2022-07-15_LMT_MC-Equity_July-2022-Trials.pdf

Equity Valuation 2022-07-15_LMT_REPORT-CONTENTS Draft Valuation
LMB Enterprises, L.L.C. | © BEHARRY, LYNDON MARTIN W. | 2022-07-15_LMT_Report-Contents | 7/15/2022 10:22 AM
LMT: Lockheed Martin Corporation | 52-1893632
Draft Materials of Financial Analysis
Note: The analyst must use Oracle Crystal Ball to run the Monte Carlo simulation.
Income Statement Review with Statistical Metrics 2.
Income Statement Worksheet (for complex D&A and byzantine
calculations)
3.
Balance Sheet Review (includes a restatement of equity adjusting per
share values to par $1 adjusting Capital Paid-In to simplify per share
allocation calculations)
4.
Capital Expenditures Worksheet 5.
Draft Statement of Cash Flow (Coding in Process) 6.
Complex Debt Valuation and KB Costing (Tax Shield) and multi-
Currency Converter
7.
Weighted Average Cost of Capital Calculator Worksheet 8.
Variables Tabulation Worksheet for Monte Carlo with Summary 9.
Monte Carlo Model (No Iteration Shown) 10.
Monte Carlo Model 10 Iterations Shown out of 1 Million 10A-10J.
Discounted Cash Flow worksheet (static model) 11.
Monte Carlo Model Summary of Results: Distribution Records;
Sensitivity to Variables; Tornado Chart
12.
DCF Valuation Sensitivity Analysis Graphics (WACC and Growth Rate) 13.
Monte Carlo Model Summary of Results Tornado Chart Metrics 14.
Coded Financial Statement Review (Formatting in Process) 15.
Benford Test for Fraud: Balance Sheet Data 16.
Beneish Test for Fraud: 5 Years 17.

Equity Valuation 2022‐07‐15_LMT‐MC‐Equity Financial Statement Review
LMT: Lockheed Martin Corporation | 52‐1893632 1,000,000 $USD
Aggregate Notes: D&A includes Amortization of acquired Intellectual Properties (i.e. Patents etc.) and D&A on PPE.
1,000,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Timet-12 Timet-11 Timet-10 Timet-9 Timet-8 Timet-7 Timet-6 Timet-5 Timet-4 Timet-3 Timet-2 Timet-1 Timet-1 Timet-1 Timet
OPERATING REVENUE
100.000% Revenue From Income‐Expense Worksheet 42,731 45,189 45,671 46,499 47,182 45,358 45,600 40,536 47,248 51,048 53,762 59,812 65,398 67,044 0
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
100.000% TOTAL REVENUE 42,731 45,189 45,671 46,499 47,182 45,358 45,600 40,536 47,248 51,048 53,762 59,812 65,398 67,044 0
Average PerCent Change 3.745% 5.752% 1.067% 1.813% 1.469% ‐3.866% 0.534% ‐11.105% 16.558% 8.043% 5.317% 11.253% 9.339% 2.517% ‐100.000%
Revenue 15‐Yr CAGRBase‐to‐Terminal 2.621% 5.576% 5‐Yr CAGR
PRODUCTION COSTS:
0.000% CoGSIncome Statement
86.625% CoGS from Income‐Expense Worksheet (If Applicable) 37,600 40,723 40,983 41,894 42,132 39,961 39,132 35,007 40,711 43,927 45,128 49,967 55,454 56,421 0
D&A from Income‐Expense Worksheet (If Applicable) 819 845 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
0.000% D&ACashFlows
Yes Deduct D&ACashFlows from CoGSIncome Statement
Amortization Patents Intangibles
2.153% D&A PPE 819 845 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
84.472% CoGS [Adj for D&A, and Depletion] 36,781 39,878 39,931 40,886 41,144 38,971 38,138 33,981 39,496 42,732 43,967 48,778 54,164 55,057 0
86.625% COST OF SALES (Incl D&A) 37,600 40,723 40,983 41,894 42,132 39,961 39,132 35,007 40,711 43,927 45,128 49,967 55,454 56,421 0
CoGs (Adj for D&A) PerCent of Revenue 86.076% 88.247% 87.432% 87.929% 87.203% 85.919% 83.636% 83.829% 83.593% 83.709% 81.781% 81.552% 82.822% 82.121%
13.375% GROSS MARGIN 5,131 4,466 4,688 4,605 5,050 5,397 6,468 5,529 6,537 7,121 8,634 9,845 9,944 10,623 0
13.131% PerCent of Revenue 12.008% 9.883% 10.265% 9.903% 10.703% 11.899% 14.184% 13.640% 13.836% 13.950% 16.060% 16.460% 15.205% 15.845%
See Income Expense Worksheet Row 46
5,131 4,466 4,688 4,605 5,050 5,397 6,468 5,529 6,537 7,121 8,634 9,845 9,944 10,623 0
ADMINISTRATIVE COSTS:
0.000% SGAIncome Statement
SGAWorksheet (If Applicable) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
D&A from Income‐Expense Worksheet (If Applicable) 0 0 0 0 0 195 119 0 0 0 0 0 0 0 0
0.045% D&ACashFlows
No Deduct D&ACashFlows from SGAIncome Statement
0.000% SGA [Adj for D&A] 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1.663% R&D 639 585 616 697 751 817 988 1,200 1,300 1,300 1,300 1,500
0.000% Amortization Patents Intangibles
0.045% D&A SGA 0 0 0 0 0 195 119 0 0 0 0 0 0 0 0
0.000%
0.000%
0.000% Restructuring / Other
0.045% TOTAL OPERATING / OVERHEAD EXPENSE 0 0 639 585 616 892 870 817 988 1,200 1,300 1,300 1,300 1,500 0
Average PerCent of Revenue 0.000% 0.000% 1.399% 1.258% 1.306% 1.967% 1.908% 2.015% 2.091% 2.351% 2.418% 2.173% 1.988% 2.237%
PerCent Change 9.313% ‐8.451% 5.299% 44.805% ‐2.466% ‐6.092% 20.930% 21.457% 8.333% 0.000% 0.000% 15.385% ‐100.000%
11.667% EARNINGS BEFORE EXTRAORDINARY ITEMS: 5,131 4,466 4,049 4,020 4,434 4,505 5,598 4,712 5,549 5,921 7,334 8,545 8,644 9,123 0
Other Items from Income-Expense Worksheet 88 ‐123 ‐74 35 ‐21 0 0 ‐30 0 1 828 651 ‐182 1,004 0
Agg μ 0.310% Other Expense | (Income) | Royalty or Extraordinary Items
μ 0.256% 0.206% ‐0.272% ‐0.162% 0.075% ‐0.045% 0.000% 0.000% ‐0.074% 0.000% 0.002% 1.540% 1.088% ‐0.278% 1.498%
11.358% EBIT 5,043 4,589 4,123 3,985 4,455 4,505 5,598 4,742 5,549 5,920 6,506 7,894 8,826 8,119 0
Average %Rev 10.886% 10.155% 9.028% 8.570% 9.442% 9.932% 12.276% 11.698% 11.744% 11.597% 12.101% 13.198% 13.496% 12.110%
PerCent Change -2.992% ‐9.003% ‐10.155% ‐3.347% 11.794% 1.122% 24.262% ‐15.291% 17.018% 6.686% 9.899% 21.334% 11.806% ‐8.010% ‐100.000%
INTEREST PAYMENTS
Interest Accounting from Income‐Expense Worksheet 341 305 345 354 383 350 340 443 663 651 668 653 591 569 0
Agg μ 0.947% Interest Expense
μ 0 Estimated Cost of Debt 4.644% 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL INTEREST 341 305 345 354 383 350 340 443 663 651 668 653 591 569 0
PerCent Change 7.309% ‐10.557% 13.115% 2.609% 8.192% ‐8.616% ‐2.857% 30.294% 49.661% ‐1.810% 2.611% ‐2.246% ‐9.495% ‐3.723% ‐100.000%
73,198 EARNINGS BEFORE TAXES 4,702 4,284 3,778 3,631 4,072 4,155 5,258 4,299 4,886 5,269 5,838 7,241 8,235 7,550 0
PROVISION FOR TAXES
19,080 1,485 1,260 1,164 964 1,327 1,205 1,644 1,173 1,133 3,340 792 1,011 1,347 1,235
PerCent Change 12.612% ‐15.152% ‐7.619% ‐17.182% 37.656% ‐9.194% 36.432% ‐28.650% ‐3.410% 194.793% ‐76.287% 27.652% 33.234% ‐8.315% ‐100.000%
26.066% PerCent of EBT 31.582% 29.412% 30.810% 26.549% 32.588% 29.001% 31.267% 27.285% 23.189% 63.390% 13.566% 13.962% 16.357% 16.358%
Dividends on Preferred Stock
-2,329 Extraneous Provisions ‐264 12 0 ‐31 0 ‐479 ‐1,549 ‐73 55
-0.331% 0.000% 0.000% ‐0.578% 0.026% 0.000% ‐0.068% 0.000% ‐1.182% ‐3.278% ‐0.143% 0.000% 0.000% 0.084% 0.000%
8.029% NET EARNINGS 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
PerCent Change ‐5.999% ‐4.828% ‐7.748% 3.390% 8.597% 21.234% ‐0.249% 47.074% ‐62.241% 152.048% 23.464% 9.679% ‐7.581% ‐100.000%
Net Earnings CAGR or IRR 5.33%
Use row 96 and 97 to force adjustments in Worksheet
See Income‐Expense Worksheet Row 86 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
2.197% 2.197% D&A Add Back 819 845 1,052 1,008 988 1,185 1,113 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
D&A %Rev 1.917% 1.870% 2.303% 2.168% 2.094% 2.613% 2.441% 2.531% 2.572% 2.341% 2.160% 1.988% 1.973% 2.034%
0.000% 10.226% Net CashFlow to Firm 4,036 3,869 3,930 3,663 3,733 4,166 4,727 4,631 6,517 3,197 6,207 7,419 8,123 7,679 0
Net FCFFirm %Revenue 9.445% 8.562% 8.605% 7.878% 7.912% 9.185% 10.366% 11.424% 13.793% 6.263% 11.545% 12.404% 12.421% 11.454%
Estimated Capital Expenditure 1,054 1,115 1,127 1,147 1,164 1,119 1,125 1,000 1,166 1,260 1,327 1,476 1,614 1,654 0
0.000% 7.759% Estimated Net Earnings | FCFInvestors 2,982 2,754 2,803 2,516 2,569 3,047 3,602 3,631 5,351 1,937 4,880 5,943 6,509 6,025 0
Net FCFInvestors %Revenue 6.978% 6.094% 6.138% 5.410% 5.444% 6.717% 7.899% 8.957% 11.326% 3.795% 9.078% 9.936% 9.953% 8.986%
CAGR or IRR Estimated Net Earnings | FCFInvestors 5.56%
Beharry, Lyndon Martin W. 2022‐07‐15_LMT‐MC‐Equity|IncStmntReview 07/15/2022 09:58 Page 2 of 17

Income‐Expense Worksheet
LMT: Lockheed Martin Corporation | 52‐1893632 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1,000,000 $USD
Revenue Worksheet
Products 34,809 36,336 36,380 36,925 37,817 35,691 36,093 34,868 40,365 43,875 45,005 50,053 54,928 56,435
Services 7,922 8,853 9,291 9,574 9,365 9,667 9,507 5,668 6,883 7,173 8,757 9,759 10,470 10,609
REVENUE CALCULATION 42,731 45,189 45,671 46,499 47,182 45,358 45,600 40,536 47,248 51,048 53,762 59,812 65,398 67,044 0
CoGS Worksheet
Line Worker Wage (If Applicable)
Products (reduced by R&D allocation) 30,874 32,301 31,900 32,383 32,879 30,649 30,944 30,274 35,628 38,550 38,993 43,289 47,696 48,773
Services 7,147 7,993 8,382 8,514 8,383 8,588 8,393 4,824 6,040 6,405 7,738 8,731 9,371 9,463
Severance charges 220 136 48 201 0 82 80 0 96 0 27 36
Other unallocated, net 61 671 742 1,137 1,060 841 132 47 ‐550 ‐655 ‐1,639 ‐1,875 ‐1,650 ‐1,789
Other Income, net ‐482 ‐242 ‐261 ‐276 ‐238 ‐318 ‐337 ‐220 ‐487 ‐373 ‐60 ‐178 10 ‐62
CoGS CALCULATION 37,600 40,723 40,983 41,894 42,132 39,961 39,132 35,007 40,711 43,927 45,128 49,967 55,454 56,421 0
5,131 4,466 4,688 4,605 5,050 5,397 6,468 5,529 6,537 7,121 8,634 9,845 9,944 10,623 0
COMPLEX D&A CoGS (Production Capital)
819 845 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364
TOTAL COMPLEX D&A (Posts to CoGS) 819 845 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
COMPLEX SGA (Administrative Expense)
TOTAL COMPLEX SGA (Posts to Administrative Expense) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
COMPLEX D&A SGA (Administrative Capital)
Goodwill Impairment Charges 195 119
TOTAL OTHER COMPLEX D&A SGA 0 0 0 0 0 195 119 0 0 0 0 0 0 0 0
OTHER INCOME / (LOSS)
Gain / (Loss) on Sale of Property and/or Facility (If Applicable )
Interest Receivable (If Applicable )
Other Income, net
Other non‐operating (expense) income, net ‐88 123 74 ‐35 21 0 ??? 30 0 ‐1 ‐828 ‐74 ‐37 288
Non‐service FAS pension (expense) income ‐577 219 ‐1,292
TOTAL OTHER INCOME (LOSS) ‐88 123 74 ‐35 21 0 0 30 0 ‐1 ‐828 ‐651 182 ‐1,004 0
INTEREST EXPENSE
341 305 345 354 383 350 340 443 663 651 668 653 591 569
TOTAL INTEREST EXPENSE 341 305 345 354 383 350 340 443 663 651 668 653 591 569 0
Beharry, Lyndon Martin W. 2022‐07‐15_LMT‐MC‐Equity|Income‐Expense Worksheet 07/15/2022 09:58 Page 3 of 17

LMT: Lockheed Martin Corporation | 52‐1893632 BalShtReview
1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CURRENT ASSETS
Cash 2,168 2,391 2,261 3,582 1,898 2,617 1,446 1,090 1,837 2,861 772 1,514 3,160 3,604
Trade Accounts Receivable 5,296 6,061 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 1,963
Short Term Factor Financing Receivable
Accounts Receivable 5,296 6,061 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 1,963 0
Inventories 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 2,981
Investments in Securities / Short‐term Securities 516 3
Deferred Tax 755 815 1,147 1,339 1,269 1,088 1,451 1,463
Other current Assets 562 1,027 518 625 1,188 813 744 622 399 1,510 418 531 1,150 688
Assets of Discontinued Operations held for sale 396
Contract Assets 9,472 9,094 9,545 10,579
TOTAL CURRENT ASSETS 10,683 12,477 12,893 14,094 13,855 13,329 12,322 16,198 15,108 17,461 16,103 17,095 19,378 19,815 0
NON-CURRENT ASSETS (i.e. LONG-TERM ASSETS)
Property Plant and Equipment (Acquisition Basis) 10,899 11,405 11,958 12,470 12,985 13,366 13,489 14,547 14,877 15,361 16,089 16,978 18,149 19,100
Accumulated Depreciation 6,411 6,885 7,404 7,859 8,310 8,660 8,738 9,057 9,328 9,586 9,965 10,387 10,936 11,503
Property Plant and Equipment (Net of Depreciation)
PPE (Net) 4,488 4,520 4,554 4,611 4,675 4,706 4,751 5,490 5,549 5,775 6,124 6,591 7,213 7,597 0
Goodwill 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 10,813
Intangible (Other Intangible) 355 311 324 4,147 4,093 3,797 3,494 3,213 3,012 2,706
TOTAL GOODWILL AND INTANGIBLE OTHER 9,881 10,259 9,605 10,148 10,370 10,348 11,186 17,723 14,857 14,604 14,263 13,817 13,818 13,519 0
Long‐term Marketable Securities
Deferred Income Taxes 4,651 3,779 3,485 4,388 4,809 2,850 4,013 4,470 6,625 3,111 3,208 3,319 3,475 2,290
Other noncurrent Assets 3,614 3,916 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,652
Prepaid Pension Assets 122 160
TOTAL NON-CURRENT ASSETS 22,756 22,634 22,220 23,814 24,802 22,859 24,724 32,930 32,698 29,060 28,773 30,433 31,332 31,058 0
TOTAL ASSETS 33,439 35,111 35,113 37,908 38,657 36,188 37,046 49,128 47,806 46,521 44,876 47,528 50,710 50,873 0
CURRENT LIABILITIES
Accounts Payable 2,030 2,030 1,627 2,269 2,038 1,397 1,562 1,974 1,653 1,467 2,402 1,281 880 780
Current Portion of Debt 242 0 150 0 956 0 750 1,500 1,250 500 6
Accrued Expenses 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785
Accrued Taxes Payable
Customer Advances and amounts in excess of costs incurred 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752
1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883
Liabilities of Discontinued Operations held for sale 204
Salaries, benefits and payroll taxes 1,684 1,648 2,122 2,466 3,163 3,108
Contract liabilities 6,491 7,054 7,545 8,107
Other current liabilities 2,051 1,976 1,883 1,921 1,845 1,996
Dividend Payable
TOTAL CURRENT LIABILITIES 10,542 10,703 11,401 12,130 12,155 11,120 11,112 14,057 12,542 12,637 14,398 13,972 13,933 13,997 0
LONG-TERM LIABILITIES
Notes payable / Long‐term Debt 3,563 5,052 5,019 6,460 6,158 6,152 6,142 14,305 14,282 13,513 12,604 11,404 11,669 11,670
Long‐term Tax Liabilities 11,413 11,807
Accrued Pension Liabilities 12,004 10,823 10,607 13,502 15,278 9,361 13,855 15,703 11,410 13,234 12,874 8,319
Other post‐retirement benefit liabilities 1,386 1,308 1,213 1,274 1,220 902 1,102 1,070 862 719 704 337
