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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


Lockheed Martin Corporation

Lockheed Martin Corporation (LMT)

$362
1.58 (+0.44%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,358.0045,598.4046,131.9047,248.2951,047.0553,762.7659,811.0762,676.0265,678.2068,824.1872,120.86
Revenue (%)
Operating Cash Flow 4,544.873,866.745,102.195,187.866,477.873,139.747,308.916,380.426,686.047,006.307,341.90
Operating Cash Flow (%)
Capital Expenditure 834.59843.57941.091,063.091,179.191,279.551,483.311,353.801,418.651,486.601,557.81
Capital Expenditure (%)
Free Cash Flow 5,379.464,710.316,043.286,250.957,657.064,419.308,792.237,734.228,104.698,492.908,899.71

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 362
Diluted Shares Outstanding 283.80
Cost of Debt
Tax Rate 13.96
After-tax Cost of Debt -0.65
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.04
Total Debt 11,404.00
Total Equity 102,735.60
Total Capital 114,139.60
Debt Weighting 9.99
Equity Weighting 90.01
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,358.0045,598.4046,131.9047,248.2951,047.0553,762.7659,811.0762,676.0265,678.2068,824.1872,120.86
Operating Cash Flow 4,544.873,866.745,102.195,187.866,477.873,139.747,308.916,380.426,686.047,006.307,341.90
Capital Expenditure 834.59843.57941.091,063.091,179.191,279.551,483.311,353.801,418.651,486.601,557.81
Free Cash Flow 5,379.464,710.316,043.286,250.957,657.064,419.308,792.237,734.228,104.698,492.908,899.71
WACC
PV LFCF 7,065.156,763.116,473.976,197.20
SUM PV LFCF 43,975.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.47
Free cash flow (t + 1) 7,823.06
Terminal Value 143,017.50
Present Value of Terminal Value 90,973.22

Intrinsic Value

Enterprise Value 129,458.75
Net Debt 9,890.78
Equity Value 119,567.97
Shares Outstanding 283.80
Equity Value Per Share 499.36