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
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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
1. 24.04.2013
Ticker: 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 23618
Address 2980 Fairview Park Drive Falls Church, VA 22042 United States Information Systems 7356 Foreign Sales 1600
Share Price Performance in USD Electronic Systems 6950
Price 71.49 1M Return 5.1% Technical Services 3019
52 Week High 72.67 6M Return 4.9% Intersegment eliminations -2084
52 Week Low 55.20 52 Wk Return 17.9% Shipbuilding
52 Wk Beta 0.84 YTD Return 6.7%
Credit Ratings
Bloomberg IG5
S&P BBB+ Date 12.08.2005 Outlook STABLE
Moody's Baa2 Date - Outlook STABLE
Fitch BBB+ Date 26.08.2005 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 10.4x 11.2x 9.0x 9.0x 10.2x 9.8x 9.0x
EV/EBIT 7.3x 7.0x 4.8x 5.2x - - -
EV/EBITDA 5.6x 5.9x 4.1x 4.5x 5.3x 5.3x 5.1x
P/S 0.5x 0.7x 0.6x 0.7x 0.7x 0.7x 0.7x
P/B 1.4x 1.4x 1.4x 1.7x 1.8x 1.7x 1.6x
Div 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 12/15E
Gross Margin 16.7 18.8 21.3 22.1 - - -
EBITDA Margin 9.5 12.0 14.5 14.4 13.4 13.7 14.6
Operating Margin 7.4 10.0 12.4 12.4 11.2 11.3 12.0
Profit Margin 5.0 7.3 8.0 7.8 7.0 7.1 7.6
Return 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 Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.2 1.4 1.3 1.4 Current Capitalization in USD
Quick Ratio 1.0 0.7 1.0 1.1 Common Shares Outstanding (M) 239.2
EBIT/Interest 8.8 10.5 14.8 14.8 Market Capitalization (M) 16834.0
Tot Debt/Capital 0.3 0.3 0.3 0.3 Cash and ST Investments (M) 3862.0
Tot Debt/Equity 0.3 0.4 0.4 0.4 Total Debt (M) 3935.0
Eff Tax Rate % 30.6 19.5 32.3 33.3 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 16907.0
Northrop Grumman Corporation is a global security company. The Company provides
systems, products, and solutions in aerospace, electronics, information systems and
technical services to government and commercial customers worldwide.
NOC US
25'218
68'100
Company Analysis - Overview
34%
25%
24%
10%
7%
Aerospace Systems
Information Systems
Electronic Systems
Technical Services
Intersegment eliminations
94%
6%
United States Foreign Sales
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2. Northrop Grumman Corp
Target price in USD
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
29-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-13
28-Feb-13 14% 62% 24% 23-Apr-13 71.49 68.43 Jefferies HOWARD A RUBEL buy 80.00 19-Apr-13
31-Jan-13 14% 62% 24% 22-Apr-13 70.78 68.43 Credit Suisse ROBERT M SPINGARN neutral 72.00 16-Apr-13
31-Dec-12 10% 67% 24% 19-Apr-13 70.98 68.43 CRT Capital Group BRIAN W RUTTENBUR sell 52.00 16-Apr-13
30-Nov-12 10% 67% 24% 18-Apr-13 69.87 68.43 Deutsche Bank MYLES WALTON hold 73.00 15-Apr-13
31-Oct-12 14% 64% 23% 17-Apr-13 70.12 68.43 Stifel WILLIAM R LOOMIS hold 15-Apr-13
28-Sep-12 18% 59% 23% 16-Apr-13 71.29 68.43 Barclays CARTER COPELAND equalweight 69.00 15-Apr-13
31-Aug-12 18% 64% 18% 15-Apr-13 70.83 68.43 Buckingham Research Group RICHARD SAFRAN neutral 68.00 11-Apr-13
31-Jul-12 18% 68% 14% 12-Apr-13 72.11 68.43 Cowen and Company CAI VON RUMOHR neutral 11-Apr-13
29-Jun-12 18% 68% 14% 11-Apr-13 72.45 68.43 Drexel Hamilton LLC RICHARD WHITTINGTON hold 70.00 11-Apr-13
31-May-12 18% 68% 14% 10-Apr-13 71.77 66.92 RBC Capital Markets ROBERT STALLARD sector perform 66.00 10-Apr-13
30-Apr-12 19% 67% 14% 9-Apr-13 71.56 66.92 Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 10-Apr-13
8-Apr-13 71.72 66.92 Goldman Sachs NOAH POPONAK neutral/neutral 65.00 8-Apr-13
5-Apr-13 71.56 66.61 JPMorgan JOSEPH B NADOL III neutral 68.00 8-Apr-13
4-Apr-13 71.07 66.61 Argus Research Corp NATHANIEL GABRIEL hold 12-Mar-13
3-Apr-13 70.18 66.61 FBR Capital Markets PATRICK J MCCARTHY market perform 58.97 31-Jan-13
