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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Lockheed Martin Corporation

Lockheed Martin Corporation (LMT)

$362
1.58 (+0.44%)

Operating Data

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 (%)
EBITDA 5,492.856,584.416,463.086,765.967,115.968,494.529,731.269,031.619,464.239,917.5610,392.62
EBITDA (%)
EBIT 4,504.055,590.365,438.955,551.675,921.467,333.248,541.027,627.677,993.048,375.908,777.11
EBIT (%)
Depreciation 988.80994.051,024.131,214.281,194.501,161.281,190.241,403.941,471.191,541.661,615.51
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 2,617.161,445.471,088.711,837.962,858.63774.181,513.222,218.732,325.012,436.382,553.08
Total Cash (%)
Account Receivables -----9,473.009,091.2810,285.1310,777.7911,294.0511,835.03
Account Receivables (%)
Inventories 2,975.482,881.824,963.794,668.134,487.042,994.593,618.574,832.325,063.795,306.345,560.52
Inventories (%)
Accounts Payable 1,397.031,568.581,974.451,653.691,465.052,403.201,279.962,130.982,233.062,340.022,452.11
Accounts Payable (%)
Capital Expenditure 834.59843.57941.091,063.091,179.191,279.551,483.311,353.801,418.651,486.601,557.81
Capital Expenditure (%)

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

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
EBITDA 5,492.856,584.416,463.086,765.967,115.968,494.529,731.269,031.619,464.239,917.5610,392.62
EBIT 4,504.055,590.365,438.955,551.675,921.467,333.248,541.027,627.677,993.048,375.908,777.11
Tax Rate 28.26%31.27%28.23%-8.51%62.00%13.57%13.96%24.11%24.11%24.11%24.11%
EBIAT 3,231.433,842.443,903.536,024.352,249.916,338.397,348.515,788.646,065.916,356.476,660.94
Depreciation 988.80994.051,024.131,214.281,194.501,161.281,190.241,403.941,471.191,541.661,615.51
Accounts Receivable ------381.72-1,193.85-492.66-516.26-540.98
Inventories -93.67-2,081.97295.66181.101,492.45-623.98-1,213.75-231.47-242.56-254.17
Accounts Payable -171.56405.86-320.76-188.64938.14-1,123.24851.03102.07106.96112.09
Capital Expenditure --8.98-97.52-122.00-116.10-100.37-203.76129.51-64.85-67.95-71.21
UFCF 4,220.235,092.733,154.027,091.543,320.769,829.906,969.485,765.516,850.207,178.337,522.17
WACC
PV UFCF 5,266.755,716.285,471.905,237.97
SUM PV UFCF 38,485.52

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 421.31