Intrinsic value of Raytheon - RTN

Previous Close

$191.69

  Intrinsic Value

$208.01

stock screener

  Rating & Target

hold

+9%

Previous close

$191.69

 
Intrinsic value

$208.01

 
Up/down potential

+9%

 
Rating

hold

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

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 54.7

 

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, %
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  26,742
  28,200
  29,724
  31,318
  32,987
  34,734
  36,563
  38,478
  40,485
  42,588
  44,791
  47,101
  49,523
  52,062
  54,724
  57,517
  60,446
  63,519
  66,742
  70,125
  73,673
  77,397
  81,305
  85,407
  89,711
  94,229
  98,971
  103,948
  109,173
  114,657
Variable operating expenses, $m
  22,997
  24,169
  25,395
  26,677
  28,020
  29,425
  30,896
  32,436
  34,050
  35,742
  36,027
  37,885
  39,833
  41,875
  44,017
  46,263
  48,619
  51,090
  53,683
  56,404
  59,258
  62,253
  65,397
  68,695
  72,158
  75,791
  79,605
  83,609
  87,811
  92,222
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
  22,997
  24,169
  25,395
  26,677
  28,020
  29,425
  30,896
  32,436
  34,050
  35,742
  36,027
  37,885
  39,833
  41,875
  44,017
  46,263
  48,619
  51,090
  53,683
  56,404
  59,258
  62,253
  65,397
  68,695
  72,158
  75,791
  79,605
  83,609
  87,811
  92,222
Operating income, $m
  3,745
  4,031
  4,329
  4,641
  4,967
  5,309
  5,667
  6,042
  6,434
  6,846
  8,764
  9,216
  9,690
  10,187
  10,708
  11,254
  11,827
  12,429
  13,059
  13,721
  14,415
  15,144
  15,909
  16,711
  17,554
  18,438
  19,365
  20,339
  21,362
  22,435
EBITDA, $m
  5,574
  5,878
  6,195
  6,528
  6,876
  7,240
  7,621
  8,020
  8,438
  8,877
  9,336
  9,817
  10,322
  10,851
  11,406
  11,988
  12,599
  13,239
  13,911
  14,616
  15,356
  16,132
  16,947
  17,802
  18,699
  19,641
  20,629
  21,666
  22,755
  23,898
Interest expense (income), $m
  231
  273
  335
  400
  468
  539
  613
  691
  772
  858
  947
  1,041
  1,139
  1,242
  1,349
  1,463
  1,581
  1,705
  1,836
  1,973
  2,116
  2,267
  2,425
  2,591
  2,765
  2,947
  3,139
  3,340
  3,551
  3,773
  4,006
Earnings before tax, $m
  3,473
  3,696
  3,929
  4,173
  4,429
  4,696
  4,976
  5,269
  5,577
  5,899
  7,724
  8,077
  8,448
  8,837
  9,245
  9,673
  10,122
  10,593
  11,087
  11,605
  12,149
  12,719
  13,318
  13,947
  14,606
  15,299
  16,025
  16,788
  17,589
  18,429
Tax expense, $m
  938
  998
  1,061
  1,127
  1,196
  1,268
  1,344
  1,423
  1,506
  1,593
  2,085
  2,181
  2,281
  2,386
  2,496
  2,612
  2,733
  2,860
  2,993
  3,133
  3,280
  3,434
  3,596
  3,766
  3,944
  4,131
  4,327
  4,533
  4,749
  4,976
Net income, $m
  2,535
  2,698
  2,868
  3,046
  3,233
  3,428
  3,633
  3,847
  4,071
  4,306
  5,638
  5,897
  6,167
  6,451
  6,749
  7,061
  7,389
  7,733
  8,093
  8,472
  8,869
  9,285
  9,722
  10,181
  10,663
  11,168
  11,698
  12,255
  12,840
  13,453

