Financial Analysis - Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services
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Financial Analysis - Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services

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Financial Analysis - Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical ...

Financial Analysis - Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services

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Financial Analysis - Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services Financial Analysis - Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services Presentation Transcript

  • 24.04.2013Ticker: Northrop Grumman Corp Benchmark:Currency: New York: NOC, Currency: USD S&P 500 INDEX (SPX)Sector: Industrials Industry: Aerospace & Defense Year:Telephone 1-703-280-2900 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.northropgrumman.com No of Employees Aerospace Systems 9977 United States 23618Address 2980 Fairview Park Drive Falls Church, VA 22042 United States Information Systems 7356 Foreign Sales 1600Share Price Performance in USD Electronic Systems 6950Price 71.49 1M Return 5.1% Technical Services 301952 Week High 72.67 6M Return 4.9% Intersegment eliminations -208452 Week Low 55.20 52 Wk Return 17.9% Shipbuilding52 Wk Beta 0.84 YTD Return 6.7%Credit RatingsBloomberg IG5S&P BBB+ Date 12.08.2005 Outlook STABLEMoodys Baa2 Date - Outlook STABLEFitch BBB+ Date 26.08.2005 Outlook STABLEValuation Ratios12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 10.4x 11.2x 9.0x 9.0x 10.2x 9.8x 9.0xEV/EBIT 7.3x 7.0x 4.8x 5.2x - - -EV/EBITDA 5.6x 5.9x 4.1x 4.5x 5.3x 5.3x 5.1xP/S 0.5x 0.7x 0.6x 0.7x 0.7x 0.7x 0.7xP/B 1.4x 1.4x 1.4x 1.7x 1.8x 1.7x 1.6xDiv Yield 3.0% 2.8% 3.4% 3.2% 3.2% 3.5% 3.8%Profitability Ratios %12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 16.7 18.8 21.3 22.1 - - -EBITDA Margin 9.5 12.0 14.5 14.4 13.4 13.7 14.6Operating Margin 7.4 10.0 12.4 12.4 11.2 11.3 12.0Profit Margin 5.0 7.3 8.0 7.8 7.0 7.1 7.6Return on Assets 5.6 6.7 7.5 7.6 6.3 6.3 -Return on Equity 13.7 15.7 17.8 19.9 17.2 16.9 -Leverage and Coverage Ratios12/09 12/10 12/11 12/12Current Ratio 1.2 1.4 1.3 1.4 Current Capitalization in USDQuick Ratio 1.0 0.7 1.0 1.1 Common Shares Outstanding (M) 239.2EBIT/Interest 8.8 10.5 14.8 14.8 Market Capitalization (M) 16834.0Tot Debt/Capital 0.3 0.3 0.3 0.3 Cash and ST Investments (M) 3862.0Tot Debt/Equity 0.3 0.4 0.4 0.4 Total Debt (M) 3935.0Eff Tax Rate % 30.6 19.5 32.3 33.3 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0Investments (M) 0.0Enterprise Value (M) 16907.0Northrop Grumman Corporation is a global security company. The Company providessystems, products, and solutions in aerospace, electronics, information systems andtechnical services to government and commercial customers worldwide.NOC