Intrinsic value of Harris Corp. - HRS

Previous Close

$164.90

  Intrinsic Value

$79.32

stock screener

  Rating & Target

str. sell

-52%

Previous close

$164.90

 
Intrinsic value

$79.32

 
Up/down potential

-52%

 
Rating

str. 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 2017), $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 20.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  6,018
  6,156
  6,315
  6,492
  6,689
  6,905
  7,140
  7,395
  7,669
  7,963
  8,278
  8,614
  8,972
  9,352
  9,755
  10,183
  10,636
  11,114
  11,620
  12,154
  12,717
  13,311
  13,937
  14,597
  15,292
  16,024
  16,794
  17,604
  18,457
  19,354
Variable operating expenses, $m
  4,946
  5,045
  5,158
  5,285
  5,425
  5,580
  5,748
  5,929
  6,125
  6,336
  5,913
  6,153
  6,409
  6,681
  6,969
  7,274
  7,597
  7,939
  8,300
  8,682
  9,084
  9,509
  9,956
  10,427
  10,924
  11,446
  11,997
  12,575
  13,184
  13,825
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
  4,946
  5,045
  5,158
  5,285
  5,425
  5,580
  5,748
  5,929
  6,125
  6,336
  5,913
  6,153
  6,409
  6,681
  6,969
  7,274
  7,597
  7,939
  8,300
  8,682
  9,084
  9,509
  9,956
  10,427
  10,924
  11,446
  11,997
  12,575
  13,184
  13,825
Operating income, $m
  1,072
  1,112
  1,157
  1,208
  1,264
  1,326
  1,393
  1,465
  1,544
  1,628
  2,365
  2,461
  2,563
  2,672
  2,787
  2,909
  3,038
  3,175
  3,319
  3,472
  3,633
  3,802
  3,981
  4,170
  4,368
  4,577
  4,797
  5,029
  5,272
  5,529
EBITDA, $m
  2,478
  2,535
  2,600
  2,673
  2,754
  2,843
  2,940
  3,045
  3,158
  3,279
  3,409
  3,547
  3,694
  3,851
  4,017
  4,193
  4,379
  4,576
  4,785
  5,004
  5,236
  5,481
  5,739
  6,011
  6,297
  6,598
  6,915
  7,249
  7,600
  7,969
Interest expense (income), $m
  168
  218
  225
  234
  245
  256
  269
  283
  299
  316
  333
  353
  373
  395
  419
  444
  470
  498
  528
  559
  592
  627
  664
  703
  744
  788
  833
  881
  932
  985
  1,041
Earnings before tax, $m
  854
  886
  922
  963
  1,007
  1,056
  1,109
  1,167
  1,228
  1,294
  2,012
  2,087
  2,167
  2,253
  2,343
  2,439
  2,540
  2,647
  2,760
  2,879
  3,005
  3,138
  3,278
  3,426
  3,581
  3,744
  3,916
  4,097
  4,288
  4,488
Tax expense, $m
  231
  239
  249
  260
  272
  285
  300
  315
  332
  349
  543
  564
  585
  608
  633
  658
  686
  715
  745
  777
  811
  847
  885
  925
  967
  1,011
  1,057
  1,106
  1,158
  1,212
Net income, $m
  624
  647
  673
  703
  735
  771
  810
  852
  897
  945
  1,469
  1,524
  1,582
  1,644
  1,710
  1,780
  1,854
  1,932
  2,015
  2,102
  2,194
  2,291
  2,393
  2,501
  2,614
  2,733
  2,859
  2,991
  3,130
  3,276