Other noncurrent liabilities 3,079 3,096 3,376 3,541 3,807 3,735 3,877 4,792 4,659 4,558 4,311 5,410 6,196 5,928
TOTAL LONG-TERM LIABILITIES 20,032 20,279 20,215 24,777 26,463 20,150 22,534 31,974 33,658 34,493 29,029 30,385 30,739 25,917 0
TOTAL LIABILITIES 30,574 30,982 31,616 36,907 38,618 31,270 33,646 46,031 46,200 47,130 43,427 44,357 44,672 39,914 0
SHAREHOLDERS EQUITY Goal‐Seek Adjust Capital Paid‐In and Share count total to Par  $USD 1.00
Preferred Stock:A @ par  $USD 1.00
Preferred Stock:B @ par  $USD 1.00
Preferred Stock:C @ par  $USD 1.00
Preferred Stock:D @ par  $USD 1.00
Common Stock @ par  $USD 1.00 393 373 346 321 321 319 314 303 289 284 281 280 281 277
Treasury Stock @ par  $USD 1.00
Additional Capital Paid‐In 219 88
Deferred Compensation
Accumulated Comprehensive Income / (Loss) ‐9,149 ‐8,595 ‐9,010 ‐11,257 ‐13,493 ‐9,601 ‐11,870 ‐11,444 ‐12,102 ‐12,540 ‐14,321 ‐15,554 ‐16,121 ‐11,006
Retained Earnings / Accumulated Other Comprehensive Income 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636 21,600
Other Equity
NonControlling Interests 95 74 55 44 23 0
TOTAL SHAREHOLDERS EQUITY 2,865 4,129 3,497 1,001 39 4,918 3,400 3,097 1,606 ‐609 1,449 3,171 6,038 10,959 0
TOTAL LIABILITIES AND SE 33,439 35,111 35,113 37,908 38,657 36,188 37,046 49,128 47,806 46,521 44,876 47,528 50,710 50,873 0
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|BalShtReview 07/15/2022 09:58 Page 4 of 17

LMT: Lockheed Martin Corporation | 52‐1893632 CAPEXCalc
IRR; CAGR Aggregated 1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
4.355%
Working Capital [Current
Assets - Current Liabilities]
141 1,774 1,492 1,964 1,700 2,209 1,210 2,141 2,566 4,824 1,705 3,123 5,445 5,818 0
PerCent of Revenue 0.330% 3.926% 3.267% 4.224% 3.603% 4.870% 2.654% 5.282% 5.431% 9.450% 3.171% 5.221% 8.326% 8.678%
 Working Capital ‐1,633 282 ‐472 264 ‐509 999 ‐931 ‐425 ‐2,258 3,119 ‐1,418 ‐2,322 ‐373 5,818
-0.597%  Working Capital %Rev ‐3.614% 0.617% ‐1.015% 0.560% ‐1.122% 2.191% ‐2.297% ‐0.900% ‐4.423% 5.801% ‐2.371% ‐3.551% ‐0.556%
4.770% 0.058%
CAPEX =  Total Assets - 
Total Liabilities
1,264 ‐632 ‐2,496 ‐962 4,879 ‐1,518 ‐303 ‐1,491 ‐2,215 2,058 1,722 2,867 4,921 ‐10,959
-0.009% CAPEX %Rev 2.797% ‐1.384% ‐5.368% ‐2.039% 10.757% ‐3.329% ‐0.747% ‐3.156% ‐4.339% 3.828% 2.879% 4.384% 7.340%
2.467%
CAPEX = PPECurrent - PPELast +
Depreciation
877 1,086 1,065 1,052 1,216 1,158 1,765 1,274 1,421 1,510 1,656 1,912 1,748 ‐7,597
2.679% CAPEX %Rev 1.941% 2.378% 2.290% 2.230% 2.681% 2.539% 4.354% 2.696% 2.784% 2.809% 2.769% 2.924% 2.607%
27.046% 28.182% CAPEX %FCFFirm 22.667% 27.634% 29.075% 28.181% 29.189% 24.498% 38.113% 19.549% 44.448% 24.327% 22.321% 23.538% 22.763%
[Agg CapEx]/[Agg Rev] 2.667%
Net Operating Working Capital
[Alt Calc]
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
+ Total Current Assets 10,683 12,477 12,893 14,094 13,855 13,329 12,322 16,198 15,108 17,461 16,103 17,095 19,378 19,815
‐ Investments In Securities ‐516 ‐3
‐ Factor Trade Financing
Receivable
‐ Current Liabilities ‐10,542 ‐10,703 ‐11,401 ‐12,130 ‐12,155 ‐11,120 ‐11,112 ‐14,057 ‐12,542 ‐12,637 ‐14,398 ‐13,972 ‐13,933 ‐13,997
+ Current Portion of Debt 242 150 956 750 1,500 1,250 500 6
5.113% Net Operating Working Capital 383 1,774 976 1,961 1,850 2,209 1,210 3,097 2,566 5,574 3,205 4,373 5,945 5,824
PerCent of Revenue 0.896% 3.926% 2.137% 4.217% 3.921% 4.870% 2.654% 7.640% 5.431% 10.919% 5.961% 7.311% 9.090% 8.687%
 Working Capital ‐1,391 798 ‐985 111 ‐359 999 ‐1,887 531 ‐3,008 2,369 ‐1,168 ‐1,572 121
-0.699% -0.847%  Working Capital %Rev ‐3.078% 1.747% ‐2.118% 0.235% ‐0.791% 2.191% ‐4.655% 1.124% ‐5.892% 4.406% ‐1.953% ‐2.404% 0.180%
Beharry, Lyndon Martin W. 2022‐07‐15_LMT‐MC‐Equity|CAPEXCalc 07/15/2022 09:58 Page 5 of 17

Statement of Cash Flows
CashFlows
1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CashFlow from Operating Activities: CFO 2,541 4,293 3,557 4,380 3,976 6,066 3,664 5,206 1,517 9,994 6,654 6,447 7,875 5,818
Indirect Method
Net Income 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
Adjustments
D&A 819 845 1,052 1,008 988 1,185 1,113 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
Deferred Taxes 755 815 1,147 1,339 1,269 1,088 1,451 1,463 0 0 0 0 0 0 0
Decrease / (Increase) in Accounts Receivables ‐765 369 ‐372 ‐499 729 ‐43 ‐2,184 ‐141 ‐401 6,159 6,266 6,625 6,640 2,337
Increase / (Decrease) in Inventories ‐281 ‐180 ‐118 ‐456 ‐40 173 ‐2,158 292 183 1,490 868 942 1,506 3,619
Increase / (Decrease) in Accounts Payable 0 403 ‐642 231 641 ‐165 ‐412 321 186 ‐935 186 587 687 1,281
Increase / (Decrease) in Accrued Interest Receivable
Gain / (Loss) on Sale of Property
CashFlow from Investing Activities: CFI 3,638 5,669 3,870 4,278 6,584 6,143 1,340 6,989 3,165 12,921 14,739 16,277 16,512
Indirect Method
Cash from Sale of Marketable Securities 513 3
Cash from Sale of Land
Cash from Sale of Other Assets 30 37 241
Purchase of Plant & Equipment ‐77 ‐53 ‐286 ‐691 ‐46 ‐347 ‐392 ‐594 ‐640
CashFlow from Financing Activities: CFF ‐77 543 ‐50 37 241 ‐286 ‐691 ‐46 ‐347 ‐392 ‐594 ‐640 0
Indirect Method
Cash from Sale of Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Sale of Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Interest Paid for Debt ‐341 ‐305 ‐345 ‐354 ‐383 ‐350 ‐340 ‐443 ‐663 ‐651 ‐668 ‐653 ‐591 ‐569 0
Cash Paid to Redeem Debt ‐242 242 0 0 ‐150 150 0 ‐956 956 ‐750 ‐750 ‐500 250 744 1,250
Cash paid for Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Beharry, Lyndon Martin W. 2022‐07‐15_LMT‐MC‐Equity|CashFlows 07/15/2022 09:58 Page 6 of 17

Complex Debt
ForEx Carrying Conversion 1,000,000 $USD
Currency Value Rate Long-Term Debt Australian Dollar AUD NA
MatDate Coupon Value Annual Canadian Dollar CND NA
USD NA 2021‐12‐31 3.350% 0.000 0 Chinese Yuan CNY NA
USD NA 2023‐12‐31 3.100% 500.000 16 European Union EUR NA
USD NA 2025‐12‐31 2.900% 750.000 22 Korean Won KRW NA
USD NA 2026‐12‐31 3.550% 2,000.000 71 South Africa Rand ZAR NA
USD NA 2030‐12‐31 1.850% 400.000 7 Swiss CHF NA
USD NA 2035‐12‐31 3.600% 500.000 18 US Dollar USD NA
USD NA 2036‐12‐31 5.325% 1,054.000 56
USD NA 2042‐12‐31 4.070% 1,336.000 54
USD NA 2045‐12‐31 3.800% 1,000.000 38
USD NA 2046‐12‐31 4.700% 1,326.000 62
USD NA 2050‐12‐31 2.800% 750.000 21
USD NA 2052‐12‐31 4.090% 1,578.000 65
USD NA 2031‐12‐31 6.990% 1,605.000 112
USD NA 0.000% ‐1,123.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
EUR NA 0.000% 0.000 0
EUR NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
CND NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
…
11,676 542
4.644%
Beharry, Lyndon Martin W. 2022‐07‐15_LMT‐MC‐Equity|Complex Debt 07/15/2022 09:58 Page 7 of 17

LMT: Lockheed Martin Corporation | 52‐1893632 WACCCalc ACCOUNT FOR CURRENT AND LONG‐TERM LIABILITIES Yes
DCF analysis will deduct the total value of
liabilities from the firm's cash position.
