Intrinsic value of L3 Technologies - LLL

Previous Close

$189.42

  Intrinsic Value

$123.15

stock screener

  Rating & Target

sell

-35%

Previous close

$189.42

 
Intrinsic value

$123.15

 
Up/down potential

-35%

 
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

Revenue (in 2016), $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 14.8

 

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
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  10,511
  10,784
  11,091
  11,429
  11,801
  12,205
  12,643
  13,113
  13,619
  14,159
  14,735
  15,348
  16,000
  16,692
  17,425
  18,200
  19,020
  19,887
  20,801
  21,767
  22,784
  23,857
  24,987
  26,178
  27,431
  28,750
  30,138
  31,598
  33,134
  34,749
  36,447
Variable operating expenses, $m
 
  10,282
  10,555
  10,858
  11,189
  11,550
  11,941
  12,361
  12,812
  13,294
  13,808
  13,700
  14,282
  14,899
  15,553
  16,245
  16,977
  17,751
  18,567
  19,429
  20,337
  21,295
  22,303
  23,366
  24,484
  25,662
  26,901
  28,204
  29,575
  31,016
  32,532
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
  10,282
  10,555
  10,858
  11,189
  11,550
  11,941
  12,361
  12,812
  13,294
  13,808
  13,700
  14,282
  14,899
  15,553
  16,245
  16,977
  17,751
  18,567
  19,429
  20,337
  21,295
  22,303
  23,366
  24,484
  25,662
  26,901
  28,204
  29,575
  31,016
  32,532
Operating income, $m
  1,001
  502
  535
  572
  612
  655
  702
  753
  807
  865
  927
  1,649
  1,719
  1,793
  1,872
  1,955
  2,043
  2,136
  2,234
  2,338
  2,447
  2,563
  2,684
  2,812
  2,946
  3,088
  3,237
  3,394
  3,559
  3,732
  3,915
EBITDA, $m
  1,207
  1,204
  1,238
  1,276
  1,317
  1,362
  1,411
  1,464
  1,520
  1,580
  1,645
  1,713
  1,786
  1,863
  1,945
  2,031
  2,123
  2,220
  2,322
  2,429
  2,543
  2,663
  2,789
  2,922
  3,062
  3,209
  3,364
  3,527
  3,698
  3,878
  4,068
Interest expense (income), $m
  162
  154
  162
  172
  183
  195
  208
  222
  237
  253
  270
  289
  308
  329
  351
  375
  400
  426
  454
  483
  514
  546
  581
  617
  655
  695
  737
  782
  829
  878
  929
Earnings before tax, $m
  850
  349
  373
  399
  429
  460
  494
  531
  570
  612
  656
  1,360
  1,410
  1,464
  1,520
  1,580
  1,643
  1,710
  1,781
  1,855
  1,933
  2,016
  2,103
  2,195
  2,291
  2,393
  2,500
  2,612
  2,730
  2,855
  2,985
Tax expense, $m
  189
  94
  101
  108
  116
  124
  133
  143
  154
  165
  177
  367
  381
  395
  410
  427
  444
  462
  481
  501
  522
  544
  568
  593
  619
  646
  675
  705
  737
  771
  806
Net income, $m
  710
  255
  272
  292
  313
  336
  361
  387
  416
  447
  479
  993
  1,029
  1,068
  1,110
  1,153
  1,200
  1,248
  1,300
  1,354
  1,411
  1,472
  1,535
  1,602
  1,673
  1,747
  1,825
  1,907
  1,993
  2,084
  2,179

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
  11,799
  12,134
  12,505
  12,911
  13,354
  13,832
  14,347
  14,900
  15,491
  16,121
  16,793
  17,506
  18,262
  19,064
  19,913
  20,810
  21,758
  22,759
  23,815
  24,928
  26,102
  27,338
  28,641
  30,012
  31,455
  32,973
  34,571
  36,251
  38,018
  39,876
Adjusted assets (=assets-cash), $m
  11,502
  11,799
  12,134
  12,505
  12,911
  13,354
  13,832
  14,347
  14,900
  15,491
  16,121
  16,793
  17,506
  18,262
  19,064
  19,913
  20,810
  21,758
  22,759
  23,815
  24,928
  26,102
  27,338
  28,641
  30,012
  31,455
  32,973
  34,571
  36,251
  38,018
  39,876
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
  1,359
  1,397
  1,440
  1,487
  1,538
  1,593
  1,652
  1,716
  1,784
  1,857
  1,934
  2,016
  2,103
  2,196
  2,293
  2,397
  2,506
  2,621
  2,743
  2,871
  3,006
  3,148
  3,298
  3,456
  3,622
  3,797
  3,981
  4,175
  4,378
  4,592
Working capital, $m
  1,562
  1,229
  1,264
  1,303
  1,345
  1,391
  1,441
  1,495
  1,553
  1,614
  1,680
  1,750
  1,824
  1,903
  1,986
  2,075
  2,168
  2,267
  2,371
  2,481
  2,597
  2,720
  2,849
  2,984
  3,127
  3,277
  3,436
  3,602
  3,777
  3,961
  4,155
Total debt, $m
  3,338
  3,530
  3,743
  3,979
  4,238
  4,519
  4,823
  5,151
  5,502
  5,878
  6,279
  6,706
  7,160
  7,641
  8,151
  8,690
  9,261
  9,864
  10,501
  11,172
  11,880
  12,627
  13,413
  14,241
  15,114
  16,031
  16,997
  18,013
  19,082
  20,206
  21,387
Total liabilities, $m
  7,312
  7,504
  7,717
  7,953
  8,212
  8,493
  8,797
  9,125
  9,476
  9,852
  10,253
  10,680
  11,134
  11,615
  12,125
  12,664
  13,235
  13,838
  14,475
  15,146
  15,854
  16,601
  17,387
  18,215
  19,088
  20,005
  20,971
  21,987
  23,056
  24,180
  25,361
Total equity, $m
  4,553
  4,295
  4,417
  4,552
  4,700
  4,861
  5,035
  5,222
  5,424
  5,639
  5,868
  6,113
  6,372
  6,648
  6,939
  7,248
  7,575
  7,920
  8,284
  8,669
  9,074
  9,501
  9,951
  10,425
  10,924
  11,450
  12,002
  12,584
  13,195
  13,839
  14,515
Total liabilities and equity, $m
  11,865
  11,799
  12,134
  12,505
  12,912
  13,354
  13,832
  14,347
  14,900
  15,491
  16,121
  16,793
  17,506
  18,263
  19,064
  19,912
  20,810
  21,758
  22,759
  23,815
  24,928
  26,102
  27,338
  28,640
  30,012
  31,455
  32,973
  34,571
  36,251
  38,019
  39,876
Debt-to-equity ratio
  0.733
  0.820
  0.850
  0.870
  0.900
  0.930
  0.960
  0.990
  1.010
  1.040
  1.070
  1.100
  1.120
  1.150
  1.170
  1.200
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.420
  1.430
  1.450
  1.460
  1.470
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
  255
  272
  292
  313
  336
  361
  387
  416
  447
  479
  993
  1,029
  1,068
  1,110
  1,153
  1,200
  1,248
  1,300
  1,354
  1,411
  1,472
  1,535
  1,602
  1,673
  1,747
  1,825
  1,907
  1,993
  2,084
  2,179
Depreciation, amort., depletion, $m
  206
  701
  703
  704
  706
  707
  709
  711
  713
  715
  718
  64
  67
  70
  73
  76
  80
  84
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
Funds from operations, $m
  998
  956
  975
  996
  1,018
  1,043
  1,070
  1,098
  1,129
  1,162
  1,197
  1,057
  1,097
  1,138
  1,183
  1,230
  1,279
  1,332
  1,387
  1,446
  1,507
  1,572
  1,640
  1,712
  1,788
  1,868
  1,951
  2,040
  2,132
  2,230
  2,332
Change in working capital, $m
  -43
  31
  35
  39
  42
  46
  50
  54
  58
  62
  66
  70
  74
  79
  84
  88
  93
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  166
  175
  184
  194
Cash from operations, $m
  1,041
  925
  940
  957
  976
  997
  1,020
  1,045
  1,072
  1,100
  1,131
  987
  1,022
  1,060
  1,099
  1,141
  1,186
  1,233
  1,283
  1,336
  1,391
  1,450
  1,511
  1,576
  1,645
  1,717
  1,793
  1,873
  1,957
  2,046
  2,139
Maintenance CAPEX, $m
  0
  -44
  -45
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
New CAPEX, $m
  -216
  -31
  -39
  -43
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -203
  -214
Cash from investing activities, $m
  -16
  -75
  -84
  -90
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -179
  -189
  -199
  -209
  -219
  -231
  -242
  -255
  -268
  -281
  -296
  -311
  -327
  -342
  -360
Free cash flow, $m
  1,025
  849
  856
  868
  881
  897
  914
  932
  953
  975
  999
  848
  876
  905
  937
  970
  1,006
  1,044
  1,084
  1,127
  1,171
  1,219
  1,269
  1,321
  1,377
  1,436
  1,497
  1,563
  1,631
  1,703
  1,779
Issuance/(repayment) of debt, $m
  -309
  192
  213
  236
  259
  281
  304
  328
  351
  376
  401
  427
  454
  481
  510
  540
  571
  603
  637
  672
  708
  746
  786
  828
  872
  918
  966
  1,016
  1,069
  1,124
  1,182
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
  192
  213
  236
  259
  281
  304
  328
  351
  376
  401
  427
  454
  481
  510
  540
  571
  603
  637
  672
  708
  746
  786
  828
  872
  918
  966
  1,016
  1,069
  1,124
  1,182
Total cash flow (excl. dividends), $m
  376
  1,041
  1,069
  1,104
  1,140
  1,178
  1,218
  1,260
  1,304
  1,351
  1,400
  1,275
  1,329
  1,387
  1,447
  1,510
  1,577
  1,647
  1,721
  1,798
  1,880
  1,965
  2,055
  2,150
  2,249
  2,354
  2,463
  2,579
  2,700
  2,827
  2,961
Retained Cash Flow (-), $m
  -198
  -105
  -122
  -135
  -148
  -161
  -174
  -188
  -201
  -215
  -230
  -244
  -260
  -275
  -292
  -309
  -327
  -345
  -364
  -384
  -405
  -427
  -450
  -474
  -499
  -525
  -553
  -582
  -612
  -643
  -676
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
 
