Motorola Solutions

Motorola's net profit fell 42.3% yoy to USD 244 mil in 4Q2019

By Helgi Analytics - April 2, 2020

Motorola Solutions made a net profit of USD 244 mil in 4Q2019, down 42.3% compared to the previous year. Total sales reached USD 2,3...

Motorola's Cash & Cash Equivalents remain unchanged yoy at USD mil in 4Q2019

By Helgi Analytics - October 12, 2020

Motorola Solutions's total assets reached USD 9,974 mil at the end of 4Q2019, up 12.3% compared to the previous year. ...

Motorola's Cash & Cash Equivalents fell 19.7% yoy to USD 1,001 mil in 2019

By Helgi Analytics - April 2, 2020

Motorola Solutions's total assets reached USD 10,642 mil at the end of 2019, up 13.1% compared to the previous year. ...

Profit Statement 2017 2018 2019
Sales 6,380 7,343 7,887
Gross Profit USD mil 3,024 3,499 4,041
EBITDA 1,678 1,828 2,733
EBIT 1,335 1,468 2,210
Financing Cost USD mil 201 222 220
Pre-Tax Profit USD mil 1,076 1,102 1,001
Net Profit USD mil -155 966 868
Dividends USD mil 337 379 379
Balance Sheet 2017 2018 2019
Total Assets USD mil 8,208 9,409 10,642
Non-Current Assets USD mil 4,258 5,137 6,464
Current Assets USD mil 3,950 4,272 4,178
Working Capital USD mil 1,257 1,057 1,241
Shareholders' Equity USD mil -1,727 -1,276 -683
Liabilities USD mil 9,935 10,685 11,325
Total Debt USD mil 4,471 5,320 5,748
Net Debt USD mil 3,266 4,074 4,747
Ratios 2017 2018 2019
ROE % 11.6 -64.3 -88.6
ROCE % -2.66 16.5 12.5
Gross Margin % 47.4 47.7 51.2
EBITDA Margin % 26.3 24.9 34.6
EBIT Margin % 20.9 20.0 28.0
Net Margin % -2.43 13.2 11.0
Net Debt/EBITDA 1.95 2.23 1.74
Net Debt/Equity % -1.89 -3.19 -6.95
Cost of Financing % 4.53 4.53 3.98
Valuation 2017 2018 2019
Market Capitalisation USD mil 14,563 18,809 27,474
Enterprise Value (EV) USD mil 17,829 22,883 32,221
Number Of Shares mil 163 172 176
Share Price USD 89.4 109 156
EV/EBITDA 10.6 12.5 11.8
EV/Sales 2.79 3.12 4.09
Price/Earnings (P/E) -94.0 19.5 31.7
Price/Book Value (P/BV) -8.43 -14.7 -40.2
Dividend Yield % 2.31 2.01 1.38

