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Boeing Co

(BA) March 8, 2010


Figures in Millions except per share values
Company Overview Low Risk
The Boeing Company (Boeing) is involved in the design, development, manufacture, 5.0
sale and support of commercial jetliners, military aircraft, satellites, missile defense, 4.0
human space flight and launch systems and services. The Company operates in five
3.0
business segments: Commercial Airplanes, Boeing Military Aircraft (BMA), Network & Strong Moat High Growth
Space Systems (N&SS), Global Services & Support (GS&S), and Boeing Capital 2.0
Corporation (BCC). Boeing�s other segment includes the activities of engineering, 1.0
operations and technology (EO&T), and intercompany items. On July 30, 2009, the 0.0
Company completed the acquisition of Vought Aircraft Industries, Inc.�s (Vought) 787
businesses conducted at North Charleston, South Carolina. On January 7, 2010,
Integrated Defense Systems began operating under the name Boeing Defense, Space Good Financial
Under Valued
& Security (BDS). It consists of BMA, N&SS and GS&S. Health

Valuation Well Managed


Current Price $ 67.24 Margin of Safety
NCAV $ (35.43) -153%
Total Net Reprod. Cost $ 26.89 -60%
5 Year Historical Price vs DCF Intrinsic Value
120
Earnings Power Value (EPV) $ 42.36 -37%

Discounted Cash Flow (DCF) $ 53.97 -20%


100
Ben Graham Formula $ 59.56 -11%

80
Key Statistics Valuation Ratios
60
Market Cap (millions) $ 50,900.00 P/E (TTM) 37.2
52-Week High $ 68.04 P/S (TTM) 0.8 40
52-Week Low $ 29.96 P/B (MRQ) 24.1
% off 52-Week Low 124% P/Tang. BV (MRQ) 0.0 20
FCF/EV (TTM) 2.0%
Cash Flows P/FCF (TTM) 16.1 0
Owner Earnings FCF EV/Sales (TTM) 1.3 6/30/2003 6/30/2005 6/30/2007 6/30/2009
Owner Earnings FCF Avg Grwth -3.2% EV/FCF (TTM) 49.9 Historical Price Intrinsic Value Buy Price
FCF
FCF Avg Grwth 0.0% Margins & Profitability Balance Sheet
Gross Cash and Equiv $ 9,215.00
Effectiveness Gross Margin Short-Term Investments $ 2,008.00
CROIC Operating Accts Rec $ 5,785.00
Avg 26.1% Operating Margin Inventory $ 16,933.00
FCF/S Net Profit Total Current Assets $ 35,275.00
Avg 4.2% Net Margin Net PP&E $ 8,784.00
ROA Intangibles $ 7,170.00
Avg 4.5% Financial Strength (MRQ) Total Assets $ 63,544.00
ROE Quick Ratio 0.6
Avg 28.0% Current Ratio 1.1 Total Current Liabilities $ 32,883.00
LT Debt to Equity 574.1 Long-Term Debt $ 12,217.00
Efficiency Total Debt to Equity 607.3 Total Liabilities $ 59,695.00
Receivable Turnover (TTM) 12.0
Inventory Turnover (TTM) 3.5
Asset Turnover (TTM) 1.2