Intrinsic value of Rockwell Collins - COL

Previous Close

$140.87

  Intrinsic Value

$104.48

stock screener

  Rating & Target

sell

-26%

Previous close

$140.87

 
Intrinsic value

$104.48

 
Up/down potential

-26%

 
Rating

sell

We calculate the intrinsic value of COL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  7,190
  7,576
  7,979
  8,401
  8,843
  9,307
  9,792
  10,300
  10,833
  11,391
  11,977
  12,590
  13,234
  13,909
  14,618
  15,360
  16,140
  16,958
  17,816
  18,716
  19,661
  20,653
  21,693
  22,786
  23,932
  25,136
  26,399
  27,725
  29,117
  30,579
Variable operating expenses, $m
  5,792
  6,042
  6,304
  6,577
  6,864
  7,164
  7,479
  7,809
  8,154
  8,516
  7,767
  8,166
  8,583
  9,021
  9,480
  9,962
  10,467
  10,998
  11,554
  12,138
  12,751
  13,394
  14,069
  14,778
  15,521
  16,302
  17,121
  17,981
  18,884
  19,832
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,792
  6,042
  6,304
  6,577
  6,864
  7,164
  7,479
  7,809
  8,154
  8,516
  7,767
  8,166
  8,583
  9,021
  9,480
  9,962
  10,467
  10,998
  11,554
  12,138
  12,751
  13,394
  14,069
  14,778
  15,521
  16,302
  17,121
  17,981
  18,884
  19,832
Operating income, $m
  1,398
  1,534
  1,676
  1,824
  1,979
  2,142
  2,313
  2,491
  2,678
  2,875
  4,209
  4,425
  4,651
  4,888
  5,137
  5,398
  5,672
  5,960
  6,261
  6,578
  6,910
  7,258
  7,624
  8,008
  8,411
  8,834
  9,278
  9,744
  10,233
  10,747
EBITDA, $m
  2,766
  2,914
  3,069
  3,231
  3,402
  3,580
  3,766
  3,962
  4,167
  4,381
  4,607
  4,843
  5,090
  5,350
  5,622
  5,908
  6,208
  6,523
  6,853
  7,199
  7,562
  7,944
  8,344
  8,764
  9,205
  9,668
  10,154
  10,664
  11,200
  11,762
Interest expense (income), $m
  0
  386
  421
  458
  496
  536
  578
  621
  667
  715
  766
  819
  874
  932
  993
  1,057
  1,124
  1,194
  1,268
  1,345
  1,426
  1,512
  1,601
  1,695
  1,793
  1,897
  2,005
  2,119
  2,238
  2,364
  2,496
Earnings before tax, $m
  1,012
  1,113
  1,218
  1,328
  1,444
  1,565
  1,691
  1,824
  1,963
  2,109
  3,391
  3,551
  3,719
  3,896
  4,081
  4,275
  4,478
  4,692
  4,916
  5,151
  5,398
  5,657
  5,929
  6,215
  6,514
  6,829
  7,159
  7,506
  7,869
  8,251
Tax expense, $m
  273
  300
  329
  359
  390
  422
  457
  492
  530
  569
  915
  959
  1,004
  1,052
  1,102
  1,154
  1,209
  1,267
  1,327
  1,391
  1,458
  1,528
  1,601
  1,678
  1,759
  1,844
  1,933
  2,027
  2,125
  2,228
Net income, $m
  739
  812
  889
  970
  1,054
  1,142
  1,235
  1,332
  1,433
  1,540
  2,475
  2,592
  2,715
  2,844
  2,979
  3,120
  3,269
  3,425
  3,589
  3,761
  3,941
  4,130
  4,328
  4,537
  4,756
  4,985
  5,226
  5,479
  5,745
  6,023