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summary Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                  
Sales                                     6,227 5,881 5,695 6,038 6,380    
Gross Profit USD mil                                     3,125 2,831 2,719 2,869 3,024    
EBIT                                     1,033 971 1,055 1,234 1,335    
Net Profit USD mil                                     1,099 1,299 610 560 -155    
ROE %                                     31.5 40.2 45.7 -107 11.6    
EBIT Margin %                                     16.6 16.5 18.5 20.4 20.9    
Net Margin %                                     17.6 22.1 10.7 9.27 -2.43    
Employees                                     21,000 15,000 14,000 14,000 15,000    
balance sheet                                                  
Total Assets USD mil                                     11,851 10,423 8,346 8,463 8,208    
Non-Current Assets USD mil                                     4,831 3,544 3,727 4,995 4,258    
Current Assets USD mil                                     7,020 6,879 4,619 3,468 3,950    
Shareholders' Equity USD mil                                     3,689 2,766 -96.0 -952 -1,727    
Liabilities USD mil                                     8,162 7,657 8,442 9,415 9,935    
Non-Current Liabilities USD mil                                     4,942 5,407 6,249 6,747 7,004    
Current Liabilities USD mil                                     3,220 2,250 2,193 2,668 2,931    
Net Debt/EBITDA                                     -0.641 -0.484 1.60 2.21 1.95    
Net Debt/Equity %                                     -0.207 -0.200 -20.1 -3.55 -1.89    
Cost of Financing % ...                                   5.23 4.30 4.47 4.69 4.53    
cash flow                                                  
Total Cash From Operations USD mil                                     555 -637 1,021 1,165 1,346    
Total Cash From Investing USD mil                                     2,034 3,208 -528 -1,002 -448    
Total Cash From Financing USD mil                                     -842 -1,763 -2,398 -1,042 -722    
Net Change In Cash USD mil                                     1,747 808 -1,905 -879 176    
valuation                                                  
Market Capitalisation USD mil                                     17,179 14,744 11,931 13,652 14,563    
Number Of Shares mil                                     271 246 202 173 163    
Share Price USD                                     63.5 60.0 59.1 78.9 89.4    
Earnings Per Share (EPS) USD                                     4.06 5.29 3.02 3.24 -0.952    
Book Value Per Share USD                                     13.6 11.3 -0.476 -5.50 -10.6    
Dividend Per Share USD                                     1.18 1.13 1.39 1.77 2.07    
Price/Earnings (P/E)                                     15.6 11.4 19.6 24.4 -94.0    
Price/Book Value (P/BV)                                     4.66 5.33 -124 -14.3 -8.43    
Dividend Yield %                                     1.85 1.88 2.35 2.25 2.31    
Earnings Per Share Growth % ...                                   37.1 30.2 -42.8 7.02 -129    
Book Value Per Share Growth % ...                                   23.3 -17.4 -104 1,056 92.8    
income statement Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                  
Sales                                     6,227 5,881 5,695 6,038 6,380    
Cost of Goods & Services USD mil                                     3,102 3,050 2,976 3,169 3,356    
Gross Profit USD mil                                     3,125 2,831 2,719 2,869 3,024    
EBITDA                                     1,191 1,144 1,205 1,529 1,678    
Depreciation USD mil                                     157 169 142 182 192    
EBIT                                     1,033 971 1,055 1,234 1,335    
Financing Cost USD mil                                     113 126 173 205 201    
Extraordinary Cost USD mil                                     40.0 2,006 -35.0 185 58.0    
Pre-Tax Profit USD mil                                     880 -1,161 917 844 1,076    
Tax USD mil                                     -59.0 -465 274 282 1,227    
Minorities USD mil                   ... ... ... ... ...         6.00 1.00 3.00 2.00 4.00    
Net Profit USD mil                                     1,099 1,299 610 560 -155    
Dividends USD mil                                     318 277 280 307 337    
growth rates                                                  
Total Revenue Growth % ...                                   -28.4 -5.56 -3.16 6.02 5.66    
EBITDA Growth % ...                                   -20.5 -3.95 5.33 26.9 9.74    
EBIT Growth % ...                                   -19.9 -6.00 8.65 17.0 8.18    
Pre-Tax Profit Growth % ...                                   -27.6 -232 -179 -7.96 27.5    
Net Profit Growth % ...                                   24.7 18.2 -53.0 -8.20 -128    
ratios                                                  
ROE %                                     31.5 40.2 45.7 -107 11.6    
ROCE % ...                                   17.0 24.2 12.7 10.2 -2.66    
Gross Margin %                                     50.2 48.1 47.7 47.5 47.4    
EBITDA Margin %                                     19.1 19.5 21.2 25.3 26.3    
EBIT Margin %                                     16.6 16.5 18.5 20.4 20.9    
Net Margin %                                     17.6 22.1 10.7 9.27 -2.43    
Payout Ratio %                                     28.9 21.3 45.9 54.8 -217    
Cost of Financing % ...                                   5.23 4.30 4.47 4.69 4.53    
Net Debt/EBITDA                                     -0.641 -0.484 1.60 2.21 1.95    
balance sheet Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                                  
Non-Current Assets USD mil                                     4,831 3,544 3,727 4,995 4,258    
Property, Plant & Equipment USD mil                                     610 549 487 789 856    
Intangible Assets USD mil ... ... ... ...   ... ... ...                     367 406 469 1,549 1,799    
Goodwill USD mil ... ... ... ... ... ... ... ...                     361 383 420 728 938    
Current Assets USD mil                                     7,020 6,879 4,619 3,468 3,950    
