DDM Analysis: LHX

Valuation Snapshot

Stable Growth	$449.89 - $1,852.62	$1,161.18
Multi-Stage	$225.37 - $246.36	$235.67
Blended Fair Value	$698.43
Current Price	$297.39
Upside	134.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2023	2022	2021	2021	2019	2019	2018	2017	2016
DPS	21.33%	16.17%	4.69	4.60	4.58	4.33	3.84	1.78	1.72	1.44	1.39	1.33
YoY Growth	-	-	2.07%	0.46%	5.75%	12.69%	115.13%	3.69%	19.49%	3.82%	3.97%	27.27%
Dividend Yield	-	-	2.26%	2.16%	2.33%	1.71%	1.89%	1.00%	0.82%	0.85%	1.05%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,759.00
(-) Cash Dividends Paid (M)	899.00
(=) Cash Retained (M)	860.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	351.80	219.88	131.93
Cash Retained (M)	860.00	860.00	860.00
(-) Cash Required (M)	-351.80	-219.88	-131.93
(=) Excess Retained (M)	508.20	640.13	728.08
(/) Shares Outstanding (M)	188.83	188.83	188.83
(=) Excess Retained per Share	2.69	3.39	3.86
LTM Dividend per Share	4.76	4.76	4.76
(+) Excess Retained per Share	2.69	3.39	3.86
(=) Adjusted Dividend	7.45	8.15	8.62
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$449.89	$1,161.18	$1,852.62
Upside / Downside	51.28%	290.46%	522.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,759.00	1,873.34	1,995.10	2,124.78	2,262.89	2,409.98	2,482.28
Payout Ratio	51.11%	58.89%	66.67%	74.44%	82.22%	90.00%	92.50%
Projected Dividends (M)	899.00	1,103.15	1,330.04	1,581.76	1,860.59	2,168.98	2,296.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,018.94	1,028.60	1,038.26
Year 2 PV (M)	1,134.74	1,156.35	1,178.17
Year 3 PV (M)	1,246.48	1,282.27	1,318.73
Year 4 PV (M)	1,354.29	1,406.37	1,459.94
Year 5 PV (M)	1,458.25	1,528.69	1,601.82
PV of Terminal Value (M)	36,343.52	38,098.92	39,921.51
Equity Value (M)	42,556.22	44,501.20	46,518.43
Shares Outstanding (M)	188.83	188.83	188.83
Fair Value	$225.37	$235.67	$246.36
Upside / Downside	-24.22%	-20.75%	-17.16%

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L3Harris Technologies, Inc. (LHX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener