Intrinsic value of L3 Technologies - LLL

Previous Close

$210.73

  Intrinsic Value

$138.95

stock screener

  Rating & Target

sell

-34%

Previous close

$210.73

 
Intrinsic value

$138.95

 
Up/down potential

-34%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.43
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  10,511
  11,100
  11,715
  12,357
  13,029
  13,732
  14,467
  15,237
  16,042
  16,886
  17,769
  18,695
  19,665
  20,681
  21,747
  22,864
  24,036
  25,264
  26,553
  27,904
  29,322
  30,809
  32,370
  34,008
  35,726
  37,530
  39,422
  41,409
  43,494
  45,682
  47,979
Variable operating expenses, $m
 
  10,563
  11,112
  11,686
  12,286
  12,913
  13,569
  14,256
  14,975
  15,728
  16,517
  16,687
  17,553
  18,460
  19,411
  20,408
  21,454
  22,550
  23,701
  24,907
  26,172
  27,500
  28,893
  30,355
  31,889
  33,499
  35,188
  36,961
  38,822
  40,775
  42,825
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
  9,510
  10,563
  11,112
  11,686
  12,286
  12,913
  13,569
  14,256
  14,975
  15,728
  16,517
  16,687
  17,553
  18,460
  19,411
  20,408
  21,454
  22,550
  23,701
  24,907
  26,172
  27,500
  28,893
  30,355
  31,889
  33,499
  35,188
  36,961
  38,822
  40,775
  42,825
Operating income, $m
  1,001
  536
  602
  671
  743
  819
  898
  981
  1,067
  1,158
  1,253
  2,008
  2,112
  2,221
  2,336
  2,456
  2,582
  2,714
  2,852
  2,997
  3,149
  3,309
  3,477
  3,653
  3,837
  4,031
  4,234
  4,448
  4,672
  4,907
  5,153
EBITDA, $m
  1,207
  1,239
  1,307
  1,379
  1,454
  1,533
  1,615
  1,701
  1,790
  1,885
  1,983
  2,087
  2,195
  2,308
  2,427
  2,552
  2,683
  2,820
  2,964
  3,114
  3,273
  3,439
  3,613
  3,796
  3,987
  4,189
  4,400
  4,622
  4,854
  5,099
  5,355
Interest expense (income), $m
  162
  154
  172
  192
  213
  234
  257
  280
  305
  331
  358
  386
  416
  447
  479
  513
  549
  587
  626
  667
  710
  756
  803
  853
  906
  961
  1,018
  1,079
  1,143
  1,209
  1,279
Earnings before tax, $m
  850
  383
  430
  479
  531
  585
  641
  700
  762
  827
  895
  1,622
  1,697
  1,775
  1,857
  1,943
  2,033
  2,127
  2,226
  2,330
  2,439
  2,554
  2,674
  2,799
  2,932
  3,070
  3,216
  3,369
  3,529
  3,697
  3,874
Tax expense, $m
  189
  103
  116
  129
  143
  158
  173
  189
  206
  223
  242
  438
  458
  479
  501
  524
  549
  574
  601
  629
  659
  689
  722
  756
  792
  829
  868
  910
  953
  998
  1,046
Net income, $m
  710
  279
  314
  350
  387
  427
  468
  511
  556
  604
  653
  1,184
  1,239
  1,296
  1,355
  1,418
  1,484
  1,553
  1,625
  1,701
  1,781
  1,864
  1,952
  2,044
  2,140
  2,241
  2,348
  2,459
  2,576
  2,699
  2,828

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  363
  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
  11,865
  12,144
  12,817
  13,520
  14,255
  15,024
  15,828
  16,670
  17,552
  18,474
  19,441
  20,454
  21,515
  22,627
  23,793
  25,015
  26,297
  27,641
  29,051
  30,530
  32,081
  33,708
  35,416
  37,208
  39,088
  41,061
  43,132
  45,305
  47,586
  49,980
  52,493
Adjusted assets (=assets-cash), $m
  11,502
  12,144
  12,817
  13,520
  14,255
  15,024
  15,828
  16,670
  17,552
  18,474
  19,441
  20,454
  21,515
  22,627
  23,793
  25,015
  26,297
  27,641
  29,051
  30,530
  32,081
  33,708
  35,416
  37,208
  39,088
  41,061
  43,132
  45,305
  47,586
  49,980
  52,493
Revenue / Adjusted assets
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
Average production assets, $m
  1,328
  1,399
  1,476
  1,557
  1,642
  1,730
  1,823
  1,920
  2,021
  2,128
  2,239
  2,356
  2,478
  2,606
  2,740
  2,881
  3,028
  3,183
  3,346
  3,516
  3,695
  3,882
  4,079
  4,285
  4,502
  4,729
  4,967
  5,217
  5,480
  5,756
  6,045
Working capital, $m
  1,562
  1,265
  1,335
  1,409
  1,485
  1,565
  1,649
  1,737
  1,829
  1,925
  2,026
  2,131
  2,242
  2,358
  2,479
  2,607
  2,740
  2,880
  3,027
  3,181
  3,343
  3,512
  3,690
  3,877
  4,073
  4,278
  4,494
  4,721
  4,958
  5,208
  5,470
Total debt, $m
  3,338
  3,750
  4,177
  4,625
  5,092
  5,581
  6,093
  6,628
  7,189
  7,776
  8,391
  9,035
  9,710
  10,417
  11,158
  11,936
  12,751
  13,606
  14,502
  15,443
  16,429
  17,465
  18,551
  19,690
  20,886
  22,141
  23,458
  24,840
  26,291
  27,813
  29,412
Total liabilities, $m
  7,312
  7,724
  8,151
  8,599
  9,066
  9,555
  10,067
  10,602
  11,163
  11,750
  12,365
  13,009
  13,684
  14,391
  15,132
  15,910
  16,725
  17,580
  18,476
  19,417
  20,403
  21,439
  22,525
  23,664
  24,860
  26,115
  27,432
  28,814
  30,265
  31,787
  33,386
Total equity, $m
  4,553
  4,420
  4,665
  4,921
  5,189
  5,469
  5,762
  6,068
  6,389
  6,725
  7,077
  7,445
  7,831
  8,236
  8,661
  9,106
  9,572
  10,061
  10,575
  11,113
  11,677
  12,270
  12,891
  13,544
  14,228
  14,946
  15,700
  16,491
  17,321
  18,193
  19,108
Total liabilities and equity, $m
  11,865
  12,144
  12,816
  13,520
  14,255
  15,024
  15,829
  16,670
  17,552
  18,475
  19,442
  20,454
  21,515
  22,627
  23,793
  25,016
  26,297
  27,641
  29,051
  30,530
  32,080
  33,709
  35,416
  37,208
  39,088
  41,061
  43,132
  45,305
  47,586
  49,980
  52,494
Debt-to-equity ratio
  0.733
  0.850
  0.900
  0.940
  0.980
  1.020
  1.060
  1.090
  1.130
  1.160
  1.190
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.420
  1.440
  1.450
  1.470
  1.480
  1.490
  1.510
  1.520
  1.530
  1.540
Adjusted equity ratio
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  710
  279
  314
  350
  387
  427
  468
  511
  556
  604
  653
  1,184
  1,239
  1,296
  1,355
  1,418
  1,484
  1,553
  1,625
  1,701
  1,781
  1,864
  1,952
  2,044
  2,140
  2,241
  2,348
  2,459
  2,576
  2,699
  2,828
Depreciation, amort., depletion, $m
  206
  703
  705
  708
  711
  714
  717
  720
  723
  727
  731
  79
  83
  87
  91
  96
  101
  106
  112
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  192
  202
Funds from operations, $m
  998
  982
  1,019
  1,058
  1,098
  1,141
  1,185
  1,231
  1,280
  1,331
  1,384
  1,263
  1,321
  1,382
  1,447
  1,514
  1,585
  1,659
  1,737
  1,818
  1,904
  1,993
  2,088
  2,186
  2,290
  2,399
  2,513
  2,633
  2,759
  2,891
  3,030
Change in working capital, $m
  -43
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  121
  127
  134
  140
  147
  154
  162
  170
  178
  187
  196
  206
  216
  226
  238
  249
  262
Cash from operations, $m
  1,041
  915
  949
  984
  1,022
  1,060
  1,101
  1,143
  1,188
  1,234
  1,283
  1,157
  1,211
  1,267
  1,325
  1,387
  1,451
  1,519
  1,590
  1,664
  1,742
  1,824
  1,910
  2,000
  2,094
  2,193
  2,297
  2,407
  2,521
  2,641
  2,768
Maintenance CAPEX, $m
  0
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
New CAPEX, $m
  -216
  -71
  -77
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -170
  -179
  -187
  -197
  -206
  -217
  -227
  -238
  -250
  -263
  -276
  -289
Cash from investing activities, $m
  -16
  -115
  -124
  -130
  -137
  -144
  -151
  -158
  -165
  -173
  -182
  -192
  -201
  -211
  -221
  -232
  -244
  -256
  -268
  -282
  -296
  -310
  -326
  -342
  -360
  -377
  -396
  -416
  -437
  -459
  -481
Free cash flow, $m
  1,025
  800
  825
  854
  885
  917
  951
  986
  1,022
  1,061
  1,101
  966
  1,010
  1,056
  1,104
  1,155
  1,208
  1,263
  1,321
  1,382
  1,446
  1,513
  1,584
  1,657
  1,735
  1,816
  1,901
  1,991
  2,085
  2,183
  2,286
Issuance/(repayment) of debt, $m
  -309
  412
  428
  447
  468
  489
  512
  535
  561
  587
  615
  644
  675
  707
  741
  777
  815
  855
  897
  940
  987
  1,035
  1,086
  1,140
  1,196
  1,255
  1,317
  1,382
  1,451
  1,523
  1,598
Issuance/(repurchase) of shares, $m
  -310
  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  
  -636
  412
  428
  447
  468
  489
  512
  535
  561
  587
  615
  644
  675
  707
  741
  777
  815
  855
  897
  940
  987
  1,035
  1,086
  1,140
  1,196
  1,255
  1,317
  1,382
  1,451
  1,523
  1,598
Total cash flow (excl. dividends), $m
  376
  1,211
  1,253
  1,301
  1,353
  1,406
  1,462
  1,521
  1,583
  1,648
  1,716
  1,610
  1,685
  1,763
  1,846
  1,932
  2,023
  2,118
  2,218
  2,323
  2,433
  2,548
  2,670
  2,797
  2,931
  3,071
  3,218
  3,373
  3,535
  3,706
  3,885
Retained Cash Flow (-), $m
  -198
  -230
  -245
  -256
  -268
  -280
  -293
  -306
  -321
  -336
  -352
  -369
  -386
  -405
  -424
  -445
  -467
  -489
  -513
  -538
  -565
  -592
  -622
  -652
  -684
  -718
  -754
  -791
  -830
  -872
  -915
Prev. year cash balance distribution, $m
 
