Financials Northrop Grumman Corporation Sao Paulo

Equities

NOCG34

BRNOCGBDR006

Aerospace & Defense

Market Closed - Sao Paulo Other stock markets 11:56:38 27/06/2024 pm IST			5-day change	1st Jan Change
479.7 ^BRL	+3.28%		+2.48%	+7.13%

26/06	BTIG Initiates Northrop Grumman at Buy With $565 Price Target	MT
21/06	Tech overload on Wall Street

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	57,970	50,802	61,365	83,976	70,592	64,516	-	-
Enterprise Value (EV) ¹	68,495	60,156	70,612	93,204	81,269	75,521	75,657	75,606
P/E ratio	26 x	16 x	8.89 x	17.3 x	34.6 x	17.6 x	15.9 x	15 x
Yield	1.5%	1.86%	1.59%	1.24%	-	1.82%	1.96%	2.12%
Capitalization / Revenue	1.71 x	1.38 x	1.72 x	2.29 x	1.8 x	1.57 x	1.5 x	1.43 x
EV / Revenue	2.02 x	1.63 x	1.98 x	2.55 x	2.07 x	1.84 x	1.76 x	1.68 x
EV / EBITDA	13.7 x	11.3 x	10.2 x	18.9 x	15.2 x	13.4 x	12.4 x	11.9 x
EV / FCF	22.6 x	20.9 x	32.8 x	63.6 x	38.7 x	30.9 x	25.6 x	23.4 x
FCF Yield	4.43%	4.8%	3.05%	1.57%	2.58%	3.24%	3.9%	4.27%
Price to Book	6.55 x	4.8 x	4.67 x	5.46 x	4.75 x	4.28 x	3.97 x	3.67 x
Nbr of stocks (in thousands)	1,68,533	1,66,716	1,58,538	1,53,912	1,50,793	1,47,990	-	-
Reference price ²	344.0	304.7	387.1	545.6	468.1	436.0	436.0	436.0
Announcement Date	30/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,841	36,799	35,667	36,602	39,290	41,099	43,071	45,131
EBITDA ¹	4,987	5,332	6,890	4,943	5,330	5,637	6,106	6,344
EBIT ¹	3,969	4,065	5,651	3,601	3,992	4,260	4,663	4,857
Operating Margin	11.73%	11.05%	15.84%	9.84%	10.16%	10.37%	10.83%	10.76%
Earnings before Tax (EBT) ¹	2,548	3,728	8,938	5,836	2,346	4,415	4,797	4,984
Net income ¹	2,248	3,189	7,005	4,896	2,056	3,666	3,979	4,133
Net margin	6.64%	8.67%	19.64%	13.38%	5.23%	8.92%	9.24%	9.16%
EPS ²	13.22	19.03	43.54	31.47	13.53	24.73	27.44	29.05
Free Cash Flow ¹	3,033	2,885	2,152	1,466	2,100	2,446	2,950	3,230
FCF margin	8.96%	7.84%	6.03%	4.01%	5.34%	5.95%	6.85%	7.16%
FCF Conversion (EBITDA)	60.82%	54.11%	31.23%	29.66%	39.4%	43.39%	48.32%	50.92%
FCF Conversion (Net income)	134.92%	90.47%	30.72%	29.94%	102.14%	66.72%	74.15%	78.16%
Dividend per Share ²	5.160	5.670	6.160	6.760	-	7.920	8.563	9.262
Announcement Date	30/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,639	8,797	8,801	8,971	10,033	9,301	9,576	9,775	10,638	10,133	10,022	10,155	10,825	10,535	10,514
EBITDA ¹	1,073	1,200	1,284	1,171	1,288	1,245	1,290	1,333	1,462	1,370	1,367	1,385	1,495	1,450	1,458
EBIT ¹	742	897	954	844	906	947	967	1,016	1,062	1,071	1,031	1,042	1,127	1,114	1,124
Operating Margin	8.59%	10.2%	10.84%	9.41%	9.03%	10.18%	10.1%	10.39%	9.98%	10.57%	10.28%	10.26%	10.41%	10.58%	10.69%
Earnings before Tax (EBT) ¹	3,345	1,144	1,150	1,090	2,452	998	987	1,118	-757	1,131	1,068	1,075	1,151	1,159	1,175
Net income ¹	2,710	955	946	915	2,080	842	812	937	-535	944	882.2	892.3	960	959.4	973.3
Net margin	31.37%	10.86%	10.75%	10.2%	20.73%	9.05%	8.48%	9.59%	-5.03%	9.32%	8.8%	8.79%	8.87%	9.11%	9.26%
EPS ²	17.14	6.100	6.060	5.890	13.46	5.500	5.340	6.180	-3.540	6.320	5.928	6.039	6.525	6.550	6.679
Dividend per Share ²	1.570	1.570	1.730	1.730	1.730	1.730	1.870	-	-	-	2.090	2.090	2.090	2.007	2.106
Announcement Date	27/01/22	28/04/22	28/07/22	27/10/22	26/01/23	27/04/23	27/07/23	26/10/23	25/01/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,525	9,354	9,247	9,228	10,677	11,005	11,141	11,090
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.11 x	1.754 x	1.342 x	1.867 x	2.003 x	1.952 x	1.825 x	1.748 x
Free Cash Flow ¹	3,033	2,885	2,152	1,466	2,100	2,446	2,950	3,230
ROE (net income / shareholders' equity)	26.4%	32.9%	35.1%	28.1%	13.7%	24.6%	25.7%	25.6%
ROA (Net income/ Total Assets)	5.71%	7.5%	9.47%	9.21%	5.37%	7.57%	8.31%	8.82%
Assets ¹	39,371	42,520	73,948	53,182	38,266	48,425	47,899	46,830
Book Value Per Share ²	52.50	63.50	82.90	100.0	98.60	102.0	110.0	119.0
Cash Flow per Share ²	17.80	17.20	13.40	18.60	13.80	22.30	25.50	28.90
Capex ¹	1,264	1,420	1,415	1,435	1,775	1,797	1,649	1,512
Capex / Sales	3.74%	3.86%	3.97%	3.92%	4.52%	4.37%	3.83%	3.35%
Announcement Date	30/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Northrop Grumman Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

436 USD

Average target price

500.6 USD

Spread / Average Target

+14.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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