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
  10,287
  10,524
  10,794
  11,098
  11,434
  11,804
  12,205
  12,641
  13,109
  13,613
  14,151
  14,725
  15,337
  15,986
  16,676
  17,407
  18,180
  18,998
  19,863
  20,776
  21,739
  22,754
  23,825
  24,952
  26,140
  27,391
  28,708
  30,093
  31,550
  33,083
Adjusted assets (=assets-cash), $m
  10,287
  10,524
  10,794
  11,098
  11,434
  11,804
  12,205
  12,641
  13,109
  13,613
  14,151
  14,725
  15,337
  15,986
  16,676
  17,407
  18,180
  18,998
  19,863
  20,776
  21,739
  22,754
  23,825
  24,952
  26,140
  27,391
  28,708
  30,093
  31,550
  33,083
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
  7,589
  7,763
  7,963
  8,187
  8,435
  8,707
  9,004
  9,325
  9,671
  10,042
  10,439
  10,862
  11,314
  11,793
  12,302
  12,841
  13,411
  14,015
  14,653
  15,326
  16,036
  16,785
  17,575
  18,407
  19,283
  20,206
  21,177
  22,199
  23,274
  24,405
Working capital, $m
  307
  314
  322
  331
  341
  352
  364
  377
  391
  406
  422
  439
  458
  477
  498
  519
  542
  567
  593
  620
  649
  679
  711
  744
  780
  817
  856
  898
  941
  987
Total debt, $m
  4,172
  4,340
  4,532
  4,748
  4,986
  5,248
  5,534
  5,843
  6,176
  6,533
  6,915
  7,323
  7,757
  8,218
  8,708
  9,227
  9,776
  10,357
  10,971
  11,619
  12,302
  13,023
  13,783
  14,584
  15,428
  16,316
  17,250
  18,234
  19,269
  20,357
Total liabilities, $m
  7,304
  7,472
  7,664
  7,880
  8,118
  8,380
  8,666
  8,975
  9,308
  9,665
  10,047
  10,455
  10,889
  11,350
  11,840
  12,359
  12,908
  13,489
  14,103
  14,751
  15,434
  16,155
  16,915
  17,716
  18,560
  19,448
  20,382
  21,366
  22,401
  23,489
Total equity, $m
  2,983
  3,052
  3,130
  3,218
  3,316
  3,423
  3,540
  3,666
  3,802
  3,948
  4,104
  4,270
  4,448
  4,636
  4,836
  5,048
  5,272
  5,510
  5,760
  6,025
  6,304
  6,599
  6,909
  7,236
  7,581
  7,943
  8,325
  8,727
  9,150
  9,594
Total liabilities and equity, $m
  10,287
  10,524
  10,794
  11,098
  11,434
  11,803
  12,206
  12,641
  13,110
  13,613
  14,151
  14,725
  15,337
  15,986
  16,676
  17,407
  18,180
  18,999
  19,863
  20,776
  21,738
  22,754
  23,824
  24,952
  26,141
  27,391
  28,707
  30,093
  31,551
  33,083
Debt-to-equity ratio
  1.400
  1.420
  1.450
  1.480
  1.500
  1.530
  1.560
  1.590
  1.620
  1.650
  1.690
  1.710
  1.740
  1.770
  1.800
  1.830
  1.850
  1.880
  1.900
  1.930
  1.950
  1.970
  1.990
  2.020
  2.040
  2.050
  2.070
  2.090
  2.110
  2.120
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
  624
  647
  673
  703
  735
  771
  810
  852
  897
  945
  1,469
  1,524
  1,582
  1,644
  1,710
  1,780
  1,854
  1,932
  2,015
  2,102
  2,194
  2,291
  2,393
  2,501
  2,614
  2,733
  2,859
  2,991
  3,130
  3,276
Depreciation, amort., depletion, $m
  1,406
  1,423
  1,443
  1,466
  1,490
  1,518
  1,547
  1,579
  1,614
  1,651
  1,044
  1,086
  1,131
  1,179
  1,230
  1,284
  1,341
  1,401
  1,465
  1,533
  1,604
  1,679
  1,758
  1,841
  1,928
  2,021
  2,118
  2,220
  2,327
  2,440
Funds from operations, $m
  2,030
  2,070
  2,117
  2,169
  2,226
  2,289
  2,357
  2,431
  2,511
  2,596
  2,513
  2,610
  2,714
  2,824
  2,941
  3,064
  3,195
  3,334
  3,480
  3,635
  3,798
  3,969
  4,151
  4,341
  4,542
  4,754
  4,977
  5,211
  5,457
  5,717
Change in working capital, $m
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
Cash from operations, $m
  2,024
  2,063
  2,109
  2,160
  2,216
  2,278
  2,345
  2,418
  2,497
  2,581
  2,497
  2,593
  2,695
  2,804
  2,920
  3,042
  3,172
  3,309
  3,454
  3,607
  3,769
  3,939
  4,119
  4,308
  4,507
  4,717
  4,937
  5,170
  5,414
  5,671
Maintenance CAPEX, $m
  -744
  -759
  -776
  -796
  -819
  -843
  -871
  -900
  -932
  -967
  -1,004
  -1,044
  -1,086
  -1,131
  -1,179
  -1,230
  -1,284
  -1,341
  -1,401
  -1,465
  -1,533
  -1,604
  -1,679
  -1,758
  -1,841
  -1,928
  -2,021
  -2,118
  -2,220
  -2,327
New CAPEX, $m
  -148
  -175
  -200
  -224
  -248
  -272
  -297
  -321
  -346
  -371
  -397
  -424
  -451
  -479
  -509
  -539
  -571
  -603
  -638
  -673
  -710
  -749
  -790
  -832
  -876
  -923
  -971
  -1,022
  -1,075
  -1,131
Cash from investing activities, $m
  -892
  -934
  -976
  -1,020
  -1,067
  -1,115
  -1,168
  -1,221
  -1,278
  -1,338
  -1,401
  -1,468
  -1,537
  -1,610
  -1,688
  -1,769
  -1,855
  -1,944
  -2,039
  -2,138
  -2,243
  -2,353
  -2,469
  -2,590
  -2,717
  -2,851
  -2,992
  -3,140
  -3,295
  -3,458
Free cash flow, $m
  1,131
  1,130
  1,133
  1,139
  1,149
  1,162
  1,178
  1,197
  1,218
  1,243
  1,095
  1,125
  1,158
  1,194
  1,232
  1,273
  1,317
  1,365
  1,415
  1,469
  1,526
  1,586
  1,650
  1,718
  1,790
  1,866
  1,946
  2,030
  2,119
  2,213
Issuance/(repayment) of debt, $m
  142
  168
  192
  216
  239
  262
  285
  309
  333
  357
  382
  408
  434
  461
  490
  519
  549
  581
  614
  648
  684
  721
  760
  801
  843
  888
  935
  984
  1,035
  1,088
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  
  142
  168
  192
  216
  239
  262
  285
  309
  333
  357
  382
  408
  434
  461
  490
  519
  549
  581
  614
  648
  684
  721
  760
  801
  843
  888
  935
  984
  1,035
  1,088
Total cash flow (excl. dividends), $m
  1,273
  1,298
  1,325
  1,355
  1,388
  1,424
  1,463
  1,506
  1,551
  1,600
  1,477
  1,533
  1,592
  1,655
  1,722
  1,792
  1,867
  1,946
  2,029
  2,117
  2,210
  2,307
  2,410
  2,519
  2,633
  2,754
  2,880
  3,014
  3,154
  3,301
Retained Cash Flow (-), $m
  -55
  -69
  -78
  -88
  -98
  -107
  -117
  -126
  -136
  -146
  -156
  -167
  -177
  -188
  -200
  -212
  -224
  -237
  -251
  -265
  -279
  -295
  -310
  -327
  -344
  -363
  -382
  -402
  -423
  -445
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
  41
  42
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
Cash available for distribution, $m
  1,218
  1,229
  1,246
  1,267
  1,290
  1,317
  1,347
  1,379
  1,415
  1,454
  1,321
  1,367
  1,415
  1,467
  1,522
  1,580
  1,642
  1,708
  1,778
  1,852
  1,930
  2,013
  2,100
  2,192
  2,289
  2,391
  2,499
  2,612
  2,731
  2,857
Discount rate, %
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  1,129
  1,048
  970
  893
  816
  740
  666
  594
  524
  458
  349
  299
  252
  210
  172
  139
  110
  85
  65
  49
  35
  25
  18
  12
  8
  5
  3
  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 35.7
Price to Sales 3.3
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 34.7
Price to Free Cash Flow 43.8
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 2017 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 2% 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 7.9%, 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 0.7%.

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 126.1%.

Life of production assets of 10 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 5.1%. 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 122 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 $20.1 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] Defence stocks fall after Trump-Kim summit   [Jun-11-18 11:55PM  Financial Times]
▶ Harris: Fiscal 3Q Earnings Snapshot   [07:43AM  Associated Press]
▶ Peraton acquires first company since its spinout and rebrand   [Apr-23-18 10:21PM  American City Business Journals]
▶ Valiant picks up another government business in $135M cash deal   [Apr-19-18 02:26PM  American City Business Journals]
▶ Orlando's Lockheed Martin unit, more attract $36.4M in local defense work   [Apr-16-18 11:24AM  American City Business Journals]
▶ Local firm to get share of $25.5B defense contract the largest C. Fla. deal in 3 years   [Apr-05-18 02:36PM  American City Business Journals]
▶ Are Harris Corporations (NYSE:HRS) Interest Costs Too High?   [Mar-30-18 09:35PM  Simply Wall St.]
▶ Raytheon's big bet in government services is on itself. Don't expect a major M&A play.   [Mar-27-18 04:17PM  American City Business Journals]
▶ Harris Corporation Declares Quarterly Dividend   [Feb-23-18 02:45PM  Business Wire]
▶ Lockheed Martin, Harris Corp score $89M contracts in Orlando, Palm Bay   [Feb-01-18 01:35PM  American City Business Journals]
▶ 6 State of the Union stocks   [Jan-31-18 07:35PM  CNBC Videos]
▶ The Hot Stock & Biggest Loser: Harris Corp. & MetLife   [Jan-30-18 06:02PM  Barrons.com]
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