Intrinsic value of Rada Electronic Industries - RADA

Previous Close

$2.98

  Intrinsic Value

$20.89

stock screener

  Rating & Target

str. buy

+601%

Previous close

$2.98

 
Intrinsic value

$20.89

 
Up/down potential

+601%

 
Rating

str. buy

We calculate the intrinsic value of RADA 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 0.1

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  42
  65
  97
  140
  198
  272
  366
  480
  618
  780
  969
  1,185
  1,428
  1,699
  1,998
  2,324
  2,677
  3,056
  3,461
  3,891
  4,346
  4,825
  5,328
  5,854
  6,403
  6,976
  7,573
  8,194
  8,839
  9,510
Variable operating expenses, $m
  26
  40
  60
  86
  122
  168
  225
  295
  380
  480
  596
  729
  878
  1,045
  1,229
  1,429
  1,646
  1,879
  2,129
  2,393
  2,673
  2,967
  3,276
  3,600
  3,938
  4,290
  4,657
  5,039
  5,436
  5,849
Fixed operating expenses, $m
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
Total operating expenses, $m
  34
  48
  69
  95
  131
  177
  234
  305
  390
  490
  606
  739
  889
  1,056
  1,240
  1,440
  1,658
  1,891
  2,141
  2,405
  2,686
  2,980
  3,289
  3,613
  3,952
  4,304
  4,671
  5,054
  5,451
  5,864
Operating income, $m
  8
  17
  29
  45
  67
  96
  131
  175
  228
  290
  363
  446
  539
  643
  758
  883
  1,019
  1,165
  1,320
  1,486
  1,661
  1,845
  2,038
  2,240
  2,451
  2,672
  2,901
  3,140
  3,388
  3,646
EBITDA, $m
  9
  18
  31
  49
  72
  102
  140
  187
  243
  310
  387
  475
  574
  685
  807
  941
  1,085
  1,240
  1,406
  1,582
  1,768
  1,964
  2,170
  2,385
  2,610
  2,844
  3,088
  3,342
  3,606
  3,881
Interest expense (income), $m
  0
  0
  0
  1
  2
  3
  4
  6
  8
  11
  15
  19
  23
  29
  35
  41
  49
  57
  66
  75
  85
  96
  107
  119
  131
  144
  158
  172
  187
  202
  218
Earnings before tax, $m
  8
  16
  28
  44
  65
  91
  125
  167
  217
  276
  344
  422
  510
  608
  717
  834
  962
  1,099
  1,245
  1,401
  1,565
  1,738
  1,919
  2,109
  2,307
  2,514
  2,729
  2,953
  3,186
  3,428
Tax expense, $m
  2
  4
  7
  12
  17
  25
  34
  45
  59
  74
  93
  114
  138
  164
  193
  225
  260
  297
  336
  378
  423
  469
  518
  569
  623
  679
  737
  797
  860
  925
Net income, $m
  6
  12
  20
  32
  47
  67
  92
  122
  158
  201
  251
  308
  373
  444
  523
  609
  702
  802
  909
  1,023
  1,142
  1,268
  1,401
  1,539
  1,684
  1,835
  1,992
  2,156
  2,326
  2,502