Functional Currency: 1,000,000 $USD DCF ACCOUNTS FOR CASH AND ALL OTHER ASSETS (YES); ONLY CASH AND SHORT‐TERM (NO) No
To assess liquidity at T₀, DCF analysis will
deduct Balance Sheet Liabilities from Cash +
Short‐term securities.
Debt B Calculations [for Weighted Average Cost of Debt]: FIRE SALE VALUE FOR ASSETS OTHER THAN CASH: 85.000%
1,000,000
Long-Term Debt COST OF DEBT 4.644%
MatDate Coupon Value Annual TAX ADJUSTED 3.669%
2018‐09‐01 8.000% 0 OUTSTANDING DEBT OBLIGATIONS 44,357
2.700% 0 0 $USD CURRENCY COST OF DEBT ISSUE. 45,984
1.550% 0 0
6.800% 0 0
2.250% 0 0 COST OF PREFERRED STOCK 0.000%
2.960% 0 0 WEIGHTED MARKET PRICE OF PREFERRED STOCK 0.000
2.400% 0 0 WEIGHTED AVERAGE OF OUTSTANDING PREFERRED STOCK 0
2.150% 0 0 $USD CURRENCY COST OF PREFERRED CAPITAL. 0
2.400% 0 0
2.850% 0 0
2.550% 0 0 MARKET PRICE OF COMMON STOCK 440.560
3.500% 0 0 RECENT SHARES OUT 266
4.625% 0 0 OUTSTANDING COMMON STOCK: ESTIMATETTM = AVG(RECENT,10K FIGURE) 273 Adjusted for Treasury Stock
4.540% 0 RETAINED EARNINGS 18,401
4.580% 0 $USD CURRENCY COST OF COMMON CAPITAL: CAPITALIZATION. 118,767 3,171 BALANCE SHEET SE
1.920% 0
2.610% 0 DIVIDEND IN $USD 11.200
2.840% 0 DIVIDEND YIELD RATE 2.542%
4.150% 0 ONE YR EXPECTED $USD RETURN PER SHARE = [MARKET PRICE X (1+ER)] + DIVIDEND 476.126
1.890% 0 ACTUAL RETURN ON EQUITY: ER for TTM 57.624% 76.050% TTM VALUE
EXPECTED RETURN ON EQUITYUPPER: Including Risk Premium 20.000% MEAN OF FINANCIALS AND TTM
0 0 GORDON DIVIDEND RoE IMPUTED ke 6.402%
Cost of Long Term Debt 0.000% HISTORICAL 0.730
CAPM FOR COMMON STOCK E(ri) = rf + [E(rm)-rf] LOWER 5.531%
Long Term Debt 11,676 ESTIMATE THE COST OF EQUITY ON EXPECTED RoE OR CAPM?
WAAC
CAPMKe
Cost 4.64% WACC MEAN 5.011%
Short Term Debt 0
Cost 0.00% ESTIMATED SHORT-TERM RISK FREE RATE: T-BILL OR OTHER 2.910%
Revolving Debt 0 OVERALL HISTORIC MARKET RETURN 6.500%
Cost 0.00%
PERPETUITY GROWTH RATE = INFLATION 2.500%
Average Debt Cost 4.644%
PERPETUITY DISCOUNT FACTORWACC-PERPETUITY GROWTH RATE 3.139%
WACC Monte 5.639%
TIME HORIZON (YEARS) FOR SCENARIO 10
CAPM Target Price in 1 Years: 464.926
DCF PROJECTED PRICE PER SHARE AT THESE VARIABLES: 345.102
AVERAGE INTERNAL REVENUE GROWTH RATE TIMET-10,T 2.621%
Beharry, Lyndon Martin W. 2022‐07‐15_LMT‐MC‐Equity|WACCCalc 07/15/2022 09:58 Page 8 of 17

Variables Monetary Values In 1,000,000 $USD (Except Per Share Values).
LMT: Lockheed Martin Corporation | 52‐1893632 Currency $USD Note: This sheet carries decimals to 3 places: 0.000 .
Lockheed Martin Corporation, a global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We also
provide a broad range of management, engineering, technical, scientific, logistics, system integration and cybersecurity services. We serve both U.S. and international customers with products and services that have defense, civil and
commercial applications, with our principal customers being agencies of the U.S. Government. In 2021, 71% of our $67.0 billion in net sales were from the U.S. Government, either as a prime contractor or as a subcontractor (including 62%
from the Department of Defense (DoD)), 28% were from international customers (including foreign military sales (FMS) contracted through the U.S. Government) and 1% were from U.S. commercial and other customers. Our main areas of
focus are in defense, space, intelligence, homeland security and information technology, including cybersecurity.    (December 2021)
User may vary input into shaded cells. Complete the IncStmntReview and BalShtReview worksheets. Complete this page; then run your simulation here.
The most recent FY end (type year): 2022 Adjust Base Year for TTM Estimate Yes
Calculate Statistics through FY: 2021
Mean Historical Alternate 10.000% Coefficient of Variation Target Cut-off
Variables Estimate STDEV Rate
Revenue Growth Rate 3.745% 6.971% 2.621% High deviation. Coefficient of Variation=186.13% Use an alternate rate.
Alternative Revenue Growth RateDCF 2.00000% 0.200% 0.00% + / -  Growth Per Annum Monte Carlo DCF:  $USD LMT: Lockheed Martin Corporation | 52-1893632
Projected Growth Rate Y1     2.000% 0.200% Use Alternate Rates: Yes 2.000% 0.200%
AGGR
CoGS : f(Revenue) 84.703% 2.367% 84.472% 84.472%
Depreciation/Amortization [COGs] : f(Revenue) 2.215% 0.253% 2.153% 2.153% High deviation. Coefficient of Variation=11.42% Use an alternate rate.
SGA (Only) : f(Revenue) 0.000% 0.000% 0.000% 0.000%
R&D : f(Revenue) 0.660% 0.780% 1.663% 1.663% 1.663% High deviation. Coefficient of Variation=118.07% Use an alternate rate.
Depreciation/Amortization [SGA] : f(Revenue) 0.049% 0.130% 0.045% 0.045% High deviation. Coefficient of Variation=262.91% Use an alternate rate.
Total Other Overhead : f(Revenue) 0.049% 0.130% 0.049% 0.045% Operating expense has a high deviation=262.91% Check rates of member elements.