US2521868100Company Analysis - Overview34%25%24%10%7%Aerospace SystemsInformation SystemsElectronic SystemsTechnical ServicesIntersegment eliminations94%6%United States Foreign SalesQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Northrop Grumman CorpTarget price in USDDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date29-Mar-13 14% 62% 24% 24-Apr-13 71.49 68.43 Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 76.00 22-Apr-1328-Feb-13 14% 62% 24% 23-Apr-13 71.49 68.43 Jefferies HOWARD A RUBEL buy 80.00 19-Apr-1331-Jan-13 14% 62% 24% 22-Apr-13 70.78 68.43 Credit Suisse ROBERT M SPINGARN neutral 72.00 16-Apr-1331-Dec-12 10% 67% 24% 19-Apr-13 70.98 68.43 CRT Capital Group BRIAN W RUTTENBUR sell 52.00 16-Apr-1330-Nov-12 10% 67% 24% 18-Apr-13 69.87 68.43 Deutsche Bank MYLES WALTON hold 73.00 15-Apr-1331-Oct-12 14% 64% 23% 17-Apr-13 70.12 68.43 Stifel WILLIAM R LOOMIS hold 15-Apr-1328-Sep-12 18% 59% 23% 16-Apr-13 71.29 68.43 Barclays CARTER COPELAND equalweight 69.00 15-Apr-1331-Aug-12 18% 64% 18% 15-Apr-13 70.83 68.43 Buckingham Research Group RICHARD SAFRAN neutral 68.00 11-Apr-1331-Jul-12 18% 68% 14% 12-Apr-13 72.11 68.43 Cowen and Company CAI VON RUMOHR neutral 11-Apr-1329-Jun-12 18% 68% 14% 11-Apr-13 72.45 68.43 Drexel Hamilton LLC RICHARD WHITTINGTON hold 70.00 11-Apr-1331-May-12 18% 68% 14% 10-Apr-13 71.77 66.92 RBC Capital Markets ROBERT STALLARD sector perform 66.00 10-Apr-1330-Apr-12 19% 67% 14% 9-Apr-13 71.56 66.92 Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 10-Apr-138-Apr-13 71.72 66.92 Goldman Sachs NOAH POPONAK neutral/neutral 65.00 8-Apr-135-Apr-13 71.56 66.61 JPMorgan JOSEPH B NADOL III neutral 68.00 8-Apr-134-Apr-13 71.07 66.61 Argus Research Corp NATHANIEL GABRIEL hold 12-Mar-133-Apr-13 70.18 66.61 FBR Capital Markets PATRICK J MCCARTHY market perform 58.97 31-Jan-132-Apr-13 69.40 66.61 Oppenheimer & Co YAIR REINER market perform 31-Jan-131-Apr-13 69.90 66.61 EVA Dimensions CRAIG STERLING buy 15-Jan-1329-Mar-13 70.15 66.6128-Mar-13 70.15 66.6127-Mar-13 69.90 66.6126-Mar-13 69.29 66.6125-Mar-13 67.91 66.6122-Mar-13 68.05 66.6121-Mar-13 68.00 66.6120-Mar-13 68.64 66.6119-Mar-13 68.44 66.6118-Mar-13 68.43 66.6115-Mar-13 68.80 66.6114-Mar-13 67.54 66.61Company Analysis - Analysts RatingsBuy and Sell Recommendations vs Price and Target Price19% 18% 18% 18% 18% 18% 14% 10% 10%14% 14% 14%67% 68% 68% 68% 64% 59% 64%67% 67%62% 62% 62%14% 14% 14% 14% 18% 23% 23% 24% 24% 24% 24% 24%0%20%40%60%80%100%avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13BrokerRecommendation01020304050607080PriceBuy Hold Sell Price Target PriceBrokers Target Price0102030405060708090SanfordC.Bernstein&CoJefferiesCreditSuisseCRTCapitalGroupDeutscheBankStifelBarclaysBuckinghamResearchGroupCowenandCompanyDrexelHamiltonLLCRBCCapitalMarketsWellsFargoSecurities,LLCGoldmanSachsJPMorganArgusResearchCorpFBRCapitalMarketsOppenheimer&CoEVADimensionsQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24.04.2013Northrop