DDM Analysis: LHX

Valuation Snapshot

Stable Growth	$448.68 - $1,852.62	$1,153.90
Multi-Stage	$225.11 - $246.07	$235.40
Blended Fair Value	$694.65
Current Price	$297.39
Upside	133.58%
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	$448.68	$1,153.90	$1,852.62
Upside / Downside	50.87%	288.01%	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)	1,018.90	1,028.55	1,038.21
Year 2 PV (M)	1,134.64	1,156.25	1,178.06
Year 3 PV (M)	1,246.32	1,282.10	1,318.55
Year 4 PV (M)	1,354.05	1,406.13	1,459.69
Year 5 PV (M)	1,457.93	1,528.35	1,601.47
PV of Terminal Value (M)	36,295.21	38,048.29	39,868.45
Equity Value (M)	42,507.05	44,449.66	46,464.43
Shares Outstanding (M)	188.83	188.83	188.83
Fair Value	$225.11	$235.40	$246.07
Upside / Downside	-24.30%	-20.84%	-17.26%

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NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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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

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