EGL - Engility Holdings

[west]

I haven't looked at this company at all beyond just the financial statements and knowing that it's a recent spin-off from L-3.  However, at less than 3x the most recent year's FCF and less than 1.5x 2010 and 2009's FCF, and it being an S&P 500 spin-off, it's looking awfully promising.

 

Revenues have been decreasing pretty hard recently though.  And it's a government services firm, so analyzing the business and its ability to keep on making money will probably be tricky, if possible.

 

I'll dig into them in more detail probably tonight or tomorrow, but has anyone taken a look at these guys yet?

 

*edit: By FCF above, I mean my calculation of owners' earnings, not FCF.  The FCF numbers are actually a little better.  However, for me personally I don't like to include changes in W/C when doing initial glances at things.