2-Apr-13 69.40 66.61 Oppenheimer & Co YAIR REINER market perform 31-Jan-13
1-Apr-13 69.90 66.61 EVA Dimensions CRAIG STERLING buy 15-Jan-13
29-Mar-13 70.15 66.61
28-Mar-13 70.15 66.61
27-Mar-13 69.90 66.61
26-Mar-13 69.29 66.61
25-Mar-13 67.91 66.61
22-Mar-13 68.05 66.61
21-Mar-13 68.00 66.61
20-Mar-13 68.64 66.61
19-Mar-13 68.44 66.61
18-Mar-13 68.43 66.61
15-Mar-13 68.80 66.61
14-Mar-13 67.54 66.61
Company Analysis - Analysts Ratings
Buy and Sell Recommendations vs Price and Target Price
19% 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.13
BrokerRecommendation
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80
Price
Buy Hold Sell Price Target Price
Brokers' Target Price
0
10
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SanfordC.Bernstein&Co
Jefferies
CreditSuisse
CRTCapitalGroup
DeutscheBank
Stifel
Barclays
BuckinghamResearchGroup
CowenandCompany
DrexelHamiltonLLC
RBCCapitalMarkets
WellsFargoSecurities,LLC
GoldmanSachs
JPMorgan
ArgusResearchCorp
FBRCapitalMarkets
Oppenheimer&Co
EVADimensions
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
3. 24.04.2013
Northrop Grumman Corp
Ownership Statistics Geographic Ownership Distribution
Shares 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 Distribution
Investment 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 Country
STATE STREET 29'466'273 -2'149'144 2'106'543'857 12.51% 23.04.2013 ULT-AGG UNITED STATES
BLACKROCK 20'469'117 0 1'463'337'174 8.69% 22.04.2013 ULT-AGG UNITED STATES
CAPITAL GROUP COMPAN 19'563'613 -6'390'166 1'398'602'693 8.31% 31.03.2013 ULT-AGG UNITED STATES
VANGUARD GROUP INC 11'372'246 199'000 813'001'867 4.83% 31.03.2013 13F UNITED STATES
SUN LIFE FINANCIAL I 7'627'933 -219'648 545'320'930 3.24% 28.02.2013 ULT-AGG CANADA
FIRST EAGLE INVESTME 6'267'995 6'512 448'098'963 2.66% 31.12.2012 13F UNITED STATES
HARRIS ASSOCIATES LP 5'977'000 -900 427'295'730 2.54% 31.12.2012 13F UNITED STATES
ALLIANZ ASSET MANAGE 5'543'660 -149'126 396'316'253 2.35% 31.03.2013 ULT-AGG GERMANY
BANK OF NEW YORK MEL 5'254'288 111'814 375'629'049 2.23% 31.03.2013 13F UNITED STATES
LSV ASSET MANAGEMENT 4'488'460 -219'325 320'880'005 1.91% 31.12.2012 13F UNITED STATES
WELLINGTON MANAGEMEN 4'218'108 154'526 301'552'541 1.79% 31.12.2012 13F UNITED STATES
DEUTSCHE BANK AG 3'970'675 -1'315'317 283'863'556 1.69% 31.12.2012 13F GERMANY
LONGVIEW PARTNERS (G 3'950'402 -55'410 282'414'239 1.68% 31.12.2012 13F BRITAIN
PZENA INVESTMENT MAN 3'852'775 -1'167'948 275'434'885 1.64% 31.12.2012 13F UNITED STATES
ACADIAN ASSET MANAGE 3'539'674 430'959 253'051'294 1.50% 31.03.2013 13F UNITED STATES
MACQUARIE GROUP 3'516'486 2'333 251'393'584 1.49% 31.12.2012 ULT-AGG AUSTRALIA
AJO, LP 3'408'670 -82'120 243'685'818 1.45% 31.12.2012 13F UNITED STATES
PUTNAM INVESTMENT MA 3'329'094 13'385 237'996'930 1.41% 31.12.2012 13F UNITED STATES
AMERIPRISE FINANCIAL 3'291'589 164'030 235'315'698 1.40% 31.12.2012 13F UNITED STATES
NORTHERN TRUST CORPO 3'120'280 -30'026 223'068'817 1.33% 31.12.2012 13F UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
BUSH WESLEY G 443'585 31'711'892 0.19% 27.02.2013 Form 4
SUGAR RONALD D 409'000 29'239'410 0.17% 13.11.2009 Form 4
PALMER JAMES F 144'928 28'922 10'360'903 0.06% 20.02.2013 Form 4
MILLS LINDA A 70'415 5'033'968 0.03% 20.02.2013 Form 4
LIVANOS ALEXIS C 39'638 13'117 2'833'721 0.02% 14.02.2012 Form 4
Company Analysis - Ownership
Ownership Type
89%
11% 0%
Institutional Ownership Retail Ownership Insider Ownership
Geographic Ownership
87%
2%
2%
1%
2%
1% 1%
4%
United States Britain Germany Canada
Japan France Luxembourg Others
Institutional Ownership
87%
3%
2%1%
7%
Investment Advisor Hedge Fund Manager Pension Fund (Erisa)
Insurance Company Others
TOP 20 ALL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |