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Discounted Cash Flow (DCF) Analysis Levered


Lockheed Martin Corporation

Lockheed Martin Corporation (LMT)

Industrials

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,358.0039,946.7940,538.0047,291.6349,963.6153,765.8455,857.3358,030.1860,287.5662,632.7465,069.16
Revenue (%)
Operating Cash Flow 4,544.873,866.855,099.685,187.896,475.283,139.935,775.656,000.326,233.736,476.236,728.15
Operating Cash Flow (%)
Capital Expenditure -834.59-846.87-940.48-1,064.06-1,179.14-1,279.63-1,234.45-1,282.47-1,332.36-1,384.18-1,438.03
Capital Expenditure (%)
Free Cash Flow 3,710.283,019.984,159.204,123.835,296.141,860.304,541.204,717.854,901.385,092.045,290.12

Weighted Average Cost Of Capital

Share price $ 386.98
Diluted Shares Outstanding 284.43
Cost of Debt
Tax Rate 13.57
After-tax Cost of Debt -0.63
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.47
Total Debt 12,604.00
Total Equity 110,067.05
Total Capital 122,671.05
Debt Weighting 10.27
Equity Weighting 89.73
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,358.0039,946.7940,538.0047,291.6349,963.6153,765.8455,857.3358,030.1860,287.5662,632.7465,069.16
Operating Cash Flow 4,544.873,866.855,099.685,187.896,475.283,139.935,775.656,000.326,233.736,476.236,728.15
Capital Expenditure -834.59-846.87-940.48-1,064.06-1,179.14-1,279.63-1,234.45-1,282.47-1,332.36-1,384.18-1,438.03
Free Cash Flow 3,710.283,019.984,159.204,123.835,296.141,860.304,541.204,717.854,901.385,092.045,290.12
WACC
PV LFCF 4,134.383,910.423,698.593,498.243,308.74
SUM PV LFCF 26,787.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.84
Free cash flow (t + 1) 7,498.85
Terminal Value 128,404.99
Present Value of Terminal Value 80,311.79

Intrinsic Value

Enterprise Value 115,499.78
Net Debt 11,829.77
Equity Value 103,670.01
Shares Outstanding 284.43
Equity Value Per Share 259.75