2025-06-09-Jefferies-杰富瑞邀请_华盛顿特区国防之旅总结电话会议-今日上午10点_8页_125kb

Equity Research: Aerospace & Defense Electronics Industry Insights

Industry Update Proposal:
On June 9, 2025, a recap call following a DC Defense Tour will be held at 10 AM ET. The discussion will cover insights into the defense industry, based on meetings with key figures from the Dept. of Navy, DoD Comptroller, Army Acquisition branch, LDOS, LMT, NOC, and SAIC. Registration is required.

Analyst Team:
Sheila Kahyaoglu, Greg Konrad, and several Equity Associates will lead the discussion. Key roles include Equity Analysts (Kahyaoglu, Konrad) and Associates (Wenclawiak, Page, Walters, McDermott).

Company Valuation & Risks (June 9, 2025):

• Leidos Holdings (LDOS):

  • Price Target (PT): Based on 2025E EV/EBITDA, EPS, and FCF yield discounts. Price is 'HOLD'.
  • Risks: Customer concentration, contract mix, and integration issues.

• Lockheed Martin Corp. (LMT):

  • PT: Based on 2025E EV/EBITDA, P/E, and FCF Yield. Price is 'HOLD'.
  • Risks: Disruptions to key programs, challenging contractual/political environments.

• Northrop Grumman Corp. (NOC):

  • PT: Based on a blend of 2025E P/E, EV/EBITDA, and FCF Yield. Price is 'HOLD'.
  • Risks: Delays in funding, new program difficulties.

• SAIC (SAIC):

  • PT: Based on 2025E PF FY2 EBITDA, Adjusted EPS (Jan year-end), and FCF Yield. Price is 'HOLD'.
  • Risks: Government end-market/Macro volatility, competition.

Ratings:

• Buy: Expected >=15% total return (price + yield) in a year (or >=20% for stocks under $10).
• Hold: Expected total return between -10% and +15%.
• Underperform: Expected <= -10% return.
• NR: Rating/suspension; CS: Coverage suspended; NC: Not covered; Restricted: Certain barriers; Monitor: Watch list.

Valuation Methodology:
Uses metrics like market cap, growth/value, volatility, expected return, revenue, DCF, EBITDA, EPS, FCF, EV ratios, etc. Assessments also consider analyst conviction and investment themes.

Important Notes

• The report provides fair warning against relying solely on this analysis for investment decisions.
• Past performance is not indicative of future results; prices and values may fluctuate significantly due to market, macro, political, and currency risks.
• Analysts' compensation may be tied to firm performance, including investment banking.
• Standard legal and disclosure information follows, outlining potential conflicts of interest and regulatory distribution notices for various jurisdictions. JEF INVITE: DC Defense Tour Recap Call - DATE: June 9, 2025 - TIME: 10:00 AM EST. Please register here or email Jane Doe/Jefferies for details.