Intrinsic value of Harris Corp. - HRS

Previous Close

$173.25

  Intrinsic Value

$97.41

stock screener

  Rating & Target

sell

-44%

Previous close

$173.25

 
Intrinsic value

$97.41

 
Up/down potential

-44%

 
Rating

sell

We calculate the intrinsic value of HRS 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 20.6

 

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, %
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  6,213
  6,540
  6,883
  7,242
  7,619
  8,013
  8,426
  8,860
  9,314
  9,791
  10,291
  10,815
  11,365
  11,942
  12,547
  13,182
  13,848
  14,548
  15,282
  16,052
  16,860
  17,709
  18,600
  19,535
  20,516
  21,546
  22,628
  23,763
  24,955
  26,206
Variable operating expenses, $m
  5,085
  5,319
  5,564
  5,820
  6,089
  6,371
  6,666
  6,976
  7,301
  7,641
  7,351
  7,725
  8,118
  8,530
  8,963
  9,416
  9,892
  10,392
  10,916
  11,467
  12,044
  12,650
  13,286
  13,954
  14,655
  15,391
  16,164
  16,975
  17,826
  18,720
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
  5,085
  5,319
  5,564
  5,820
  6,089
  6,371
  6,666
  6,976
  7,301
  7,641
  7,351
  7,725
  8,118
  8,530
  8,963
  9,416
  9,892
  10,392
  10,916
  11,467
  12,044
  12,650
  13,286
  13,954
  14,655
  15,391
  16,164
  16,975
  17,826
  18,720
Operating income, $m
  1,128
  1,221
  1,319
  1,422
  1,529
  1,642
  1,760
  1,884
  2,014
  2,150
  2,940
  3,089
  3,246
  3,411
  3,584
  3,766
  3,956
  4,156
  4,365
  4,585
  4,816
  5,059
  5,313
  5,580
  5,861
  6,155
  6,464
  6,788
  7,129
  7,486
EBITDA, $m
  1,921
  2,023
  2,129
  2,240
  2,356
  2,478
  2,606
  2,740
  2,881
  3,028
  3,182
  3,345
  3,515
  3,693
  3,880
  4,077
  4,283
  4,499
  4,726
  4,964
  5,214
  5,477
  5,752
  6,041
  6,345
  6,663
  6,998
  7,349
  7,718
  8,105
Interest expense (income), $m
  168
  218
  238
  260
  282
  306
  330
  356
  383
  412
  441
  473
  505
  540
  576
  614
  653
  695
  738
  784
  832
  883
  936
  991
  1,050
  1,111
  1,175
  1,243
  1,314
  1,388
  1,466
Earnings before tax, $m
  910
  983
  1,060
  1,140
  1,224
  1,312
  1,404
  1,501
  1,602
  1,709
  2,467
  2,584
  2,707
  2,836
  2,971
  3,112
  3,261
  3,417
  3,581
  3,753
  3,933
  4,123
  4,322
  4,530
  4,749
  4,979
  5,221
  5,474
  5,740
  6,020
Tax expense, $m
  246
  265
  286
  308
  330
  354
  379
  405
  433
  461
  666
  698
  731
  766
  802
  840
  881
  923
  967
  1,013
  1,062
  1,113
  1,167
  1,223
  1,282
  1,344
  1,410
  1,478
  1,550
  1,625
Net income, $m
  664
  718
  774
  832
  893
  958
  1,025
  1,096
  1,170
  1,247
  1,801
  1,886
  1,976
  2,070
  2,169
  2,272
  2,381
  2,495
  2,614
  2,740
  2,871
  3,010
  3,155
  3,307
  3,467
  3,635
  3,811
  3,996
  4,190
  4,394

