Lockheed Martin. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jason Flynn. Mike Havris. TJ O Sullivan.
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1 Lockheed Martin
2 T r i n i t y S M F Lockheed Martin Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jason Flynn Mike Havris TJ O Sullivan Mark Perham
3 T R I N I T Y S M F Investment Thesis
4 T R I N I T Y S M F Summary of Investment Thesis Why invest now? Stock has fallen with market due to uncertainty, not due to reduced value proposition. Why invest in this industry? The aerospace and defense industry has proven relatively Immune to the impact of oil and gas issues across the world. Why invest in Lockheed Martin? Lockheed Martin is the best in class stock in this sector. it has a long history of success, good long-term growth prospects, and is available for a reasonable price. How does this fit into the SMF s Portfolio? A reduced correlation with oil price is desirable, especially compared to the other current Industrial holdings PRICE GROWTH QUALITY PRODUCTS MACRO ENVIRONMENT
5 T R I N I T Y S M F Company Overview
6 T R I N I T Y S M F Introduction: Company Snapshot Recommendation BUY Current Price $ Price Target $ Upside 42% Timeline 2 years Market Cap. $62.58 B 52wk range $ $ P/E Div. Yield 3.13% FCF Yield 7% Analyst Consensus Buy or Hold
7 Revenue Aeronautics MST MFC IS&GS Space Systems
8 Revenue Breakdown (2014)
9 T r i n i t y S M F Geographical Breakdown Increasing investment in international markets, Lockheed Martin International. Steadying off of budget cuts by the US DoD.
10 Company SWOT Analysis Strengths Record backlog of nearly $100 billion. This marks the 5 th year in a row of backlog being over $80 billion Strong international interest in F-35 program, with clear plans for expansion Seems safety and military capabilities trump worries over oil prices Weaknesses Reduced demand in theatre for Missile and Fire Control products Reduced Sikorsky demand Opportunities Increasing Department of Defense budget Growing international sales now 21% of total corporate sales, up 6% this year Biggest order in 2016 is a THAAD order with Qatar missile defense program Poland s $3 billion army helicopter deal Threats Drastically lower oil prices Northrop Grumman + Pentagon Political pressure
11 T R I N I T Y S M F Leidos Deal LMT will be separating and combining its Information Systems and Global Solutions business segment with Leidos Holdings Inc. This was done using a method called the Reverse Morris Trust. What is going to happen? The old IS&GS section will join with Leidos Holdings, to become the largest government IT and technical services business. Lockheed Martin shareholders will own 50.5% of the business. What are the benefits? The new business will have the extra scale and would become industry leader. The $5 billion deal includes $1.8 billion in tax-free money for Lockheed Martin, to pay off debt and repurchase shares. Finally, it would reduce Lockheed Martin s share count.
12 Management Marillyn A Hewson, CEO, President, Chairman Over 30 years experince, Bruce Tanner, CFO and EVP, Appointed 2007, Orlando Carvahlo, EVP Aeronautics, 35 with Lockheed, Rick Edwards, EVP MFC, Promotion through reshuffle,
13 T R I N I T Y S M F Financial Overview
14 T R I N I T Y S M F Financials Earnings growth at a steady rate and offers impressive dividends Lockheed s management effectiveness is evident through impressive ROE Lockheed have shown impressive cash generation and will look to reward the shareholder with this Summary Total Revenue $46,132M EPS GR 8.76% EBITDA $5,950m ROE 96.82% Total Debt/Equity 4.92 Div. Yield 3.13%
15 T R I N I T Y S M F Income Statement Organic revenue growth is small but consistent EPS growth with an estimated future average growth rate of 8.76% Dividends has increased by 47.48% since 2011.There is also a planned special dividends payment of $1.8bn Will benefit from reinstatement of R&D tax credit 2014A 2015A 2016E 2017E Revenue $45,600 $46,132 $51,000 $52,530 Operating Income $5,588 $5,436 $5,750 $6325 Operating Margin 12.0% 12.55% 12.72% 13.04% Diluted EPS DPS
16 T R I N I T Y S M F Balance Sheet & Cash Flow Statement Lockheed Martin generated $5.1 billion in cash flow operations for 2015 The Leidos deal provided a onetime payment of 1.8 billion as well as $3.2b to be rewarded to shareholders Cash deployment activities have included share buybacks, acquisitions and increasing dividends Took on $8.4 in debt for Sikorsky deal ($000) 2013A 2014A 2015A 2016E Total Assets 36,188 37,046 49,128 49,872 Total Debt 6,152 6,169 14, Total Liabilities 31,270 33,673 46, Working Capital , Shareholders Equity 4,918 3,400 3, Cash Flow Operations 4,546 3,
17 T R I N I T Y S M F Debt Analysis Capital Structure 17% Highly levered Debt increased considerably over last two quarters 5% $9b acquisition of Sikorsky in November '15 $5b divestiture to Leidos in Jan '16, will receive $1.8b in cash 78% Stockholder equity Short term debt Long term debt
18 Debt Analysis 12 Net debt to EBIT (2015) 16 Interest coverage ratio (2015) Q1 Q2 Q3 Q4 0 Q1 Q2 Q3 Q4
19 Debt Analysis Majority of debt medium-term, relatively spread out $1b due in 2016 $750m in 2018 $900m in 2019 $1.25b in 2020 Just under $4b due within next 5 years, $8.3b within 10
20 T R I N I T Y S M F Valuation
21 Competitor Valuations Name P/E Fwd P/E EPS Gr EPS Gr Div Yield Div. Cover ROE EBITDA (mil.) Mkt. Cap YTD. Perf BAE Systems % (4.35)% 4.4% % 1, B 4.92% Northrop Grumman % 6.36% 1.7% % 3, B 16.89% Raytheon % (5.43)% 2.3% % 3, M 25.15% Lockheed Martin % 0.53% 3.13% % 6, B 13.04%
22 T R I N I T Y S M F Implied Multiples Valuation Metric Median Industry Value Implied Price P/E FWD P/E P/B P/S P/CF Average Price (-23%) EV/EBITDA Model EBITDA: 6425 Low Base High EV/EBITDA EV Cash Debt 8412 Value of Equity No. Shares Per Share Value ( ) Potential Upside 2% 42% 80%
23 T R I N I T Y S M F Discounted Cash Flow Valuation 2015E 2016E 2017E 2018E 2019E Growth Rate EBIT % Dep & Amor (1)% Def. Taxes n/a Changes WC 603 (1123) (518) (762) (507) n/a Capital Exp (2.5)% Taxes n/a Total FCF n/a Discounted Cash Flow Valuation Terminal Growth 1.5% Total Enterprise Value WACC 7% Total Equity Value Estimated Value per share (+42%)
24 T R I N I T Y S M F Valuation Weightings Multiples 10% (+41%) Low 20% High 35% Base 35%
25 T R I N I T Y S M F Risk
26 TRINITY SMF Qualitative Risk 1. Heavy Dependence on the U.S. Government 80% of Lockheed Martin s revenue generated was from U.S. Government contracts which can be highly dependent on congress approval and there may be uncertainty with defense spending moving forward especially with elections in Failure comply with Regulation and Laws The area of business Lockheed Martin operates in is very regulated and failure to meet regulation and obey laws could adversely affect Lockheed Martin s reputation and ability to procure large contracts 3. Investment Risk With Lockheed Martin s shares trading at 18 times earnings market volatility in 2016 or increase in negative sentiment could negatively affect any investment in the company 4. Currency Risk Although only 20% of Lockheed Martin s revenue comes from foreign markets a strong USD could potentially reduce this revenue stream and further increase Lockheed Martin s dependence on the U.S. domestic market
27 TRINITY SMF Quantitative Risk Lockheed Northrop Boeing Raytheon 3 Year Volatility 1.06% 1.18% 1.37% 1.18% 1 Year Beta Year Beta Expected Return 3 Yr 0.11% 0.14% 0.07% 0.11% 1 Yr Volatility 1.09% 1.29% 1.57% 1.29% Expected Return 1 Yr 0.03% 0.06% -0.04% 0.05%
28 Quantitative Risk
29 Questions
30
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