Other Expense (Income) : f(Revenue) 0.256% 0.627% 0.310% 0.310% High deviation. Coefficient of Variation=245.49% Use an alternate rate.
Interest Expense (Income) : f(Revenue) 0.941% 0.234% 1.250% 0.947% 1.250% High deviation. Coefficient of Variation=24.89% Use an alternate rate.
Tax Rate : f(EBT) 27.523% 12.425% 21.000% 26.066% High deviation. Coefficient of Variation=45.14% Use an alternate rate.
Capital Expenditures : f(Revenue) 2.692% 0.571% 2.467% 2.467% High deviation. Coefficient of Variation=21.21% Use an alternate rate.
Δ Working Capital : f(Revenue) -0.699% 2.885% 0.000% ‐0.847% High deviation. Coefficient of Variation=412.59% Use an alternate rate.
Working Capital : f(Revenue) 4.286% 2.510% 4.355% 4.355% High deviation. Coefficient of Variation=58.57% Use an alternate rate.
Equity Minority Interest : f(Revenue) ‐0.367% 0.904% 0.000% ‐0.331% High deviation. Coefficient of Variation=246.26% Use an alternate rate.
Financial Ratios | FY 2021
Current 1.4156605
Acid Test 0.25748375 No Include Accounts Receivable?
Debt:Equity 3.64212063
Debt:Debt+Equity 0.78458121
RoA (Adjusted for D&A) 0.12413264
RoE 0.57623871
Gordon Dividend Payout Model:
Book Value of the Firm $USD1,000,000 10,959
Book Value Per Share BV0 41.182
Dividend Growth Rate (Gordon Model) gn 5.000% -0.871% Δ KE : [CAPM - Gordon]
ke = [(RoE - gn ) X (BV0 / P0)] + gn 6.402% No Actual RoE (Yes); Expected RoE (No)
P0/BV0 = PBV = [(RoE-gn)/(ke-gn) 10.6978211
Price Multiple : BV0 10.698
Forecast Share Price From Multiple X BV0 440.560
Static Model: DCF Valuation Per Share 345.102 Growth Rate: 2.00% less 0.00% each subsequent year after T₁.
$USD 345.102
VARIABLES FOR WACC CALCULATIONS
Market and CAPM Modelling 2.910% Risk‐Free Rate (T‐Bill/Bond/Note, LIBOR or other imputed rate)
6.500% Overall historic Market Return
Equity Share Variables 440.560 Current Market Price of Common Stock
11.200 Dividend, if applicable
0.730  eta
76.050% Return on Equity TTM
20.000% Expected Return on Equity
266.110 Current Shares Outstanding (diluted) Including Treasury Holdings in 1,000,000's
Preferred Share Variables Current Market Price of Preferred Stock: A, if applicable
0 Current shares outstanding 1,000,000
Preferred: A stock coupon
Current Market Price of Preferred Stock: B, if applicable
Preferred: B stock coupon
Current Market Price of Preferred Stock: C, if applicable
Preferred: C stock coupon
Current Market Price of Preferred Stock: D, if applicable
Preferred: D stock coupon
0 Weighted Number of Preferred Shares Outstanding
0.000% Weighted Cost (Coupon) of Preferred Shares Outstanding
0.000 Weighted Market Price of Preferred
Perpetuity Growth Rate Inflation Long‐term Growth Rate (for perpetuity model)
2.500% Long‐Term Inflation Rate
3.580% Average Long‐Term Inflation Rate: U.S.A.
5.531% CAPM KE
Basis of WACC Calculation
WACC
Gordon RoE
CALCULATE DISCOUNT RATE VARYING EQUITY WEIGHTING:
WACC, CAPM, GORDON RoE, AVERAGE OF CAPM AND GORDON RoE?
Yes VARY WACC AROUND ITS MEAN?
2.000% AT THIS COEFFICIENT OF VARIATION (  PERCENT OF THE MEAN).
5.639% WACC FOR SIMULATION
ALTERNATE PLUG FOR WACC DISCOUNT FACTOR
Forecast Results Summary Per Share 355.962 P/E Valuation 15.000 PE Forward
476.126 CAPM Valuation 7.5000 Imputed or Projected PEG
440.560 BV0 Multiple Valuation
345.102 Static DCF Valuation
350.146 Monte Carlo DCF  Valuation
393.579   of All Models Valuation
Monte Carlo Analysis: 350.146 Monte Carlo DCF  2.500 
2,036.114 Monte Carlo Upper 2,036.114
(1,409.360) Monte Carlo Lower (1,409.360)
3,445.474 Monte Carlo Range
984.009% Range:Mean
Lognormal Distribution
The header (top) is higher | lower than the complement (left).
Ratio Comparison of the Models P/E CAPM Gordon BV0 Static DCF MC DCF  Models
P/E 0.000% 33.758% 23.766% ‐3.051% ‐1.634% 10.568%
CAPM ‐25.238% 0.000% ‐7.470% ‐27.519% ‐26.459% ‐17.337%
Gordon BV0 ‐19.202% 8.073% 0.000% ‐21.667% ‐20.522% ‐10.664%
Static DCF 3.147% 37.967% 27.661% 0.000% 1.462% 14.047%
MC DCF 1.661% 35.979% 25.822% ‐1.441% 0.000% 12.404%
 Models ‐9.558% 20.973% 11.937% ‐12.317% ‐11.035% 0.000%
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|Variables 07/15/2022 09:58 Page 9 of 17

Type alternative annual growth rates here:
LMT: Lockheed Martin Corporation | 52‐1893632: Monte Carlo: Valuation Per Share |  $USD Mask Monetary Values In 1,000,000 $USD (Except Per Share Values).
1,000,000 $USD Revenue Growth Rate2022 Revenue Growth Rate2023 Revenue Growth Rate2024 Revenue Growth Rate2025 Revenue Growth Rate2026 Revenue Growth Rate2027 Revenue Growth Rate2028 Revenue Growth Rate2029 Revenue Growth Rate2030 Revenue Growth Rate2031 Revenue Growth Rate2032
Projection Base [FY] Year T0 2022 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Revenue Growth Rate 2022 00.0% Revenue Growth Rate 2023 00.0% Revenue Growth Rate 2024 00.0% Revenue Growth Rate 2025 00.0% Revenue Growth Rate 2026 00.0% Revenue Growth Rate 2027 00.0% Revenue Growth Rate 2028 00.0% Revenue Growth Rate 2029 00.0% Revenue Growth Rate 2030 00.0% Revenue Growth Rate 2031 00.0% Revenue Growth Rate 2032 00.0%
2.000% 0.200% Random Growth Rate
Sequential Reduction 0.000% Alternate Coefficient of Variability 10.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Timet0 Timet+1 Timet+2 Timet+3 Timet+4 Timet+5 Timet+6 Timet+7 Timet+8 Timet+9 Timet+10 Timet+11
Projection TimeT1
61,008 MONTE CARLO REVENUE 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812
CoGS : f(Revenue)2022 CoGS : f(Revenue)2023 CoGS : f(Revenue)2024 CoGS : f(Revenue)2025 CoGS : f(Revenue)2026 CoGS : f(Revenue)2027 CoGS : f(Revenue)2028 CoGS : f(Revenue)2029 CoGS : f(Revenue)2030 CoGS : f(Revenue)2031 CoGS : f(Revenue)2032
84.472% 8.447%
CoGS: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [COGs] : f(Revenue)2022 Depreciation/Amortization [COGs] : f(Revenue)2023 Depreciation/Amortization [COGs] : f(Revenue)2024 Depreciation/Amortization [COGs] : f(Revenue)2025 Depreciation/Amortization [COGs] : f(Revenue)2026 Depreciation/Amortization [COGs] : f(Revenue)2027 Depreciation/Amortization [COGs] : f(Revenue)2028 Depreciation/Amortization [COGs] : f(Revenue)2029 Depreciation/Amortization [COGs] : f(Revenue)2030 Depreciation/Amortization [COGs] : f(Revenue)2031 Depreciation/Amortization [COGs] : f(Revenue)2032
2.153% 0.215%
D&A (Production): 0.00% 0 0 0 0 0 0 0 0 0 0 0
GROSS MARGIN: 100.00% 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812
SGA (Only) : f(Revenue)2022 SGA (Only) : f(Revenue)2023 SGA (Only) : f(Revenue)2024 SGA (Only) : f(Revenue)2025 SGA (Only) : f(Revenue)2026 SGA (Only) : f(Revenue)2027 SGA (Only) : f(Revenue)2028 SGA (Only) : f(Revenue)2029 SGA (Only) : f(Revenue)2030 SGA (Only) : f(Revenue)2031 SGA (Only) : f(Revenue)2032
0.000% 0.000% Administrative Costs:
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
R&D : f(Revenue)2022 R&D : f(Revenue)2023 R&D : f(Revenue)2024 R&D : f(Revenue)2025 R&D : f(Revenue)2026 R&D : f(Revenue)2027 R&D : f(Revenue)2028 R&D : f(Revenue)2029 R&D : f(Revenue)2030 R&D : f(Revenue)2031 R&D : f(Revenue)2032
