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Study on pet business - Free Essay Example

Relevant law: Section 198 (C) and 201 J of the Corporations Act 2001 (Cth) provides that out of several directors in a company, the company is empowered to appoint any director as the managing director of the company along with conferring any such powers to him, which a director can exercise. Moreover, the courts have stated that even if an exhaustive list of powers is not provided, it is implied that an actual authority is granted to the MD for doing all such things, which may be required within the usual scope of such position.[1] In the case of Crabtree-Vickers Pty Ltd v Australian Direct Mail Advertising Addressing Co Pty Ltd, it was held that the managing director has the authority to engage the services of others for the company and can also enter into contracts on behalf of the company for the same. In another famous case, Freeman and Lockyer v Buckhurst Park Properties (Mangal), Ltd[1964] 2 QB 480 it was stated in the articles of the company that for const ituting a quorum, all the four directors of the company were required. However, one of the directors entered into a contract of the architect alone on behalf of the company without any actual authority. It was held that the company was bound by such contract and that even if a person does not have actual authority for acting on behalf of the company, a contract is still enforceable if that person had the authority to enter into similar agreements, and if the company had the capacity to enter into such contract. Application of law: In the given case, Willy Woof is the managing director and entered into a cat contract with Feline Fertility Pty Ltd. On the basis of the above discussed laws and cases, it can be concluded that Willy Woof had the power to enter into a contract on behalf of the company and the company will be bound by such contract. Moreover, the clause of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitution restricted the breeding and selling of dogs and goods and services associated with dogs and not the cats. Thus, the plea given by the Board of Directors of the Lassie Ltd. that contract was invalid because the constitution of the company did not allow for the trading of cats, does not hold good. Conclusion: Based on the above arguments, the cat contract will be enforceable and the Lassie Ltd. company will be bound by it. (II) Relevant law: Section 134 and 140 (1) (b) of the Corporation Act are relevant in this part. Section 134: states that the internal management of the company can be governed by either the constitution or the replaceable rules or by a combination of both. Section 140 (1) (b): states that the replaceable rules as well as the constitution forms a kind of contract between the company and each director, between the company and each member and between each member and another member, under which every director is bound to observe and adhere to the rules and constitution. It was held in the case, Brick and Pipe Industries Ltd v Occidental Life Nominees Pty Ltd[2], that the board of directors is empowered to pass a resolution and amend the constitution, which binds the company, but such a resolution does not confer an implied actual authority on an individual director to enter into contracts with outsider and bind the company on that basis. Application of Law: In the given case, after a resolution is passed for the amendment of the constitution of the company that approval of all directors will be necessary for the establishment of a company store outside the Western Australia, then every member of the company will be bound by such amended clause of the constitution. Now, as per section 134 as mentioned above, the directors of Lassie Ltd. will be governed by the constitution and replaceable rules of the company for the management of the internal affairs and also as per section 140 (1) (b) as explained above, the provisions of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitution will bind each member with another member as a contract does. Thus, Willy Woof will also be bound by the new clause of the constitution of the company. Conclusion: Hence, Willy Woof, though being the managing director of the company will be prevented from entering into a lease with Hot Ltd alone without the approval of the rest of the directors of the company. (III) Relevant law: In this part, again section Section 140 (1) (b) is applicable, under which all the members are bound by the constitution. No member can go against the provisions of the constitution unless and until a resolution is passed by all the directors of the company for making an amendment in the constitution for an addition or removal of any provision in it.[3] It was held in a case, Eley v Positive v Government Security Life Assurance Co, the shareholders have the power to sue for any breach of the statutory contract, (created by the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitution), which has been made by the company or other shareholders of the company.