Our weekly Dividend Idea is the aerospace and defense related stock Lockheed Martin (LMT). The company is estimated at $84.0 by Morningstar which represents an downside of 9.4%. LMT has a 7/10 rating and is an attractive dividend growth stocks with big value. The company raised dividends over 10 consecutive years and raised dividends in average with a double-digit yield. the payout is only at 43.9% at twelve-trailing month basis. The strong cash flow of 4.3 billion from last fiscal is a solid basis for further dividend hikes. In 2011, the company paid $1.1 billion in dividends and $2.5 billion own shares.

1. The Dividend Idea
(A Snapshot of attractive Dividend Stocks)
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41/2012(2012-10-13)

2. The Dividend Idea
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Content:
1. Summary
2. Price Facts
3. Long-Term Price Ratios And Margins
4. Income Statement
5. Balance Sheet
6. Cash Flow Statement
7. Peer-Fact Sheet
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3. The Dividend Idea
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Company Summary:
Lockheed Martin Corporation is a global security and aerospace company prin-
cipally engaged in the research, design, development, manufacture, integrati-
on, and sustainment of technology systems and products. The Company also
provides a range of management, engineering, technical, scientific, logistic,
and information services. It serves both domestic and international customers
with products and services that have defense, civil, and commercial applicati-
ons, with its principal customers being agencies of the United States Govern-
ment. It operates in four segments: Aeronautics, Electronic Systems, Infor-
mation Systems & Global Solutions (IS&GS), and Space Systems. During the
year ended December 31, 2011, the Company acquired QTC Holdings Inc.
(QTC), which provides outsourced medical evaluation services to the United
States Government, and Sim-Industries B.V., a commercial aviation simulati-
on company. In April 2011, the Company closed on the sale of Pacific Archi-
tects and Engineers, Inc.
10 500
8 400
EPS Data in USD
Shares in million
6 300
4 200
2 100
0 0
2002-12 2004-12 2006-12 2008-12 2010-12 TTM
Earnings Per Share USD Dividends USD Shares Mil
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4. The Dividend Idea
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Price Facts NYSE:LMT
Stock Price Estimated Value* Potential Rating Points**
92.72 84.00 -9.40% 7/10
Size Category Sector Industry
Large Cap Growth Industrial Aerospace/Defense
Value Heavy Metal
Dividend Contender
P/E 10.89 # Yrs Dividend Growth 10
Fwd P/E 11.11 Dividend Growth Rate 1Y 23.10%
P/S 0.63 Dividend Growth Rate 3Y 21.10%
P/B 13.69 Dividend Growth Rate 5Y 21.10%
Dividend Yield 4.95% Dividend Growth Rate 10Y 22.10%
PEG 1.52 EPS Last 10 Years 54.67
PEG Payback 7.6 Dividends Paid 10Y 15.76
EV/EBITDA 6.60 Payout 43.9%
Market Capitalization 29.95B Cash MRQ 3.80B
EBITDA TTM 4.94B Debt MRQ 6.49B
* Estimated By Morningstar ** Rated By StockScouter
64
32
16
8
4
2
1
0.5
12/03 12/05 12/07 12/09 12/11
AVG P/E PRICE/ SALES PRICE/ BOOK
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5. The Dividend Idea
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Margin
Year AVG PRICE/ PRICE/ BOOK DEBT/ Operating Net Profit ROE in % ROA in %
P/E SALES BOOK VALUE EQUITY Margin in % in %
12/11 9.9 0.59 26.13 3.1 6.45 8.60 5.70 112.76 7.00
12/10 10.7 0.56 6.96 10.05 1.44 8.90 5.70 74.67 7.40
12/09 10 0.67 6.84 11.01 1.22 9.90 6.80 86.47 8.50
12/08 13 0.83 11.59 7.25 1.33 12.00 7.70 50.78 9.50
12/07 14.2 1.07 4.42 23.8 0.45 10.80 7.20 36.35 10.50
12/06 13.6 1.01 5.63 16.34 0.64 10.00 6.40 34.29 9.00
12/05 15 0.76 3.49 18.21 0.63 8.00 4.90 24.52 6.60
12/04 18.4 0.7 3.47 16.03 0.73 5.90 3.60 18.38 5.00
12/03 20.8 0.73 3.39 15.15 0.92 6.20 3.30 16.69 4.00
12/02 49.9 0.98 4.48 12.89 1.29 7.30 2.00 8.12 2.00
Average 17.55 0.79 7.64 13.38 1.51 8.76 5.33 46.30 6.95
120
100
80
60
40
20
0
2002-12 2004-12 2006-12 2008-12 2010-12 TTM
Gross Margin % Operating Margin %
Return on Equity % Return on Invested Capital %
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6. The Dividend Idea
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Income Statement
2011 2010 2009 2008 2007
Period End Date 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
Revenue 46,499 45,671 43,867 41,372 41,862
Gross Profit 3,704 3,788 4,147 4,574 4,234
Operating Income 3,980 4,049 4,367 5,049 4,527
Income Before Tax 3,631 3,778 4,182 4,626 4,368
Income Tax - Total 964 1,164 1,215 1,459 1,335
Income After Tax 2,667 2,614 2,967 3,167 3,033
Basic Weighted Average Shares 336 364 385 400 416
Basic EPS Excluding Extraordinary Items 7.94 7.18 7.71 7.92 7.29
Basic EPS Including Extraordinary Items 7.90 7.90 7.73 8.05 7.29
Diluted Weighted Average Shares 340 368 389 409 427
Diluted EPS Excluding Extrordinary Items 7.85 7.10 7.63 7.74 7.10
Diluted EPS Including Extraordinary Items 7.81 7.81 7.64 7.86 7.10
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2002-12 2004-12 2006-12 2008-12 2010-12 TTM
Revenue USD Mil Operating Income USD Mil
Net Income USD Mil
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7. The Dividend Idea
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Balance Sheet
2011 2010 2009 2008 2007
Period End Date 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007
Stmt Source 10-K 10-K 10-K 10-K 10-K
Cash and Short Term Investments 3,585 2,777 2,737 2,229 2,981
Short Term Investments 3 516 346 61 333
Total Receivables, Net 6,064 5,692 6,061 5,296 4,925
Total Current Assets 14,094 12,893 12,477 10,683 10,940
Property/Plant/Equipment, Total - Net 4,611 4,554 4,520 4,488 4,320
Goodwill, Net 10,148 9,605 9,948 9,526 9,387
Intangibles, Net 864 899 1,198 355 463
Long Term Investments 697 671 524 0 0
Total Assets 37,908 35,113 35,111 33,439 28,926
Total Current Liabilities 12,130 11,401 10,703 10,542 10,037
Total Long Term Debt 6,460 5,019 5,052 3,563 4,303
Long Term Debt 6,460 5,019 5,052 3,563 4,303
Total Liabilities 36,907 31,616 30,982 30,574 19,121
40
35
30
25
20
15
10
5
0
2002-12 2004-12 2006-12 2008-12 2010-12 TTM
Cash & Short-Term Investments Intangibles
Short-Term Debt Long-Term Debt
Total Stockholders' Equity
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8. The Dividend Idea
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Cash Flow Statement
2011 2010 2009 2008 2007
Period End Date 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
Net Income/Starting Line 2,655 2,878 2,973 3,217 3,033
Cash from Operating Activities 4,253 3,801 3,487 4,421 4,238
Capital Expenditures -987 -1,074 -1,166 -926 -940
Sale of Business 0 798 0 0 26
Investment, Net 510 -171 -279 272 48
Other Investing Cash Flow 313 22 48 -20 -2
Financing Cash Flow Items 93 31 105 92 124
Other Financing CashFlow 93 31 105 92 124
Total Cash Dividends Paid -1,095 -969 -908 -737 -615
Issuance (Retirement) of Stock, Net -2,465 -2,420 -1,851 -2,681 -1,777
Issuance (Retirement) of Debt, Net 1,348 0 1,222 -612 -32
Cash from Financing Activities -2,119 -3,358 -1,432 -3,938 -2,300
5,000
4,000
3,000
2,000
1,000
0
2002-12 2004-12 2006-12 2008-12 2010-12 TTM
-1,000
-2,000
Operating Cash Flow USD Mil Cap Spending USD Mil
Free Cash Flow USD Mil
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9. The Dividend Idea
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Peer Ticker Mcap P/E P/B P/S Yield
Boeing Co. BA 54.02B 12.45 9.31 0.70 2.45%
Honeywell International Inc. HON 46.99B 22.63 3.92 1.25 2.48%
Lockheed Martin Corporation LMT 30.16B 10.89 13.69 0.63 4.95%
General Dynamics Corp. GD 23.32B 9.65 1.71 0.72 3.09%
TransDigm Group Incorporated TDG 7.68B 26.64 6.93 4.86 -
Rockwell Collins Inc. COL 7.57B 12.93 5.95 1.59 2.25%
L-3 Communications Holdings Inc. LLL 6.98B 7.99 1.03 0.47 2.77%
AerCap Holdings N.V. AER 1.55B 8.51 0.74 1.46 -
GenCorp Inc. GY 558.05M 132.43 - 0.60 -
Northrop Grumman Corporation NOC 17.01B 8.82 1.59 0.66 3.20%
Raytheon Co. RTN 18.22B 9.54 2.11 0.74 3.64%
Textron Inc. TXT 7.16B 18.47 2.31 0.60 0.31%
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10. The Dividend Idea
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