DoD budget growth, the Vertex divestment, and improved efficiency will drive L-3's margins higher.
Narrow-moat L-3 Technologies reported first-quarter results that featured a consensus earnings beat and expanding margins but only modest revenue growth of 2%. Management also announced that it had entered into an agreement to divest its Vertex, Crestview, and TCS businesses, which were already classified as discontinued operations. We’re not changing the projections for 2018 and beyond in our model, but we are planning to move up our fair value estimate of $186 by about $2 per share due to the ...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.
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