Grumman CorpOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 239.2 United States 87.23%Float 99.4% Britain 4.22%Short Interest (M) 10.0 Germany 1.64%Short Interest as % of Float 4.20% Canada 1.52%Days to Cover Shorts 6.98 Japan 1.09%Institutional Ownership 112.77% France 1.00%Retail Ownership -13.36% Luxembourg 0.84%Insider Ownership 0.59% Others 2.48%Institutional Ownership DistributionInvestment Advisor 87.32%Hedge Fund Manager 7.07%Pension Fund (Erisa) 2.53%Insurance Company 1.40%Pricing data is in USD Others 1.68%Top 20 Owners:Holder Name Position Position Change Market Value % of Ownership Report Date Source CountrySTATE STREET 29466273 -2149144 2106543857 12.51% 23.04.2013 ULT-AGG UNITED STATESBLACKROCK 20469117 0 1463337174 8.69% 22.04.2013 ULT-AGG UNITED STATESCAPITAL GROUP COMPAN 19563613 -6390166 1398602693 8.31% 31.03.2013 ULT-AGG UNITED STATESVANGUARD GROUP INC 11372246 199000 813001867 4.83% 31.03.2013 13F UNITED STATESSUN LIFE FINANCIAL I 7627933 -219648 545320930 3.24% 28.02.2013 ULT-AGG CANADAFIRST EAGLE INVESTME 6267995 6512 448098963 2.66% 31.12.2012 13F UNITED STATESHARRIS ASSOCIATES LP 5977000 -900 427295730 2.54% 31.12.2012 13F UNITED STATESALLIANZ ASSET MANAGE 5543660 -149126 396316253 2.35% 31.03.2013 ULT-AGG GERMANYBANK OF NEW YORK MEL 5254288 111814 375629049 2.23% 31.03.2013 13F UNITED STATESLSV ASSET MANAGEMENT 4488460 -219325 320880005 1.91% 31.12.2012 13F UNITED STATESWELLINGTON MANAGEMEN 4218108 154526 301552541 1.79% 31.12.2012 13F UNITED STATESDEUTSCHE BANK AG 3970675 -1315317 283863556 1.69% 31.12.2012 13F GERMANYLONGVIEW PARTNERS (G 3950402 -55410 282414239 1.68% 31.12.2012 13F BRITAINPZENA INVESTMENT MAN 3852775 -1167948 275434885 1.64% 31.12.2012 13F UNITED STATESACADIAN ASSET MANAGE 3539674 430959 253051294 1.50% 31.03.2013 13F UNITED STATESMACQUARIE GROUP 3516486 2333 251393584 1.49% 31.12.2012 ULT-AGG AUSTRALIAAJO, LP 3408670 -82120 243685818 1.45% 31.12.2012 13F UNITED STATESPUTNAM INVESTMENT MA 3329094 13385 237996930 1.41% 31.12.2012 13F UNITED STATESAMERIPRISE FINANCIAL 3291589 164030 235315698 1.40% 31.12.2012 13F UNITED STATESNORTHERN TRUST CORPO 3120280 -30026 223068817 1.33% 31.12.2012 13F UNITED STATESTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceBUSH WESLEY G 443585 31711892 0.19% 27.02.2013 Form 4SUGAR RONALD D 409000 29239410 0.17% 13.11.2009 Form 4PALMER JAMES F 144928 28922 10360903 0.06% 20.02.2013 Form 4MILLS LINDA A 70415 5033968 0.03% 20.02.2013 Form 4LIVANOS ALEXIS C 39638 13117 2833721 0.02% 14.02.2012 Form 4Company Analysis - OwnershipOwnership Type89%11% 0%Institutional Ownership Retail Ownership Insider OwnershipGeographic Ownership87%2%2%1%2%1% 1%4%United States Britain Germany CanadaJapan France Luxembourg OthersInstitutional Ownership87%3%2%1%7%Investment