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Boeing Co BA

Morningstar Rating
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Stock XNYS Rating as of
$185.42 −1.28 (0.69%)
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As of Delayed Price Post-Trading: $185.42 0.00
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Company Report

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Boeing: Spirit Aero Systems Deal Makes Good Sense; Fair Value Estimates Unchanged

Nicolas Owens

Boeing will take over Spirit Aero Systems later in 2024, exchanging between .18 and .25 shares of its stock per outstanding share of Spirit Aero, depending on the market price of Boeing shares in the weeks preceding the deal's closing. Their agreement values Spirit Aero at $37.25 per share, a $6.25 premium to our fair value estimate. We see the price as justifiable on two grounds: 1) as an all-stock deal, Spirit shareholders may warrant some compensation for interim uncertainty about the value of the currency they are accepting; 2) but more importantly, Spirit will be worth more as part of Boeing than as a standalone enterprise.

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Price vs Fair Value

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BA is trading at a 217% premium.
Price
$186.70
Fair Value
$851.00
Uncertainty
High
1-Star Price
$959.86
5-Star Price
$146.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Boeing has a large backlog that covers several years of production for the most popular aircraft, which gives us confidence in aggregate demand for aerospace products.

Bears

Boeing's reputation for engineering prowess may have taken a permanent hit since repeated manufacturing flaws in 737 MAX jets have hampered Boeing's assembly pace and disrupted airlines' and passengers' schedules.

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Trading Information

Previous Close Price
$186.70
Day Range
$184.52–189.23
52-Week Range
$159.70–267.54
Bid/Ask
$185.23 / $185.42
Market Cap
$113.83 Bil
Volume/Avg
4.1 Mil / 6.8 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
1.49
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Boeing is a major aerospace and defense firm. It operates in three segments: commercial airplanes; defense, space, and security; and Global services. Boeing's commercial airplanes segment competes with Airbus in the production of aircraft that can carry more than 130 passengers. Boeing's defense, space, and security segment competes with Lockheed, Northrop, and several other firms to create military aircraft and weaponry. Global services provides aftermarket support to airlines.
Sector
Industrials
Industry
Aerospace & Defense
Stock Style Box
Large Growth
Total Number of Employees
171,000
Website
https://www.boeing.com

Competitors

Valuation

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Metric
BA
AIR
NOC
Price/Earnings (Normalized)
 —22.1819.63
Price/Book Value
 —5.654.53
Price/Sales
 1.491.561.64
Price/Cash Flow
 60.9818.3215.64
Price/Earnings
BA
AIR
NOC

Financial Strength

Metric
BA
AIR
NOC
Quick Ratio
 0.220.480.86
Current Ratio
 1.141.171.13
Interest Coverage
 0.216.305.41
Quick Ratio
BA
AIR
NOC

Profitability

Metric
BA
AIR
NOC
Return on Assets (Normalized)
 −1.22%3.14%4.88%
Return on Equity (Normalized)
 —23.27%14.79%
Return on Invested Capital (Normalized)
 0.74%13.81%8.76%
Return on Assets
BA
AIR
NOC
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Aerospace & Defense Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
GE Aerospace
GE
HmrpbyjlDnj$174.0 Bil
 RTX Corp
RTX
BdcsfvwvqZsmrw$132.4 Bil
 Airbus SE ADR
EADSY
TgcyzvbcfHsp$111.8 Bil
 Lockheed Martin Corp
LMT
CmmmdnfhPyck$111.0 Bil
 General Dynamics Corp
GD
VldfgymbpWhnb$79.0 Bil
 TransDigm Group Inc
TDG
RqmvwvdpscYbx$70.1 Bil
 Northrop Grumman Corp
NOC
LdvssrrmlhRftz$64.4 Bil
 BAE Systems PLC ADR
BAESY
CtsyymtzQtbg$48.8 Bil
 Rolls-Royce Holdings PLC ADR
RYCEY
MhxqdsvmsQhjxld$48.7 Bil

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