Boeing Paper

Topics: Corporate governance, Corporation, Boeing Pages: 161 (37585 words) Published: December 2, 2013

The Boeing Company

Fall 2012

Table of Contents

I. Legal Structure……………………..……………………………………Pages 1-18

II. Strategic Situation……………………………………………………Pages 19-30

III. Marketing Competition……………………………………………Pages 31-50

IV. Financials………………………………………………………………..Pages 51-70

V. Research Report………………………………………………………Pages 71-91

VI. Stock Ownership……………………………………………………Pages 92-107

VII. Value-Enhancing Transactions……………………………Pages 108-135

VIII. Money Where Your Mouth Is………………………………Pages 136-160

Introduction
The Boeing Company is the world’s largest aerospace company and a leading producer of commercial aircrafts and defense, space and security systems. It was founded in 1916 by William E. Boeing in Seattle Washington. In 1997, the company merged with McDonnell Douglas and moved its corporate headquarters from Seattle to Chicago, Illinois. Boeing is comprised of multiple business units which act as independent businesses within the corporation. These units include: Boeing Commercial Airplanes, Boeing Defense, Space & Security, Engineering, Operations & Technology, Boeing Capital, and Boeing Shared Services Group.

This paper will first attempt to explain the legal structure of Boeing and then describe any historical, present, or future litigation Boeing is engaged in. Then the paper will detail the business and analyze its strategic situation. This section will focus on Boeing’s core competency and use the five forces framework to analyze its strategic position. The third second of this paper will discuss Boeing’s marketing strategy as well as detail their competition and how they differentiate themselves in the marketplace. The fourth section will analyze Boeing’s principal accounting statements and prepare a valuation for Boeing. It will also attempt to assess Boeing’s financial performance and standing relative to its past performance and that of its competitors. The next section will cover a research analyst’s report on Boeing and make a buy recommendation. The sixth section will discuss stock ownership and describe who the majority shareholders are and how they acquired their ownership. The seventh section will identify the value enhancing transactions that Boeing has the capability to pursue. And finally, the last section will discuss why we would personally recommend Boeing as a buy.

I. Legal Structure

The Boeing Company was founded by William E. Boeing At July 15, 1919. William Boeing incorporates Pacific Aero Products Co. for $100,000. Boeing buys 998 of the 1,000 stocks issued and moves the operation to the shipyard he bought in 1910 which is Heath's shipyard in Seattle. (1) A year later he changed the name to “Boeing Airplane Co”.(2) According to the first article of the recently amended Certificate of Incorporation (May 5, 2006), this name is changed to “The Boeing Company” (3) and the total number of shares is 1,220,000,000. (4) This is mentioned in the fourth article of the amended certificate. This amendment states: “The original certificate of incorporation was filed with Secretary of Delaware on July 19,1934 … “ (5), thou this note shows that Boeing is a Delaware incorporation. Today Boeing Company is active in both commercial jetliners and defense and they went beyond just manufacturing airplanes. Nothing can briefly describe The Boeing Company better than their own brief on their website. Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. A top U.S. exporter, the company supports airlines and U.S. and allied government customers in 150 countries. Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training. (6) With corporate offices in Chicago, Boeing employs more than...
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