We Assign Lockheed Martin a $328 Fair Value Estimate
We assign Lockheed Martin a wide economic moat and a $328 fair value estimate. The F-35 remains the single largest program driving our valuation of Lockheed, and we forecast it will contribute over one quarter of the company's consolidated operating profit by 2023. Total F-35 quantities are projected at just over 2,400 for the U.S., versus an original baseline of about 2,800. At the end of 2018, Lockheed had delivered over 350 F-35s. Buys may be stretched out over the next decade, as the Departm...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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