Lockheed Martin: Large Portfolio of Classified IP, Multiple Moats

Dave Sather of Sather Financial Group presented his investment thesis on Lockheed Martin (US: LMT) at Wide-Moat Investing Summit 2021.

Thesis summary:

Lockheed Martin is the largest U.S. defense contractor. As such, the company’s customer base is the U.S. government and American allies. Major projects are the culmination of years of development and are kept in service for multiple decades.

Lockheed benefits from multiple economic moats, and most of the company’s intellectual property consists of classified military secrets. Regardless of political parties, strong investment in defense remains a priority for the U.S. and its allies. Dave considers Lockheed one of the widest-moat businesses he has studied.

The shares recently traded at a discount to the broader market as well as comparable companies in the defense sector. Lockheed offers a growing dividend that is nearly double the yield on the ten-year U.S. Treasury.

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About the instructor:

Dave Sather is a CFP and President of Sather Financial Group, a $1.2 billion firm managing individual accounts headquartered in Texas.

Dave has degrees in business from Texas Lutheran University and Texas A&M University. Dave serves on the Board of Regents at Texas Lutheran University and chairs their Investment Committee.

He developed and teaches the Bulldog Investment Company internship at Texas Lutheran University. This student managed investment fund has compounded at more than 19% per year over the last 12 years.

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