Lockheed Martin Corp., the world's largest military weapons manufacturer, is also a significant supplier to NASA and other non-defense government agencies. LMT receives about 93% of its revenues from global defense sales. The defense sector has experienced a rebound since a series of U.S. air strikes around Iraq's Mosul dam. The Pentagon confirmed continued U.S. military involvement in Iraq is needed to address the long-term threat from the Islamic State (a group of Sunni militants with roots in al-Qaeda). Such actions could well affect the fiscal 2015 defense budget, with LMT as one of the likely beneficiaries.
Since the last review in February 2014, the company continued to see improved free cash flow payout, currently at 42%, down from 47%. Its debt to total capital slipped slightly to 59% from 56%. LMT is trading at a discount to my calculated fair value of $244.26. Given its improvements and favorable valuation, I will continue to look for..
Source: Seeking Alpha
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