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Tesis para optar al grado de Magíster en Finanzas / El presente trabajo tiene como objetivo determinar el valor de Lockheed Martin Corporation (LMT). A tal fin se emplea como método de valoración, el de flujos de caja descontados. A partir de este análisis se pretende cuantificar el valor de los activos operacionales de la compañía trayendo a valor presente los flujos que estos generan en un horizonte determinado de proyección. La compañía tiene como objeto social el desarrollo y fabricación de sistemas de defensa en los Estados Unidos. Posee una presencia significativa en la industria del sector de armas y sistemas de defensa en los EE. UU., como en algunos países, europeos, asiáticos y del oriente medio. Además, siendo el principal contratista militar del gobierno de los Estados Unidos de América. La industria de defensa en los Estados Unidos se caracteriza entre otras cosas por la alta diferenciación de productos, y servicios, más que en precios. No obstante, la incipiente industria militar china y el renaciente sector militar ruso, han comenzado a competir con precios como criterio de diferenciación en los mercados internacionales de armas. Respecto del financiamiento hay que señalar que aproximadamente un 100% de la deuda financiera consolidada es de largo plazo y de ese total un 100% de la deuda está estructurada a tasa fija estando la misma se encuentra denominada en U$D. Una vez determinada la deuda financiera y el patrimonio económico de la empresa, y para efectos de valorar la compañía, se supondrá como estructura de capital objetivo el promedio de la ratio deuda a patrimonio entre los años 2013 y junio del 2017, dicho ratio se ubica en (16.49%). Para la determinación del costo de capital se procede empleando instrumental tradicional. Se calcula la beta de la deuda, beta patrimonial con deuda y sin deuda empleando Rubinstein en los casos en que se requiere y ajustando a la estructura de capital objetivo. Las ventas históricas consolidadas han crecido en promedio interanual entre los años 2013 y el 2017 en un 2.10% cifra muy por sobre el crecimiento esperado a mediano plazo. Dicha cifra de crecimiento fue influida por eventos como el aumento en gastos de defensa, así como en la entra en producción del caza de combate denominado F35. Finalmente, desde el EERR Lockheed Martin Corporation (LMT), y efectuando los ajustes correspondientes, se llega a definir los flujos de caja libre que permitirán determinar el valor económico de la empresa y a partir de este el valor de la compañía misma. Siendo realizadas las dos proyecciones antes mencionadas bajo los siguientes supuestos: * Consumo y otros gastos externos representan el (89%) de los ingresos totales. * Total, de gastos de explotación representan el (88%) de los ingresos totales * Ingresos financieros calculados en base al % promedio que tuvieron entre el 2013-2017 en los resultados de explotación. * otros ingresos netos calculados en base al % promedio que tuvieron entre el 2013-2017 en los resultados de explotación. * A partir del año 2018 en adelante se calcula la tasa de impuesto en base al nuevo impuesto corporativo de los EEUU. calculado al 21% sobre los ingresos declarados que entró en vigor en enero del año 2018. * Otros pagos relacionados con actividades de financiación según el promedio del periodo 2013 al 26/06/2017 los mismos representaron el 4.56% de los flujos de efectivo de actividades de explotación. Este es el porcentaje que ha sido utilizado para los efectos del cálculo de los costos de actividades de explotación. Para los efectos de la proyección del flujo de caja libre neto, se hicieron bajo los siguientes supuestos: 1) La inversión en reposición, se realiza una evaluación de los años anteriores desde el 2013 al año 2017, considerando el porcentaje de participación del total de la depreciación acumulada sobre el total propiedades, planta y equipos, la cual tuvo un promedio del 38.45%% anual. 2) Nuevas Inversiones en Activo Fijo (CAPEX), son proyectadas en función del promedio de inversiones que se realizó entre los años 2013 a junio del 2017 por Lockheed Martin Corporation, el cual presentó un promedio de 31.75% de los flujos de efectivo de las actividades de explotación, y 3) Como dato adicional, se realiza el cálculo de RCTON en días ventas que en este caso será de 150, que consiste en la obtención del producto entre RCTON y 360. (150/360*t1ventas-t ventas) Para los efecto de descontar los flujos de caja libres netos, la misma se realiza a una tasa wacc de 6.67%, que representa el costo de capital de Lockheed Martin Corporation (LMT)

