Intrinsic value of L3 Technologies - LLL

Previous Close

$210.38

  Intrinsic Value

$141.43

stock screener

  Rating & Target

sell

-33%

Previous close

$210.38

 
Intrinsic value

$141.43

 
Up/down potential

-33%

 
Rating

sell

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 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 16.4

 

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, %
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  9,946
  10,345
  10,770
  11,222
  11,703
  12,212
  12,751
  13,321
  13,924
  14,561
  15,233
  15,942
  16,690
  17,478
  18,308
  19,182
  20,102
  21,070
  22,089
  23,160
  24,287
  25,472
  26,718
  28,028
  29,405
  30,852
  32,373
  33,971
  35,650
  37,414
Variable operating expenses, $m
  8,199
  8,500
  8,821
  9,162
  9,524
  9,909
  10,316
  10,746
  11,201
  11,682
  11,499
  12,034
  12,598
  13,193
  13,820
  14,479
  15,174
  15,905
  16,674
  17,483
  18,333
  19,228
  20,168
  21,157
  22,196
  23,289
  24,437
  25,643
  26,910
  28,242
Fixed operating expenses, $m
  667
  682
  697
  712
  728
  744
  760
  777
  794
  812
  830
  848
  867
  886
  905
  925
  945
  966
  987
  1,009
  1,031
  1,054
  1,077
  1,101
  1,125
  1,150
  1,175
  1,201
  1,227
  1,254
Total operating expenses, $m
  8,866
  9,182
  9,518
  9,874
  10,252
  10,653
  11,076
  11,523
  11,995
  12,494
  12,329
  12,882
  13,465
  14,079
  14,725
  15,404
  16,119
  16,871
  17,661
  18,492
  19,364
  20,282
  21,245
  22,258
  23,321
  24,439
  25,612
  26,844
  28,137
  29,496
Operating income, $m
  1,080
  1,163
  1,253
  1,348
  1,450
  1,559
  1,675
  1,798
  1,929
  2,067
  2,905
  3,060
  3,225
  3,399
  3,583
  3,777
  3,983
  4,199
  4,428
  4,669
  4,923
  5,191
  5,473
  5,770
  6,084
  6,414
  6,761
  7,127
  7,512
  7,918
EBITDA, $m
  2,588
  2,703
  2,828
  2,960
  3,102
  3,252
  3,412
  3,582
  3,762
  3,953
  4,156
  4,369
  4,595
  4,834
  5,086
  5,352
  5,633
  5,929
  6,241
  6,570
  6,917
  7,282
  7,666
  8,071
  8,498
  8,947
  9,419
  9,916
  10,439
  10,989
Interest expense (income), $m
  162
  180
  196
  213
  232
  251
  272
  294
  317
  342
  368
  395
  424
  455
  487
  521
  557
  595
  634
  676
  720
  766
  815
  866
  920
  977
  1,036
  1,098
  1,164
  1,233
  1,305
Earnings before tax, $m
  900
  967
  1,039
  1,116
  1,199
  1,287
  1,381
  1,481
  1,587
  1,699
  2,510
  2,636
  2,770
  2,912
  3,062
  3,220
  3,388
  3,565
  3,751
  3,948
  4,156
  4,376
  4,607
  4,850
  5,107
  5,378
  5,663
  5,963
  6,279
  6,612
Tax expense, $m
  243
  261
  281
  301
  324
  347
  373
  400
  428
  459
  678
  712
  748
  786
  827
  870
  915
  962
  1,013
  1,066
  1,122
  1,181
  1,244
  1,310
  1,379
  1,452
  1,529
  1,610
  1,695
  1,785
Net income, $m
  657
  706
  759
  815
  875
  939
  1,008
  1,081
  1,158
  1,241
  1,832
  1,924
  2,022
  2,126
  2,235
  2,351
  2,473
  2,602
  2,739
  2,882
  3,034
  3,194
  3,363
  3,541
  3,728
  3,926
  4,134
  4,353
  4,584
  4,827