1.663% 0.166%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [SGA] : f(Revenue)2022 Depreciation/Amortization [SGA] : f(Revenue)2023 Depreciation/Amortization [SGA] : f(Revenue)2024 Depreciation/Amortization [SGA] : f(Revenue)2025 Depreciation/Amortization [SGA] : f(Revenue)2026 Depreciation/Amortization [SGA] : f(Revenue)2027 Depreciation/Amortization [SGA] : f(Revenue)2028 Depreciation/Amortization [SGA] : f(Revenue)2029 Depreciation/Amortization [SGA] : f(Revenue)2030 Depreciation/Amortization [SGA] : f(Revenue)2031 Depreciation/Amortization [SGA] : f(Revenue)2032
0.045% 0.004%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Other Expense (Income) : f(Revenue)2022 Other Expense (Income) : f(Revenue)2023 Other Expense (Income) : f(Revenue)2024 Other Expense (Income) : f(Revenue)2025 Other Expense (Income) : f(Revenue)2026 Other Expense (Income) : f(Revenue)2027 Other Expense (Income) : f(Revenue)2028 Other Expense (Income) : f(Revenue)2029 Other Expense (Income) : f(Revenue)2030 Other Expense (Income) : f(Revenue)2031 Other Expense (Income) : f(Revenue)2032
0.310% 0.031%
Other: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBIT: 100.00% 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812
Interest Expense (Income) : f(Revenue)2022 Interest Expense (Income) : f(Revenue)2023 Interest Expense (Income) : f(Revenue)2024 Interest Expense (Income) : f(Revenue)2025 Interest Expense (Income) : f(Revenue)2026 Interest Expense (Income) : f(Revenue)2027 Interest Expense (Income) : f(Revenue)2028 Interest Expense (Income) : f(Revenue)2029 Interest Expense (Income) : f(Revenue)2030 Interest Expense (Income) : f(Revenue)2031 Interest Expense (Income) : f(Revenue)2032
1.250% 0.125%
Interest Expense: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBT: 100.00% 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812
Tax Rate : f(EBT)2022 Tax Rate : f(EBT)2023 Tax Rate : f(EBT)2024 Tax Rate : f(EBT)2025 Tax Rate : f(EBT)2026 Tax Rate : f(EBT)2027 Tax Rate : f(EBT)2028 Tax Rate : f(EBT)2029 Tax Rate : f(EBT)2030 Tax Rate : f(EBT)2031 Tax Rate : f(EBT)2032
21.000% 2.100%
Taxes: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 100.00% 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812
D&A Add‐Back: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures : f(Revenue)2022 Capital Expenditures : f(Revenue)2023 Capital Expenditures : f(Revenue)2024 Capital Expenditures : f(Revenue)2025 Capital Expenditures : f(Revenue)2026 Capital Expenditures : f(Revenue)2027 Capital Expenditures : f(Revenue)2028 Capital Expenditures : f(Revenue)2029 Capital Expenditures : f(Revenue)2030 Capital Expenditures : f(Revenue)2031 Capital Expenditures : f(Revenue)2032
2.467% 0.247%
CAP EX: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Δ  Working Capital : f(Revenue)2022 Δ  Working Capital : f(Revenue)2023 Δ  Working Capital : f(Revenue)2024 Δ  Working Capital : f(Revenue)2025 Δ  Working Capital : f(Revenue)2026 Δ  Working Capital : f(Revenue)2027 Δ  Working Capital : f(Revenue)2028 Δ  Working Capital : f(Revenue)2029 Δ  Working Capital : f(Revenue)2030 Δ  Working Capital : f(Revenue)2031 Δ  Working Capital : f(Revenue)2032
0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Equity Minority Interest : f(Revenue)2022 Equity Minority Interest : f(Revenue)2023 Equity Minority Interest : f(Revenue)2024 Equity Minority Interest : f(Revenue)2025 Equity Minority Interest : f(Revenue)2026 Equity Minority Interest : f(Revenue)2027 Equity Minority Interest : f(Revenue)2028 Equity Minority Interest : f(Revenue)2029 Equity Minority Interest : f(Revenue)2030 Equity Minority Interest : f(Revenue)2031 Equity Minority Interest : f(Revenue)2032
0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
‐45,984 LESS CURRENT DEBT AND OTHER LONG-TERM LIABILITIES T₀ (Adjusted for Carrying Costs )
0 LESS PREFERRED AT PAR T₀
1,514 EXCESS CASH & SHORT-TERM SECURITIES T₀ GROWTH 2.500%
DCF analysis will deduct the total value of liabilities from the firm's cash position. PERPETUITY VALUE
FCF to Equity 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 59,812 1,952,978
WACC FOR SIMULATION
5.639% 0.113% To assess liquidity at T₀, DCF analysis will deduct Balance Sheet Liabilities from Cash + Short‐term securities.
DCF to the Investors 2,566,439 DCF analysis will deduct the total value of liabilities from the firm's cash position.
LMT: Lockheed Martin Corporation | 52-1893632: Monte Carlo: Valuation Per Share | $USD PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|DCF All Variable_MC 07/15/2022 09:58 Page 10 of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
2.000% 0.200% Random Growth Rate 2.05% 2.43% 1.79% 1.94% 1.88% 2.24% 1.75% 2.33% 2.21% 2.08% 2.26%
Projection TimeT1
84.472% 8.447% 92.197% 80.583% 91.093% 98.635% 83.462% 90.050% 93.104% 93.935% 90.888% 67.540% 78.201%
CoGS: 87.00% ‐56,273 ‐50,378 ‐57,965 ‐63,981 ‐55,158 ‐60,846 ‐64,013 ‐66,090 ‐65,358 ‐49,580 ‐58,704
2.153% 0.215% 2.149% 2.154% 2.272% 2.052% 2.149% 2.244% 1.847% 2.284% 2.036% 2.468% 2.080%
D&A (Production): 2.16% ‐1,312 ‐1,346 ‐1,446 ‐1,331 ‐1,420 ‐1,516 ‐1,270 ‐1,607 ‐1,464 ‐1,812 ‐1,562
GROSS MARGIN: 10.84% 3,451 10,792 4,222 ‐446 9,509 5,207 3,471 2,660 5,088 22,017 14,803
0.000% 0.000% Administrative Costs: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
1.663% 0.166% 1.630% 1.857% 1.574% 1.524% 1.457% 1.760% 1.841% 1.859% 1.885% 1.774% 1.543%
R & D: 1.70% ‐995 ‐1,161 ‐1,001 ‐989 ‐963 ‐1,189 ‐1,266 ‐1,308 ‐1,355 ‐1,302 ‐1,158
0.045% 0.004% 0.053% 0.041% 0.039% 0.044% 0.046% 0.040% 0.043% 0.045% 0.051% 0.047% 0.048%
D & A [SGA]: 0.05% ‐32 ‐26 ‐25 ‐29 ‐30 ‐27 ‐30 ‐31 ‐37 ‐35 ‐36
Admin Expenses: 1.75% ‐1,027 ‐1,187 ‐1,026 ‐1,017 ‐993 ‐1,216 ‐1,296 ‐1,339 ‐1,392 ‐1,337 ‐1,194
0.310% 0.031% 0.287% 0.277% 0.311% 0.316% 0.328% 0.295% 0.295% 0.296% 0.264% 0.253% 0.293%
Other: 0.29% ‐175 ‐173 ‐198 ‐205 ‐216 ‐199 ‐203 ‐209 ‐190 ‐186 ‐220
EBIT: 8.80% 2,249 9,432 2,998 ‐1,668 8,299 3,792 1,972 1,113 3,506 20,494 13,389
1.250% 0.125% 1.001% 1.066% 1.310% 1.079% 1.085% 1.044% 1.260% 1.292% 1.421% 0.956% 1.315%
Interest Expense: 1.17% ‐611 ‐666 ‐834 ‐700 ‐717 ‐706 ‐866 ‐909 ‐1,022 ‐702 ‐987
EBT: 7.63% 1,638 8,766 2,165 ‐2,367 7,583 3,086 1,106 204 2,484 19,793 12,401
21.000% 2.100% 21.323% 22.515% 21.254% 23.669% 22.223% 22.231% 21.293% 19.684% 19.967% 20.695% 24.417%
Taxes: 21.06% ‐349 ‐1,974 ‐460 560 ‐1,169 ‐686 ‐236 ‐40 ‐496 ‐4,096 ‐3,028
NET EARNINGS: 6.02% 1,289 6,792 1,704 ‐1,807 6,414 2,400 871 164 1,988 15,697 9,373
D&A Add‐Back: 2.20% 1,344 1,372 1,470 1,359 1,450 1,543 1,300 1,638 1,501 1,846 1,598
2.467% 0.247% 2.767% 1.951% 2.323% 2.424% 2.487% 2.251% 2.337% 2.306% 1.935% 2.337% 2.180%
CAP EX: 2.29% ‐1,689 ‐1,220 ‐1,478 ‐1,573 ‐1,644 ‐1,521 ‐1,607 ‐1,622 ‐1,391 ‐1,715 ‐1,636
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 944 6,944 1,696 ‐2,020 6,220 2,422 564 179 2,098 15,828 9,335 304,806
WACC FOR SIMULATION
5.734% DCF to the Investors 140,896 DCF analysis will deduct the total value of liabilities from the firm's cash position.