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
  32,573
  34,348
  36,204
  38,147
  40,179
  42,307
  44,534
  46,868
  49,312
  51,873
  54,557
  57,370
  60,320
  63,413
  66,656
  70,057
  73,625
  77,368
  81,294
  85,414
  89,736
  94,272
  99,032
  104,028
  109,271
  114,773
  120,549
  126,612
  132,975
  139,655
Adjusted assets (=assets-cash), $m
  32,573
  34,348
  36,204
  38,147
  40,179
  42,307
  44,534
  46,868
  49,312
  51,873
  54,557
  57,370
  60,320
  63,413
  66,656
  70,057
  73,625
  77,368
  81,294
  85,414
  89,736
  94,272
  99,032
  104,028
  109,271
  114,773
  120,549
  126,612
  132,975
  139,655
Revenue / Adjusted assets
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
Average production assets, $m
  10,242
  10,800
  11,384
  11,995
  12,634
  13,303
  14,004
  14,737
  15,506
  16,311
  17,155
  18,040
  18,967
  19,940
  20,959
  22,029
  23,151
  24,328
  25,562
  26,858
  28,217
  29,643
  31,140
  32,711
  34,359
  36,090
  37,906
  39,812
  41,813
  43,914
Working capital, $m
  936
  987
  1,040
  1,096
  1,155
  1,216
  1,280
  1,347
  1,417
  1,491
  1,568
  1,649
  1,733
  1,822
  1,915
  2,013
  2,116
  2,223
  2,336
  2,454
  2,579
  2,709
  2,846
  2,989
  3,140
  3,298
  3,464
  3,638
  3,821
  4,013
Total debt, $m
  6,205
  7,406
  8,663
  9,978
  11,354
  12,795
  14,303
  15,882
  17,537
  19,271
  21,088
  22,993
  24,990
  27,083
  29,279
  31,582
  33,997
  36,531
  39,189
  41,978
  44,904
  47,975
  51,198
  54,580
  58,129
  61,855
  65,765
  69,869
  74,177
  78,700
Total liabilities, $m
  22,052
  23,253
  24,510
  25,825
  27,201
  28,642
  30,150
  31,729
  33,384
  35,118
  36,935
  38,840
  40,837
  42,930
  45,126
  47,429
  49,844
  52,378
  55,036
  57,825
  60,751
  63,822
  67,045
  70,427
  73,976
  77,702
  81,612
  85,716
  90,024
  94,547
Total equity, $m
  10,521
  11,094
  11,694
  12,321
  12,978
  13,665
  14,385
  15,138
  15,928
  16,755
  17,622
  18,531
  19,483
  20,482
  21,530
  22,628
  23,781
  24,990
  26,258
  27,589
  28,985
  30,450
  31,987
  33,601
  35,294
  37,072
  38,937
  40,896
  42,951
  45,109
Total liabilities and equity, $m
  32,573
  34,347
  36,204
  38,146
  40,179
  42,307
  44,535
  46,867
  49,312
  51,873
  54,557
  57,371
  60,320
  63,412
  66,656
  70,057
  73,625
  77,368
  81,294
  85,414
  89,736
  94,272
  99,032
  104,028
  109,270
  114,774
  120,549
  126,612
  132,975
  139,656
Debt-to-equity ratio
  0.590
  0.670
  0.740
  0.810
  0.870
  0.940
  0.990
  1.050
  1.100
  1.150
  1.200
  1.240
  1.280
  1.320
  1.360
  1.400
  1.430
  1.460
  1.490
  1.520
  1.550
  1.580
  1.600
  1.620
  1.650
  1.670
  1.690
  1.710
  1.730
  1.740
Adjusted equity ratio
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,535
  2,698
  2,868
  3,046
  3,233
  3,428
  3,633
  3,847
  4,071
  4,306
  5,638
  5,897
  6,167
  6,451
  6,749
  7,061
  7,389
  7,733
  8,093
  8,472
  8,869
  9,285
  9,722
  10,181
  10,663
  11,168
  11,698
  12,255
  12,840
  13,453
Depreciation, amort., depletion, $m
  1,829
  1,847
  1,867
  1,887
  1,908
  1,931
  1,954
  1,978
  2,004
  2,031
  572
  601
  632
  665
  699
  734
  772
  811
  852
  895
  941
  988
  1,038
  1,090
  1,145
  1,203
  1,264
  1,327
  1,394
  1,464
Funds from operations, $m
  4,364
  4,545
  4,735
  4,933
  5,141
  5,359
  5,586
  5,825
  6,075
  6,337
  6,210
  6,498
  6,800
  7,116
  7,448
