Defense budget growth and improved performance at L-3 will drive margin expansion.
We plan to maintain our $169 fair value estimate on narrow-moat L-3 Technologies following its third-quarter results. As outlined in our July 20 note, we're pleased to see L-3 COO Christopher Kubasik tapped as the new CEO, and the Oct. 26 call confirmed our view. Although Kubasik isn’t officially CEO yet, we think he is already putting his stamp on L-3, announcing plans to divest Vertex (about 10% of revenue).L-3 increased revenue 5.6% year over year to $2.6 billion, and backing out acquisitio...
L3 Technologies is a defense technology company. The company's segments include: Intelligence, Surveillance and Reconnaissance systems, which provides engineering, modernization and sustainment solutions for military and various government aircraft, ground support equipment and other platforms; Communications and Networked Systems, which provides network and communication systems, communications products, radio frequency components, satellite communication terminals and space, microwave and telemetry products; and Electronic Systems, which provides a range of products and services, including components, products, subsystems, systems and related services to military and commercial customers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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