Despite Full Valuations for U.S. Defense Majors, It's Time to Hold 'Em, Not Fold 'Em
It's a strange time for the U.S. defense majors we cover: We're sitting at peak historical multiples, but the industry is only two years into what we forecast as a six-year upcycle in U.S. defense spending. Although defense budgets are headed higher, we're skeptical when we hear claims of historic defense spending increases; we only anticipate average annual growth of roughly 3% through 2021. Moreover, our detailed assessment of the Trump administration's fiscal 2017 and 2018 budgets indicates t...General Dynamics is an aerospace and defense company. The company has five operating segments: Aerospace, which provides a family of Gulfstream aircraft and services for business aircraft produced by Gulfstream and other original equipment manufacturers; Combat Systems, which provides combat vehicles, weapons systems and munitions; Information Technology, which provides information technology (IT) services, IT infrastructure modernization and professional services; Mission Systems, which provides mission-critical products and systems; and Marine Systems, which designs and builds nuclear-powered submarines, surface combatants, and auxiliary and combat-logistics ships.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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