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18,972
  19,989
  21,053
  22,167
  23,334
  24,555
  25,835
  27,177
  28,582
  30,056
  31,600
  33,220
  34,919
  36,700
  38,569
  40,529
  42,585
  44,743
  47,007
  49,383
  51,876
  54,492
  57,238
  60,121
  63,146
  66,321
  69,655
  73,153
  76,826
  80,682
Adjusted assets (=assets-cash), $m
  18,972
  19,989
  21,053
  22,167
  23,334
  24,555
  25,835
  27,177
  28,582
  30,056
  31,600
  33,220
  34,919
  36,700
  38,569
  40,529
  42,585
  44,743
  47,007
  49,383
  51,876
  54,492
  57,238
  60,121
  63,146
  66,321
  69,655
  73,153
  76,826
  80,682
Revenue / Adjusted assets
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
Average production assets, $m
  4,940
  5,205
  5,482
  5,772
  6,075
  6,394
  6,727
  7,076
  7,442
  7,826
  8,228
  8,650
  9,092
  9,556
  10,042
  10,553
  11,088
  11,650
  12,239
  12,858
  13,507
  14,188
  14,903
  15,654
  16,441
  17,268
  18,136
  19,047
  20,004
  21,007
Working capital, $m
  1,546
  1,629
  1,716
  1,806
  1,901
  2,001
  2,105
  2,214
  2,329
  2,449
  2,575
  2,707
  2,845
  2,991
  3,143
  3,302
  3,470
  3,646
  3,830
  4,024
  4,227
  4,440
  4,664
  4,899
  5,145
  5,404
  5,676
  5,961
  6,260
  6,574
Total debt, $m
  7,798
  8,474
  9,180
  9,920
  10,695
  11,506
  12,356
  13,246
  14,180
  15,158
  16,184
  17,259
  18,387
  19,570
  20,811
  22,112
  23,478
  24,910
  26,414
  27,991
  29,647
  31,384
  33,207
  35,121
  37,130
  39,238
  41,452
  43,775
  46,214
  48,774
Total liabilities, $m
  12,597
  13,273
  13,979
  14,719
  15,494
  16,305
  17,155
  18,045
  18,979
  19,957
  20,983
  22,058
  23,186
  24,369
  25,610
  26,911
  28,277
  29,709
  31,213
  32,790
  34,446
  36,183
  38,006
  39,920
  41,929
  44,037
  46,251
  48,574
  51,013
  53,573
Total equity, $m
  6,375
  6,716
  7,074
  7,448
  7,840
  8,251
  8,681
  9,131
  9,604
  10,099
  10,618
  11,162
  11,733
  12,331
  12,959
  13,618
  14,309
  15,034
  15,794
  16,593
  17,430
  18,309
  19,232
  20,201
  21,217
  22,284
  23,404
  24,580
  25,814
  27,109
Total liabilities and equity, $m
  18,972
  19,989
  21,053
  22,167
  23,334
  24,556
  25,836
  27,176
  28,583
  30,056
  31,601
  33,220
  34,919
  36,700
  38,569
  40,529
  42,586
  44,743
  47,007
  49,383
  51,876
  54,492
  57,238
  60,121
  63,146
  66,321
  69,655
  73,154
  76,827
  80,682
Debt-to-equity ratio
  1.220
  1.260
  1.300
  1.330
  1.360
  1.390
  1.420
  1.450
  1.480
  1.500
  1.520
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.710
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
  1.800
Adjusted equity ratio
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  739
  812
  889
  970
  1,054
  1,142
  1,235
  1,332
  1,433
  1,540
  2,475
  2,592
  2,715
  2,844
  2,979
  3,120
  3,269
  3,425
  3,589
  3,761
  3,941
  4,130
  4,328
  4,537
  4,756
  4,985
  5,226
  5,479
  5,745
  6,023
Depreciation, amort., depletion, $m
  1,367
  1,380
  1,394
  1,408
  1,422
  1,438
  1,454
  1,471
  1,488
  1,507
  397
  418
  439
  462
  485
  510
  536
  563
  591
  621
  653
  685
  720
  756
  794
  834
  876
  920
  966
  1,015
Funds from operations, $m
  2,106
  2,192
  2,283
  2,377
  2,476
  2,580
  2,688
  2,802
  2,921
  3,046
  2,873
  3,010
  3,154
  3,305
  3,464
  3,630
  3,805
  3,988
  4,180
  4,382
  4,593
  4,815
  5,048
  5,293
  5,550
  5,819
  6,102
  6,399
  6,711
  7,038
Change in working capital, $m
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
  152
  160
  168
  176
  184
  194
  203
  213
  224
  235
  247
  259
  272
  285
  299
  314
Cash from operations, $m
  2,027
  2,110
  2,196
  2,286
  2,381
  2,480
  2,584
  2,693
  2,807
  2,926
