Intrinsic value of Raytheon - RTN

Previous Close

$196.37

  Intrinsic Value

$249.50

stock screener

  Rating & Target

buy

+27%

Previous close

$196.37

 
Intrinsic value

$249.50

 
Up/down potential

+27%

 
Rating

buy

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

We calculate the intrinsic value of RTN 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, %
  3.54
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  24,069
  25,152
  26,297
  27,505
  28,780
  30,124
  31,542
  33,035
  34,608
  36,264
  38,007
  39,841
  41,770
  43,800
  45,934
  48,178
  50,537
  53,017
  55,624
  58,364
  61,242
  64,267
  67,445
  70,785
  74,292
  77,977
  81,848
  85,914
  90,185
  94,671
  99,382
Variable operating expenses, $m
 
  18,144
  18,902
  19,702
  20,547
  21,438
  22,377
  23,366
  24,408
  25,506
  26,660
  26,397
  27,675
  29,020
  30,434
  31,921
  33,484
  35,127
  36,854
  38,669
  40,577
  42,581
  44,687
  46,899
  49,223
  51,665
  54,229
  56,923
  59,753
  62,725
  65,846
Fixed operating expenses, $m
 
  3,579
  3,669
  3,761
  3,855
  3,951
  4,050
  4,151
  4,255
  4,361
  4,470
  4,582
  4,696
  4,814
  4,934
  5,057
  5,184
  5,313
  5,446
  5,582
  5,722
  5,865
  6,012
  6,162
  6,316
  6,474
  6,636
  6,802
  6,972
  7,146
  7,325
Total operating expenses, $m
  20,829
  21,723
  22,571
  23,463
  24,402
  25,389
  26,427
  27,517
  28,663
  29,867
  31,130
  30,979
  32,371
  33,834
  35,368
  36,978
  38,668
  40,440
  42,300
  44,251
  46,299
  48,446
  50,699
  53,061
  55,539
  58,139
  60,865
  63,725
  66,725
  69,871
  73,171
Operating income, $m
  3,240
  3,429
  3,726
  4,042
  4,378
  4,736
  5,115
  5,518
  5,945
  6,397
  6,876
  8,862
  9,399
  9,966
  10,566
  11,200
  11,869
  12,577
  13,323
  14,112
  14,944
  15,821
  16,747
  17,724
  18,753
  19,839
  20,983
  22,189
  23,460
  24,800
  26,211
EBITDA, $m
  3,755
  4,960
  5,259
  5,578
  5,916
  6,277
  6,659
  7,065
  7,495
  7,951
  8,433
  8,944
  9,485
  10,057
  10,661
  11,299
  11,974
  12,686
  13,438
  14,232
  15,070
  15,954
  16,886
  17,870
  18,907
  20,000
  21,152
  22,367
  23,647
  24,995
  26,416
Interest expense (income), $m
  231
  229
  268
  309
  352
  398
  446
  497
  550
  607
  666
  729
  794
  864
  936
  1,013
  1,093
  1,178
  1,267
  1,360
  1,459
  1,562
  1,670
  1,784
  1,904
  2,030
  2,162
  2,301
  2,447
  2,600
  2,761
Earnings before tax, $m
  3,030
  3,200
  3,458
  3,733
  4,026
  4,338
  4,669
  5,021
  5,394
  5,790
  6,210
  8,133
  8,604
  9,102
  9,629
  10,187
  10,776
  11,399
  12,057
  12,751
  13,485
  14,259
  15,077
  15,939
  16,849
  17,809
  18,821
  19,888
  21,014
  22,200
  23,450
Tax expense, $m
  857
  864
  934
  1,008
  1,087
  1,171
  1,261
  1,356
  1,456
  1,563
  1,677
  2,196
  2,323
  2,458
  2,600
  2,750
  2,910
  3,078
  3,255
  3,443
  3,641
  3,850
  4,071
  4,304
  4,549
  4,808
  5,082
  5,370
  5,674
  5,994
  6,332
Net income, $m
  2,211
  2,336
  2,524
  2,725
  2,939
  3,166
  3,408
  3,665
  3,938
  4,227
  4,533
  5,937
  6,281
  6,645
  7,029
  7,436
  7,866
  8,321
  8,801
  9,308
  9,844
  10,409
  11,006
  11,636
  12,300
  13,000
  13,739
  14,519
  15,340
  16,206
  17,119

