Intrinsic value of L3 Technologies - LLL

Previous Close

$187.07

  Intrinsic Value

$243.17

stock screener

  Rating & Target

buy

+30%

Previous close

$187.07

 
Intrinsic value

$243.17

 
Up/down potential

+30%

 
Rating

buy

We calculate the intrinsic value of LLL 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 14.7

 

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, %
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  10,368
  11,194
  12,053
  12,945
  13,873
  14,837
  15,839
  16,881
  17,965
  19,093
  20,267
  21,490
  22,765
  24,094
  25,481
  26,928
  28,439
  30,017
  31,667
  33,392
  35,195
  37,082
  39,057
  41,124
  43,288
  45,555
  47,930
  50,418
  53,026
  55,760
Variable operating expenses, $m
  8,506
  9,129
  9,777
  10,450
  11,149
  11,875
  12,631
  13,416
  14,233
  15,084
  15,278
  16,200
  17,161
  18,163
  19,209
  20,300
  21,439
  22,629
  23,872
  25,172
  26,532
  27,954
  29,443
  31,001
  32,633
  34,342
  36,132
  38,008
  39,974
  42,035
Fixed operating expenses, $m
  669
  684
  699
  715
  730
  746
  763
  780
  797
  814
  832
  850
  869
  888
  908
  928
  948
  969
  990
  1,012
  1,034
  1,057
  1,080
  1,104
  1,129
  1,153
  1,179
  1,205
  1,231
  1,258
Total operating expenses, $m
  9,175
  9,813
  10,476
  11,165
  11,879
  12,621
  13,394
  14,196
  15,030
  15,898
  16,110
  17,050
  18,030
  19,051
  20,117
  21,228
  22,387
  23,598
  24,862
  26,184
  27,566
  29,011
  30,523
  32,105
  33,762
  35,495
  37,311
  39,213
  41,205
  43,293
Operating income, $m
  1,192
  1,381
  1,577
  1,781
  1,994
  2,215
  2,445
  2,685
  2,935
  3,195
  4,157
  4,439
  4,734
  5,043
  5,364
  5,701
  6,052
  6,420
  6,804
  7,207
  7,629
  8,071
  8,533
  9,018
  9,527
  10,060
  10,619
  11,206
  11,821
  12,467
EBITDA, $m
  2,045
  2,246
  2,456
  2,674
  2,901
  3,138
  3,384
  3,640
  3,906
  4,184
  4,473
  4,775
  5,090
  5,419
  5,763
  6,122
  6,497
  6,889
  7,300
  7,729
  8,179
  8,650
  9,144
  9,661
  10,204
  10,772
  11,369
  11,994
  12,650
  13,339
Interest expense (income), $m
  162
  180
  214
  250
  287
  326
  366
  407
  450
  495
  542
  591
  642
  694
  749
  807
  867
  929
  994
  1,062
  1,134
  1,208
  1,286
  1,367
  1,452
  1,542
  1,635
  1,733
  1,835
  1,943
  2,055
Earnings before tax, $m
  1,012
  1,166
  1,327
  1,494
  1,668
  1,849
  2,038
  2,234
  2,439
  2,652
  3,566
  3,798
  4,040
  4,293
  4,558
  4,834
  5,123
  5,425
  5,742
  6,074
  6,421
  6,785
  7,166
  7,566
  7,985
  8,425
  8,886
  9,370
  9,878
  10,412
Tax expense, $m
  273
  315
  358
  403
  450
  499
  550
  603
  659
  716
  963
  1,025
  1,091
  1,159
  1,231
  1,305
  1,383
  1,465
  1,550
  1,640
  1,734
  1,832
  1,935
  2,043
  2,156
  2,275
  2,399
  2,530
  2,667
  2,811
Net income, $m
  739
  851
  969
  1,091
  1,218
  1,350
  1,488
  1,631
  1,781
  1,936
  2,603
  2,772
  2,949
  3,134
  3,327
  3,529
  3,740
  3,961
  4,192
  4,434
  4,687
  4,953
  5,231
  5,523
  5,829
  6,150
  6,487
  6,840
  7,211
  7,601