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
  13,227
  13,757
  14,322
  14,923
  15,562
  16,239
  16,956
  17,715
  18,516
  19,363
  20,257
  21,200
  22,194
  23,242
  24,346
  25,508
  26,731
  28,019
  29,373
  30,798
  32,297
  33,873
  35,530
  37,272
  39,103
  41,027
  43,049
  45,174
  47,407
  49,752
Adjusted assets (=assets-cash), $m
  13,227
  13,757
  14,322
  14,923
  15,562
  16,239
  16,956
  17,715
  18,516
  19,363
  20,257
  21,200
  22,194
  23,242
  24,346
  25,508
  26,731
  28,019
  29,373
  30,798
  32,297
  33,873
  35,530
  37,272
  39,103
  41,027
  43,049
  45,174
  47,407
  49,752
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
  8,166
  8,493
  8,842
  9,214
  9,608
  10,026
  10,468
  10,937
  11,432
  11,955
  12,507
  13,089
  13,703
  14,349
  15,031
  15,748
  16,504
  17,298
  18,135
  19,015
  19,940
  20,913
  21,936
  23,011
  24,142
  25,330
  26,578
  27,890
  29,269
  30,717
Working capital, $m
  -149
  -155
  -162
  -168
  -176
  -183
  -191
  -200
  -209
  -218
  -229
  -239
  -250
  -262
  -275
  -288
  -302
  -316
  -331
  -347
  -364
  -382
  -401
  -420
  -441
  -463
  -486
  -510
  -535
  -561
Total debt, $m
  3,633
  3,952
  4,292
  4,653
  5,037
  5,444
  5,875
  6,330
  6,812
  7,321
  7,859
  8,425
  9,023
  9,652
  10,316
  11,014
  11,749
  12,523
  13,337
  14,194
  15,094
  16,042
  17,037
  18,084
  19,185
  20,341
  21,556
  22,834
  24,175
  25,585
Total liabilities, $m
  7,949
  8,268
  8,608
  8,969
  9,353
  9,760
  10,191
  10,646
  11,128
  11,637
  12,175
  12,741
  13,339
  13,968
  14,632
  15,330
  16,065
  16,839
  17,653
  18,510
  19,410
  20,358
  21,353
  22,400
  23,501
  24,657
  25,872
  27,150
  28,491
  29,901
Total equity, $m
  5,277
  5,489
  5,715
  5,954
  6,209
  6,479
  6,765
  7,068
  7,388
  7,726
  8,083
  8,459
  8,856
  9,274
  9,714
  10,178
  10,666
  11,179
  11,720
  12,288
  12,886
  13,515
  14,176
  14,871
  15,602
  16,370
  17,177
  18,024
  18,915
  19,851
Total liabilities and equity, $m
  13,226
  13,757
  14,323
  14,923
  15,562
  16,239
  16,956
  17,714
  18,516
  19,363
  20,258
  21,200
  22,195
  23,242
  24,346
  25,508
  26,731
  28,018
  29,373
  30,798
  32,296
  33,873
  35,529
  37,271
  39,103
  41,027
  43,049
  45,174
  47,406
  49,752
Debt-to-equity ratio
  0.690
  0.720
  0.750
  0.780
  0.810
  0.840
  0.870
  0.900
  0.920
  0.950
  0.970
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.270
  1.280
  1.290
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
  657
  706
  759
  815
  875
  939
  1,008
  1,081
  1,158
  1,241
  1,832
  1,924
  2,022
  2,126
  2,235
  2,351
  2,473
  2,602
  2,739
  2,882
  3,034
  3,194
  3,363
  3,541
  3,728
  3,926
  4,134
  4,353
  4,584
  4,827
Depreciation, amort., depletion, $m
  1,507
  1,540
  1,575
  1,612
  1,651
  1,693
  1,738
  1,784
  1,834
  1,886
  1,251
  1,309
  1,370
  1,435
  1,503
  1,575
  1,650
  1,730
  1,813
  1,901
  1,994
  2,091
  2,194
  2,301
  2,414
  2,533
  2,658
  2,789
  2,927
  3,072
Funds from operations, $m
  2,165
  2,246
  2,334
  2,427
  2,527
  2,633
  2,746
  2,865
  2,992
  3,127
  3,083
  3,233
  3,392
  3,561
  3,738
  3,926
  4,124
  4,332
  4,552
  4,784
  5,028
  5,285