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,403
  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
  30,238
  28,040
  29,316
  30,663
  32,085
  33,584
  35,164
  36,828
  38,582
  40,428
  42,371
  44,415
  46,566
  48,829
  51,208
  53,710
  56,341
  59,105
  62,011
  65,065
  68,275
  71,647
  75,190
  78,913
  82,823
  86,931
  91,247
  95,780
  100,541
  105,541
  110,794
Adjusted assets (=assets-cash), $m
  26,835
  28,040
  29,316
  30,663
  32,085
  33,584
  35,164
  36,828
  38,582
  40,428
  42,371
  44,415
  46,566
  48,829
  51,208
  53,710
  56,341
  59,105
  62,011
  65,065
  68,275
  71,647
  75,190
  78,913
  82,823
  86,931
  91,247
  95,780
  100,541
  105,541
  110,794
Revenue / Adjusted assets
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
Average production assets, $m
  1,500
  1,559
  1,630
  1,705
  1,784
  1,868
  1,956
  2,048
  2,146
  2,248
  2,356
  2,470
  2,590
  2,716
  2,848
  2,987
  3,133
  3,287
  3,449
  3,619
  3,797
  3,985
  4,182
  4,389
  4,606
  4,835
  5,075
  5,327
  5,591
  5,870
  6,162
Working capital, $m
  4,346
  981
  1,026
  1,073
  1,122
  1,175
  1,230
  1,288
  1,350
  1,414
  1,482
  1,554
  1,629
  1,708
  1,791
  1,879
  1,971
  2,068
  2,169
  2,276
  2,388
  2,506
  2,630
  2,761
  2,897
  3,041
  3,192
  3,351
  3,517
  3,692
  3,876
Total debt, $m
  5,335
  6,228
  7,182
  8,190
  9,253
  10,374
  11,556
  12,802
  14,113
  15,494
  16,947
  18,477
  20,086
  21,778
  23,558
  25,429
  27,397
  29,465
  31,638
  33,923
  36,323
  38,846
  41,496
  44,281
  47,206
  50,279
  53,507
  56,897
  60,458
  64,199
  68,128
Total liabilities, $m
  20,081
  20,974
  21,928
  22,936
  23,999
  25,120
  26,302
  27,548
  28,859
  30,240
  31,693
  33,223
  34,832
  36,524
  38,304
  40,175
  42,143
  44,211
  46,384
  48,669
  51,069
  53,592
  56,242
  59,027
  61,952
  65,025
  68,253
  71,643
  75,204
  78,945
  82,874
Total equity, $m
  10,157
  7,066
  7,388
  7,727
  8,085
  8,463
  8,861
  9,281
  9,723
  10,188
  10,677
  11,193
  11,735
  12,305
  12,905
  13,535
  14,198
  14,895
  15,627
  16,396
  17,205
  18,055
  18,948
  19,886
  20,871
  21,907
  22,994
  24,136
  25,336
  26,596
  27,920
Total liabilities and equity, $m
  30,238
  28,040
  29,316
  30,663
  32,084
  33,583
  35,163
  36,829
  38,582
  40,428
  42,370
  44,416
  46,567
  48,829
  51,209
  53,710
  56,341
  59,106
  62,011
  65,065
  68,274
  71,647
  75,190
  78,913
  82,823
  86,932
  91,247
  95,779
  100,540
  105,541
  110,794
Debt-to-equity ratio
  0.525
  0.880
  0.970
  1.060
  1.140
  1.230
  1.300
  1.380
  1.450
  1.520
  1.590
  1.650
  1.710
  1.770
  1.830
  1.880
  1.930
  1.980
  2.020
  2.070
  2.110
  2.150
  2.190
  2.230
  2.260
  2.300
  2.330
  2.360
  2.390
  2.410
  2.440
Adjusted equity ratio
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,211
  2,336
  2,524
  2,725
  2,939
  3,166
  3,408
  3,665
  3,938
  4,227
  4,533
  5,937
  6,281
  6,645
  7,029
  7,436
  7,866
  8,321
  8,801
  9,308
  9,844
  10,409
  11,006
  11,636
  12,300
  13,000
  13,739
  14,519
  15,340
  16,206
  17,119
Depreciation, amort., depletion, $m
  515
  1,531
  1,533
  1,536
  1,538
  1,541
  1,544
  1,547
  1,550
  1,554
  1,557
  82
  86
  91
  95
  100
  104
  110
  115
  121
  127
  133
  139
  146
  154
  161
  169
  178
  186
  196
  205
Funds from operations, $m
  2,874
  3,867
  4,058
  4,261
  4,477
  4,708
  4,952
  5,212
  5,488
  5,781
  6,091
  6,020
  6,367
  6,735
  7,124
  7,536
  7,971
  8,431
  8,916
  9,429
  9,971
  10,542
  11,145
  11,782
  12,453
  13,162
  13,909
  14,696
  15,526
  16,402
  17,324
Change in working capital, $m
  22
  42
  45
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
  167
  175
  184
Cash from operations, $m
  2,852
  3,824
  4,013
  4,214
  4,428
  4,655
  4,897
  5,154
  5,427
  5,716
  6,023
  5,948
  6,292
  6,656
  7,041
  7,448
  7,879
  8,334
  8,815
  9,322
  9,858
  10,424
  11,021
  11,652
  12,317
  13,018
  13,758
  14,538
  15,360
  16,227
  17,140
Maintenance CAPEX, $m
  0
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -161
  -169
  -178
  -186
  -196
New CAPEX, $m
  -625
  -60
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -178
  -188
  -197
  -207
  -217
  -228
  -240
  -252
  -265
  -278
  -292
Cash from investing activities, $m
  53
  -110
  -123
  -129
  -136
  -142
  -150
  -158
  -166
  -175
  -183
  -193
  -202
  -212
  -223
  -234
  -246
  -258
  -272
  -285
  -299
  -315
  -330
  -346
  -363
  -382
  -401
  -421
  -443
  -464
  -488
Free cash flow, $m
  2,905
  3,714
  3,890
  4,084
  4,292
  4,512
  4,747
  4,996
  5,261
  5,542
  5,840
  5,756
  6,090
  6,444
  6,818
  7,214
  7,633
  8,076
  8,543
  9,037
  9,559
  10,110
  10,692
  11,305
  11,953
  12,636
  13,356
  14,116
  14,917
  15,762
  16,653
Issuance/(repayment) of debt, $m
  0
  893
  954
  1,008
  1,063
  1,121
  1,182
  1,245
  1,311
  1,381
  1,453
  1,529
  1,609
  1,692
  1,780
  1,871
  1,967
  2,068
  2,174
  2,284
  2,401
  2,522
  2,650
  2,784
  2,925
  3,073
  3,228
  3,391
  3,561
  3,741
  3,929
Issuance/(repurchase) of shares, $m
  -996
  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  
  -1,080
  893
  954
  1,008
  1,063
  1,121
  1,182
  1,245
  1,311
  1,381
  1,453
  1,529
  1,609
  1,692
  1,780
  1,871
  1,967
  2,068
  2,174
  2,284
  2,401
  2,522
  2,650
  2,784
  2,925
  3,073
  3,228
  3,391
  3,561
  3,741
  3,929
Total cash flow (excl. dividends), $m
  1,825
  4,608
  4,844
  5,092
  5,355
  5,633
  5,929
  6,241
  6,572
  6,923
  7,293
  7,285
  7,699
  8,136
  8,598
  9,086
  9,600
  10,144
  10,717
  11,322
  11,960
  12,632
  13,342
  14,090
  14,878
  15,709
  16,584
  17,507
  18,479
  19,503
  20,581
Retained Cash Flow (-), $m
  -29
  -312
  -322
  -339
  -358
  -378
  -398
  -420
  -442
  -465
  -490
  -515
  -542
  -570
  -600
  -630
  -663
  -697
  -732
  -770
  -809
  -850
  -893
  -938
  -985
  -1,035
  -1,087
  -1,142
  -1,200
  -1,260
  -1,324
Prev. year cash balance distribution, $m
 