[4] Application of Law: In the given case, the clause of the constitution of Lassie Ltd clearly provided that Gary Growl will be the General Manager of the company, so any of the members of the company who breaches this clause of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitution will be equivalent to breach of contract according to section 140 of the Corporations Act, 2001. Thus, Willy Woofà ¢Ã¢â€š ¬Ã¢â€ž ¢s decision of demoting Gary Growl to the position of sales manager on the basis of his poor does not seem to have ground in the absence of any evidence. Such a decision is equivalent to breach of the constitution and hence the contract between the members, which was formed by the constitution. Moreover, even if Willy Woof finds that Gary Growl had poor management, he must prove it the court with any evidence for the same and must prove that Gary Growl did not fulfill the duties of a director properly due to carelessness and negligence and deserves to be demoted to the position of sales manager. Otherwise, de cision of Willy Woof is not justified. Conclusion: Based on the above arguments, it can be concluded that the court would order the reappointment of Gary as General Manager on the grounds he has put forward. (III) Relevant law: The non-compete clause included in an employment contract implies when an employee enters into an agreement with the employer that he will not start any business or profession in competition with the employee. This depends on the terms of the contract whether it is meant for only during the term of employment or even after the termination of employment. The main purpose is that section 183 of the Corporations Act, 2001 should not be violated. Section 183: Any person, who being the director of the company obtains some information should not use such information for his own or any other personà ¢Ã¢â€š ¬Ã¢â€ž ¢s benefit or which is detrimental to the company. In a case, Gilford Motor Co Ltd v Horne, the facts were like Horne was the Managing Director of Guildford Motor and he had a legal obligation of not competing with the Co. He resigned and competed through Co formed in the name of his wife. It was held that such new company was a sham.[5] Application of law: In the given case, the clause in the employment contract of Gary with Lassie Ltd contained that he must not compete with the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s business during his appointment or after termination of his appointment. Thus, if Gary sets up a company called à ¢Ã¢â€š ¬Ã‹Å"Poodle Pty Ltdà ¢Ã¢â€š ¬Ã¢â€ž ¢ to sell different types of dogs, he makes a breach of the compete clause. Moreover, it is possible that he might also misuse the information gathered during his employment Lassie Ltd for the benefits of the Poodle Pty Ltd. Consequently, he will be liable for such a breach. His argument that Poodle Pty Ltd. is a separate legal entity will not hold good because the business of the Poodle Pty Ltd. will still be in competition with the Lassie Ltd and hence will be an infringement of the clause of the employment contract. Conclusion: Lassie Ltd is likely to be successful in its action of restraining Gary and Poodle Pty Ltd from engaging in a competing business. (V) Relevant Law: The duties of the directors and other officers of a company have been imposed by the Corporations Act 2001 (Cth). These responsibilities have been recognized under common law also. Section 180 (1): that a director or any officer of the company must discharge the duties and exercise the powers with the degree of care and diligence which any reasonable person would exercise, if he were a director or officer of that company in the same circumstances and had the same responsibilities in the company as the director or officer.[6] Section 181: provides that every director or officer of the company must exercise the powers and discharge the duties in good faith, which is always in the best interest of the company and for an appropriate purpose. Sections 182-183: provide that it is the duty of the director of the company that he should not take misuse or take advantage of his position or any information for his personal benefits or for causing detriment to the company.[7] It is re cognized as a conflict of interests of the director, arising due to his position of being a fiduciary in different companies. Section 191-195: provides that a director or member of a company, who has any material personal interest in the company must disclose to all other members of the company with a notice of that interest. This notice must be given as soon as the other directors become aware of such interest. Section 588 G: provides that it is the duty of a director not to trade while the company is insolvent and if he does so knowing, he is liable for criminal action against him. A director or officer of a company is liable for any action against him if he is reckless, acts with a dishonest intention, fails to discharge his duties and exercise his powers with in good faith, for a proper purpose and in the best interests of the company. Or, if he uses his position dishonestly to his own advantage or makes use of any information obtained for the same purpose. In Pioneer Concrete Services Ltd v Yelnah Pty Ltd (1986) 5 NSWLR 254, Lifting the corporate veil was defined for the first time, as that if a new individual company is created, although it possesses a status of a separate legal entity, but on some specific occasions, the courts may look behind the legal entity to the real controllers of the company. This implies that the separate identity of the corporation is ignored and the shareholders of the company are held responsible for the actions of the company as if they were shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ actions.[8] In Jones v Lipman, Lipman entered into a contract for selling his land. In order to avoid the completion of the transaction, he transferred the land into a company, which was controlled by him. It was held that the company was used as a tool for avoiding the Lipmanà ¢Ã¢â€š ¬Ã¢â€ž ¢s contractual obligations. Thus, the court pierced the veil and company had to comply with Lipmanà ¢Ã¢â€š ¬Ã¢â€ž ¢s contractual obligations.