LMT: Lockheed Martin Corporation | 52-1893632: Monte Carlo: Valuation Per Share | $USD 516.000 PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|DCF All Variable_MC 07/15/2022 09:27 Page 10A of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
84.472% 8.447% 75.523% 96.896% 67.407% 85.401% 89.502% 88.933% 81.773% 70.694% 72.644% 70.221% 86.702%
CoGS: 80.39% ‐46,179 ‐60,619 ‐42,936 ‐55,496 ‐59,692 ‐60,512 ‐56,719 ‐50,056 ‐52,312 ‐51,524 ‐64,771
2.153% 0.215% 2.484% 2.155% 2.401% 2.318% 1.853% 1.864% 1.970% 1.907% 2.008% 2.221% 2.467%
D&A (Production): 2.15% ‐1,519 ‐1,348 ‐1,529 ‐1,506 ‐1,236 ‐1,268 ‐1,366 ‐1,350 ‐1,446 ‐1,630 ‐1,843
GROSS MARGIN: 17.46% 13,447 594 19,231 7,981 5,766 6,262 11,276 19,400 18,253 20,220 8,092
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
1.663% 0.166% 1.679% 1.569% 1.478% 1.883% 1.816% 1.558% 1.449% 1.379% 1.305% 1.382% 1.885%
R & D: 1.58% ‐1,026 ‐982 ‐941 ‐1,224 ‐1,211 ‐1,060 ‐1,005 ‐976 ‐940 ‐1,014 ‐1,408
0.045% 0.004% 0.045% 0.033% 0.046% 0.045% 0.052% 0.048% 0.053% 0.037% 0.044% 0.051% 0.052%
D & A [SGA]: 0.05% ‐27 ‐21 ‐29 ‐29 ‐35 ‐33 ‐36 ‐26 ‐31 ‐37 ‐39
Admin Expenses: 1.62% ‐1,054 ‐1,003 ‐971 ‐1,253 ‐1,246 ‐1,093 ‐1,042 ‐1,002 ‐972 ‐1,051 ‐1,447
0.310% 0.031% 0.275% 0.300% 0.286% 0.393% 0.347% 0.265% 0.318% 0.285% 0.301% 0.285% 0.323%
Other: 0.31% ‐168 ‐188 ‐182 ‐255 ‐231 ‐180 ‐221 ‐202 ‐216 ‐209 ‐241
EBIT: 15.53% 12,226 ‐596 18,079 6,473 4,288 4,989 10,014 18,196 17,065 18,960 6,403
1.250% 0.125% 1.295% 1.315% 1.217% 1.217% 1.354% 1.068% 1.294% 1.400% 1.309% 1.431% 1.455%
Interest Expense: 1.31% ‐792 ‐822 ‐775 ‐791 ‐903 ‐727 ‐898 ‐991 ‐942 ‐1,050 ‐1,087
EBT: 14.23% 11,434 ‐1,419 17,304 5,682 3,385 4,262 9,116 17,205 16,123 17,909 5,317
21.000% 2.100% 20.123% 20.517% 22.287% 22.035% 18.057% 22.326% 22.141% 20.251% 24.372% 20.166% 18.353%
Taxes: 21.29% ‐2,301 291 ‐3,788 ‐1,252 ‐611 ‐952 ‐2,018 ‐3,484 ‐3,929 ‐3,612 ‐976
NET EARNINGS: 11.20% 9,133 ‐1,128 13,516 4,430 2,774 3,311 7,098 13,721 12,194 14,298 4,341
D&A Add‐Back: 2.19% 1,546 1,369 1,558 1,535 1,271 1,301 1,403 1,377 1,478 1,667 1,882
2.467% 0.247% 2.519% 2.875% 2.406% 2.509% 2.415% 2.342% 3.010% 2.426% 2.424% 2.092% 2.313%
CAP EX: 2.48% ‐1,540 ‐1,799 ‐1,532 ‐1,631 ‐1,611 ‐1,594 ‐2,088 ‐1,718 ‐1,745 ‐1,535 ‐1,728
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 9,139 ‐1,557 13,542 4,335 2,434 3,018 6,412 13,379 11,926 14,430 4,495 146,755
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|DCF All Variable_MC 07/15/2022 09:28 Page 10B of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
84.472% 8.447% 88.375% 100.136% 81.293% 95.498% 73.695% 87.513% 88.004% 103.796% 95.724% 96.052% 92.312%
CoGS: 91.28% ‐53,969 ‐62,294 ‐51,678 ‐61,903 ‐48,684 ‐59,005 ‐60,581 ‐73,055 ‐68,708 ‐70,185 ‐68,954
2.153% 0.215% 2.237% 1.917% 2.081% 2.274% 2.037% 2.212% 2.227% 1.959% 2.165% 1.972% 2.135%
D&A (Production): 2.11% ‐1,366 ‐1,192 ‐1,323 ‐1,474 ‐1,345 ‐1,492 ‐1,533 ‐1,379 ‐1,554 ‐1,441 ‐1,594
GROSS MARGIN: 6.61% 5,733 ‐1,277 10,569 1,444 16,032 6,927 6,724 ‐4,050 1,515 1,444 4,148
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
1.663% 0.166% 1.489% 1.523% 1.633% 1.584% 1.555% 1.397% 1.340% 1.699% 1.414% 1.802% 1.507%
R & D: 1.54% ‐909 ‐947 ‐1,038 ‐1,027 ‐1,027 ‐942 ‐923 ‐1,195 ‐1,015 ‐1,317 ‐1,125
0.045% 0.004% 0.053% 0.040% 0.041% 0.050% 0.032% 0.039% 0.043% 0.042% 0.042% 0.046% 0.053%
D & A [SGA]: 0.04% ‐33 ‐25 ‐26 ‐33 ‐21 ‐26 ‐29 ‐29 ‐30 ‐34 ‐40
Admin Expenses: 1.58% ‐942 ‐972 ‐1,064 ‐1,059 ‐1,048 ‐968 ‐952 ‐1,225 ‐1,045 ‐1,350 ‐1,165
0.310% 0.031% 0.271% 0.315% 0.297% 0.282% 0.277% 0.238% 0.301% 0.312% 0.300% 0.353% 0.293%
Other: 0.30% ‐166 ‐196 ‐189 ‐183 ‐183 ‐161 ‐207 ‐220 ‐215 ‐258 ‐219
EBIT: 4.73% 4,625 ‐2,445 9,316 202 14,800 5,798 5,565 ‐5,495 255 ‐164 2,764
1.250% 0.125% 1.199% 1.257% 1.231% 1.443% 1.059% 1.075% 1.057% 1.170% 1.254% 1.484% 1.393%
Interest Expense: 1.24% ‐732 ‐782 ‐783 ‐935 ‐699 ‐725 ‐728 ‐824 ‐900 ‐1,085 ‐1,041
EBT: 3.49% 3,893 ‐3,227 8,533 ‐733 14,101 5,073 4,837 ‐6,318 ‐645 ‐1,249 1,724
21.000% 2.100% 21.857% 23.411% 21.712% 21.414% 21.692% 21.677% 23.879% 20.144% 21.902% 23.684% 21.472%
Taxes: 1.65% ‐851 756 ‐1,146 157 ‐2,898 ‐1,100 ‐1,155 1,273 1,562 1,403 1,570
NET EARNINGS: 3.44% 3,042 ‐2,472 7,387 ‐576 11,203 3,974 3,682 ‐5,046 917 154 3,293
D&A Add‐Back: 2.15% 1,399 1,217 1,349 1,507 1,366 1,518 1,563 1,408 1,584 1,474 1,634
2.467% 0.247% 2.311% 2.224% 2.354% 2.896% 2.476% 2.575% 2.644% 2.675% 2.330% 2.588% 2.402%
CAP EX: 2.50% ‐1,411 ‐1,384 ‐1,496 ‐1,877 ‐1,635 ‐1,736 ‐1,820 ‐1,883 ‐1,672 ‐1,891 ‐1,794
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 3,030 ‐2,638 7,239 ‐947 10,934 3,755 3,425 ‐5,521 828 ‐262 3,133 102,306
