• Following the large broad-based market selloff late last year, Lockheed Martin's share price has rallied quite strongly.
• Despite this rally, their shares still offer long-term investors attractive value.
• Based on a discounted free cash flow analysis, I believe the intrinsic value of their shares is between approximately $360 and $400.

Introduction

Since plunging to $241.18 in late December last year, Lockheed Martin's (LMT) share price has subsequently rallied quite strongly to around $300. On the surface, some investors may feel as though they have missed an opportunity to purchase attractively priced shares in a world-leading company, however, this isn't necessarily the case. Despite this strong share price rally, there is still ample value remaining for long-term investors.

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