[9] Application of Law: In the given case, Gary was the founder of the Lassie Ltd and held 25% of the total shares. Moreover, as per a clause of the constitution of the company, he was the general manager of the company. Thus, being a shareholder and general manager of the Lassie Ltd, Gary has all of the above responsibilities and the liabilities. In short, in spite of the fact, that Gary created a new, separate company, the rule of lifting the corporate veil will still make him liable for any of the acts done by his company. Conclusion: By creating a company and selling his own business to that company, Gary will not be able to escape the liability. If any of the wrong acts will be done by the company, Gary will still be liable for the same. (VI) Relevant Law: Section 588G: provides that it is the duty of a director to ensure that a company is not engaged in insolvent trading. When a company continues trading and incurring debts, even at the time when the company is either insolvent or is on the verge of becoming insolvent, then it is said that Insolvent trading has occurred. Even if a company does not successfully keep its financial records, it is presumed to be insolvent. The directors have the duty of protecting the members as well as the creditors from such decisions, which may possibly lead to insolvency. If the directors fail to do so, they may be held personally liable by the court to the creditors. Moreover, the directors manage and run the company in the name of as well as on the behalf of the shareholders (means owners). Any liability of the company, thus extends to the liability of the directors as well as shareholders. Similarly, any cost which is incurred by the directors for the purpose of protecting themselves from t he liability is also ultimately borne by the company itself.[10] Application of law: In the given case, on the basis of the above arguments, it can be said that when Lassie Ltd goes into liquidation, the creditor Doggy Pty Ltd. will be able to recover the amount from the company Lassie Ltd, its directors as well as the shareholders. Conclusion: The company Lassie Ltd, its directors as well as the shareholders, all will be collectively liable for the payment to the Doggy Pty Ltd. References: James, Paul, Ian Malcolm Ramsay and Polat Siva, Insolvent Trading An Empirical Study SSRN Journal Bostock, Tom, The Corporations Act 2001 (2012) 2002 ac Keay, Andrew and Michael Murray, Making Company Directors Liable: A Comparative Analysis Of Wrongful Trading In The United Kingdom And Insolvent Trading In Australia (2005) 14 Int. Insolv. Rev. Macey, Jonathan R. and Joshua Mitts, The Three Justifications For Piercing The Corporate Veil SSRN Journal Corporations: Effect Of Decision Of Directors And Shareholders In Determining Whether Their Act Is Within The Express Or Implied Powers Of The Corporation (1917) 15 Michigan Law Review Lowry, J. (2012). The Irreducible Core of the Duty of Care, Skill and Diligence of Company Directors: Australian Securities and Investments Commission v Healey. The Modern Law Review, 75(2), pp.249-260. Langford, R. (2011). The Duty of Directors to Act Bona Fide in the Interests of the Company: A Positive Fiduciary Duty? Australia and t he UK Compared. J Corp Law Studies, 11(1), pp.215-242. Tomasic, R. (2001). Governance and the evaluation of corporate law and regulation in australia. Corporate Governance: The international journal of business in society, 1(3), pp.24-32. WaterhouseCoopers, Price,A Guide To Directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ Duties And Responsibilities For Non-Listed Public Companies And Proprietary Companies In Australia(1st ed, 2011) https://etraining.communitydoor.org.au/pluginfile.php/608/course/section/95/GuideDirectors_Apr08.pdf Australian corporations law. (1992). The CPA Journal, 62 (10), 12. Gilligan, G., Bird, H. and Ramsay, I. (n.d.). Regulating Directors Duties: How Effective are the Civil Penalty Sanctions in the Australian Corporations Law?. SSRN Journal. Halpin, Andrew, RIGHTS, DUTIES, LIABILITIES, AND HOHFELD (2007) 13 Legal Theory S., N. (1961). Delegation of Duties by Corporate Directors. Virginia Law Review, 47(2), p.278. Ratcliffe, T. (2008). The Companies Act 2006 and key changes to the duties of directors. Strategic Direction, 24(5). Farrer, J. and Ramsay, I. (1998). Director Share Ownership and Corporate Performance Evidence from Australia. Corporate Governance, 6(4), pp.233-248. Irish, Leon E., Corporations: Officers And Directors: Liability For Representative Acts Under The Sherman Act (1963) 61 Michigan Law Review Corporations. Corporate Powers And Their Exercise. Contract Purportedly Authorized By Shareholders And Ratified By Interested Directors Held Enforceable (1951) 64 Harvard Law Review. Schwank, F., Austrian Private Foundations: Directors Duties And Liabilities Under Close Scrutiny (2007) 13 Trusts Trustees Lim, Ernest, Directors Duties: Improper Purposes Or Implied Terms? (2013) 34 Legal Studies Taylor, Chris, The Company Director: Powers, Duties And Liabilities20121peter Loose, Michael Griffiths And David Impey. The Company Director: Powers, Duties And Liabilities . Jordans, 2011.  £79.00, ISBN: 978184 6611599 11Th Ed. (2012) 54 Int Jnl Law Management [1] John Lowry, The Irreducible Core Of The Duty Of Care, Skill And Diligence Of Company Directors: Australian Securities And Investments Commission V Healey (2012) 75 The Modern Law Review [2] (1991) 6 ACSR 464 at 476; Corporations. Directors. Company Held Liable For Removal Of Managing Director Following Merger And Adoption Of New By-Laws (1940) 54Harvard Law Review. [3] Corporations: Effect Of Decision Of Directors And Shareholders In Determining Whether Their Act Is Within The Express Or Implied Powers Of The Corporation (1917) 15Michigan Law Review. [4] (1875) 1 Ex D 20 [5] [1933] Ch 935 [6] Price waterhouseCoopers,A Guide To Directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ Duties And Responsibilities For Non-Listed Public Companies And Proprietary Companies In Australia(1st ed, 2011) [7] Rosemary Teele Langford, The Duty Of Directors To Act Bona Fide In The Interests Of The Company: A Positive Fiduciary Duty? Australia And The UK Compared (2011) 11 J Corp Law Studies. [8] ( 1986) 5 NSWLR 254 [9] [1962] 1 WLR 832 [10] Andrew Keay and Michael Murray, Making Company Directors Liable: A Comparative Analysis Of Wrongful Trading In The United Kingdom And Insolvent Trading In Australia (2005) 14Int. Insolv. Rev..