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
  10,620
  11,180
  11,766
  12,380
  13,023
  13,697
  14,404
  15,145
  15,922
  16,736
  17,591
  18,487
  19,427
  20,413
  21,448
  22,533
  23,673
  24,868
  26,123
  27,439
  28,821
  30,272
  31,794
  33,392
  35,070
  36,831
  38,680
  40,621
  42,658
  44,797
Adjusted assets (=assets-cash), $m
  10,620
  11,180
  11,766
  12,380
  13,023
  13,697
  14,404
  15,145
  15,922
  16,736
  17,591
  18,487
  19,427
  20,413
  21,448
  22,533
  23,673
  24,868
  26,123
  27,439
  28,821
  30,272
  31,794
  33,392
  35,070
  36,831
  38,680
  40,621
  42,658
  44,797
Revenue / Adjusted assets
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
Average production assets, $m
  4,399
  4,630
  4,873
  5,127
  5,394
  5,673
  5,966
  6,273
  6,595
  6,932
  7,286
  7,657
  8,046
  8,455
  8,883
  9,333
  9,805
  10,300
  10,819
  11,365
  11,937
  12,538
  13,169
  13,830
  14,525
  15,255
  16,020
  16,824
  17,668
  18,554
Working capital, $m
  311
  327
  344
  362
  381
  401
  421
  443
  466
  490
  515
  541
  568
  597
  627
  659
  692
  727
  764
  803
  843
  885
  930
  977
  1,026
  1,077
  1,131
  1,188
  1,248
  1,310
Total debt, $m
  4,408
  4,806
  5,222
  5,658
  6,114
  6,593
  7,095
  7,621
  8,173
  8,751
  9,357
  9,994
  10,661
  11,361
  12,096
  12,867
  13,675
  14,524
  15,415
  16,350
  17,331
  18,361
  19,442
  20,577
  21,768
  23,018
  24,331
  25,709
  27,155
  28,674
Total liabilities, $m
  7,540
  7,938
  8,354
  8,790
  9,246
  9,725
  10,227
  10,753
  11,305
  11,883
  12,489
  13,126
  13,793
  14,493
  15,228
  15,999
  16,807
  17,656
  18,547
  19,482
  20,463
  21,493
  22,574
  23,709
  24,900
  26,150
  27,463
  28,841
  30,287
  31,806
Total equity, $m
  3,080
  3,242
  3,412
  3,590
  3,777
  3,972
  4,177
  4,392
  4,617
  4,854
  5,101
  5,361
  5,634
  5,920
  6,220
  6,535
  6,865
  7,212
  7,576
  7,957
  8,358
  8,779
  9,220
  9,684
  10,170
  10,681
  11,217
  11,780
  12,371
  12,991
Total liabilities and equity, $m
  10,620
  11,180
  11,766
  12,380
  13,023
  13,697
  14,404
  15,145
  15,922
  16,737
  17,590
  18,487
  19,427
  20,413
  21,448
  22,534
  23,672
  24,868
  26,123
  27,439
  28,821
  30,272
  31,794
  33,393
  35,070
  36,831
  38,680
  40,621
  42,658
  44,797
Debt-to-equity ratio
  1.430
  1.480
  1.530
  1.580
  1.620
  1.660
  1.700
  1.740
  1.770
  1.800
  1.830
  1.860
  1.890
  1.920
  1.940
  1.970
  1.990
  2.010
  2.030
  2.050
  2.070
  2.090
  2.110
  2.120
  2.140
  2.160
  2.170
  2.180
  2.200
  2.210
Adjusted equity ratio
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  664
  718
  774
  832
  893
  958
  1,025
  1,096
  1,170
  1,247
  1,801
  1,886
  1,976
  2,070
  2,169
  2,272
  2,381
  2,495
  2,614
  2,740
  2,871
  3,010
  3,155
  3,307
  3,467
  3,635
  3,811
  3,996
  4,190
  4,394
Depreciation, amort., depletion, $m
  794
  801
  809
  818
  827
  836
  846
  856
  867
  878
  243
  255
  268
  282
  296
  311
  327
  343
  361
  379
  398
  418
  439
  461
  484
  508
  534
  561
  589
  618