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
  47
  73
  109
  159
  224
  308
  413
  542
  698
  882
  1,095
  1,339
  1,613
  1,920
  2,257
  2,626
  3,025
  3,453
  3,911
  4,397
  4,911
  5,452
  6,020
  6,614
  7,235
  7,883
  8,557
  9,258
  9,988
  10,746
Adjusted assets (=assets-cash), $m
  47
  73
  109
  159
  224
  308
  413
  542
  698
  882
  1,095
  1,339
  1,613
  1,920
  2,257
  2,626
  3,025
  3,453
  3,911
  4,397
  4,911
  5,452
  6,020
  6,614
  7,235
  7,883
  8,557
  9,258
  9,988
  10,746
Revenue / Adjusted assets
  0.894
  0.890
  0.890
  0.881
  0.884
  0.883
  0.886
  0.886
  0.885
  0.884
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
Average production assets, $m
  5
  8
  12
  18
  25
  34
  46
  60
  78
  98
  122
  149
  180
  214
  252
  293
  337
  385
  436
  490
  548
  608
  671
  738
  807
  879
  954
  1,032
  1,114
  1,198
Working capital, $m
  21
  32
  48
  70
  98
  135
  181
  238
  306
  387
  481
  588
  708
  843
  991
  1,153
  1,328
  1,516
  1,717
  1,930
  2,156
  2,393
  2,642
  2,903
  3,176
  3,460
  3,756
  4,064
  4,384
  4,717
Total debt, $m
  5
  11
  20
  33
  50
  71
  98
  131
  170
  217
  272
  334
  404
  482
  568
  662
  764
  873
  990
  1,114
  1,245
  1,383
  1,528
  1,679
  1,837
  2,003
  2,175
  2,353
  2,539
  2,733
Total liabilities, $m
  12
  19
  28
  40
  57
  78
  105
  138
  178
  225
  279
  341
  411
  490
  576
  670
  771
  881
  997
  1,121
  1,252
  1,390
  1,535
  1,687
  1,845
  2,010
  2,182
  2,361
  2,547
  2,740
Total equity, $m
  35
  54
  81
  118
  167
  229
  308
  404
  520
  657
  816
  997
  1,202
  1,430
  1,682
  1,956
  2,253
  2,573
  2,914
  3,276
  3,659
  4,062
  4,485
  4,928
  5,390
  5,873
  6,375
  6,898
  7,441
  8,006
Total liabilities and equity, $m
  47
  73
  109
  158
  224
  307
  413
  542
  698
  882
  1,095
  1,338
  1,613
  1,920
  2,258
  2,626
  3,024
  3,454
  3,911
  4,397
  4,911
  5,452
  6,020
  6,615
  7,235
  7,883
  8,557
  9,259
  9,988
  10,746
Debt-to-equity ratio
  0.130
  0.200
  0.250
  0.280
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745
  0.745