This thesis will focus on the performance of angles only initial orbit determi- nation (IOD) methods on observational data of low Earth orbit (LEO) CubeSats. Using data obtained by Lockheed Martin’s Space Object Tracking (SpOT) facil- ity, four methods: Gauss, Double-R, Gooding and Assumed Circular, will use different amounts of orbital arc to determine which methods perform the best in the short arc regime of less than 10 degrees of orbital arc. Once the best method for estimating the orbit is determined, there will be analysis on whether these IOD methods are accurate enough to predict a secondary observation session. Finally non-linear regression will be performed to determine if the error metrics follow a predictable trend based on how much orbital arc is seen by the observer. It was determined that above a certain amount of orbital arc, angles only IOD methods can reliably predict a secondary observation session to facilitate more observations. Below 4 degrees of orbital arc, which is around 60 seconds of ob- serving time for LEO objects, none of the methods were able to reliably predict a secondary observation session. The Assumed Circular method was the best method for observing LEO CubeSats because it forces the IOD solution to be circular, which limits the error in the shape of the orbit as the amount of orbital arc decreases. Finally, many metrics follow an exponential trend when compared to the orbital arc. Thus, the amount of orbital arc seen is a strong predictor for the accuracy of the angles only IOD solutions.

Six geomorphic study reaches were established in 2002 along a forested mountain stream (gradients range from 0.02 to 0.05) on Cal Poly's Swanton Pacific Ranch in Santa Cruz County, California. These study reaches are a component of paired and nested watershed studies in the approximately 500 hectare Little Creek watershed. The overall goal of this study was to monitor water quality and channel conditions before, during, and after a selective harvest of redwood. A selective harvest occurred in the North Fork of Little Creek in Summer 2008. In August 2009, approximately 90% of the Little Creek Watershed was burned in the Lockheed Fire. Channel change was evaluated by measuring ground profiles using traditional survey methods. Cross section and longitudinal profiles are surveyed annually every summer in the six study reaches. Change is assessed through evaluation of cross sections and longitudinal profiles, analysis of bed elevation and cross-sectional area change data, and analysis of residual pool characteristics and longitudinal profile variability. Changes in the channel during this time have been relatively small and are typically associated with movement or introduction of coarse woody debris to the stream channel. However, during the study period no large stream flow events occurred (return interval at the closest USGS gauging station does not exceed 5 years). Historically, large debris flow events have occurred in this watershed, with well documented events in 1955 and 1998. The survey data is an important tool for understanding change detection in channel characteristics before and after harvesting, and following fire disturbance.

This dissertation articulates the Federal Republic of Germany’s critical role in establishing and sustaining the modern multinational European aviation sector. It demonstrates how Bonn employed its 1959 acquisition of the Lockheed F-104G Starfighter combat aircraft to take advantage of the Eisenhower administration’s efforts to reduce the US military presence in Europe and achieve strategic goals of military, political, and economic primacy within NATO through multinational cooperation and consortium building. In fostering the European Starfighter consortiums and their successors, West Germany embraced a leadership role that saw it build one of NATO’s largest air forces and become a primary political and economic driver of the continent’s multinational military-aviation projects. This dissertation is predicated on intensive archival research conducted in Germany, Belgium, and the United States. This work employs economic, political, and military historical lenses of analysis to argue that the Starfighter’s legacy represents a long-term success that allowed the Federal Republic to leverage a role of normalized leadership within a decade of joining NATO, boost its moribund aviation sector, and take a leading role in contemporary multinational aviation concerns such as the Panavia Tornado, Eurofighter Typhoon, and Airbus Space and Defense. / History

Corporations work to create, define, and refine their corporate images through many means including logos, slogans, advertising campaigns, community involvement, products, and philanthropic activity. As a composite or individually, these elements can be used to identify things associated with the corporation, the corporation itself, or distinguish it from other corporations. In addition to these prevalent corporate "identifiers," every corporation has its own voice, comprised of numerous facets of style and design that combine to create an identity. This voice is present in the written word of a corporation-correspondence with clients and customers, reports to shareholders, internal memorandums to employees, and website content that reaches worldwide. The voice may vary somewhat between audiences, but it is unilaterally present. While the subtleties of voice may not be recognized by the general public, the resulting rhetorical effects are-giving significance to corporate voice. The research involves an in-depth study of the voice of Lockheed Martin Corporation. With permission, a variety of non-proprietary LMCO documents have been analyzed using a rubric based on Thomas Gibson's "Style Machine," presented in his 1966 book, Tough, Sweet, and Stuffy: A Study of Modern American Prose. The analysis has resulted in conclusions regarding LMCO's corporate voice.

