Investment Banking
Department. Research analysts do not receive compensation based upon revenues from specific investment banking
transactions. CIBC World Markets generally prohibits any research analyst and any member of his or her household from
executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets
generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that
such analyst covers.
In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report,
CIBC World Markets may have a long position of less than 1% or a short position or deal as principal in the securities
discussed herein, related securities or in options, futures or other derivative instruments based thereon.
Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures
set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for MacDonald, Dettwiler and
Associates Ltd. (MDA)
2g CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services
from MacDonald, Dettwiler and Associates Ltd. in the next 3 months.
8
Companies Mentioned in this Report that Are Not Covered by CIBC World Markets Inc.:

Stock Prices as of 07/30/2014:
Airbus Group NV (AIR-PA, 45.00, Not Rated)
Aselsan Elektronik Sanayi ve Ticaret AS (ASELS-IS, [TRL]9.47, Not Rated)
Bank Rakyat Indonesia (BBRI-JK, [IDR]11200.00, Not Rated)
Boeing Company (BA-NYSE, US$122.29, Not Rated)
Echostar Corporation (SATS-OTC, US$51.47, Not Rated)
Gazprom OAO (GAZP-MO, [RUB]133.40, Not Rated)
Inmarsat Holdings (ISAT-L, p7.40, Not Rated)
Intelsat LTD (I-NYSE, US$19.00, Not Rated)
KT Corp. (KTC-NYSE, US$16.12, Not Rated)
Lockheed Martin Corporation (LMT-NYSE, US$170.18, Not Rated)
Loral Space & Communications (LORL-NASDAQ, US$72.31, Not Rated)
Mitsubishi Electric Corp. (6503-T, 1392.00, Not Rated)
Orbital Sciences Corp. (ORB-NYSE, US$25.72, Not Rated)
PT Telekomunikasi Indonesia (TLKM-JK, [IDR]2650.00, Not Rated)
SES SA (SESG-PA, 27.58, Not Rated)
SKY Perfect JSAT Holdings (9412-T, 625.00, Not Rated)
Thaicom (THCOM-BK, [THB]35.50, Not Rated)
Thales SA (HO-PA, 43.15, Not Rated)
ViaSat Inc. (VSAT-OTC, US$59.79, Not Rated)

9
CIBC World Markets Inc. Price Chart

HISTORICAL PERFORMANCE OF CIBC WORLD MARKETS INC. RECOMMENDATIONS FOR MACDONALD,
DETTWILER AND ASSOCIATES LTD. (MDA)
Date Change Type Closing Price Rating Price Target Coverage
08/01/2011

52.97 SP 59.50 Stephanie Price, CFA
08/23/2011

47.85 R - Stephanie Price, CFA
10/07/2011

10/10/2011

02/29/2012

06/28/2012

57.05 SO 66.00 Stephanie Price, CFA
09/14/2012

10/28/2012

02/22/2013

03/01/2013

03/07/2013

72.77 R - Stephanie Price, CFA
03/27/2013

08/01/2013

02/17/2014

02/25/2014


10
CIBC World Markets Inc. Stock Rating System
Abbreviation Rating Description
Stock Ratings
SO Sector Outperformer Stock is expected to outperform the sector during the next 12-18 months.
SP Sector Performer Stock is expected to perform in line with the sector during the next 12-18 months.
SU Sector Underperformer Stock is expected to underperform the sector during the next 12-18 months.
NR Not Rated CIBC World Markets does not maintain an investment recommendation on the stock.
R Restricted CIBC World Markets is restricted*** from rating the stock.
Sector Weightings**
O Overweight Sector is expected to outperform the broader market averages.
M Market Weight Sector is expected to equal the performance of the broader market averages.
U Underweight Sector is expected to underperform the broader market averages.
NA None Sector rating is not applicable.
**Broader market averages refer to the S&P 500 in the U.S. and the S&P/TSX Composite in Canada.
"Speculative" indicates that an investment in this security involves a high amount of risk due to volatility and/or liquidity issues.
***Restricted due to a potential conflict of interest.

Ratings Distribution*: CIBC World Markets Inc. Coverage Universe
(as of 30 Jul 2014) Count Percent Inv. Banking Relationships Count Percent
Sector Outperformer (Buy) 150 40.0% Sector Outperformer (Buy) 145 96.7%
Sector Performer (Hold/Neutral) 181 48.3% Sector Performer (Hold/Neutral) 168 92.8%
Sector Underperformer (Sell) 37 9.9% Sector Underperformer (Sell) 30 81.1%
Restricted 6 1.6% Restricted 6 100.0%
Ratings Distribution: Software & Systems Coverage Universe
(as of 30 Jul 2014) Count Percent Inv. Banking Relationships Count Percent
Sector Outperformer (Buy) 3 60.0% Sector Outperformer (Buy) 3 100.0%
Sector Performer (Hold/Neutral) 2 40.0% Sector Performer (Hold/Neutral) 2 100.0%
Sector Underperformer (Sell) 0 0.0% Sector Underperformer (Sell) 0 0.0%
Restricted 0 0.0% Restricted 0 0.0%
Software & Systems Sector includes the following tickers: CDV, CSU, DSGX, MDA, OTEX.

*Although the investment recommendations within the three-tiered, relative stock rating system utilized by CIBC World Markets Inc.
do not correlate to buy, hold and sell recommendations, for the purposes of complying with NYSE and NASD rules, CIBC World
Markets Inc. has assigned buy ratings to securities rated Sector Outperformer, hold ratings to securities rated Sector Performer, and
sell ratings to securities rated Sector Underperformer without taking into consideration the analyst's sector weighting.

Important disclosures required by IIROC Rule 3400, including our system for rating investment opportunities and
our dissemination policy, can be obtained by visiting CIBC World Markets Inc. on the web at
http://researchcentral.cibcwm.com under 'Quick Links' or by writing to CIBC World Markets Inc., Brookfield Place, 161
Bay Street, 4th Floor, Toronto, Ontario M5J 2S8, Attention: Research Disclosures Request.
11
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12
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without notice.
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2014 CIBC World Markets Inc. All rights reserved. Unauthorized use, distribution, duplication or disclosure
without the prior written permission of CIBC World Markets is prohibited by law and may result in prosecution.

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