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|DCF All Variable_MC 07/15/2022 09:29 Page 10C of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
84.472% 8.447% 78.829% 75.466% 87.082% 82.946% 87.544% 83.504% 106.403% 75.434% 75.609% 95.276% 88.104%
CoGS: 85.28% ‐48,044 ‐46,900 ‐55,237 ‐53,758 ‐57,948 ‐56,216 ‐73,046 ‐52,731 ‐53,835 ‐69,208 ‐65,497
2.153% 0.215% 1.995% 1.791% 2.281% 2.314% 2.157% 2.337% 2.365% 2.205% 2.145% 2.001% 2.262%
D&A (Production): 2.17% ‐1,216 ‐1,113 ‐1,447 ‐1,500 ‐1,428 ‐1,573 ‐1,624 ‐1,542 ‐1,527 ‐1,454 ‐1,682
GROSS MARGIN: 12.55% 11,687 14,134 6,747 9,553 6,817 9,532 ‐6,020 15,631 15,839 1,977 7,161
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
1.663% 0.166% 1.785% 1.803% 1.736% 1.543% 1.696% 1.626% 1.618% 1.684% 1.644% 1.728% 1.944%
R & D: 1.71% ‐1,088 ‐1,121 ‐1,101 ‐1,000 ‐1,123 ‐1,095 ‐1,111 ‐1,177 ‐1,170 ‐1,255 ‐1,445
0.045% 0.004% 0.045% 0.050% 0.037% 0.044% 0.045% 0.049% 0.047% 0.045% 0.043% 0.040% 0.041%
D & A [SGA]: 0.04% ‐28 ‐31 ‐24 ‐29 ‐30 ‐33 ‐32 ‐31 ‐30 ‐29 ‐31
Admin Expenses: 1.75% ‐1,116 ‐1,152 ‐1,125 ‐1,028 ‐1,153 ‐1,128 ‐1,143 ‐1,209 ‐1,201 ‐1,284 ‐1,476
0.310% 0.031% 0.333% 0.334% 0.310% 0.277% 0.305% 0.320% 0.270% 0.312% 0.304% 0.314% 0.259%
Other: 0.30% ‐203 ‐207 ‐197 ‐180 ‐202 ‐215 ‐186 ‐218 ‐217 ‐228 ‐193
EBIT: 10.49% 10,368 12,775 5,426 8,345 5,463 8,189 ‐7,348 14,204 14,422 465 5,493
1.250% 0.125% 1.108% 1.428% 1.091% 1.219% 1.362% 1.441% 1.065% 1.037% 1.340% 1.507% 1.034%
Interest Expense: 1.24% ‐675 ‐888 ‐692 ‐790 ‐902 ‐970 ‐731 ‐725 ‐954 ‐1,095 ‐769
EBT: 9.25% 9,693 11,887 4,734 7,555 4,561 7,218 ‐8,079 13,479 13,468 ‐630 4,724
21.000% 2.100% 16.567% 22.644% 22.100% 23.423% 19.228% 21.439% 19.849% 21.205% 22.577% 21.975% 20.199%
Taxes: 17.66% ‐1,606 ‐2,692 ‐1,046 ‐1,770 ‐877 ‐1,548 1,604 ‐1,287 ‐3,041 138 6
NET EARNINGS: 7.62% 8,087 9,195 3,688 5,786 3,684 5,671 ‐6,476 12,192 10,427 ‐491 4,731
D&A Add‐Back: 2.22% 1,244 1,144 1,470 1,528 1,458 1,606 1,656 1,573 1,558 1,483 1,712
2.467% 0.247% 2.537% 2.604% 2.382% 2.725% 2.774% 2.477% 1.926% 2.272% 2.499% 2.591% 2.267%
CAP EX: 2.45% ‐1,546 ‐1,619 ‐1,511 ‐1,766 ‐1,836 ‐1,667 ‐1,322 ‐1,588 ‐1,780 ‐1,882 ‐1,685
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 7,785 8,721 3,647 5,548 3,305 5,610 ‐6,142 12,177 10,205 ‐891 4,758 155,343
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|DCF All Variable_MC 07/15/2022 09:29 Page 10D of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
84.472% 8.447% 94.772% 93.952% 82.820% 74.015% 84.100% 80.728% 88.628% 91.507% 78.547% 92.794% 91.496%
CoGS: 86.69% ‐57,694 ‐58,533 ‐52,606 ‐48,018 ‐55,594 ‐54,655 ‐60,982 ‐64,294 ‐56,311 ‐68,019 ‐68,483
2.153% 0.215% 2.331% 1.590% 2.190% 2.111% 2.408% 2.061% 2.423% 2.048% 1.918% 2.133% 2.331%
D&A (Production): 2.14% ‐1,419 ‐990 ‐1,391 ‐1,369 ‐1,592 ‐1,396 ‐1,667 ‐1,439 ‐1,375 ‐1,564 ‐1,745
GROSS MARGIN: 11.17% 1,764 2,778 9,522 15,489 8,919 11,652 6,157 4,528 14,005 3,718 4,620
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
1.663% 0.166% 1.481% 1.405% 1.679% 1.487% 1.633% 1.528% 1.932% 1.626% 1.778% 2.013% 2.178%
R & D: 1.72% ‐902 ‐876 ‐1,066 ‐965 ‐1,079 ‐1,035 ‐1,330 ‐1,142 ‐1,274 ‐1,475 ‐1,630
0.045% 0.004% 0.044% 0.042% 0.041% 0.039% 0.047% 0.043% 0.040% 0.045% 0.044% 0.037% 0.042%
D & A [SGA]: 0.04% ‐27 ‐26 ‐26 ‐25 ‐31 ‐29 ‐28 ‐31 ‐31 ‐27 ‐31
Admin Expenses: 1.76% ‐929 ‐902 ‐1,092 ‐990 ‐1,110 ‐1,064 ‐1,357 ‐1,174 ‐1,306 ‐1,502 ‐1,661
0.310% 0.031% 0.345% 0.296% 0.283% 0.297% 0.267% 0.293% 0.353% 0.320% 0.251% 0.332% 0.265%
Other: 0.30% ‐210 ‐184 ‐180 ‐192 ‐176 ‐198 ‐243 ‐225 ‐180 ‐243 ‐198
EBIT: 9.11% 625 1,692 8,250 14,306 7,633 10,390 4,557 3,130 12,520 1,973 2,761
1.250% 0.125% 1.142% 1.188% 1.344% 1.137% 1.145% 1.347% 1.132% 1.116% 1.250% 1.383% 1.308%
Interest Expense: 1.23% ‐695 ‐740 ‐854 ‐738 ‐757 ‐912 ‐779 ‐784 ‐896 ‐1,014 ‐979
EBT: 7.89% ‐70 952 7,396 13,568 6,876 9,478 3,778 2,346 11,624 959 1,782
21.000% 2.100% 24.482% 19.737% 21.713% 20.527% 20.710% 19.559% 26.923% 22.945% 21.557% 22.531% 23.034%
Taxes: 21.35% 0 ‐174 ‐1,606 ‐2,785 ‐1,424 ‐1,854 ‐1,017 ‐538 ‐2,506 ‐216 ‐411
Forward Credit Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 6.20% ‐70 778 5,790 10,783 5,452 7,624 2,761 1,808 9,118 743 1,372
D&A Add‐Back: 2.18% 1,446 1,016 1,417 1,395 1,622 1,425 1,695 1,470 1,406 1,591 1,776
2.467% 0.247% 2.258% 2.698% 2.611% 2.353% 2.547% 2.359% 2.762% 2.230% 1.744% 2.502% 2.373%
CAP EX: 2.40% ‐1,375 ‐1,681 ‐1,659 ‐1,526 ‐1,684 ‐1,597 ‐1,900 ‐1,567 ‐1,251 ‐1,834 ‐1,776
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 1 113 5,548 10,652 5,390 7,452 2,555 1,711 9,274 499 1,372 44,795
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐15_LMT‐MC‐Equity|DCF All Variable_MC 07/15/2022 09:30 Page 10E of 17

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