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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6101.T	Tsugami Corporation	2.08%	$59.70	21.18%
9549.SR	Abdulaziz and Mansour Ibrahim Albabtin Co.	2.08%	$0.50	29.71%
FPAR-A.ST	FastPartner AB (publ)	2.08%	$0.97	55.03%
GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
OCL.AX	Objective Corporation Limited	2.07%	$0.34	57.76%
TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
MGROS.IS	Migros Ticaret A.S.	2.05%	$10.88	31.41%
MLL.DE	Müller - Die lila Logistik AG	2.05%	$0.10	6.76%
RAY-A.TO	Stingray Group Inc.	2.05%	$0.30	39.32%
VIVA3.SA	Vivara Participações S.A.	2.05%	$0.66	20.93%
268280.KS	Miwon Specialty Chemical Co., Ltd.	2.04%	$2,814.57	22.79%
2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
605589.SS	Jinan Shengquan Group Share Holding Co., Ltd.	2.04%	$0.58	44.86%
CEK.DE	CeoTronics AG	2.04%	$0.26	34.71%
CSAP.JK	PT Catur Sentosa Adiprana Tbk	2.04%	$6.50	30.53%
ROTH.PA	Rothschild & Co SCA	2.04%	$0.78	13.71%
2476.TW	G-SHANK Enterprise Co., Ltd.	2.03%	$1.85	49.48%
2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
601607.SS	Shanghai Pharmaceuticals Holding Co., Ltd	2.03%	$0.36	23.77%

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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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