ការវិភាគសក្តានុពលកំណើនភាគលាភរបស់ក្រុមហ៊ុន Lockheed Martin

សង្ខេបពីកម្មវិធីជ្រើសរើសខែសីហា

On a price return basis, the Dividend Growth Stocks Model Portfolio (-5.4%) outperformed the S&P 500 (-5.6%) by 0.2% from August 30, 2023 through September 26, 2023. On a total return basis, the Model Portfolio (-5.1%) outperformed the S&P 500 (-5.2%) by 0.1% over the same time. The best performing stock was up 8%. Overall, 15 out of 28 Dividend Growth stocks outperformed their respective benchmarks (S&P 500 and Russell 2000) from August 30, 2023 through September 26, 2023.

វិធីសាស្រ្តសម្រាប់ផលប័ត្រគំរូនេះធ្វើត្រាប់តាមរចនាប័ទ្ម "All Cap Blend" ដោយផ្តោតលើកំណើនភាគលាភ។ ភាគហ៊ុនដែលបានជ្រើសរើសទទួលបានចំណាត់ថ្នាក់ដ៏គួរឱ្យទាក់ទាញ ឬទាក់ទាញខ្លាំង បង្កើតលំហូរសាច់ប្រាក់ដោយឥតគិតថ្លៃវិជ្ជមាន (FCF) និងប្រាក់ចំណូលសេដ្ឋកិច្ច ផ្តល់ទិន្នផលភាគលាភបច្ចុប្បន្ន> 1% និងមានកំណត់ត្រាតាមដាន 5+ ឆ្នាំនៃកំណើនភាគលាភជាប់ៗគ្នា។ ផលប័ត្រគំរូនេះត្រូវបានរចនាឡើងសម្រាប់វិនិយោគិនដែលផ្តោតលើការឡើងថ្លៃដើមទុនរយៈពេលវែងជាងប្រាក់ចំណូលបច្ចុប្បន្ន ប៉ុន្តែនៅតែពេញចិត្តចំពោះអំណាចនៃភាគលាភ ជាពិសេសការកើនឡើងភាគលាភ។

Featured Stock for September: Lockheed Martin

LMT

Lockheed Martin Corp (LMT) is the featured stock in September’s Dividend Growth Stocks Model Portfolio.

Lockheed Martin has grown revenue by 6% compounded annually and net operating profit after tax (NOPAT) by 9% compounded annually since 2016. The company’s NOPAT margin increased from 9% in 2016 to 11% over the TTM, while invested capital turns rose from 1.0 to 1.4 over the same time. Higher invested capital turns and NOPAT margins drive return on invested capital (ROIC) from 9% in 2016 to 16% in TTM.

Figure 1: Lockheed Martin’s Revenue & NOPAT Since 2016

លំហូរសាច់ប្រាក់ដោយឥតគិតថ្លៃគាំទ្រការទូទាត់ភាគលាភទៀងទាត់

Lockheed Martin has increased its regular dividend from $1.82/share in 4Q16 to $3.00/share in 2Q23. The current quarterly dividend, when annualized, equals $12.00/share and provides a 3.0% dividend yield.

More importantly, Lockheed Martin’s free cash flow (FCF) easily exceeds its regular dividend payments. From 2017 through 2Q23, Lockheed Martin generated $42.0 billion (33% of current enterprise value) in FCF while paying $17.3 billion in dividends. See Figure 2.

Figure 2: Lockheed Martin’s FCF ធៀបនឹងភាគលាភធម្មតា ចាប់តាំងពីឆ្នាំ 2017

Companies with FCF well above dividend payments provide higher-quality dividend growth opportunities. On the other hand, dividends that exceed FCF cannot be trusted to grow or even be maintained.

LMT Is Undervalued

At its current price of $404/share, Lockheed Martin has a price-to-economic book value (PEBV) ratio of 1.0. This ratio means the market expects Lockheed Martin’s NOPAT to stay not increase ever again. This expectation seems overly pessimistic given that Lockheed Martin has grown NOPAT by 9% compounded annually since 2016 and 13% compounded annually since 2000.

Even if Lockheed Martin’s NOPAT margin remains at 11% (five-year average), and revenue grows only by 4% compounded annually through 2032, the stock would be worth $523/share today – a 29% upside. See the math behind this reverse DCF scenario. In this scenario, Lockheed Martin’s NOPAT would increase only 4% compounded annually through 2032. Should the company’s NOPAT grow more in line with historical growth rates, the stock has even more upside.

Add in Lockheed Martin’s 3.0% dividend yield and a history of dividend growth, and it’s clear why this stock is in September’s Dividend Growth Stocks Model Portfolio.

ព័ត៌មានលម្អិតសំខាន់ៗត្រូវបានរកឃើញនៅក្នុងឯកសារហិរញ្ញវត្ថុដោយបច្ចេកវិទ្យារ៉ូបូត - វិភាគរបស់ក្រុមហ៊ុនខ្ញុំ

Below are specifics on the adjustments I make based on Robo-Analyst findings in Lockheed Martin’s 10-K and 10-Qs:

Income Statement: I made $2.8 billion in adjustments with a net effect of removing $1.8 billion in non-operating expenses (3% of revenue).

តារាងតុល្យការ៖ ខ្ញុំបានធ្វើការកែតម្រូវចំនួន 22.5 ពាន់លានដុល្លារ ដើម្បីគណនាដើមទុនវិនិយោគជាមួយនឹងការកើនឡើងសុទ្ធចំនួន 11.8 ពាន់លានដុល្លារ។ ការកែតម្រូវគួរឱ្យកត់សម្គាល់បំផុតគឺ 8 ពាន់លានដុល្លារ (22% នៃទ្រព្យសម្បត្តិសុទ្ធដែលបានរាយការណ៍) នៅក្នុងប្រាក់ចំណូលដ៏ទូលំទូលាយផ្សេងទៀត។

Valuation: I made $24.3 billion in adjustments, with a net decrease in shareholder value of $23.7 billion. The most notable adjustment to shareholder value was $17.9 billion in total debt. This adjustment represents 18% of Lockheed Martin’s market value.

ការបង្ហាញ៖ David Trainer, Kyle Guske II, Italo Mendonça, និង Hakan Salt មិនទទួលបានសំណងក្នុងការសរសេរអំពីភាគហ៊ុន រចនាប័ទ្ម ឬប្រធានបទជាក់លាក់ណាមួយឡើយ។