Northrop Continues to Beat Consensus but We See Shares as Overvalued, Maintaining $208 FVE
Narrow-moat Northrop Grumman reported fourth quarter and full year results for 2016. The outlook for 2017 came in lower than consensus, but we’re not overly concerned about guidance relative to consensus estimates. Despite the modest sell-off in shares, we continue to view the shares as overvalued both on an intrinsic and relative valuation basis, with Northrop sporting the second-highest P/E and EV/EBIT multiples for 2017 and 2018 among the U.S. aerospace and defense companies we cover. We’re m...Northrop Grumman is a security company. The company's segments include: Aerospace Systems, which is engaged in the design, development, integration and production of manned aircraft, autonomous systems, spacecraft, high-energy laser systems, microelectronics and other systems and subsystems; Innovation Systems, which is engaged in the design, development, integration and production of flight, armament and space systems; Mission Systems, which is engaged in end-to-end mission solutions and multifunction systems; and Technology Services, which is engaged in delivering solutions and services in support of mission-critical networks and systems.
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