General Dynamics and Lockheed Martin - Free Essay Example

Sample details Pages: 13 Words: 3772 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Financial Statement Analysis General Dynamics vs. Lockheed Martin Executive Summary: This analysis provides a comparison of two major companies within the Aerospace and Defense industry, General Dynamics and Lockheed Martin. General Dynamics had an ROE of 25% whereas Lockheed Martin was 49% demonstrating LMT has a higher spread and generated a higher amount of return above its cost of equity capital as compared to GD. Don’t waste time! Our writers will create an original "General Dynamics and Lockheed Martin" essay for you Create order GD generates a higher NOPAT margin over LMT (9.4% and 7.8%, respectively) allowing GD to contribute more to ROE as a result of the decreased effect interest expenses have on net income with respect to total sales revenue. LMT has a considerable advantage for generating increased asset turnover, by generating $1.37 for every dollar as compared to GDs $1.08 for every dollar spent on company assets. General Dynamics stock is extremely undervalued (estimated $77.71 compared to closing price of $57.79) whereas Lockheed Martins stock was slightly overvalued ($85.93 compared to closing price of $84.08). Equity valuation indicates that investors were overly optimistic in LMTs earning potential and pessimistic for GDs earning potential. Despite the valuation, the destiny of this industry remains dependent on governments decisions to decrease military spending, which will have a negative impact on both companies. However, expansion of commercial airlines and partnerships with healthcare indust ries will have a positive effect on these companies and overall this industry will have a neutral outcome for the upcoming year. General Dynamics (NYSE: GD) General Dynamics is the sixth largest defense contractor in the world and the second largest maker of corporate jets. The company maintains four business groups including aerospace, combat systems, marine systems and information systems and technology. Net earnings for the company increased from 2006-2008 ($1.86 to $2.46), a 24% increase over 3 years. Sales for all groups increased from $24.1 to $29.3 billion from 2006-2008, a 17% increase. The company is based in Virginia and gets 67% of its revenue from the Department of Defense. The aerospace group generated $5.5 billion (19%) in sales in 2008, mostly due to Gulfstream business jet, which include long-range and ultra-long-range jets. In response to the downturn in the economy, the production of large-body and medium-size aircraft were reduced from 87 to 73 and 69 to 24, respectively, in 2008. In product development, Gulfstream introduced 2 additions, which are the ultra-large-cabin, ultra-long-range G650 and the super-mid-size G250. Production of both of these aircrafts, which enter into service in 2011 and 2012, are foreseeable income generators based on orders placed in 2008. The combat systems group generated $8.2 billion (28%) in sales in 2008, mostly driven by demand for combat vehicles, specifically Mine-Resistant, Ambush-Protected (MRAP) vehicles. The combat system group makes, repairs and supports wheeled and tracked armored vehicles and munitions. Combat system product lines include combat vehicles, guns and ammunition systems, mobile bridge systems, armor, chemical, biological and explosion detection systems. Future opportunities include delivering hundreds of tanks and armored vehicles to Saudi Arabia between 2010 and 2012. The marine systems group generated $5.6 billion (19%) in sales in 2008, extremely productive as compared to 2007. The group delivers destroyers, submarines, logistic ship and the first commercial product carrier. Upcoming contracts include doubling production to two submarines per year beginning in 2011, which is predicted to increase revenue and earnings over the next three years. The information systems and technology generated $10 billion (34%) of sales in 2008; its biggest achievement developing a battlefield communications network program and Joint Tactical Radio System (JTRS). Customers include federal civilian agencies and commercial customers, which primarily focus on electronics for land, sea and air-based weapons systems. The acquisition of two companies in the tactical communications and healthcare information technology field are indicative of the direction this group will be making in the upcoming years. Information gathered from Morningstar1, SP500 Industry reports2 and www.generaldynamics.com3 Lockheed Martin (NYSE: LMT) Lockheed Martin is the worlds largest military weapons maker, deriving 84% of its net sales from the United States government, including the Department of Defense. The company is comprised of four operating systems including aeronautics, electronic, space and information systems and global services. Net sales increased 7.3% from 2006 to 2008 ($39.6 to $42.7 billion) and earnings increased 21.8% over three years ($2.5 to $3.2 billion). The company operates in Maryland and employs 146,000 people. The aeronautics segment