Advisor Hedge Fund Manager Pension Fund (Erisa)Insurance Company OthersTOP 20 ALLQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Northrop Grumman CorpFinancial information is in USD (M)Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EIncome StatementRevenue 17206 26206 29853 30067 30113 31828 32315 33755 28143 26412 25218 23970 23332 22505- Cost of Goods Sold 14104 22322 25135 24994 24622 25637 26375 28130 22849 20786 19638Gross Income 3102 3884 4718 5073 5491 6191 5940 5625 5294 5626 5580- Selling, General & Admin Expenses 1711 2393 2712 2880 3027 3173 3143 3142 2467 2350 2450(Research & Dev Costs) 1328 429 504 538 572 534 564 610 580 543 520Operating Income 1391 1538 2006 2193 2464 3018 2797 2483 2827 3276 3130 2695 2640 2694- Interest Expense 422 497 431 388 347 336 295 281 269 221 212- Foreign Exchange Losses (Gains) 0 0 0 0 0 0 0 0 0 0- Net Non-Operating Losses (Gains) -40 -90 -40 -254 -169 -16 3022 -64 192 -28 -47Pretax Income 1009 1131 1615 2059 2286 2698 -520 2266 2366 3083 2965 2499 2460 2546- Income Tax Expense 312 323 522 667 713 887 859 693 462 997 987Income Before XO Items 697 808 1093 1392 1573 1811 -1379 1573 1904 2086 1978- Extraordinary Loss Net of Tax 633 -58 9 -8 31 21 -117 -113 -149 -32 0- Minority Interests 0 0 0 0 0 0 0 0 0 0Diluted EPS Before XO Items 2.86 2.16 2.99 3.83 4.46 5.18 (4.12) 4.87 6.32 7.41 7.81Net Income Adjusted* 713 840 1093 1383 1600 1707 1779 1686 2038 2086 1978 1675 1659 1707EPS Adjusted 3.04 2.25 2.99 3.81 4.46 5.12 5.21 5.21 6.77 7.41 7.81 7.01 7.31 7.91Dividends Per Share 0.80 0.80 0.89 1.01 1.16 1.48 1.57 1.69 1.84 1.97 2.15 2.31 2.51 2.70Payout Ratio % 26.8 37.7 29.5 25.8 26.3 28.7 34.3 28.6 26.0 27.0 0.33 0.34 0.34Total Shares Outstanding 365 362 364 347 346 338 327 307 291 254 239Diluted Shares Outstanding 235 368 365 363 359 354 335 323 301 282 253EBITDA 1916 2173 2740 2965 3169 3745 3558 3219 3382 3820 3640 3212 3193 3283*Net income excludes extraordinary gains and losses and one-time charges.Equivalent EstimatesCompany Analysis - Financials I/IVFiscal YearQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EBalance SheetTotal Current Assets 15835 5745 6849 7551 6719 6797 8243 8635 13774 7746 8392+ Cash & Near Cash Items 1412 342 1230 1605 1015 963 1504 3275 3701 3002 3862+ Short Term Investments 0 0 0 0 0 0 0 0 0 0 0+ Accounts & Notes Receivable 2889 3198 3492 3553 3566 3790 3701 3394 3329 2964 2858+ Inventories 1091 1147 1057 1164 1178 1000 1003 1170 896 873 798+ Other Current Assets 10443 1058 1070 1229 960 1044 2035 796 5848 907 874Total Long-Term Assets 26431 27264 26454 26663 25290 26576 21954 21617 17636 17665 18151+ Long Term Investments 0 0 0 0 0 0 0 0 0 0 0Gross Fixed Assets 4996 5780 6399 6998 7546 8114 8567 9084 6757 6980 7033Accumulated Depreciation 1391 1744 2189 2595 3015 3424 3782 4216 3712 3933 4146+ Net Fixed Assets 3605 4036 4210 4403 4531 