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  12
  20
  32
  47
  67
  92
  122
  158
  201
  251
  308
  373
  444
  523
  609
  702
  802
  909
  1,023
  1,142
  1,268
  1,401
  1,539
  1,684
  1,835
  1,992
  2,156
  2,326
  2,502
Depreciation, amort., depletion, $m
  1
  2
  2
  3
  5
  7
  9
  12
  15
  19
  24
  29
  35
  42
  49
  57
  66
  76
  86
  96
  107
  119
  132
  145
  158
  172
  187
  202
  218
  235
Funds from operations, $m
  7
  13
  23
  35
  52
  74
  101
  134
  174
  221
  275
  338
  408
  486
  572
  667
  768
  878
  995
  1,119
  1,250
  1,388
  1,533
  1,684
  1,842
  2,007
  2,179
  2,358
  2,544
  2,737
Change in working capital, $m
  8
  11
  16
  22
  29
  37
  46
  57
  68
  81
  94
  107
  121
  134
  148
  162
  175
  188
  201
  213
  226
  238
  249
  261
  273
  284
  296
  308
  320
  333
Cash from operations, $m
  -1
  2
  7
  14
  23
  37
  54
  77
  105
  140
  182
  231
  287
  352
  424
  505
  593
  690
  794
  905
  1,024
  1,150
  1,283
  1,423
  1,570
  1,723
  1,883
  2,050
  2,224
  2,404
Maintenance CAPEX, $m
  -1
  -1
  -2
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -49
  -57
  -66
  -76
  -86
  -96
  -107
  -119
  -132
  -145
  -158
  -172
  -187
  -202
  -218
New CAPEX, $m
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -14
  -17
  -20
  -24
  -27
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
Cash from investing activities, $m
  -3
  -4
  -6
  -7
  -10
  -14
  -19
  -23
  -29
  -35
  -43
  -51
  -60
  -69
  -80
  -90
  -101
  -114
  -127
  -140
  -153
  -167
  -182
  -198
  -214
  -230
  -247
  -265
  -283
  -303
Free cash flow, $m
  -4
  -2
  1
  6
  13
  22
  36
  53
  76
  104
  139
  179
  227
  282
  345
  414
  491
  576
  667
  766
  871
  982
  1,101
  1,225
  1,356
  1,493
  1,636
  1,785
  1,940
  2,101
Issuance/(repayment) of debt, $m
  5
  7
  9
  13
  17
  21
  27
  33
  40
  47
  54
  62
  70
  78
  86
  94
  102
  109
  117
  124
  131
  138
  145
  152
  158
  165
  172
  179
  186
  193
Issuance/(repurchase) of shares, $m
  8
  7
  7
  5
  1
  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  
  13
  14
  16
  18
  18
  21
  27
  33
  40
  47
  54
  62
  70
  78
  86
  94
  102
  109
  117
  124
  131
  138
  145
  152
  158
  165
  172
  179
  186
  193
Total cash flow (excl. dividends), $m
  8
  12
  17
  23
  31
  44
  63
  86
  116
  151
  193
  242
  297
  360
  431
  508
  593
  685
  784
  890
  1,002
  1,120
  1,246
  1,377
  1,514
  1,658
  1,808
  1,964
  2,126
  2,295
Retained Cash Flow (-), $m
  -13
  -19
  -27
  -37
  -49
  -63
  -78
  -96
  -116
  -137
  -159
  -182
  -205
  -228
  -251
  -275
  -297
  -319
  -341
  -362
  -383
  -403
  -423
  -443
  -463
  -482
  -502
  -523
  -543
  -565
Prev. year cash balance distribution, $m
  7
  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
  2
  -7
  -10
  -13
  -18
  -19
  -16
  -10
  0
  14
  34
  60
  93
  132
  179
  234
  296
  366
  443
  527
  619
  717
  822
  934
  1,052
  1,176
  1,305
  1,441
  1,583
  1,730
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  2
  -6
  -9
  -11
  -14
  -14
  -11
  -6
  0
  7
  16
  26
  35
  44
  53
  59
  64
  67
  68
  67
  64
  60
  54
  48
  41
  34
  28
  22
  17
  13
Current shareholders' claim on cash, %
  90.8
  85.6
  82.6
  81.2
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9

RADA Electronic Industries Ltd. is an aviation and defense company. The Company develops, manufactures and sells defense electronics, including, avionics solutions (including avionics for unmanned aerial vehicles (UAVs)), airborne data/video recording and management systems, inertial navigation systems and tactical land radars for defense forces and border protection systems. The Company's product lines include Military avionics (Data/video recorders, core avionics for aircraft and UAVs); Inertial navigation systems (INS) for aerial and land platforms, and Tactical Radars for defense forces and border protection systems (land-based). The Company's INS products are used by multiple combat platforms and weapon systems. The Company develops ground radars for tactical applications, such as defense forces protection and border protection. Its products are primarily sold to governmental agencies, governmental authorities and government-owned companies.

FINANCIAL RATIOS  of  Rada Electronic Industries (RADA)

Valuation Ratios
P/E Ratio -12.7
Price to Sales 4.9
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow -12.7
Price to Free Cash Flow -12.7
Growth Rates
Sales Growth Rate -7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0.5
LT Debt to Equity 27.3%
Total Debt to Equity 36.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -25%
Ret/ On Assets - 3 Yr. Avg. -18.6%
Return On Total Capital -35.7%
Ret/ On T. Cap. - 3 Yr. Avg. -26.7%
Return On Equity -50%
Return On Equity - 3 Yr. Avg. -47.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 7.7%
Gross Margin - 3 Yr. Avg. 17.9%
EBITDA Margin -30.8%
EBITDA Margin - 3 Yr. Avg. -20.6%
Operating Margin -23.1%
Oper. Margin - 3 Yr. Avg. -13.3%
Pre-Tax Margin -38.5%
Pre-Tax Margin - 3 Yr. Avg. -27.1%
Net Profit Margin -38.5%
Net Profit Margin - 3 Yr. Avg. -27.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

RADA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RADA stock intrinsic value calculation we used $26.182 million for the last fiscal year's total revenue generated by Rada Electronic Industries. The default revenue input number comes from 0001 income statement of Rada Electronic Industries. 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 RADA stock valuation model: a) initial revenue growth rate of 60% 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 4.3%, whose default value for RADA is calculated based on our internal credit rating of Rada Electronic Industries, 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 Rada Electronic Industries.
    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 RADA stock the variable cost ratio is equal to 61.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for RADA 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 8.6% for Rada Electronic Industries.