  5,556
  5,842
  6,142
  6,459
  6,792
  7,142
  7,511
  7,899
Change in working capital, $m
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  2,170
  2,252
  2,340
  2,434
  2,534
  2,640
  2,754
  2,874
  3,001
  3,136
  3,093
  3,244
  3,404
  3,572
  3,751
  3,939
  4,137
  4,347
  4,567
  4,800
  5,045
  5,303
  5,575
  5,861
  6,163
  6,480
  6,814
  7,166
  7,536
  7,925
Maintenance CAPEX, $m
  -786
  -817
  -849
  -884
  -921
  -961
  -1,003
  -1,047
  -1,094
  -1,143
  -1,195
  -1,251
  -1,309
  -1,370
  -1,435
  -1,503
  -1,575
  -1,650
  -1,730
  -1,813
  -1,901
  -1,994
  -2,091
  -2,194
  -2,301
  -2,414
  -2,533
  -2,658
  -2,789
  -2,927
New CAPEX, $m
  -302
  -327
  -349
  -371
  -394
  -418
  -443
  -468
  -495
  -523
  -552
  -582
  -614
  -647
  -681
  -717
  -755
  -795
  -836
  -880
  -925
  -973
  -1,023
  -1,075
  -1,130
  -1,188
  -1,248
  -1,312
  -1,378
  -1,448
Cash from investing activities, $m
  -1,088
  -1,144
  -1,198
  -1,255
  -1,315
  -1,379
  -1,446
  -1,515
  -1,589
  -1,666
  -1,747
  -1,833
  -1,923
  -2,017
  -2,116
  -2,220
  -2,330
  -2,445
  -2,566
  -2,693
  -2,826
  -2,967
  -3,114
  -3,269
  -3,431
  -3,602
  -3,781
  -3,970
  -4,167
  -4,375
Free cash flow, $m
  1,081
  1,108
  1,142
  1,178
  1,218
  1,262
  1,308
  1,359
  1,413
  1,470
  1,345
  1,411
  1,481
  1,555
  1,634
  1,718
  1,807
  1,901
  2,001
  2,107
  2,218
  2,336
  2,461
  2,592
  2,731
  2,878
  3,033
  3,196
  3,368
  3,550
Issuance/(repayment) of debt, $m
  303
  319
  340
  361
  384
  407
  431
  456
  482
  509
  537
  567
  597
  630
  663
  698
  735
  774
  814
  856
  901
  947
  996
  1,047
  1,100
  1,156
  1,215
  1,277
  1,342
  1,410
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  
  303
  319
  340
  361
  384
  407
  431
  456
  482
  509
  537
  567
  597
  630
  663
  698
  735
  774
  814
  856
  901
  947
  996
  1,047
  1,100
  1,156
  1,215
  1,277
  1,342
  1,410
Total cash flow (excl. dividends), $m
  1,385
  1,427
  1,481
  1,540
  1,602
  1,669
  1,739
  1,815
  1,894
  1,979
  1,883
  1,978
  2,078
  2,185
  2,298
  2,417
  2,542
  2,675
  2,815
  2,963
  3,119
  3,283
  3,457
  3,639
  3,832
  4,035
  4,248
  4,473
  4,710
  4,960
Retained Cash Flow (-), $m
  -194
  -212
  -226
  -240
  -255
  -270
  -286
  -303
  -320
  -338
  -357
  -376
  -397
  -418
  -440
  -464
  -488
  -514
  -541
  -569
  -598
  -629
  -661
  -695
  -731
  -768
  -807
  -848
  -891
  -936
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
  57
  60
  62
  65
  67
  70
  73
  77
  80
  84
  87
  91
  96
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153
  160
  168
  176
  185
  194
  204
  214
Cash available for distribution, $m
  1,190
  1,215
  1,256
  1,300
  1,347
  1,398
  1,453
  1,512
  1,574
  1,641
  1,526
  1,602
  1,682
  1,767
  1,857
  1,953
  2,054
  2,161
  2,275
  2,394
  2,521
  2,655
  2,796
  2,944
  3,101
  3,267
  3,441
  3,625
  3,819
  4,024
Discount rate, %
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
  1,109
  1,048
  996
  940
  881
  819
  756
  691
  626
  561
  443
  390
  339
  290
  245
  204
  166
  133
  105
  81
  61
  45
  33
  23
  16
  10
  7
  4
  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