  7,796
  8,161
  8,544
  8,945
  9,367
  9,809
  10,273
  10,760
  11,271
  11,808
  12,371
  12,962
  13,582
  14,233
  14,917
Change in working capital, $m
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  118
  124
  130
  137
  144
  151
  158
  166
  174
  183
  192
Cash from operations, $m
  4,315
  4,494
  4,681
  4,877
  5,083
  5,297
  5,522
  5,758
  6,005
  6,263
  6,133
  6,417
  6,715
  7,027
  7,355
  7,698
  8,058
  8,436
  8,833
  9,248
  9,685
  10,143
  10,623
  11,128
  11,657
  12,213
  12,796
  13,408
  14,051
  14,725
Maintenance CAPEX, $m
  -324
  -341
  -360
  -379
  -400
  -421
  -443
  -467
  -491
  -517
  -544
  -572
  -601
  -632
  -665
  -699
  -734
  -772
  -811
  -852
  -895
  -941
  -988
  -1,038
  -1,090
  -1,145
  -1,203
  -1,264
  -1,327
  -1,394
New CAPEX, $m
  -525
  -558
  -584
  -611
  -639
  -669
  -700
  -734
  -769
  -805
  -844
  -885
  -927
  -972
  -1,020
  -1,070
  -1,122
  -1,177
  -1,235
  -1,295
  -1,359
  -1,426
  -1,497
  -1,571
  -1,649
  -1,730
  -1,816
  -1,906
  -2,001
  -2,101
Cash from investing activities, $m
  -849
  -899
  -944
  -990
  -1,039
  -1,090
  -1,143
  -1,201
  -1,260
  -1,322
  -1,388
  -1,457
  -1,528
  -1,604
  -1,685
  -1,769
  -1,856
  -1,949
  -2,046
  -2,147
  -2,254
  -2,367
  -2,485
  -2,609
  -2,739
  -2,875
  -3,019
  -3,170
  -3,328
  -3,495
Free cash flow, $m
  3,466
  3,594
  3,738
  3,887
  4,044
  4,207
  4,379
  4,558
  4,745
  4,941
  4,745
  4,960
  5,186
  5,422
  5,670
  5,930
  6,202
  6,488
  6,787
  7,101
  7,430
  7,776
  8,139
  8,519
  8,918
  9,337
  9,777
  10,238
  10,723
  11,231
Issuance/(repayment) of debt, $m
  1,155
  1,202
  1,257
  1,315
  1,376
  1,440
  1,508
  1,580
  1,655
  1,734
  1,817
  1,905
  1,997
  2,094
  2,196
  2,303
  2,415
  2,534
  2,658
  2,789
  2,926
  3,071
  3,223
  3,382
  3,549
  3,725
  3,910
  4,104
  4,308
  4,522
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  
  1,155
  1,202
  1,257
  1,315
  1,376
  1,440
  1,508
  1,580
  1,655
  1,734
  1,817
  1,905
  1,997
  2,094
  2,196
  2,303
  2,415
  2,534
  2,658
  2,789
  2,926
  3,071
  3,223
  3,382
  3,549
  3,725
  3,910
  4,104
  4,308
  4,522
Total cash flow (excl. dividends), $m
  4,621
  4,796
  4,994
  5,202
  5,420
  5,648
  5,887
  6,137
  6,400
  6,675
  6,562
  6,865
  7,183
  7,516
  7,866
  8,233
  8,617
  9,021
  9,445
  9,890
  10,357
  10,847
  11,361
  11,901
  12,468
  13,063
  13,687
  14,343
  15,031
  15,753
Retained Cash Flow (-), $m
  -558
  -573
  -600
  -627
  -656
  -687
  -720
  -754
  -789
  -827
  -867
  -909
  -953
  -999
  -1,048
  -1,099
  -1,152
  -1,209
  -1,268
  -1,331
  -1,396
  -1,465
  -1,537
  -1,614
  -1,693
  -1,777
  -1,866
  -1,958
  -2,055
  -2,158
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
  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
  4,063
  4,223
  4,395
  4,575
  4,763
  4,961
  5,167
  5,384
  5,610
  5,848
  5,695
  5,956
  6,230
  6,517
  6,818
  7,134
  7,465
  7,812
  8,177
  8,559
  8,961
  9,382
  9,824
  10,287
  10,774
  11,285
  11,821
  12,384
  12,975
  13,596
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
  3,895
  3,866
  3,825
  3,767
  3,692
  3,600
  3,491
  3,365
  3,223
  3,066
  2,705
  2,542
  2,369
  2,188
  2,002
  1,813
  1,624
  1,439
  1,259
  1,088
  927
  778
  644
  524
  419
  329
  254
  192
  142
  102
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