generated 27% of sales ($11.5 billion) in 2008. The segments primary production are the F-35 Lightning II combat aircraft which is projected to be completed in 2010. The aeronautics segment is focused on making fighter jets and military transport planes and on unmanned military aircraft. The segment also operates the Global Sustainment enterprise to ensure success throughout the life cycle of its aircraft. The electronics systems segment also generated 27% of sales in 2008 and primarily makes land, sea and air-based missiles and missile defense systems. Specifically, this segment is focused on maritime systems and sensors, missiles and fire control, and platform, training and energy. This system also manages and operates the Sandia National Laboratories for the US Department of Energy. Current projects include the Terminal Altitude Area Defense System (THAAD), the Ballistic Missile Defense system and the firehead control system for the Apache helicopter. The space systems segment generated 19% of sales ($8.2 billion) in 2008. This segment is comprised of satellites, strategic and defensive missile systems, and space transportation systems. The US government customers accounted for 96% of this segments sales in 2008. An ongoing partner is NASA; the LMT-built Phoenix Lander will continue to rove on Mars. Another venture is with Boeing, the United Launch Alliance, which provides satellite launch services to the US government. Information systems and global services segment account for 27% of sales in 2008. This segment contains mission solutions, information systems and global services. The US government customers accounted for 93% of the segments sales in 2008. Major products/programs include communication systems, mission and combat support solutions, civil agency programs (US Census), the FAA Automated Flight Service Station, the FBIs Sentinel IT program, and various NASA programs. Collaborations and partnerships with companies around the globe enable Lockheed Martin to grow its international business both with government and industry. The establishment of Lockheed Martin Australia in 2009 indicates an international interest to grow and expand. Information gathered from Morningstar1, SP500 Industry reports2 and www.lockheedmartin.com4 Industry Outlook: Aerospace Defense The aerospace and defense industry relies heavily on US government allocation and the upcoming year will likely bring budget cuts to the defense budget in 2010. However, there are predictions that the conventional military equipment is aging and once the Iraq war ends, there will be a need for repair and replacement. Due to the high levels of deficit spending and an increasing trend for social spending, it is likely there will be cuts in defense spending and the outlook for this industry will decline. On the other hand, it is estimated that there will be an increased growth of global passenger air traffic in 2010 as compared to a decline in 2009. This is based on positive air traffic growth since comparison between 2009 and 2010. Aircrafts that are less fuel-efficient in the US will also need to be upgraded and replaced with newer aircraft. The industry predictions are moderate production cuts at Boeing and Airbus, and declines in the business jet markets due to falling corporate profits. The industry outlook is therefore at a neutral rating, due to decreased military budget but increased commercial air traffic for 2010. Competition in the industry (Boeing, Northrop Grumman, Honeywell and Raytheon) will strive for contracts within the industry. Many of these defense contractors will face uncertainty from upcoming government decisions in the next year and hence the neutral outlook for this industry. Information gathered from Morningstar and SP500 Industry Reports Financial Statement Adjustments The following table contains information on the cumulative adjustment to General Dynamics and Lockheed Martins financial Statements. Adjustments General Dynamics Lockheed Martin Income Statement Increase Net Income by $19 million from loss from discontinued operations net of tax Increase Net Income by $196 million from deferred portion of income tax Decrease Net Income by $70 million for gain on sale of LKEI and ILS net of tax Decrease Net Income by $56 million for gain on land sale Increase Net Income by $215 million to reverse impairment charge (215 = 314(1-.316) Increase Net Income by $72 million to unwind deferred taxes Subtract $246 million from Net Income for Pension Income Balance Sheet Increase assets by 75% of PV of capitalized leases ($709 million) Decrease assets by $7 million to unwind taxes (DTA) Adjustments for LIFO reserve not added to Total Assets. Added in denominator of ITR and Current Asset in Current Ratio Added 100% of PV of capitalization of leases to Total Liabilities ($946 million) Subtracted 25% of PV of capitalized leases to SE ($236 million) Decrease SE by $7 million to unwind deferred taxes effect (-DTA; +DTL) Increase assets by 75% of PV of capitalized leases ($699 million) Decrease assets by $5,390 million to unwind deferred taxes (DTA) Increase liabilities by 100% of PV of capitalized leases ($932 million) Decrease SE by 25% of PV of operating leases ($233 million) Decrease SE by $5,390 million to unwind deferred tax (-DTA; +DTL) Caveats Termination of A-12 program in 1991 is an unlikely contingency of $690 and is currently on appeal in the Appeals Court. Cost of Equity Capital Historically, LMT common stock has proven less sensitive to the broad stock market. With a beta of .923 and using the Capital Asset Pricing Model (CAPM), LMT investors require an annual rate of return of 10.2%. Although this is lower than the expected market return of 10.8% (see appendix