  3,403
  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
 
  7,698
  4,523
  4,753
  4,997
  5,256
  5,531
  5,822
  6,131
  6,457
  6,803
  6,770
  7,157
  7,566
  7,998
  8,455
  8,938
  9,447
  9,985
  10,552
  11,151
  11,783
  12,449
  13,152
  13,892
  14,674
  15,497
  16,365
  17,279
  18,242
  19,258
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
 
  7,381
  4,140
  4,136
  4,114
  4,074
  4,014
  3,933
  3,832
  3,709
  3,567
  3,215
  3,054
  2,877
  2,685
  2,482
  2,271
  2,056
  1,839
  1,625
  1,417
  1,219
  1,033
  862
  708
  571
  452
  351
  267
  199
  145
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

Raytheon Company is a technology company, which specializes in defense and other government markets. The Company develops integrated products, services and solutions in various markets, including sensing; effects; command, control, communications, computers, cyber and intelligence; mission support, and cybersecurity. The Company operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS), and Forcepoint. The IDS segment develops and produces sensors and mission systems. The IIS segment provides a range of technical and professional services to intelligence, defense, federal and commercial customers. The MS segment is a developer, integrator and producer of missile and combat systems. The SAS segment is engaged in the design, development and manufacture of integrated sensor and communication systems for missions. The Forcepoint segment develops cybersecurity products.