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
  13,787
  14,885
  16,028
  17,215
  18,448
  19,730
  21,062
  22,448
  23,889
  25,389
  26,951
  28,577
  30,273
  32,040
  33,884
  35,808
  37,818
  39,917
  42,110
  44,404
  46,802
  49,311
  51,937
  54,686
  57,564
  60,578
  63,736
  67,046
  70,514
  74,149
Adjusted assets (=assets-cash), $m
  13,787
  14,885
  16,028
  17,215
  18,448
  19,730
  21,062
  22,448
  23,889
  25,389
  26,951
  28,577
  30,273
  32,040
  33,884
  35,808
  37,818
  39,917
  42,110
  44,404
  46,802
  49,311
  51,937
  54,686
  57,564
  60,578
  63,736
  67,046
  70,514
  74,149
Revenue / Adjusted assets
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
  0.752
Average production assets, $m
  4,862
  5,250
  5,653
  6,071
  6,506
  6,958
  7,428
  7,917
  8,425
  8,954
  9,505
  10,079
  10,677
  11,300
  11,950
  12,629
  13,338
  14,078
  14,852
  15,661
  16,506
  17,391
  18,318
  19,287
  20,302
  21,365
  22,479
  23,646
  24,869
  26,151
Working capital, $m
  1,524
  1,645
  1,772
  1,903
  2,039
  2,181
  2,328
  2,481
  2,641
  2,807
  2,979
  3,159
  3,346
  3,542
  3,746
  3,958
  4,181
  4,413
  4,655
  4,909
  5,174
  5,451
  5,741
  6,045
  6,363
  6,697
  7,046
  7,411
  7,795
  8,197
Total debt, $m
  3,970
  4,630
  5,317
  6,030
  6,771
  7,542
  8,342
  9,175
  10,041
  10,943
  11,881
  12,859
  13,878
  14,940
  16,048
  17,205
  18,413
  19,674
  20,992
  22,371
  23,812
  25,320
  26,898
  28,550
  30,280
  32,092
  33,990
  35,978
  38,063
  40,248
Total liabilities, $m
  8,286
  8,946
  9,633
  10,346
  11,087
  11,858
  12,658
  13,491
  14,357
  15,259
  16,197
  17,175
  18,194
  19,256
  20,364
  21,521
  22,729
  23,990
  25,308
  26,687
  28,128
  29,636
  31,214
  32,866
  34,596
  36,408
  38,306
  40,294
  42,379
  44,564
Total equity, $m
  5,501
  5,939
  6,395
  6,869
  7,361
  7,872
  8,404
  8,957
  9,532
  10,130
  10,753
  11,402
  12,079
  12,784
  13,520
  14,288
  15,089
  15,927
  16,802
  17,717
  18,674
  19,675
  20,723
  21,820
  22,968
  24,171
  25,431
  26,751
  28,135
  29,585
Total liabilities and equity, $m
  13,787
  14,885
  16,028
  17,215
  18,448
  19,730
  21,062
  22,448
  23,889
  25,389
  26,950
  28,577
  30,273
  32,040
  33,884
  35,809
  37,818
  39,917
  42,110
  44,404
  46,802
  49,311
  51,937
  54,686
  57,564
  60,579
  63,737
  67,045
  70,514
  74,149
Debt-to-equity ratio
  0.720
  0.780
  0.830
  0.880
  0.920
  0.960
  0.990
  1.020
  1.050
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.200
  1.220
  1.240
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
Adjusted equity ratio
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  739
  851
  969
  1,091
  1,218
  1,350
  1,488
  1,631
  1,781
  1,936
  2,603
  2,772
  2,949
  3,134
  3,327
  3,529
  3,740
  3,961
  4,192
  4,434
  4,687
  4,953
  5,231
  5,523
  5,829
  6,150
  6,487
  6,840
  7,211
  7,601
Depreciation, amort., depletion, $m
  853
  866
  879
  893
  908
  923
  938
  955
  972
  989
  317
  336
  356
  377
  398
  421
  445
  469
  495
  522
  550
  580
  611
  643
  677
  712
  749
  788
  829
  872
Funds from operations, $m
  1,592
  1,717
  1,848
  1,984
  2,125
  2,273
  2,426
  2,586
  2,752
  2,925
  2,920
  3,108
  3,305
  3,511
  3,725
  3,950
  4,184
  4,430
  4,687
  4,956
  5,237
  5,533
  5,842
  6,166
  6,506
  6,862
  7,236
  7,629
  8,040
  8,472
Change in working capital, $m
  117
  121
  126
  131
  136
  142
  147
  153
  159
  166
  173
  180
  187
  195
  204
  213
  222
  232
  242
  254
  265
  277
  290
  304
  318
  333
  349
  366
  383
  402
Cash from operations, $m
  1,475
  1,596
  1,721
  1,853
  1,989
  2,131
  2,279
  2,433
  2,593
  2,760
  2,747
  2,929
  3,118
  3,315
  3,522
  3,737
  3,962
  4,198
  4,444
  4,702
  4,972
  5,255
  5,552
  5,862
  6,188
  6,529
  6,887
  7,263
  7,657
  8,070
Maintenance CAPEX, $m
  -150
  -162
  -175
  -188
  -202
  -217
  -232
  -248
  -264
  -281
  -298
  -317
  -336
  -356
  -377
  -398
  -421
  -445
  -469
  -495
  -522
  -550
  -580
  -611
  -643
  -677
  -712
  -749
  -788
  -829
New CAPEX, $m
  -376
  -388
  -403
  -419
  -435
  -452
  -470
  -489
  -508
  -529
  -551
  -574
  -598
  -623
  -650
  -679
  -709
  -740
  -774
  -809
  -846
  -885
  -926
  -969
  -1,015
  -1,063
  -1,114
  -1,167
  -1,223
  -1,282
Cash from investing activities, $m
  -526
  -550
  -578
  -607
  -637
  -669
  -702
  -737
  -772
  -810
  -849
  -891
  -934
  -979
  -1,027
  -1,077
  -1,130
  -1,185
  -1,243
  -1,304
  -1,368
  -1,435
  -1,506
  -1,580
  -1,658
  -1,740
  -1,826
  -1,916
  -2,011
  -2,111
Free cash flow, $m
  949
  1,046
  1,144
  1,246
  1,352
  1,462
  1,577
  1,696
  1,821
  1,950
  1,898
  2,038
  2,184
  2,336
  2,495
  2,660
  2,833
  3,013
  3,201
  3,398
  3,604
  3,820
  4,046
  4,282
  4,530
  4,789
  5,061
  5,346
  5,646
  5,959
Issuance/(repayment) of debt, $m
  640
  660
  686
  713
  741
  770
  801
  833
  866
  901
  939
  978
  1,019
  1,062
  1,108
  1,157
  1,208
  1,262
  1,318
  1,378
  1,441
  1,508
  1,578
  1,652
  1,730
  1,812
  1,898
  1,989
  2,084
  2,185
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  
  640
  660
  686
  713
  741
  770
  801
  833
  866
  901
  939
  978
  1,019
  1,062
  1,108
  1,157
  1,208
  1,262
  1,318
  1,378
  1,441
  1,508
  1,578
  1,652
  1,730
  1,812
  1,898
  1,989
  2,084
  2,185
Total cash flow (excl. dividends), $m
  1,589
  1,706
  1,830
  1,959
  2,093
  2,232
  2,378
  2,529
  2,687
  2,851
  2,836
  3,016
  3,203
  3,398
  3,603
  3,817
  4,040
  4,274
  4,520
  4,777
  5,046
  5,328
  5,624
  5,934
  6,260
  6,601
  6,959
  7,335
  7,730
  8,144
Retained Cash Flow (-), $m
  -418
  -438
  -456
  -474
  -492
  -511
  -532
  -553
  -575
  -598
  -623
  -649
  -676
  -705
  -736
  -768
  -802
  -838
  -875
  -915
  -957
  -1,001
  -1,048
  -1,097
  -1,148
  -1,203
  -1,260
  -1,320
  -1,384
  -1,450
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
  1,171
  1,268
  1,374
  1,485
  1,601
  1,721
  1,846
  1,976
  2,112
  2,253
  2,213
  2,367
  2,526
  2,693
  2,867
  3,049
  3,239
  3,437
  3,644
  3,862
  4,089
  4,327
  4,576
  4,837
  5,111
  5,398
  5,699
  6,015
  6,346
  6,694
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  1,114
  1,142
  1,166
  1,181
  1,185
  1,179
  1,162
  1,135
  1,098
  1,052
  920
  868
  809
  745
  677
  608
  538
  470
  404
  342
  285
  233
  187
  147
  114
  86
  63
  46
  32
  22
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