for calculation and assumptions), it is greater than its industry (Guided Missile Space Vehicles) expected return of 8.7%. However, although LMT may be more volatile as a stock than its competitors, it enjoyed a Return on Equity (ROE) significantly higher than the industry average. In 2008, LMT had an ROE of 49.2% while the industry followed with a 23.4% average ROE. Just as significant and telling is the comparison of LMTs ROE to its own required rate of return. This spread of 39% is an impressive sign as it demonstrates the amount of return LMT generated above its cost of equity capital. This is also impressive to investors at first glance, and will warrant a deeper interest from prospective investors. Much the same can be said for GD when comparing its required rate of return to its ROE. Although the spread was only 12.9%, it is still a good sign that GD generates such a return above its cost of equity. However, unlike LMT GD has a beta greater than 1 and is therefore more sensitive to stock market moves; and has an expected return less than its industry return by approximately 1.25%. NOPAT Margin When we analyze the potential net income in the absence of debt, NOPAT, we observe that General Dynamics (9.4%) generates a higher margin over Lockheed Martin (7.8%), which allows General Dynamics to contribute more to ROE in comparison to Lockheed Martin as a result of the decreased effect interest expenses have on net income with respect to total sales revenue. However, when comparing NOPAT performance to the rest of their industry (Ship Boat Building Repair), General Dynamics comes in slightly below the 9.9% average that was established for 2008, but does not necessarily signify any under-performance in this area since the industry data only takes into account two firms when generating Industry NOPAT margin averages. Lockheed Martin was similarly compared to Industry data, generated by two firms as well, in which NOPAT margins were recorded that were more than double of what was found for similarly classified companies (Guided Missiles Space Vehicles 3.69%). Asset Turnover This portion of the ROE evaluates the efficiency to produce revenue based on the investment in assets made by the company. When we begin to evaluate the simplified Asset TO values provided by the multiplicative decomposition of ROE, we observe a noticeable advantage by Lockheed Martin since they reportedly generate $1.37 for every $1.00 spent on assets. General Dynamics generate slightly lower values at $1.08 for every $1.00 spent on company assets. We then continued to analyze Asset TO, now based on the additive decomposition of ROE to see how other variables affect the turnover rates. When this approach is taken, average assets for both companies in 2008 needed to be adjusted, and was done so by pulling out all non-interest bearing liabilities (NIBL). This is where we noticed that NIBLs for Lockheed Martin ($20,742) were 62.8% higher than those reported by General Dynamics ($12,735). As a result, the Asset TO ratios increased significantly for both companies (LMT 2.05 and GD 4.09 ) with respect to assets dollars invested by each company. As we can observe, unexpected losses in each companys pension fund had led them to classify their losses as liabilities since they will still needed to be accounted for in the near future. The 32% drop in the fair value of the LMT pension fund ($27,259 down to $18,539) in 2008 and the 35% drop in the fair value of the GD pension fund ($7,452 down to $4,823)was felt somewhat more extensively by LMT, since the higher amount lost reflects LMTs larger workforce of 140,000 employees. GD, although enduring a similar percentage drop in fund value, only accommodates a workforce of 91,000, and therefore lost less in overall value amount. Leverage When we analyze leverage, we are analyzing each companys ability and efficiency in using interest bearing debt to generate revenue. The higher the leverage value, the better the ability of a company is at using invested funds (IBLs) to obtain desired revenues. When evaluating LMTs and GDs effect of leverage as a result of their 2008 results, we observe that the numbers generated by LMT (0.17) are over three times higher than those generated by GD (0.05) during the same time period. As we continue to drill down into the effect of leverage, we notice that ROA is also higher for LMT as a result of the large variation in NIBLs between the two companies. Although a higher leverage effect value may indicate that LMT relies more on interest bearing debt to generate more sales revenue, an analysis of interest bearing liabilities for both LMT and GD was performed based on data available at the end of 2007 and 2008. This analysis revealed that LMT had reduced their interest bearing liabilities ($4,407 down to $3,805) while GD, whom recorded a smaller leverage effect, had done the opposite and showed to have increased their interest bearing liabilities ($2,791 increased to $4,024) by the end of 2008. Selected Ratio Comparison: Accounts Receivable Days General Dynamics Industry Lockheed Martin Industry 39.51 32.50 43.62 57.12 From the results presented above, General Dynamics demonstrates that it under-performed the rest of the industry by exceeding the average account receivable days by 7 days. In contrast, Lockheed Martin out-performed the rest of its industry by having recorded an account receivable average of 43.62 days, which means LMT was collecting from customers on an average of 13.5 days ahead of the rest of the industry. Accounts Payable Days General Dynamics Industry Lockheed Martin Industry 33.88 31.50 20.09 19.66 GD is collecting from customers on average over 2 days past the industry average of 