  1,300
  947
  969
  992
  1,017
  1,044
  1,072
  1,103
  1,136
  1,171
  1,031
  1,070
  1,111
  1,155
  1,201
  1,250
  1,302
  1,356
  1,414
  1,474
  1,538
  1,605
  1,676
  1,750
  1,828
  1,911
  1,997
  2,088
  2,184
  2,284
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
 
  1,226
  838
  799
  758
  715
  670
  624
  577
  529
  481
  369
  331
  294
  258
  223
  191
  161
  133
  109
  88
  69
  54
  41
  30
  22
  16
  11
  7
  5
  3
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 20.6
Price to Sales 1.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 17.7
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 2.6% 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 78.239 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 $14.8 billion.

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COMPANY NEWS

▶ 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 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]
▶ Defense in the Trader Blitz   [May-22-17 01:26PM  CNBC Videos]
▶ L3 Acquires Open Water Power, Inc.   [09:00AM  Business Wire]
▶ ETFs with exposure to L3 Technologies, Inc. : May 2, 2017   [May-02-17 04:17PM  Capital Cube]
▶ L-3 tops Street 1Q forecasts   [07:04AM  Associated Press]
▶ L3 Announces First Quarter 2017 Results   [06:55AM  Business Wire]
▶ Defense Stock Roundup: TXT, HON, LMT and COL   [Apr-26-17 04:03PM  Zacks]
▶ L3 Acquires OceanServer Technology   [Apr-04-17 03:45PM  Business Wire]
Financial statements of LLL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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