Corporate tax rate of 27% is the nominal tax rate for Rada Electronic Industries. 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 RADA 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 RADA are equal to 12.6%.

Life of production assets of 5.1 years is the average useful life of capital assets used in Rada Electronic Industries 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 RADA is equal to 49.6%. 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 - $28.526 million for Rada Electronic Industries - 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 32.883 million for Rada Electronic Industries 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 Rada Electronic Industries at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ RADA Announces $12 Million in New Orders   [Nov-12-18 04:18AM  GlobeNewswire]
▶ RADA Announces $4 Million in Radar Orders   [Aug-06-18 09:10AM  GlobeNewswire]
▶ RADAs MHR Radars Selected for US Army IM-SHORAD Program   [Jun-29-18 09:06AM  GlobeNewswire]
▶ Rada Electronic Industries Ltd. to Host Earnings Call   [May-23-18 07:30AM  ACCESSWIRE]
▶ RADA Opens its US Subsidiary RADA Technologies LLC   [Mar-26-18 09:32AM  GlobeNewswire]
▶ RADA to Present at the 30th Annual Roth Conference   [Mar-05-18 10:46AM  GlobeNewswire]
▶ RADA wins $3 million Order for Advanced Recorders Program   [Feb-15-18 09:16AM  GlobeNewswire]
▶ Trump pushes "America First" message in Davos   [Jan-26-18 01:23PM  Yahoo Finance Video]
▶ RADA Radar Selected to Support Industrial UAS Operations   [Dec-04-17 09:00AM  GlobeNewswire]
▶ Penny Stocks to Watch for October 2017   [Oct-02-17 10:01AM  Investopedia]
▶ RADA Provides Update on Recent Capital Raising Activity   [Sep-06-17 09:00AM  GlobeNewswire]
▶ RADA Announces Loan Conversion by its Major Shareholder   [Aug-28-17 10:25AM  GlobeNewswire]
▶ These 3 Stocks Have Moved Higher Ahead of Fed Minutes   [Aug-16-17 09:25AM  ACCESSWIRE]
▶ Opening Bell, July 10, 2017   [Jul-10-17 09:29AM  CNBC Videos]
▶ RADA Provides Financial Outlook for 2017   [Mar-02-17 08:00AM  GlobeNewswire]
▶ RADA Electronic Industries Announces 2016 Q3 Results   [Nov-28-16 12:00PM  GlobeNewswire]
▶ Mr. Zvi Alon to Step Down as RADAs CEO   [07:40AM  GlobeNewswire]
▶ RADA Reports Order of $2M from Strategic Customer   [Sep-06-16 06:00AM  GlobeNewswire]
▶ RADA Electronic Industries Announces 2016 Q2 Results   [Jul-21-16 01:33PM  GlobeNewswire]
▶ RADA Avionics Products Integrated in IAI Heron TP   [Jul-05-16 07:02AM  GlobeNewswire]
▶ RADA Electronic Industries Announces 2016 Q1 Results   [Jun-14-16 03:01PM  GlobeNewswire]
▶ Alderman Completes Restructuring Engagement   [May-19-16 12:29PM  PR Newswire]
▶ RADA Electronic Industries Announces Full Year 2015 Results   [May-17-16 12:14AM  GlobeNewswire]
▶ One Factor Bringing RADA Electronics (RADA) Stock Up   [Sep-09  09:57AM  at TheStreet]
▶ RADA Radar Selected for Evaluation by a Customer in Asia   [Aug-06  11:00AM  GlobeNewswire]

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