31.50 days LMT is collecting just day over the industry average of 19.66 days Inventory Days General Dynamics Industry Lockheed Martin Industry 25.97 56.62 17.35 13.55 GD is turning inventory on average over 30 days under the industry average of 56.62 days LMT is turning inventory on average over 3 days over the industry average of 13.55 days Interest Coverage General Dynamics Industry Lockheed Martin Industry 29.57 30.43 14.49 5.49 GD could cover its yearly interest expenses 29.57 times in 2008, just under its industry average of 30.43 times LMT could cover its yearly interest expenses 29.57 times in 2008, significantly over its industry average of 5.49 times Equity Valuation The equity valuation of General Dynamics for 2008 produced an estimated share price of $77.71. This price is significantly higher than the closing per-share price of $57.59 for 2008 showing the companys stock was extremely undervalued. According to analyst reports5, some concerns about growth for General Dynamics stem from shrinking credit markets, which would impair the ability to finance business jets. Additionally, it is possible that investors were concerned the aerospace and defense industry would decline with a shift from government defense spending to social spending and deficit spending. Abnormal net income was computed as predicted net income less the cost of equity capital. Predicted net income was computed using 2008 pro forma net income of $2,674 and implementing annual growth rates suggested by Goldman Sachs earnings forecasts5. The growth rates from 2009 through 2013 were -2.9%, 7.3%, 5.2%, 7.3% and 7.8% respectively. The same earnings forecasts were used to calculate the predicted dividends. The predicted dividends from 2009 to 2013 are 577, 617, 643, 671 and 700 respectively. The terminal value assumption used in computing abnormal net income was the competitive equilibrium on incremental real sales assumption. This strategy was chosen because the government is one of General Dynamics most significant customers, comprising approximately 67% of the companys revenue. This lead to the assumption that General Dynamics may not need to invest a large amount of resources in developing new customers and that most of their future growth would be lead by existing custo mers. This assumption provided a terminal value of $21,999. The cost of capital for General Dynamics was calculated using a beta of 1.119, a risk free rate of 5% and a market risk premium of 4%. This produced a cost of capital of 9.5%. The present value of abnormal net income was calculated to be $20,265, by dividing abnormal net income by a discounting factor derived using the cost of capital. The present value of abnormal net income was combined with the initial book value of $9,810 to produce an estimated predicted price of $30,075. This price was divided by the number of shares outstanding according to the 2008 annual report to arrive at an estimated share price of $77.71. The equity valuation for Lockheed Martin for 2008 produced an estimated share price of $85.93, which is slightly higher than the actual share price as of the end of 2008 of $84.08. This shows the stock was slightly overvalued. This shows investors may have been overly optimistic in their opinion of Lockheed Martins earnings potential. Abnormal net income was computed just as that of General Dynamics. Using analysts reports6, estimated (negative) growth rates of (6%), (7%), (6.6%), 11% and 8.92% were applied to the 2008 pro forma net income of $3,114. The same terminal value assumption was used for Lockheed Martin as was used for General Dynamics. The US government is a substantial customer of Lockheed Martins, which lead to the assumption that a large portion of future growth could be attributed to existing customers and few resources could be devoted to developing new customers. The terminal value assumption provided a terminal value of $41,132. The cost of equity capital was calculated using a beta of .923, a risk free rate of 4% and a market risk premium of 5%. The 8.7% cost of capital was used to find the present value of abnormal net income of $37.936. This present value was combined with an initial book value of ($2,758) to produce an estimated price of $35,178. The estimated price divided by the number of s hares outstanding per the Lockheed Martin annual report to arrive at a per-share price of $85.93. References: 1www.Morningstar.com 2www.netadvantgage.standardandpoors.com 3www.generaldynamics.com 4www.lockheedmartin.com 5Richard Safran, Noah Poponak, Goldman Sachs, January 26, 2009. Noah Poponak, Chun-Yai Wang, Sai Krishna, Goldman Sachs, January 27, 2010 6Richard Safran, Noah Poponak, Goldman Sachs, January 22, 2009. Noah Poponak, Chun-Yai Wang, Sai Krishna, Goldman Sachs, January 29, 2010 APPENDIX CAPM = Rf Rate + (Beta*Rmrkt) Given Data Risk Free rate = 3.77% (10 Year Treasury as of 2/18/10) Market Premium (Rmrkt) = 7% (given on page 26 of class notes) LMT Beta = 0.923 Industry Beta = 0.697 GD Beta = 1.119 Industry Beta = 1.298 CAPM Calculations LMT = .0377 + .923*.07 LMT = 10.23% Industry = .0377 + .697*.07 Industry = 8.65% GD = .0377 + 1.119*.07 GD = 11.60% Industry = .0377 + 1.298*.07 Industry = 12.86% Financial Statement Analysis GD LMT 2008 2008 Beginning assets 25,733 28,926 Ending assets 28,373 33,439 Beginning equity 11,768 9,805 Ending equity 10,053 2,865 Beginning interest-bearing liabilities 2,791 4,407 Ending interest-bearing liabilities 4,024 3,805 Net income (pro forma) 2,674 3,114 Sales revenue 29,300 42,731 Other revenue 0 0 Research development expense 474 1,220 Selling, general administrative expense 1,700 2,344 Income tax expense 1,126 1,485 Income tax rate 0.31 0.32 Interest expense 133 341 