F-35 Remains Key Business Driver for Lockheed in 2Q; Shares Slightly Overvalued, but Moat Is Wide
Lockheed Martin reported its second-quarter 2017 and provided updated 2017 guidance that featured an earnings beat and confirmed our view that earnings growth remains largely an F-35 and Sikorsky story. Although Lockheed beat consensus estimates and achieved EPS growth, operating margins contracted and we reiterate our view that shares are slightly overvalued relative to our $269 fair value estimate. That said, we are maintaining our wide moat rating and remain confident in the company’s ability...Lockheed Martin is a security and aerospace company. The company has four segments: Aeronautics, which is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft; Missiles and Fire Control, which provides air and missile defense systems, logistics, fire control systems, and mission operations support; Rotary and Mission Systems, which provides design, manufacture, service and support for military and commercial helicopters, radar systems, and simulation and training services; Space, which researches, designs, develops, engineers and produces satellites, space transportation systems, and strategic, strike, and defensive systems.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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