FINANCIAL RATIOS  of  Raytheon (RTN)

Valuation Ratios
P/E Ratio 26
Price to Sales 2.4
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 25.8
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.8%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 52.5%
Total Debt to Equity 52.5%
Interest Coverage 14
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 14.3%
Ret/ On T. Cap. - 3 Yr. Avg. 14.2%
Return On Equity 21.8%
Return On Equity - 3 Yr. Avg. 21.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 25.4%
Gross Margin - 3 Yr. Avg. 24.7%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 15.6%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 27%
Payout Ratio 38.4%

RTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RTN stock intrinsic value calculation we used $24069 million for the last fiscal year's total revenue generated by Raytheon. The default revenue input number comes from 2016 income statement of Raytheon. 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 RTN stock valuation model: a) initial revenue growth rate of 4.5% 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 RTN is calculated based on our internal credit rating of Raytheon, 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 Raytheon.
    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 RTN stock the variable cost ratio is equal to 72.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3492 million in the base year in the intrinsic value calculation for RTN 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 4.3% for Raytheon.

Corporate tax rate of 27% is the nominal tax rate for Raytheon. 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 RTN 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 RTN are equal to 6.2%.

Life of production assets of 31.6 years is the average useful life of capital assets used in Raytheon 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 RTN is equal to 3.9%. 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 - $10157 million for Raytheon - 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 290.711 million for Raytheon 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 Raytheon at the current share price and the inputted number of shares is $57.1 billion.

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COMPANY NEWS

▶ Highflying Defense Stocks May Get More Lift: Investing Action Plan   [Jan-18-18 04:29PM  Investor's Business Daily]
▶ Tax Cuts May Lift Boeing's, Defense Giants' Earnings By This Much   [Jan-11-18 04:52PM  Investor's Business Daily]
▶ U.S. aims to sell Raytheon missiles to Japan to counter North Korea threat   [Jan-09-18 09:20PM  American City Business Journals]
▶ Better Buy: Raytheon (RTN) vs. General Dynamics (GD)   [Dec-29-17 08:59AM  Motley Fool]
▶ Why 2017 Was a Year to Remember for Raytheon   [Dec-23-17 10:44AM  Motley Fool]
▶ GM rounds out IQ 100 leaders   [03:45PM  CNBC Videos]
▶ The U.S. Army Wants a Laser Tank   [Dec-16-17 11:33AM  Motley Fool]
▶ 5 Industrial Companies Gurus Are Buying   [Dec-13-17 04:08PM  GuruFocus.com]
▶ Better Buy: Raytheon Company vs. Honeywell   [Dec-08-17 09:02AM  Motley Fool]
▶ Raytheon Sees RS Rating Improve To 74   [03:00AM  Investor's Business Daily]
▶ Raytheon Co. Value Analysis (NYSE:RTN) : December 6, 2017   [Dec-06-17 12:21PM  Capital Cube]
▶ Raytheon Could Be Topping Out   [08:42AM  TheStreet.com]
▶ Lockheed's F-35: America's Stealthy Missile Defense Shield?   [Dec-05-17 04:22PM  Investor's Business Daily]
▶ Report Doubts Effectiveness Of Raytheon's Patriot In Recent Attack   [Dec-04-17 04:53PM  Investor's Business Daily]
▶ Raytheon Hits Buy Zone As Romania Buys Patriot; U.S. Arms Sales Surge   [Nov-30-17 04:10PM  Investor's Business Daily]
▶ Missed Lockheed, Raytheon Buy Points? Here's A Second Chance   [Nov-29-17 04:08PM  Investor's Business Daily]
▶ Will Congress OK Saudi Orders For Boeing, Raytheon Weapons?   [Nov-24-17 01:10PM  Investor's Business Daily]
▶ Is Raytheon Company a Buy?   [08:23AM  Motley Fool]
▶ Strong Upside to Sustain for Raytheon   [Nov-22-17 11:07AM  GuruFocus.com]
▶ Raytheon Board: Our Stock Is a Buy   [09:32AM  Motley Fool]
▶ 5 Things Raytheon Wants You to Know   [Nov-16-17 07:32AM  Motley Fool]
▶ Lockheed offers glimpse into missile defenses eyed by Saudis   [Nov-14-17 09:52PM  Associated Press]
▶ Raytheon Wins Another European Patriot Missile Customer   [Nov-12-17 06:04AM  Motley Fool]
Financial statements of RTN
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