  363
  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
 
  1,344
  1,008
  1,045
  1,085
  1,126
  1,169
  1,215
  1,262
  1,312
  1,364
  1,241
  1,298
  1,358
  1,421
  1,487
  1,556
  1,629
  1,705
  1,784
  1,868
  1,956
  2,048
  2,145
  2,246
  2,353
  2,465
  2,582
  2,705
  2,834
  2,970
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  1,268
  892
  863
  829
  792
  751
  707
  660
  611
  560
  445
  402
  359
  317
  276
  237
  201
  168
  138
  111
  88
  68
  52
  39
  28
  20
  14
  9
  6
  4
Current shareholders' claim on cash, %
  100
  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 $10511 million for the last fiscal year's total revenue generated by L3 Technologies. The default revenue input number comes from 2016 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 5.6% 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 6%, 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 95.5%.

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 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 4.6% 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 12.6%.

Life of production assets of 37.6 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 11.4%. 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 - $4553 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 78.595 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 $16.6 billion.

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COMPANY NEWS

▶ Closing Bell Ringer, January 10, 2018   [Jan-10-18 03:59PM  CNBC Videos]
▶ Stocks Generating Improved Relative Strength: L3 Technologies   [Dec-26-17 03:00AM  Investor's Business Daily]
▶ "Fast Money" final trades: GM, HAL and more   [Dec-12-17 05:59PM  CNBC Videos]
▶ L-3 Technologies Upgraded: What You Need to Know   [Dec-06-17 12:04PM  Motley Fool]
▶ L3 to Webcast Investor Conference   [Nov-30-17 04:13PM  Business Wire]
▶ L3 Announces Free Space Optics Contract Awards   [Nov-21-17 09:00AM  Business Wire]
▶ L-3 beats 3Q profit forecasts   [07:15AM  Associated Press]
▶ L3 Announces Third Quarter 2017 Results   [06:55AM  Business Wire]
▶ Why Is LLLs Dividend Yield Slipping despite Dividend Growth?   [Oct-23-17 10:36AM  Market Realist]
▶ L3 Technologies Declares Quarterly Dividend   [Oct-17-17 12:48PM  Business Wire]
▶ L3 Deploys 2,000th ProVision® Checkpoint Security Scanner   [Sep-20-17 10:34AM  Business Wire]
▶ L3 Acquires Doss Aviation, Inc.   [09:24AM  Business Wire]
▶ L3 Acquires Adaptive Methods, Inc.   [Sep-12-17 09:00AM  Business Wire]
▶ Stocks jump with tech, materials leading   [Aug-22-17 11:39AM  Yahoo Finance]
▶ What's working: Defense stocks   [Aug-14-17 06:51AM  CNBC Videos]
▶ The Bull Run in L3 Technologies Continues   [03:38PM  TheStreet.com]
▶ How Is Motorola Solutions Increasing Shareholder Value?   [Jul-31-17 06:05PM  Market Realist]
▶ L-3 beats Street 2Q forecasts   [Jul-27-17 10:40PM  Associated Press]
▶ L3 Announces Second Quarter 2017 Results   [06:55AM  Business Wire]
▶ Stocks With Rising Relative Strength: L3 Technologies   [03:00AM  Investor's Business Daily]
▶ L3 Technologies Declares Quarterly Dividend   [11:16AM  Business Wire]
▶ Lockheed Martin, L3 Technologies land $16M contracts with local work   [Jul-13-17 02:30PM  American City Business Journals]
Financial statements of LLL
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