4690 4785 4868 3045 3047 2887+ Other Long Term Assets 22826 23228 22244 22260 20759 21886 17169 16749 14591 14618 15264Total Current Liabilities 11373 6361 6165 7974 6753 6432 7449 6985 10027 6135 6056+ Accounts Payable 1427 1491 1750 1589 1686 1890 1887 1921 1573 1481 1392+ Short Term Borrowings 225 471 42 1264 170 137 501 103 784 13 5+ Other Short Term Liabilities 9721 4399 4373 5121 4897 4405 5061 4961 7670 4641 4659Total Long Term Liabilities 16082 10850 10438 9412 8641 9254 10828 10580 7947 8940 10973+ Long Term Borrowings 9398 5760 5466 4231 4342 4268 3443 4191 3940 3935 3930+ Other Long Term Borrowings 6684 5090 4972 5181 4299 4986 7385 6389 4007 5005 7043Total Liabilities 27455 17211 16603 17386 15394 15686 18277 17565 17974 15075 17029+ Long Preferred Equity 350 0 0 0 0 0 0 0 0 0 0+ Minority Interest 139 13 0 0 0 0 0 0 0 0 0+ Share Capital & APIC 12511 12433 12790 11918 11692 10999 9972 8964 8069 4127 3163+ Retained Earnings & Other Equity 1811 3352 3910 4910 4923 6688 1948 3723 5367 6209 6351Total Shareholders Equity 14811 15798 16700 16828 16615 17687 11920 12687 13436 10336 9514Total Liabilities & Equity 42266 33009 33303 34214 32009 33373 30197 30252 31410 25411 26543Book Value Per Share 39.22 43.58 45.82 48.45 48.03 52.35 36.45 41.34 46.18 40.71 39.77 40.38 42.90 44.87Tangible Book Value Per Share -10.65 -8.99 -5.38 -5.26 -5.04 -3.13 -7.76 -5.55 2.98 -8.64 -12.77Company Analysis - Financials II/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ECash FlowsNet Income 64 866 1084 1400 1542 1790 -1262 1686 2053 2118 1978 1672 1654 1708+ Depreciation & Amortization 525 635 734 772 705 727 761 736 555 544 510+ Other Non-Cash Adjustments 899 185 5558 194 -553 267 3184 -248 300 -538 133+ Changes in Non-Cash Capital 201 -830 -5440 261 62 106 528 -41 -455 -9 19Cash From Operating Activities 1689 856 1936 2627 1756 2890 3211 2133 2453 2115 2640+ Disposal of Fixed Assets 45 86 28 11 21 22 19 0 0 0 0+ Capital Expenditures -538 -635 -672 -824 -737 -682 -681 -654 -579 -488 -331 -393 -388 -343+ Increase in Investments 0 0 0 0 0 0 0 0 0 0 0+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0+ Other Investing Activities 375 3430 653 -42 115 -770 36 1521 -181 1168 247Cash From Investing Activities -118 2881 9 -855 -601 -1430 -626 867 -760 680 -84+ Dividends Paid -205 -305 -322 -359 -402 -504 -525 -539 -545 -543 -535+ Change in Short Term Borrowings 6 -12 0 41 44 -69 -2 -12 0 0 0+ Increase in Long Term Borrowings 0 0 101 0 200 0 0 843 1484 0 0+ Decrease in Long Term Borrowings -500 -3805 -836 -32 -1212 -90 -113 -474 -1011 -768 0+ Increase in Capital Stocks 76 33 834 163 450 326 151 53 164 118 233+ Decrease in Capital Stocks 0 -200 -786 -1210 -825 -1175 -1555 -1100 -1177 -2295 -1316+ Other Financing Activities 0 -460 0 0 0 0 0 0 -181 -6 -78Cash From Financing Activities -623 -4749 -1009 -1397 -1745 -1512 -2044 -1229 -1266 -3494 -1696Net Changes in Cash 948 -1012 936 375 -590 -52 541 1771 427 -699 860Free Cash Flow (CFO-CAPEX) 1151 221 1264 1803 1019 2208 2530 1479 1874 1627 2309 1759 2066 1940Free Cash Flow To Firm 1443 576 1556 2065 1258 2434 1674 2090 1777 2450Free Cash Flow To Equity 677 -3860 557 1823 72 2071 2434 1836 2347 859 2309Free Cash Flow per Share 4.98 0.61 3.51 5.06 2.95 6.46 7.56 4.63 6.31 5.88 9.29Company Analysis - Financials III/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ERatio AnalysisValuation RatiosPrice Earnings 16.0x 21.3x 18.2x 16.5x 15.2x 15.3x 9.0x 10.4x 11.2x 9.0x 9.0x 10.2x 9.8x 9.0xEV to EBIT 19.0x 15.1x 12.0x 11.3x 10.9x 9.9x 6.1x 7.3x 7.0x 4.8x 5.2xEV to EBITDA 13.8x 10.7x 8.8x 8.4x 8.5x 8.0x 4.8x 5.6x 5.9x 4.1x 4.5x 5.3x 5.3x 5.1xPrice to Sales 0.7x 0.7x 0.7x 0.7x 0.8x 0.8x 0.5x 0.5x 0.7x 0.6x 0.7x 0.7x 0.7x 0.7xPrice to Book 1.2x 1.1x 1.2x 1.2x 1.4x 1.5x 1.2x 1.4x 1.4x 1.4x 1.7x 1.8x 1.7x 1.6xDividend Yield 1.6% 1.7% 1.6% 1.7% 1.7% 1.9% 3.5% 3.0% 2.8% 3.4% 3.2% 3.2% 3.5% 3.8%Profitability RatiosGross Margin 18.0% 14.8% 15.8% 16.9% 18.2% 19.5% 18.4% 16.7% 18.8% 21.3% 22.1%EBITDA Margin 11.1% 8.3% 9.2% 9.9% 10.5% 11.8% 11.0% 9.5% 12.0% 14.5% 14.4% 13.4% 13.7% 14.6%Operating Margin 8.1% 5.9% 6.7% 7.3% 8.2% 9.5% 8.7% 7.4% 10.0% 12.4% 12.4% 11.2% 11.3% 12.0%Profit Margin 0.4% 3.3% 3.6% 4.7% 5.1% 5.6% -3.9% 5.0% 7.3% 8.0% 7.8% 7.0% 7.1% 7.6%Return on Assets 0.2% 2.3% 3.3% 4.1% 4.7% 5.5% -4.0% 5.6% 6.7% 7.5% 7.6% 6.3% 6.3%Return on Equity 0.4% 5.8% 6.7% 8.4% 9.2% 10.4% -8.5% 13.7% 15.7% 17.8% 19.9% 17.2% 16.9%Leverage & Coverage RatiosCurrent Ratio 1.39 0.90 1.11 0.95 0.99 1.06 1.11 1.24 1.37 1.26 1.39Quick Ratio 0.38 0.56 0.77 0.65 0.68 0.74 0.70 0.95 0.70 0.97 1.11Interest Coverage Ratio (EBIT/I) 3.30 3.09 4.65 5.65 7.10 8.98 9.48 8.84 10.51 14.82 14.76Tot Debt/Capital 0.39 0.28 0.25 0.25 0.21 0.20 0.25 0.25 0.26 0.28 0.29Tot Debt/Equity 0.65 0.39 0.33 0.33 0.27 0.25 0.33 0.34 0.35 0.38 0.41OthersAsset Turnover 0.54 0.70 0.90 0.89 0.91 0.97 1.02 1.12 0.91 0.93 0.97Accounts Receivable Turnover 6.12 8.61 8.92 8.54 8.46 8.65 8.63 9.52 8.37 8.39 8.66Accounts Payable Turnover 11.42 15.34 15.46 15.04 15.04 14.24 13.97 14.86 12.92 13.60 13.62Inventory Turnover 12.17 19.95 22.81 22.51 21.03 23.54 26.34 25.89 22.12 23.50 23.50Effective Tax Rate 30.9% 28.6% 32.3% 32.4% 31.2% 32.9% 30.6% 19.5% 32.3% 33.3%Company Analysis - Financials IV/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • NORTHROPGRUMMANBOEING CO/THELOCKHEEDMARTINGENERALDYNAMICSRAYTHEON COROCKWELLCOLLINSEADS NV EXELIS INC GENERAL ELECTRIC BAE SYSTEMS PLC GENCORP INC L-3 COMM HLDGS SPIRIT AEROSYS-AUNITED TECHCORPCUBIC CORP12/2012 12/2012 12/2012 12/2012 12/2012 09/2012 12/2012 12/2012 12/2012 12/2012 11/2012 12/2012 12/2012 12/2012 09/201272.67 89.46 99.49 72.01 59.34 64.16 42.59 12.32 23.90 399.70 13.87 83.99 25.90 95.84 52.5311.04.2013 11.04.2013 