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 25.4
Price to Sales 2.3
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 25.2
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 $25348 million for the last fiscal year's total revenue generated by Raytheon. The default revenue input number comes from 0001 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 5.5% 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 86.3%.

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 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 5.4% 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 38.3%.

Life of production assets of 31.1 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 3.5%. 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 - $9963 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 285.26 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 $54.7 billion.

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COMPANY NEWS

▶ L3, Harris to merge in deal creating sixth prime defense giant   [Oct-14-18 09:44PM  American City Business Journals]
▶ Defense Health Agency planning major Falls Church expansion   [11:54AM  American City Business Journals]
▶ Buy Raytheon on a Dip: Charts   [10:00AM  TheStreet.com]
▶ Raytheon, US Army improve TOW missile   [Oct-07-18 10:00AM  PR Newswire]
▶ Raytheon looks to commercial partners to combat cyber threats   [Oct-03-18 02:11PM  American City Business Journals]
▶ 7 Stocks to Consider During Midterm Uncertainty   [Oct-01-18 03:24PM  InvestorPlace]
▶ Raytheon Company declares quarterly cash dividend   [Sep-27-18 04:05PM  PR Newswire]
▶ These 8 local defense contractors just received millions from the government   [Sep-24-18 02:33PM  American City Business Journals]
▶ Buy Northrop Grumman as Defense Spending Ramps Up   [Sep-21-18 09:16AM  InvestorPlace]
▶ [$$] Pompeo Backed Saudis in Yemen Despite Staff Objections   [07:22PM  The Wall Street Journal]
▶ 3 Defense Stocks to Buy Right Now   [11:21AM  InvestorPlace]
▶ Raytheon Could Help Aerospace, Defense ETFs Fly Higher   [Sep-19-18 02:54PM  ETF Trends]
▶ Gain Altitude With This Aerospace ETF   [Sep-18-18 02:56PM  Benzinga]
▶ Blasts highlight importance of disaster response plans for companies   [Sep-14-18 03:00PM  American City Business Journals]
▶ Colorado jumps several states, moves up ranks for its aerospace market   [01:05PM  American City Business Journals]
▶ Is Raytheon Company a Buy?   [Sep-13-18 09:16AM  Motley Fool]
▶ How Raytheon's McKinney-based segment helps forecast hurricanes   [Sep-12-18 01:56PM  American City Business Journals]
▶ How the Midterm Elections Could Be Bullish for Stocks   [Sep-07-18 02:06PM  Barrons.com]
▶ India Defense Deals At Stake As Trump's Russia, Iran Sanctions Face Test   [Sep-05-18 04:12PM  Investor's Business Daily]
▶ DFW units of Bell, Lockheed Martin, Raytheon and more awarded millions   [Sep-04-18 01:25PM  American City Business Journals]
▶ The traders' take on your favorite stocks   [Aug-31-18 02:26PM  CNBC Videos]
▶ Raytheon names new president of McKinney business unit   [01:36PM  American City Business Journals]
▶ How does federal contractor CEO pay compare with what their employees earn?   [Aug-29-18 02:33PM  American City Business Journals]
▶ Raytheon recognized for air traffic control excellence   [Aug-28-18 03:30PM  PR Newswire]
▶ Are Insiders Bearish About Raytheon Company (NYSE:RTN)?   [Aug-27-18 02:39PM  Simply Wall St.]
▶ 'The threat is changing': Why Raytheon wants to hire hundreds in DFW   [Aug-21-18 09:06AM  American City Business Journals]
▶ A $6.4B unit of Raytheon is based in McKinney. Here's what it works on   [07:30AM  American City Business Journals]
▶ 'The threat is changing': Why Raytheon wants to hire hundreds in DFW   [07:26AM  American City Business Journals]
▶ Cramer throws out this tech stock to diversify portfolio   [Aug-16-18 07:03PM  CNBC Videos]
▶ Nearly $1B distributed to DFW defense contractors in last 2 weeks   [07:38AM  American City Business Journals]
▶ Raytheon Laser 1, Drone 0   [Aug-14-18 07:17PM  Motley Fool]
▶ How Spirit AeroSystems pay compares to other public aerospace companies   [03:23PM  American City Business Journals]
▶ Is Raytheon Company a Buy?   [Aug-10-18 08:06AM  Motley Fool]

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