Motorola Stock: U.S. Government Defensive Moat (NYSE:MSI)


Motorola Solutions logo atop the Railway Exchange Building. Motorola provides communications solutions for law enforcement and utility workers II

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Motorola Solutions, Inc. (NYSE:MSI) is a Technology company operating segments within the Communications Equipment, Electronic Equipment & Instruments and Application Software Sub-industries. It has had a stable revenue increase over the past 10 years with an average growth of 4.05%. The company’s

Motorola Organic and Inorganic Revenue ($ mln)

2015

2016

2017

2018

2019

2020

2021

2022

Average

Organic Revenue

5,358

5,701

6,043

7,006

7,550

7,077

7,834

8,775

Growth Contribution %

-8.9%

0.1%

0.1%

9.8%

2.8%

-10.3%

5.7%

7.4%

0.8%

Inorganic Revenue

338

338

338

338

338

338

338

338

Growth Contribution %

5.7%

5.9%

5.6%

5.3%

4.6%

4.3%

4.6%

4.1%

5.0%

Total

5,695

6,038

6,380

7,343

7,887

7,414

8,171

9,112

Growth %

-3.2%

6.0%

5.7%

15.1%

7.4%

-6.0%

10.2%

11.5%

5.8%

Number of Acquisitions

2

2

2

2

4

5

3

7

Average Revenue per Acquisition

168.8

168.8

168.8

168.8

84.4

67.5

112.5

48.2

123.4

Acquisition Cost

586

1,474

404

1,164

709

287

521

1,177

790.3

Average Cost per Acquisition

293

737

202

582

177

57

174

168

298.8

Average P/S

1.74

4.37

1.20

3.45

2.10

0.85

1.54

3.49

2.3

Motorola Acquisitions by Segment

2015

2016

2017

2018

2019

2020

2021

2022

Total

LMR

1

2

1

2

0

3

9

Video

1

3

2

2

3

11

Command Center

2

1

1

1

1

1

7

Total Acquisitions

2

2

2

2

4

5

3

7

27

Motorola Segment Revenue ($ mln)

2018

2019

2020

2021

2022

2023F*

4-year Average

LMR Communications

6,598

6,721

6,000

6,408

6,987

7,668

Growth %

1.9%

-10.7%

6.8%

9.0%

9.7%

1.7%

Video

382

709

927

1,226

1,523

1,730

Growth %

85.6%

30.7%

32.3%

24.2%

13.6%

43.2%

Command Center

363

457

487

537

602

742

Growth %

25.9%

6.6%

10.3%

12.1%

23.3%

13.7%

Total

7,343

7,887

7,414

8,171

9,112

10,140

Growth %

7.4%

-6.0%

10.2%

11.5%

11.3%

5.8%

Customer

Category

Type of Customer

Segment

Meadowhall Shopping Centre

Retail

Commercial

LMR

Mall Of America

Retail

Commercial

LMR

European DIY Store

Retail

Commercial

LMR

Ace Hardware

Retail

Large Commercial

LMR

Claridge’s Hotel

Hospitality

Commercial

LMR

Fairmont The Palm

Hospitality

Commercial

LMR

San Siro And Red Cross Italy

Hospitality

Commercial

LMR

Sun International

Hospitality

Commercial

LMR

Rheinbahn AG

Transport

Large Commercial

LMR

Nikola Telsa Airport

Transport

Large Commercial

LMR

Minimetro S.P.A

Transport

Large Commercial

LMR

Mpk Wloclawek

Transport

Large Commercial

LMR

Port Atlantique La Rochelle

Logistics

Large Commercial

LMR

Mercedes-Benz Manufacturing Hungary (OTCPK:MBGAF)

Manufacturing

Large Commercial

LMR

EWR Netz GmbH

Utilities

Large Commercial

LMR

Vattenfall Europe Distribution

Utilities

Large Commercial

LMR

Impala Platinum (OTCQX:IMPUY)

Mining, Oil & Gas

Large Commercial

LMR

Gassco AS

Mining, Oil & Gas

Large Commercial

LMR

Motorola Revenue by Customer Type ($ mln)

2018

2019

2020

2021

2022

Q3 YTD 2023

Direct

5,451

5,836

5,549

5,989

6,425

4,988

Indirect

1,892

2,051

1,865

2,182

2,687

2,141

Total

7,343

7,887

7,414

8,171

9,112

7,129

Growth %

7.4%

-6.0%

10.2%

11.5%

11.3%



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