  2,747
  2,878
  3,016
  3,160
  3,312
  3,471
  3,637
  3,812
  3,996
  4,188
  4,390
  4,602
  4,825
  5,058
  5,303
  5,561
  5,831
  6,114
  6,412
  6,724
Maintenance CAPEX, $m
  -226
  -239
  -251
  -265
  -279
  -294
  -309
  -325
  -342
  -360
  -378
  -397
  -418
  -439
  -462
  -485
  -510
  -536
  -563
  -591
  -621
  -653
  -685
  -720
  -756
  -794
  -834
  -876
  -920
  -966
New CAPEX, $m
  -255
  -265
  -277
  -290
  -304
  -318
  -333
  -349
  -366
  -384
  -402
  -422
  -442
  -464
  -487
  -510
  -535
  -562
  -589
  -619
  -649
  -681
  -715
  -750
  -788
  -827
  -868
  -911
  -956
  -1,004
Cash from investing activities, $m
  -481
  -504
  -528
  -555
  -583
  -612
  -642
  -674
  -708
  -744
  -780
  -819
  -860
  -903
  -949
  -995
  -1,045
  -1,098
  -1,152
  -1,210
  -1,270
  -1,334
  -1,400
  -1,470
  -1,544
  -1,621
  -1,702
  -1,787
  -1,876
  -1,970
Free cash flow, $m
  1,546
  1,606
  1,667
  1,731
  1,798
  1,869
  1,942
  2,019
  2,099
  2,183
  1,967
  2,059
  2,156
  2,257
  2,364
  2,475
  2,592
  2,715
  2,843
  2,978
  3,120
  3,268
  3,424
  3,588
  3,759
  3,940
  4,129
  4,327
  4,535
  4,754
Issuance/(repayment) of debt, $m
  643
  675
  707
  740
  775
  811
  850
  891
  933
  978
  1,026
  1,075
  1,128
  1,183
  1,241
  1,302
  1,366
  1,433
  1,503
  1,577
  1,655
  1,737
  1,823
  1,914
  2,009
  2,108
  2,213
  2,323
  2,439
  2,560
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  643
  675
  707
  740
  775
  811
  850
  891
  933
  978
  1,026
  1,075
  1,128
  1,183
  1,241
  1,302
  1,366
  1,433
  1,503
  1,577
  1,655
  1,737
  1,823
  1,914
  2,009
  2,108
  2,213
  2,323
  2,439
  2,560
Total cash flow (excl. dividends), $m
  2,189
  2,281
  2,374
  2,471
  2,573
  2,680
  2,792
  2,909
  3,032
  3,161
  2,992
  3,134
  3,284
  3,440
  3,604
  3,777
  3,957
  4,147
  4,347
  4,556
  4,775
  5,006
  5,248
  5,502
  5,768
  6,048
  6,342
  6,650
  6,974
  7,314
Retained Cash Flow (-), $m
  -332
  -342
  -358
  -374
  -392
  -411
  -430
  -451
  -472
  -495
  -519
  -544
  -571
  -599
  -628
  -659
  -691
  -725
  -761
  -798
  -838
  -879
  -923
  -968
  -1,016
  -1,067
  -1,120
  -1,176
  -1,234
  -1,296
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,857
  1,940
  2,016
  2,097
  2,181
  2,269
  2,362
  2,459
  2,560
  2,666
  2,473
  2,590
  2,713
  2,841
  2,976
  3,118
  3,267
  3,422
  3,586
  3,757
  3,938
  4,127
  4,325
  4,533
  4,752
  4,981
  5,222
  5,475
  5,740
  6,019
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  1,726
  1,664
  1,584
  1,497
  1,402
  1,302
  1,198
  1,091
  982
  875
  685
  598
  514
  436
  364
  298
  240
  190
  147
  112
  83
  60
  43
  29
  20
  13
  8
  5
  3
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Rockwell Collins, Inc. designs, produces and supports communications and aviation systems for commercial and military customers. The Company provides information management services through voice and data communication networks and solutions across the world. The Company operates through three segments: Commercial Systems, Government Systems and Information Management Services. The Commercial Systems segment supplies aviation electronics systems, products and services to customers located throughout the world. The Government Systems segment provides a range of electronic products, systems and services to customers including the United States Department of Defense, various ministries of defense, other government agencies and defense contractors around the world. The Information Management Services segment provides communications services, systems integration and security solutions across the aviation, airport, rail and nuclear security markets.