23.04.2013 07.01.2013 21.12.2012 20.03.2013 15.03.2013 04.05.2012 08.03.2013 11.04.2013 04.04.2013 11.04.2013 03.05.2012 11.04.2013 14.09.201256.59 66.82 80.14 61.09 49.03 46.37 24.26 9.01 18.02 268.60 5.69 63.74 13.96 70.71 40.6105.06.2012 05.06.2012 05.06.2012 02.08.2012 04.06.2012 24.07.2012 23.11.2012 25.07.2012 05.06.2012 01.06.2012 04.06.2012 23.05.2012 16.11.2012 05.06.2012 22.04.20131085687 3131828 2489368 1719533 1580180 1104822 1038087 855123 65822433 2861153 495884 508235 849376 6506123 8479671.49 88.18 97.06 67.10 57.39 61.35 40.68 10.53 21.50 379.60 12.76 81.35 19.39 92.89 41.69-1.6% -1.4% -2.4% -6.8% -3.3% -4.4% -4.5% -14.5% -10.0% -5.0% -8.0% -3.1% -25.1% -3.1% -20.6%26.3% 32.0% 21.1% 9.8% 17.1% 32.3% 67.7% 16.9% 19.3% 41.3% 124.3% 27.6% 38.9% 31.4% 2.7%239.2 755.6 321.0 353.7 328.0 142.2 822.1 187.6 10405.6 3250.9 59.3 90.4 143.7 918.8 26.716834 66780 31310 23699 18730 8323 33810 1983 222975 12308 772 7338 2735 85147 11153935.0 10409.0 6308.0 3908.0 4731.0 779.0 4779.0 649.0 17469.0 2988.0 248.7 3629.0 1176.2 23221.0 11.5- - - - - - - - - - - - - - -- 100.0 - - 164.0 5.0 25.0 - 5444.0 54.0 - 76.0 0.5 1393.0 (0.0)3862.0 13558.0 1898.0 3296.0 4044.0 335.0 11084.0 292.0 15583.0 3355.0 162.1 349.0 440.7 4819.0 212.316907 63731 34549 23863 19581 9149 27530 2340 218475 11995 1339 10694 3471 104828 973LFY 25218.0 81698.0 47182.0 31513.0 24414.0 4726.0 56480.0 5522.0 144796.0 16620.0 994.9 13146.0 5397.7 57708.0 1381.5LTM 25124.0 81208.0 46959.0 31338.0 24414.0 4664.0 56480.0 5522.0 143566.0 16620.0 1036.7 13989.0 5397.7 59691.0 1376.1CY+1 23969.6 83857.5 44972.5 31427.9 23805.9 4642.8 58708.5 5015.3 148360.5 19266.1 1437.5 12600.9 5982.3 64780.5 1355.7CY+2 23332.4 91482.0 43970.9 31243.3 23343.6 4779.8 62639.5 4797.2 153732.3 19032.2 1845.5 12171.2 6562.3 68435.8 1392.6LFY 0.6x 0.7x 0.7x 0.8x 0.8x 2.0x 0.3x 0.4x 1.6x 0.6x 1.3x 0.8x 0.6x 1.8x 0.8xLTM 0.6x 0.7x 0.7x 0.8x 0.8x 2.0x 0.3x 0.4x 1.6x 0.6x 1.2x 0.7x 0.6x 1.8x 0.8xCY+1 0.7x 0.8x 0.8x 0.7x 0.8x 1.9x 0.5x 0.4x 3.3x 0.7x - 0.8x 0.6x 1.5x 0.5xCY+2 0.7x 0.7x 0.8x 0.7x 0.8x 1.9x 0.5x 0.4x 3.1x 0.7x - 0.8x 0.6x 1.4x -LFY 3640.0 8118.0 5470.0 3447.0 3444.0 1033.0 3927.0 710.0 25000.0 2199.0 57.2 1579.0 102.3 9208.0 150.9LTM 3640.0 8118.0 5515.0 1428.0 3444.0 1026.0 3987.0 710.0 25000.0 2199.0 49.4 1647.0 219.7 9625.0 139.8CY+1 3212.5 8123.1 5377.1 4111.3 3124.9 1070.3 5494.9 601.8 29765.6 2407.5 157.0 1486.8 692.0 10882.4 118.6CY+2 3192.7 9149.4 5376.0 4215.3 3147.2 1127.7 6451.1 618.2 32078.5 2337.4 226.0 1446.0 762.2 11930.5 129.3LFY 4.5x 6.6x 6.3x 7.3x 5.7x 9.1x 4.6x 3.5x 9.4x 4.8x 22.4x 6.5x 31.0x 11.4x 7.6xLTM 4.5x 6.6x 6.2x 17.6x 5.7x 9.2x 4.5x 3.5x 9.0x 4.8x 26.0x 6.2x 14.4x 10.9x 8.2xCY+1 5.4x 7.8x 6.4x 5.7x 6.2x 8.4x 5.4x 3.7x 16.4x 5.4x - 7.0x 5.5x 9.1x 5.3xCY+2 5.4x 6.8x 6.3x 5.5x 6.2x 8.0x 4.5x 3.4x 14.7x 5.6x - 7.1x 4.9x 8.2x -LFY 7.47 5.11 10.19 6.48 