Beginning inventory 1,621 1,718 Ending inventory 2,029 1,902 Cost of goods sold 25,647 38,082 Beginning accounts receivable 2,874 4,925 Ending accounts receivable 3,469 5,296 Beginning accounts payable 2,318 2,163 Ending accounts payable 2,443 2,030 Shares outstanding 386 393 Closing price per share 57.59 84.08 bloomberg.com Average assets 27,053 31,183 Average equity 10,911 6,335 Average interest-bearing liabilities 3,408 4,106 Average non-interest bearing liabilities 12,735 20,742 Average accounts receivable 3,172 5,111 Average inventory 1,825 1,810 Average accounts payable 2,381 2,097 After-tax interest rate 0.03 0.06 Multiplicative Decomposition of ROE ROE 0.25 0.49 Net profit margin 0.09 0.07 Asset turnover 1.08 1.37 Leverage 2.48 4.92 Additive Decomposition of ROE ROE 0.25 0.49 Market-to-book 2.21 11.53 NOPAT Margin 0.09 0.08 Asset turnover 2.05 4.09 ROA 0.19 0.32 Spread 0.17 0.26 Leverage 0.31 0.65 Effect of leverage 0.05 0.17 Gross profit margin 0.12 0.11 RD to revenue 0.02 0.03 SGA to revenue 0.06 0.05 Accounts receivable days 39.51 43.65 Inventory days 25.97 17.35 Operating cycle 65.48 61.00 Accounts payable days 33.88 20.09 Cash-to-cash cycle 31.60 40.91 Interest coverage 29.57 14.49 Debt ratio 0.65 0.91 Appendix C: General Dynamics Lockheed Martin Financial Statement Adjustments Cumulative Financial Statement Adjustments Summary of Income Statement Adjustments Summary of Income Statement Adjustments Net Income as Reported: $ 2,459 Net Income as Reported: $ 3,217 Discontinued operations 19 Loss on sale of property, (126) Unwind tax effects 196 land, equipment Adjusted Net Income $ 2,674 Reverse of Impairment charge 215 Unwind tax effects 72 Pension Income (264) Adjusted Net Income $ 3,114 Summary of Balance Sheet Adjustments Summary of Balance Sheet Adjustments Total Assets as reported $ 28,373 Total Assets as reported $ 33,439 Constructive capitalization of 709 Constructive capitalization 699 operating leases of operating leases Unwind tax effects (DTA) (7) Unwind tax effects (DTA) (5,390) Adjusted Total Assets $ 29,075 Adjusted Total Assets $ 28,748 Total Liabilities as reported $ 18,320 Total Liabilities as reported $ 30,574 Constructive capitalization 946 Constructive capitalization 932 of operating leases of operating leases Adjusted Total Liabilities $ 19,266 Adjusted Total Liabilities $ 31,506 Total SE as reported $ 10,053 Total SE as reported $ 2,865 Constructive capitalization (236) Constructive capitalization of operating leases (233) of operating leases Unwind tax effects (5,390) Unwind tax effects (7) (DTA+DTL) (DTA+DTL) Adjusted Total SE $ (2,758) Adjusted Total SE $ 9,810 Adjusted Total Liabilities + SE $ 29,075 Adjusted Total Liabilities + SE $ 28,748 General Dynamics Pension Income Pro Forma Calculation 1 Net pension cost (benefit) $ 20 Net postretirement plan cost 56 Total cost $ 76 Net earnings $ 2,459 Percentage 3.1% 2008 2007 2 Funded status pensions $ (2,922) $ 383 Funded status other postretirement plans (640) (642) Total funded status (3,562) (259) Difference $ (3,303) 3 Rate of return on U.S. plan assets 8.1% Expected return 593 Implied asset base 7,330 = 592 / .081 Actual return percentage -32.20% = 2360 / 7330 4 Implied asset base $ 7,330 Pro forma expected rate 7.0% Given Pro forma expected return 513 Less: Original expected return (593) Difference (reduction in pension income) (80) 1 Effective tax rate 68.8% =1-.312 Adjustment (reduction) to net income $ (55) OR: [(.081-.070)*7,330] * (1-.312) = $ 55 Adjusted income $ 2,404 = 2,459 55 Lockheed Martin Pension Income Pro Forma Calculation 1 Net pension cost (benefit) $ 462 Net postretirement plan cost 46 Total cost $ 508 Net earnings $ 3,217 Percentage 15.8% 2008 2007 2 Funded status pensions $ (11,882) $ (879) Funded status other postretirement plans 1426 2017 Total funded status (10,456) 1,138 Difference $ (11,594) 3 Rate of return on U.S. plan assets 8.5% Expected return $ 2,184 Implied asset base 25,694 = 2184 / .085 Actual return percentage -28.62% = 7354 / 25694 4 Implied asset base $ 25,694 Pro forma expected rate 7.0% Given Pro forma expected return 1,799 Less: Original expected return (2,184) Difference (reduction in pension income) (385) 1 Effective tax rate 68.4% =1-.316 Adjustment (reduction) to net income $ (264) Adjusted income $ 2,953 = 3,217 264 General Dynamics Capitalization of Operating Leases Enter interest rate below: 0.039 Enter operating lease commitments below (in millions): 2009 205.0 2010 174.0 2011 131.0 2012 97.0 2013 70.0 2014 thereafter 405.0 Solution: Present value of operating lease commitments $ 945.9 Calculation of Present Value of Operating Lease Payments: 0 205.0 1.000 205.0 1 174.0 1.039 167.5 2 131.0 1.080 121.3 3 97.0 1.122 86.5 4 70.0 405.0 1.166 60.1 5 70.0 335.0 1.211 57.8 6 70.0 265.0 1.258 55.6 7 70.0 195.0 1.307 53.5 8 70 125 1.358 52 9 70 55 1.411 50 PV of operating lease commitments 946 Total Assets (increased by.) $ 709.5 Total Shareholders Equity (decreased by.) $ (236.5) Total Liabilities (increased by..) $ 945.9 Lockheed Martin Capitalization of Operating Leases Enter interest rate below: 0.083 Enter operating lease commitments below (in millions): 2009 262.0 2010 223.0 2011 184.0 2012 148.0 2013 114.0 2014 thereafter 165.0 Solution: Present value of operating lease commitments $ 932.2 Calculation of Present Value of Operating Lease Payments: 0 262.0 1.000 262.0 1 223.0 1.083 205.9 2 184.0 1.173 156.9 3 148.0 1.270 116.5 4 114.0 165.0 1.376 82.9 5 114.0 51.0 1.490 76.5 6 51.0 0.0 1.614 31.6 7 0.0 0.0 1.748 0.0 8 0 0 1.893 0 9 0 0 2.050 0 PV of operating lease commitments 932 Total Assets (increased by.) $ 699.2 Total Shareholders Equity (decreased by.) $ (233.1) Total Liabilities (increased by..) $ 932.2 4