FINANCIAL RATIOS  of  Rockwell Collins (COL)

Valuation Ratios
P/E Ratio 32.5
Price to Sales 3.4
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 18.2
Price to Free Cash Flow 22.4
Growth Rates
Sales Growth Rate 29.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.4%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 110.5%
Total Debt to Equity 118.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 17.4%
Return On Equity - 3 Yr. Avg. 30.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 28.6%
Gross Margin - 3 Yr. Avg. 30.1%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 21.7%
Operating Margin 15.7%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 16.6%
Net Profit Margin 10.3%
Net Profit Margin - 3 Yr. Avg. 12.4%
Effective Tax Rate 24.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 27.5%

COL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COL stock intrinsic value calculation we used $6822 million for the last fiscal year's total revenue generated by Rockwell Collins. The default revenue input number comes from 0001 income statement of Rockwell Collins. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our COL stock valuation model: a) initial revenue growth rate of 5.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.6%, whose default value for COL is calculated based on our internal credit rating of Rockwell Collins, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Rockwell Collins.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of COL stock the variable cost ratio is equal to 81.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for COL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Rockwell Collins.

Corporate tax rate of 27% is the nominal tax rate for Rockwell Collins. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the COL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for COL are equal to 68.7%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Rockwell Collins operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for COL is equal to 21.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6043 million for Rockwell Collins - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 164.366 million for Rockwell Collins is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Rockwell Collins at the current share price and the inputted number of shares is $23.2 billion.

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COMPANY NEWS

▶ [$$] United Technologies Says Rockwell Deal, Breakup Decision on Track   [Sep-14-18 08:14PM  The Wall Street Journal]
▶ 5 Companies Hit 52-Week Highs   [Sep-11-18 11:44AM  GuruFocus.com]
▶ This Expensive Aerospace Deal Is Leaking Fuel   [Sep-10-18 12:00PM  Bloomberg]
▶ Nearly $1B distributed to DFW defense contractors in last 2 weeks   [Aug-15-18 07:38AM  American City Business Journals]
▶ Rockwell Collins Declares Regular Quarterly Dividend   [Jul-31-18 04:30PM  Business Wire]
▶ FARNBOROUGH: UTAS looks to 'transformative' big data   [Jul-17-18 10:15AM  Flightglobal]
▶ Is Rockwell Collins Inc (NYSE:COL) Undervalued?   [Jun-21-18 08:53AM  Simply Wall St.]
▶ United Technologies to See Lift From M&A   [Jun-15-18 10:52AM  Barrons.com]
▶ Boeing Continues Assault on Supplier Base With New JV   [Jun-09-18 11:15AM  Motley Fool]
▶ Boeing Puts a $30 Billion Deal to the Test   [Jun-04-18 01:31PM  Bloomberg]
▶ German auto giant boosts bet on cutting-edge AR from Silicon Valley   [May-17-18 09:37AM  American City Business Journals]
▶ Rockwell Collins sale to UTC approved by EU Commission   [May-07-18 01:53PM  American City Business Journals]
▶ [$$] Boeing Eyes Air Supremacy   [May-05-18 12:01AM  Barrons.com]
▶ [$$] Activist Third Point Pushes for Breakup of United Technologies   [May-04-18 11:02PM  The Wall Street Journal]
▶ Rockwell Collins: Fiscal 2Q Earnings Snapshot   [06:37AM  Associated Press]
▶ Rockwell Collins Declares Regular Quarterly Dividend   [Apr-19-18 07:30AM  Business Wire]
▶ Should You Buy Rockwell Collins Inc (NYSE:COL) Now?   [Apr-12-18 02:15PM  Simply Wall St.]
▶ 9 Stocks Fueled By High-Octane Sales Growth   [Apr-10-18 01:30PM  Investopedia]
▶ [$$] United Technologies' Planned Breakup: An Idea of What It'll Cost   [Mar-16-18 04:28PM  The Wall Street Journal]
▶ Closing Bell: LIVE MARKETS BLOG   [Mar-13-18 04:02PM  TheStreet.com]

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