Seeking Alpha: Orbital Sciences And Alliant Techsystems Look Like A True Win-Win

No company has ever announced a merger with "this is a value-destroying transaction that we're launching because we want a bigger fiefdom and don't really know how to build value." That said, while investors are wise to be very skeptical about the synergies companies promise with merger announcements, Tuesday's announced merger between Orbital Sciences (ORB) and Alliant Techsystems (ATK) looks like a really good opportunity to build a stronger business.

As I had valued Orbital at around $31 per share in February, and I calculate a value of about $31 in Alliant's offer for the company, I can't say that this is an unfair deal for either side. What's more, for those shareholders willing to hold on and see how the synergies play out, this could be a case where 1+1 equals something meaningfully more than "2".

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Orbital Sciences And Alliant Techsystems Look Like A True Win-Win

Seeking Alpha: Orbital Sciences Executing Better, But Business Remains Volatile

I liked Orbital Sciences (ORB) back in September, but even I'm surprised at the better than 50% jump in the shares. Successfully completing the first operational Cygnus cargo mission to the International Space Station definitely helped, but so too did solid guidance on revenue and free cash flow for 2013. As the Cygnus program matures, recognized margins should move up and Orbital should unlock significant free cash flow. Risks remain, though, in the company's ability to keep the satellite business moving forward and resolving potential supply issues for the Antares rocket.

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Orbital Sciences Executing Better, But Business Remains Volatile

Financial Edge: The Reality Of Investing In Space Exploration

Space exploration has long been one of those endeavors that many try to argue has to be the domain of national governments. Not only does space exploration carry a huge price tag and uncertain economic returns that are anathema to companies, but many pundits and observers have worried that their involvement will somehow sully the virtues of pure science and/or lead to unrestrained land-grabs that will be hard to adjudicate in on-the-ground courtrooms.

Please read more here:
http://www.investopedia.com/financial-edge/0712/The-Reality-Of-Investing-In-Space-Exploration.aspx#axzz25zQqlxm9

Investopedia: Orbital Sciences - Profits In The Final Frontier

Space exploration is a tricky calculation for politicians. Although the long-term benefits are real, it can be difficult to justify the seemingly enormous price tags in the short term, particularly when there is no shortage of people willing to howl that those billions could be spent closer to home. This push-pull is in some ways a design feature for Orbital Sciences (NYSE:ORB). As one of the only companies out there devoted to space-based systems, Orbital would seem to offer a golden ticket to the U.S. government - the opportunity to continue to reap the benefits of space activity while also cutting costs and encouraging the private sector to take a larger role.

From the Mundane to the Magnificent  
Orbital Sciences has been at this quite a while, so long in fact that quite a few institutional investors have gotten bored with the name. That overlooks the fact that the company has actually accomplished quite a lot. This company not only sells missile defense target vehicles to the Department of Defense, but is also a viable player alongside The Boeing (NYSE:BA), Raytheon (NYSE:RTN), Lockheed Martin (NYSE:LMT) and Alliant Techsystems (NYSE:ATK) in areas like launch vehicles, satellites and space systems.

To read the full piece, please click this link:
http://stocks.investopedia.com/stock-analysis/2011/Orbital-Sciences--Profits-In-The-Final-Frontier-ORB-BA-RTN-LMT1209.aspx

Can Defense Be Part Of A Good Offense?

As football season gears up once again, it seems inevitable that the airwaves will fill with the old cliché that "defense wins championships". Whether that is true or not in sports, it is worthwhile for investors to ponder that question for themselves. Stocks in the defense industry have not performed notably well of late, so it may be time to consider whether this sector could do more than offer a little protection to an investor's portfolio. 

The Winding Down Of Two Wars
Perhaps it seems odd to consider defense stocks in the wake of the announcement of the end of active combat operations in Iraq. The reality is that war is not an equal opportunity to all companies. Oftentimes valuable system upgrades are pushed off and innovative new projects are delayed as an ongoing war siphons off any available resources. 


Click on the link below to read the complete piece:
http://stocks.investopedia.com/stock-analysis/2010/Can-Defense-Be-Part-Of-A-Good-Offense-RTN-LMT-NOC-LLL-GD-BA-ATK0826.aspx