Funds from operations, $m
  1,458
  1,519
  1,583
  1,650
  1,720
  1,794
  1,871
  1,952
  2,036
  2,125
  2,044
  2,142
  2,244
  2,352
  2,465
  2,583
  2,707
  2,838
  2,975
  3,119
  3,269
  3,428
  3,594
  3,768
  3,951
  4,143
  4,345
  4,557
  4,779
  5,013
Change in working capital, $m
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
Cash from operations, $m
  1,442
  1,503
  1,566
  1,632
  1,701
  1,774
  1,850
  1,930
  2,014
  2,101
  2,019
  2,115
  2,217
  2,323
  2,434
  2,551
  2,674
  2,803
  2,938
  3,080
  3,229
  3,385
  3,549
  3,721
  3,902
  4,092
  4,291
  4,500
  4,720
  4,950
Maintenance CAPEX, $m
  -139
  -147
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -282
  -296
  -311
  -327
  -343
  -361
  -379
  -398
  -418
  -439
  -461
  -484
  -508
  -534
  -561
  -589
New CAPEX, $m
  -221
  -232
  -243
  -254
  -266
  -279
  -293
  -307
  -322
  -337
  -354
  -371
  -389
  -408
  -429
  -450
  -472
  -495
  -520
  -545
  -572
  -601
  -631
  -662
  -695
  -729
  -766
  -804
  -844
  -886
Cash from investing activities, $m
  -360
  -379
  -397
  -416
  -437
  -459
  -482
  -506
  -531
  -557
  -585
  -614
  -644
  -676
  -711
  -746
  -783
  -822
  -863
  -906
  -951
  -999
  -1,049
  -1,101
  -1,156
  -1,213
  -1,274
  -1,338
  -1,405
  -1,475
Free cash flow, $m
  1,082
  1,124
  1,169
  1,215
  1,264
  1,315
  1,368
  1,424
  1,483
  1,544
  1,434
  1,501
  1,572
  1,646
  1,724
  1,806
  1,891
  1,981
  2,075
  2,174
  2,278
  2,387
  2,501
  2,621
  2,746
  2,878
  3,017
  3,162
  3,315
  3,475
Issuance/(repayment) of debt, $m
  378
  397
  416
  436
  457
  479
  502
  526
  552
  578
  607
  636
  667
  700
  735
  771
  809
  849
  891
  935
  981
  1,030
  1,081
  1,135
  1,191
  1,250
  1,313
  1,378
  1,447
  1,519
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  
  378
  397
  416
  436
  457
  479
  502
  526
  552
  578
  607
  636
  667
  700
  735
  771
  809
  849
  891
  935
  981
  1,030
  1,081
  1,135
  1,191
  1,250
  1,313
  1,378
  1,447
  1,519
Total cash flow (excl. dividends), $m
  1,460
  1,522
  1,585
  1,651
  1,721
  1,794
  1,870
  1,950
  2,034
  2,123
  2,040
  2,138
  2,240
  2,346
  2,459
  2,576
  2,700
  2,830
  2,966
  3,109
  3,259
  3,416
  3,582
  3,755
  3,937
  4,129
  4,330
  4,540
  4,762
  4,994
Retained Cash Flow (-), $m
  -152
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -225
  -236
  -248
  -260
  -273
  -286
  -300
  -315
  -330
  -347
  -364
  -382
  -401
  -421
  -442
  -463
  -487
  -511
  -536
  -563
  -591
  -620
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
  1,308
  1,359
  1,415
  1,473
  1,534
  1,598
  1,665
  1,735
  1,809
  1,886
  1,793
  1,878
  1,967
  2,060
  2,159
  2,262
  2,370
  2,483
  2,602
  2,727
  2,858
  2,996
  3,140
  3,292
  3,451
  3,618
  3,793
  3,978
  4,171
  4,374
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  1,210
  1,155
  1,095
  1,029
  959
  886
  809
  732
  654
  578
  459
  396
  337
  282
  232
  187
  149
  116
  88
  66
  48
  34
  24
  16
  10
  7
  4
  2
  1
  1
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

Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.

FINANCIAL RATIOS  of  Harris Corp. (HRS)

Valuation Ratios
P/E Ratio 37.5
Price to Sales 3.5
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 36.4
Price to Free Cash Flow 46.1
Growth Rates
Sales Growth Rate -1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.7%
Cap. Spend. - 3 Yr. Gr. Rate -10.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 116%
Total Debt to Equity 137.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 35.4%
Gross Margin - 3 Yr. Avg. 36.4%
EBITDA Margin 23.5%
EBITDA Margin - 3 Yr. Avg. 22.6%
Operating Margin 18.2%
Oper. Margin - 3 Yr. Avg. 16.5%
Pre-Tax Margin 15.3%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 29.5%
Eff/ Tax Rate - 3 Yr. Avg. 29.3%
Payout Ratio 47.4%

HRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRS stock intrinsic value calculation we used $5900 million for the last fiscal year's total revenue generated by Harris Corp.. The default revenue input number comes from 0001 income statement of Harris Corp.. 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 HRS stock valuation model: a) initial revenue growth rate of 5.3% 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 8.1%, whose default value for HRS is calculated based on our internal credit rating of Harris Corp., 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 Harris Corp..
    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 HRS stock the variable cost ratio is equal to 82.4%.

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 HRS 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 Harris Corp..

Corporate tax rate of 27% is the nominal tax rate for Harris Corp.. 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 HRS 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 HRS are equal to 70.8%.

Life of production assets of 40.7 years is the average useful life of capital assets used in Harris Corp. 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 HRS is equal to 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 - $2928 million for Harris Corp. - 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 118.729 million for Harris Corp. 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 Harris Corp. at the current share price and the inputted number of shares is $20.6 billion.

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COMPANY NEWS

▶ Company News For Oct 16, 2018   [08:31AM  Zacks]
▶ Defense firm with Mason presence to participate in mega-merger   [04:10PM  American City Business Journals]
▶ Does the Harris-L3 merger signal peak Pentagon?   [02:59PM  American City Business Journals]
▶ 7 things to know today and women work the most injury-inducing jobs   [07:15AM  American City Business Journals]
▶ Harris: Fiscal 1Q Earnings Snapshot   [05:02AM  Associated Press]
▶ Defense contractors Harris, L3 Technologies to merge   [Oct-14-18 08:17PM  Associated Press]
▶ [$$] Harris, L3 Technologies Announce Merger Plan   [07:41PM  The Wall Street Journal]
▶ [$$] Harris, L3 Technologies Announce Merger Plan   [07:30PM  The Wall Street Journal]
▶ Harris Corp., L3 Technologies announce plans to merge   [01:41PM  American City Business Journals]
▶ Tech firm delays plans to build innovation center in 500-acre NeoCity   [Oct-03-18 04:09PM  American City Business Journals]
▶ F-35, HELIOS: Harris Corp, Lockheed Martin get more than $500M in local defense work   [Sep-17-18 05:23PM  American City Business Journals]
▶ Brevard County leaders weigh in on area's strengths, weaknesses   [Aug-29-18 06:13PM  American City Business Journals]
▶ Harris Corporation Provides Grants to Support STEM Training   [Aug-23-18 04:00PM  Business Wire]
▶ When Should You Buy Harris Corporation (NYSE:HRS)?   [Aug-16-18 12:35PM  Simply Wall St.]
▶ How Lockheed Martin's Orlando-made systems and gear prepare military for future combat   [Aug-09-18 10:27AM  American City Business Journals]
▶ 8 Bargain Stocks With Big Upside Potential   [Aug-03-18 12:35PM  Investopedia]
▶ Harris: Fiscal 4Q Earnings Snapshot   [06:50AM  Associated Press]
▶ 7 things to know today and Southwest says bye-bye to peanuts   [07:11AM  American City Business Journals]
▶ What's Perspecta been up to since its NYSE debut a month ago?   [Jul-09-18 01:19PM  American City Business Journals]
▶ Lockheed Martin, Harris Corp. land $1B in combined contracts with local work   [Jun-19-18 12:05PM  American City Business Journals]

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