The digital transformation of the 21st century has led to a series of new possibilities and challenges, where one major concern of many major organizations and enterprises is promoting Information Security Awareness and Training (ISAT) for their employees. This aspect of Information Security (IS) can promote cybersecurity in the work environment against threats related to the human factor. Apart from traditional methods as workshops and seminars, researchers study the effect of gamification on ISAT, by proposing customized digital games to train employees regardless their IT skills. This thesis is trying to propose what techniques and approaches can be considered to train people throughout a full threat progression by studying the features of previous efforts. For this purpose, a literature study based on the principles of a systematic literature review (SLR) is essential to gather the available data and review their characteristics. More specifically, the solutions of the researchers are analyzed against the seven steps of the Lockheed Martin Cyber Kill Chain (LM CKC), where each game is classified to one or more phases, according to the training they offer. Thus, some tools can provide a wide range of training, covering many aspects of the CKC, while others are targeting a specific IS topic. The results also suggest that popular attacks involving social engineering, phishing, password and anti-malware software are addressed by many games, mainly in the early stages of the CKC and are focus on trainees without professional IT background. On the other hand, in the last two phases of the CKC, the majority of categorized games involves countermeasures that IS specialists must launch to prevent the security breach. Therefore, this study offers insight on the characteristics of serious games, which can influence an ISAT program, tailored to the enterprise’s distinct IS issue(s) and the IT background of the trainees.

This thesis examines how corporations use North Korea’s media portrayal to profit. By gaining government contracts to develop weapons and missile defense systems, companies such as Lockheed Martin make billions of dollars. The thesis will examine how this is accomplished in three stages: first, by examining how soft power is generated and used to build a consensus. Then, government usage of soft power to rationalize North Korea as a threat is discussed. Finally, how corporations profit from government-authorized weapons programs will be detailed. The thesis will incorporate theory based off of the ideas of Joseph Nye, as well as geopolitical concepts promulgated by Michael Hardt. / Graduate

Sverige har idag några av Europas äldsta militära transportflygplan av typen TP 84 Lockheed Martin C-130H Hercules. Försvarsmakten har beslutat om att modifiera flygplanen så att de kan fortsätta att flyga fram till 2030 men på sikt måste ett nytt system köpas in. Uppsatsen avhandlar det beprövade flygplanet Lockheed Martin C-130J mot det nya Embraer KC-390. Analysen avhandlar en komparativ jämförelse mellan två olika transportflygplan samt systemens införande i Försvarsmakten. Fallet är en del av en jämförelse mellan flygplanen med turboprop-och turbofläktmotorer. Jämförelsen kommer att kopplas mot Andersson et al:s teori om militär nytta. Slutsatserna från analysen är att vid ett införande av C-130J kommer ett driftsäkert system med lång erfarenhet av att operera i konfliktzoner med provisoriska landningsbanor tillföras Försvarsmakten. Flygplanets prestanda och begränsningar är redan kända. Vid införandet av KC- 390 är uppgifterna om prestanda och begränsningar en osäkerhet då systemet ännu inte är i tjänst. Osäkerheter som förmågan att operera från provisoriska flygfält måste tas i beaktande. Dock är flygplanet bättre avseende räckvidd, lastkapacitet samt hastighet, detta på grund av flygplanets turbofläktmotorer. / This thesis considers the problem of Sweden currently having some of Europe's oldest military Hercules transport aircraft of the type TP 84 Lockheed Martin C-130H Hercules. The Swedish Armed Forces have decided to modify the aircraft to extend it to 2030, but in the long term a new system must be procured. This thesis deals with the proven aircraft Lockheed Martin C-130J compared to the new Embraer KC-390. The approach uses Andersson et al's theory of military utility to compare two different transport aircraft as well as the system's introduction into the Swedish Armed Forces. The case is part of a comparison of aircraft with turboprop against turbofan engines. The conclusions from the analysis are that the C-130J is an operational system with long experience of operating in conflict zones from provisional runways, and the aircraft's performance and limitations are already known. With the KC-390, performance and limit data are an uncertainty whilst the system is not yet in service; as is its ability to operate from temporary airports. However, this aircraft is better in terms of range, load capacity and speed, due to the aircraft's turbofan engines.

Als Folge der seit Ende der 1960er Jahre gestiegenen Auslandsverschuldung avancierte der Export der DDR in das NSW zur Schicksalsfrage. Zu den ausfuhrintensivsten, Finalerzeugnisse herstellenden Branchen, mit einem kontinuierlichen Absatz im NSW zählte, neben dem Druckmaschinenbau vor allem der Werkzeugmaschinenbau. Zu beiden Branchen fehlen bislang dementsprechende Untersuchungen. Die vorliegende Arbeit schließt also eine Forschungslücke! Zwei Dinge waren entscheidend für den im Gegensatz zu anderen Branchen der DDR kontinuierlichen Absatz von Werkzeugmaschinen in das NSW: Erstens der Wille der DDR, Geschäfte in Form von Ware gegen Waren zu tätigen, um auf diese Weise Devisen zu sparen. Zweitens politische Aspekte. Weiterhin war es möglich den DDR-Werkzeugmaschinenbau in die weltweite Entwicklung des Werkzeugmaschinenbaus einzuordnen. Zur globalen Einordnung kommt diejenige auf den jeweiligen nationalen Märkten. Während Betrachtungen zur Wirtschaft der DDR gemeinhin von einer pauschalen Wettbewerbsschwäche der Wirtschaft der DDR sprechen, ohne die branchenspezifischen Probleme genauer zu betrachten, differenziert die vorliegende Arbeit stärker nach einzelnen Ursachen. Erstens die seit 1973 in immer kürzeren Abständen auftretenden zyklischen Wirtschaftskrisen, die der metallverarbeitenden Industrie, besonders der zivilen, schwer zusetzten. Bis schließlich im Jahr 1982 die Märkte im NSW beinahe vollständig zusammenbrachen, was sowohl zu einer verschärften Preispolitik als auch zur Abschottung der nationalen Märkte mittels Protektionismus führte. Zweitens technische und qualitative Probleme. Dazu gehörten neben der nicht wettbewerbsfähigen Elektrik vor allem die nicht konkurrenzfähigen mikroelektronischen Steuerungen. Drittens scheiterten auch die in den, im Vergleich zur westeuropäischen Konkurrenz ohnehin zu spät generierten Anlagenexport, gesetzten Hoffnungen. Sowohl der Irak als auch die Türkei, als die beiden größten Abnehmer von Anlagen, gerieten, wenn auch aus unterschiedlichen Gründen, in immer schwierigeres Fahrwasser. / As a consequence of the growing foreign indebtedness since the late 1960s, the export of the German Democratic Republik (GDR) into the western markets became a question of to be or not to be. One of the most competitive sector of industry, producing final industrial goods, was, beside printing machine industry, the east german machine tool industry. Researches about their exports are still missing until today. That means the present work closes a gap of research! Two things were decisive for a continuously sale of east german machine tools into the western markets: First the will of the GDR to deal wares against wares to save foreign currencies. The international competition of the east german machine tools was a precondition to be used as an exchange currency. Seconds political reasons. Furthermor it was possible to put the east german machine tool industry in its worldwide proper place. Beside the worldwide comparison it was possible to analyse the national marketparts of the GDRs machine tool industry. While views on the east german economy talk about a lack of competition in general, without looking at the specific problems of the respective industry branch the present work distinguishes between single reasons: First the shorter intervals of the economical crises since 1973 that caused damages especially in the civil metal processing. In 1982 the western markets nearly went in totally decline, what caused an aggravate prize policy an d the closing of the national markets by protctionism. Second technical an qualitative problems. Third the too late generated export of plants connected with economical troubles of the two main importers, Iraq and Turkey.