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Northrop Grumman Corp NOC

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Morningstar’s Analysis

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Northrop Grumman Wins Large Classified Space Contract in Second Quarter; FVE Up to $337

Burkett Huey Equity Analyst

Analyst Note

| Burkett Huey |

Wide-moat-rated Northrop Grumman reported a solid second quarter and did not experience a visible COVID-19-related slowdown. We are increasing our fair value estimate to $337 per share from $331 due to an increased growth outlook in the company's space segment. We continue to believe that defense primes are a defensive play for investors amid the pandemic, and we think the shares of this wide-moat firm are fairly valued.

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Company Profile

Business Description

Northrop Grumman is a defense contractor that is diversified across short-cycle and long-cycle businesses. The firm’s segments include aeronautics, mission systems, defense services, and space systems. The company’s aerospace segment creates the fuselage for the massive F-35 program and produces various piloted and autonomous flight systems. Mission systems creates a variety of sensors and processors for defense hardware. The defense systems segment is a mix between a long-range missile manufacturer and a defense IT service provider. Finally, the company’s space systems segment produces various space structures, sensors, and satellites.

2980 Fairview Park Drive
Falls Church, VA, 22042
T +1 703 280-2900
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 90,000