Inventories USD mil                                     347 345 296 273 327    
Receivables USD mil                                     1,369 1,409 1,362 1,410 1,523    
Cash & Cash Equivalents USD mil                                     3,225 3,954 2,418 1,013 1,205    
Total Assets USD mil                                     11,851 10,423 8,346 8,463 8,208    
Shareholders' Equity USD mil                                     3,689 2,766 -96.0 -952 -1,727    
Of Which Minority Interest USD mil                   ... ... ... ... ...         30.0 31.0 10.0 12.0 15.0    
Liabilities USD mil                                     8,162 7,657 8,442 9,415 9,935    
Non-Current Liabilities USD mil                                     4,942 5,407 6,249 6,747 7,004    
Long-Term Debt USD mil                                     2,457 3,396 4,345 4,392 4,419    
Current Liabilities USD mil                                     3,220 2,250 2,193 2,668 2,931    
Short-Term Debt USD mil                                     4.00 4.00 4.00 4.00 52.0    
Trade Payables USD mil                                     583 540 518 553 593    
Equity And Liabilities USD mil                                     11,851 10,423 8,346 8,463 8,208    
growth rates                                                  
Total Asset Growth % ...                                   -6.53 -12.0 -19.9 1.40 -3.01    
Shareholders' Equity Growth % ...                                   12.1 -25.0 -103 892 81.4    
Net Debt Growth % ...                                   -56.1 -27.5 -449 75.2 -3.46    
Total Debt Growth % ...                                   32.1 38.2 27.9 1.08 1.71    
ratios                                                  
Total Debt USD mil                                     2,461 3,400 4,349 4,396 4,471    
Net Debt USD mil                                     -764 -554 1,931 3,383 3,266    
Working Capital USD mil                                     1,133 1,214 1,140 1,130 1,257    
Capital Employed USD mil                                     5,964 4,758 4,867 6,125 5,515    
Net Debt/Equity %                                     -0.207 -0.200 -20.1 -3.55 -1.89    
Cost of Financing % ...                                   5.23 4.30 4.47 4.69 4.53    
cash flow Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                                  
Net Profit USD mil                                     1,099 1,299 610 560 -155    
Depreciation USD mil                                     157 169 142 182 192    
Non-Cash Items USD mil ...                                   -1,257 -2,024 195 413 1,436    
Change in Working Capital USD mil ...                                   556 -81.0 74.0 10.0 -127    
Total Cash From Operations USD mil                                     555 -637 1,021 1,165 1,346    
Capital Expenditures USD mil                                     -103 -148 -172 -198 -227    
Other Investments USD mil                                     2,137 3,356 -356 -804 -221    
Total Cash From Investing USD mil                                     2,034 3,208 -528 -1,002 -448    
Dividends Paid USD mil                                     -292 -318 -277 -280 -307    
Issuance Of Shares USD mil                                     -1,504 -2,448 -3,088 -749 -401    
Issuance Of Debt USD mil                                     954 1,003 967 -13.0 -14.0    
Total Cash From Financing USD mil                                     -842 -1,763 -2,398 -1,042 -722    
Net Change In Cash USD mil                                     1,747 808 -1,905 -879 176    
ratios                                                  
Days Sales Outstanding days                                     80.2 87.4 87.3 85.2 87.1    
Days Sales Of Inventory days                                     40.8 41.3 36.3 31.4 35.6    
Days Payable Outstanding days                                     68.6 64.6 63.5 63.7 64.5    
Cash Conversion Cycle days                                     52.5 64.1 60.1 53.0 58.2    
Cash Earnings USD mil                                     1,256 1,468 752 742 37.0    
Cash Earnings Per Share USD                                     4.64 5.98 3.73 4.29 0.227    
Price/Cash Earnings (P/CE)                                     13.7 10.0 15.9 18.4 394    
Free Cash Flow USD mil                                     2,589 2,571 493 163 898    
Free Cash Flow Yield %                                     15.1 17.4 4.13 1.19 6.17    
other data Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                                  
ROA %                                     8.96 11.7 6.50 6.66 -1.86    
Gross Margin %                                     50.2 48.1 47.7 47.5 47.4    
Effective Tax Rate %                                     -6.70 40.1 29.9 33.4 114    
Enterprise Value (EV) USD mil                                     16,415 14,190 13,862 17,035 17,829    
EV/EBITDA                                     13.8 12.4 11.5 11.1 10.6    
EV/Capital Employed                                     2.75 2.98 2.85 2.78 3.23    
EV/Sales                                     2.64 2.41 2.43 2.82 2.79    
EV/EBIT                                     15.9 14.6 13.1 13.8 13.4    
Capital Expenditures (As % of Sales) %                                     1.65 2.52 3.02 3.28 3.56    

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Finance

Motorola Solutions has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 19% a year during that time to total of 2,733 in 2019, or 34.6% of sales. That’s compared to 26.5% average margin seen in last five years.

The company netted USD 868 mil in 2019 implying ROE of -88.6% and ROCE of 12.5%. Again, the average figures were -40.5% and 9.84%, respectively when looking at the previous 5 years.

Motorola Solutions’s net debt amounted to USD 4,747 mil at the end of 2019, or -6.95% of equity. When compared to EBITDA, net debt was 1.74x, down when compared to average of 1.95x seen in the last 5 years.

Valuation

Motorola Solutions stock traded at USD 156 per share at the end of 2019 resulting in a market capitalization of USD 27,474 mil. Over the previous five years, stock price grew by 161% or 21.1% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 11.8x and price to earnings (PE) of 31.7x as of 2019.

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