L3 Technologies, Inc., formerly L-3 Communications Holdings, Inc., is a prime contractor in Intelligence, Surveillance and Reconnaissance (ISR) systems, aircraft sustainment, simulation and training, night vision and image intensification equipment and security and detection systems. The Company provides a broad range of communication and electronic systems and products used on military and commercial platforms. It operates through four segments: Electronic Systems, Aerospace Systems, Communication Systems and Sensor Systems. Electronic Systems provides a broad range of products and services for military and commercial customers in several niche markets across several business areas. Aerospace Systems delivers integrated solutions and provides engineering, modernization, upgrade, sustainment, and maintenance and logistics support. Communication Systems delivers products and services for the global communications market. Sensor Systems provides diverse sensor technologies.

FINANCIAL RATIOS  of  L3 Technologies (LLL)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 1.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate 0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio NaN
Current Ratio 1.1
LT Debt to Equity 73.3%
Total Debt to Equity 73.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 8.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 15.9%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 9.6%
Gross Margin - 3 Yr. Avg. 9.1%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 18.7%
Payout Ratio 31%

LLL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LLL stock intrinsic value calculation we used $9573 million for the last fiscal year's total revenue generated by L3 Technologies. The default revenue input number comes from 0001 income statement of L3 Technologies. 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 LLL stock valuation model: a) initial revenue growth rate of 8.3% 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 5.1%, whose default value for LLL is calculated based on our internal credit rating of L3 Technologies, 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 L3 Technologies.
    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 LLL stock the variable cost ratio is equal to 82.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $655 million in the base year in the intrinsic value calculation for LLL 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 L3 Technologies.

Corporate tax rate of 27% is the nominal tax rate for L3 Technologies. 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 LLL 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 LLL are equal to 46.9%.

Life of production assets of 34.9 years is the average useful life of capital assets used in L3 Technologies 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 LLL is equal to 14.7%. 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 - $5083 million for L3 Technologies - 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 78.329 million for L3 Technologies 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 L3 Technologies at the current share price and the inputted number of shares is $14.7 billion.

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COMPANY NEWS

▶ [$$] New Accounting Rules Drove Up U.S. Audit Fees in 2017   [Dec-11-18 07:25PM  The Wall Street Journal]
▶ 10 Aerospace & Defense Stocks to Sell Now   [Dec-04-18 03:05PM  InvestorPlace]
▶ Economic development officials sound off on C. Fla.s biggest 2018 wins   [Nov-29-18 01:28PM  American City Business Journals]
▶ From sea to space, check out the weapon systems L3's Plano unit works on   [Nov-07-18 07:37AM  American City Business Journals]
▶ Orlando Space Coast firm gets military flight test work   [Nov-06-18 05:21PM  American City Business Journals]
▶ Premier Bay Area biotech developer tees up next major project   [05:35PM  American City Business Journals]
▶ He used to chop off salmon heads. Today, he runs a $4.7B Plano business unit   [Oct-29-18 07:13AM  American City Business Journals]
▶ Why L3 is looking to hire more than 400 people in DFW   [Oct-26-18 06:33AM  American City Business Journals]
▶ Why 2019 will be the year of C4ISR in government contracting M&A   [Oct-25-18 01:46PM  American City Business Journals]
▶ L3 Technologies Declares Quarterly Dividend   [09:28AM  Business Wire]
▶ Here are the challenges the Harris Corp./L3 Technologies merger faces   [Oct-18-18 04:19PM  American City Business Journals]
▶ 5 Companies Hit 52-Week Highs   [12:22PM  GuruFocus.com]
▶ Market Winners & Losers   [Oct-15-18 05:17PM  Yahoo Finance Video]
▶ 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 Corp., L3 Technologies announce plans to merge   [01:41PM  American City Business Journals]
▶ Space Coast company gets slice of $25.5B U.S. Army contract   [Oct-12-18 01:13PM  American City Business Journals]
▶ $9B company doubles size of Arlington facility where it trains military pilots   [Oct-06-18 02:40PM  American City Business Journals]
▶ These 8 local defense contractors just received millions from the government   [Sep-24-18 02:33PM  American City Business Journals]
▶ 4 Defense Stocks to Outperform: BK Asset Management   [Sep-20-18 03:30PM  Investopedia]
▶ 3 Defense Stocks to Buy Right Now   [11:21AM  InvestorPlace]
▶ IBD Stock Of The Day: This Dow Jones Giant Hits Buy Zone As Growth Soars   [Sep-19-18 04:11PM  Investor's Business Daily]
▶ Northrop Grumman, Leidos, L3 bring in $55M worth of defense work to Orlando   [Sep-14-18 05:12PM  American City Business Journals]
▶ DFW units of Bell, Lockheed Martin, Raytheon and more awarded millions   [Sep-04-18 01:25PM  American City Business Journals]
▶ Raytheon names new president of McKinney business unit   [Aug-31-18 01:36PM  American City Business Journals]
▶ How does federal contractor CEO pay compare with what their employees earn?   [Aug-29-18 02:33PM  American City Business Journals]
▶ 'The threat is changing': Why Raytheon wants to hire hundreds in DFW   [Aug-21-18 09:06AM  American City Business Journals]
▶ 'The threat is changing': Why Raytheon wants to hire hundreds in DFW   [07:26AM  American City Business Journals]
▶ Exclusive: CACI acquiring General Dynamics business unit   [Aug-14-18 03:09PM  American City Business Journals]
▶ Is Now the Time to Buy L-3?   [Aug-08-18 08:05AM  Motley Fool]
▶ $9B defense contractor forms new business unit to be based in Plano   [Aug-02-18 12:24PM  American City Business Journals]
▶ L3 Announces Business Segment Realignment   [08:30AM  Business Wire]
▶ Aerospace manufacturer plans to expand, add 245 jobs in Mason   [Jul-31-18 03:50PM  American City Business Journals]
▶ L-3: 2Q Earnings Snapshot   [06:59AM  Associated Press]

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