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 22.9
Price to Sales 1.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 19.7
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 2017 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 3.9% 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 7.3%, 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 82.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $653 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 0.6%.

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 82.1%.

Life of production assets of 10 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 -1.5%. 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 - $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 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 $16.4 billion.

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COMPANY NEWS

▶ 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]
▶ L3 Announces Second Quarter 2018 Results   [06:45AM  Business Wire]
▶ Breaking down the big defense contracts awarded to DFW companies this year   [Jul-19-18 02:16PM  American City Business Journals]
▶ 6 Stocks That Can Speed Past The Markets   [Jul-18-18 01:30PM  Investopedia]
▶ L3 Sponsors MIT Beaver Works Summer Institute   [Jul-16-18 12:00PM  Business Wire]
▶ L3 Announces Retirement of Richard A. Cody   [09:00AM  Business Wire]
▶ L3 Technologies Declares Quarterly Dividend   [Jul-10-18 10:52AM  Business Wire]
▶ L3 Completes Sale of Vertex Aerospace Businesses   [Jul-03-18 11:48AM  Business Wire]
▶ L3 Technologies acquires Md. aerospace firm for $50 million   [Jul-02-18 03:05PM  American City Business Journals]
▶ In two weeks, DFW companies received nearly $3B from the U.S. government   [Jun-28-18 07:42AM  American City Business Journals]
▶ L3 Receives a 2018 SAP Innovation Award   [Jun-07-18 09:00AM  Business Wire]
▶ Investor sells downtown tower, reloads for more Nashville deals   [May-30-18 04:35PM  American City Business Journals]
▶ In the last 10 days, DFW units of Lockheed Martin have scored nearly $1B in deals   [May-25-18 07:36AM  American City Business Journals]
▶ MARKETS: Bulls are taking the reigns   [May-14-18 10:47AM  Yahoo Finance Video]
▶ L3 Appoints James P. Blair Jr. as Treasurer   [May-10-18 03:35PM  Business Wire]
▶ L3 Appoints Rita S. Lane to Its Board of Directors   [May-09-18 04:57PM  Business Wire]
▶ L3 Technologies Declares Quarterly Dividend   [May-08-18 12:39PM  Business Wire]
▶ Axon CEO touts benefits of his police tech   [May-04-18 07:12PM  CNBC Videos]
▶ CACI: We are not consumed by the notion of scale   [May-03-18 02:47PM  American City Business Journals]
▶ [$$] L3 Technologies Sells Aerospace Business for $540 Million   [May-01-18 12:55PM  The Wall Street Journal]
▶ L-3: 1Q Earnings Snapshot   [08:09AM  Associated Press]
▶ L3 Announces First Quarter 2018 Results   [07:49AM  Business Wire]
▶ One of DFW's largest manufacturers scores $200M deal from Navy   [Apr-09-18 02:55PM  American City Business Journals]
▶ 3 Defense Stocks to Buy in the Calm Before the Storm   [Apr-04-18 02:13PM  InvestorPlace]
▶ 7 Stocks That Could Benefit From a China Trade War   [Mar-26-18 12:16PM  Barrons.com]
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