6.20 4.41 1.45 1.85 1.54 0.32 0.05 8.10 2.30 5.40 3.44LTM 7.52 5.31 10.49 6.48 6.22 4.54 1.50 1.87 1.53 0.33 -0.18 8.41 2.47 5.60 3.11CY+1 7.01 6.37 8.96 6.67 5.31 4.60 2.68 1.67 1.67 0.42 0.14 8.19 2.15 6.11 2.65CY+2 7.31 7.14 9.03 7.12 5.53 4.92 3.58 1.50 1.82 0.41 0.83 8.24 2.53 6.98 3.00LFY 9.5x 16.6x 9.3x 10.4x 9.2x 13.5x 27.2x 5.6x 14.1x 11.6x - 9.7x 7.9x 16.6x 13.4xLTM 9.5x 16.6x 9.3x 10.4x 9.2x 13.5x 27.2x 5.6x 14.1x 11.8x - 9.7x 7.9x 16.6x 13.4xCY+1 10.2x 13.8x 10.8x 10.1x 10.8x 13.3x 15.2x 6.3x 12.9x 9.0x 91.1x 9.9x 9.0x 15.2x 15.7xCY+2 9.8x 12.4x 10.7x 9.4x 10.4x 12.5x 11.4x 7.0x 11.8x 9.2x 15.4x 9.9x 7.7x 13.3x 13.9x1 Year (4.5%) 18.9% 1.5% (3.6%) (1.5%) (1.7%) 15.0% (5.4%) 1.8% (6.5%) 8.4% (0.1%) 11.0% 3.5% 6.6%5 Year (4.4%) 4.2% 2.1% 1.5% 1.6% (0.9%) 11.5% - (4.3%) 2.9% 7.1% (1.0%) 12.6% 1.0% 9.4%1 Year (4.7%) 8.5% 6.8% (22.0%) 5.2% 4.7% 23.8% 2.7% (0.2%) (3.6%) (17.1%) (5.6%) (79.1%) 1.1% 11.1%5 Year (0.6%) 2.2% 0.5% (0.5%) 5.0% 1.5% 23.1% - (7.0%) 4.1% (4.8%) (0.9%) (27.9%) 2.3% 16.3%LTM 14.4% 9.9% 11.7% 4.6% 14.1% 22.0% 7.1% 12.9% 17.3% 13.2% 4.8% 11.8% 4.1% 16.1% 10.2%CY+1 13.4% 9.7% 12.0% 13.1% 13.1% 23.1% 9.4% 12.0% 20.1% 12.5% 10.9% 11.8% 11.6% 16.8% 8.7%CY+2 13.7% 10.0% 12.2% 13.5% 13.5% 23.6% 10.3% 12.9% 20.9% 12.3% 12.2% 11.9% 11.6% 17.4% 9.3%Total Debt / Equity % 41.4% 177.4% 16174.4% 34.3% 58.9% 61.9% 45.9% 63.9% 274.3% 80.3% - 66.4% 58.9% 89.6% 1.7%Total Debt / Capital % 29.3% 63.6% 99.4% 25.5% 36.6% 38.1% 31.4% 39.0% 72.4% 44.2% - 39.6% 37.1% 46.0% 1.7%Total Debt / EBITDA 1.081x 1.282x 1.143x 2.737x 1.374x 1.129x 1.199x 0.914x 0.699x 1.359x 14.334x 2.203x 5.354x 2.371x 0.232xNet Debt / EBITDA 0.020x -0.388x 0.587x 0.115x 0.199x 0.800x -1.581x 0.503x 0.075x -0.167x 11.486x 1.991x 3.348x 1.876x -1.014xEBITDA / Int. Expense 17.170x 15.117x 14.282x 20.518x 16.800x 38.259x 7.523x 19.189x 18.103x 1.377x 2.565x 8.582x 1.132x 10.096x 97.341xS&P LT Credit Rating BBB+ A A- A A- A A- BBB- AA+ BBB+ B BBB- - A -S&P LT Credit Rating Date 12.08.2005 29.07.2009 27.04.2007 09.07.1999 04.09.2008 17.05.2001 22.09.2010 28.09.2012 12.03.2009 16.10.2007 19.12.2012 01.08.2005 - 02.10.2003 -Moodys LT Credit Rating Baa2 A2 Baa1 A2 A3 A2 (P)A2 Baa3 Aa3 Baa2 - Ba1 - A2 -Moodys LT Credit Rating Date 27.07.2009 15.03.2006 26.01.2006 07.08.2003 17.10.2011 08.01.2013 06.12.2012 14.09.2011 03.04.2012 14.04.2005 - 18.05.2010 - 22.04.1993 -52-Week High Date52-Week LowLatest Fiscal Year:52-Week HighTotal DebtMarket CapitalizationDaily Volume52-Week Low % ChangeCurrent Price (4/dd/yy)52-Week High % ChangeCash and EquivalentsEBITDAEV/EBITDAEnterprise ValueValuationPreferred Stock52-Week Low DateMinority InterestTotal Common Shares (M)P/ERevenue GrowthTotal RevenueEV/Total RevenueEPSEBITDA GrowthEBITDA MarginCredit RatingsLeverage/Coverage RatiosCompany Analysis - Peers ComparisionQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |