A Look At L3Harris Technologies (LHX) Valuation After Missile Spin Off Plans And Government Investment

Simply Wall St.03-11

AdvertisementWhy this leadership shake-up matters for L3Harris Technologies (LHX) L3Harris Technologies (LHX) has reorganized its top ranks as geopolitical conflicts keep defense spending in focus, ...

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This move comes as the company prepares a potential initial public offering of its Missile Solutions unit and looks to respond to urgent missile demand, supported by a US$1b government investment in its missile operations. See our latest analysis for L3Harris Technologies. The leadership reshuffle comes after a strong run in the shares, with an 18.8% year to date share price return and a 73.3% one year total shareholder return, although the 1 day move was a 2.6% decline. If this missile focused story has your attention, it could be a good moment to look across defense related infrastructure and check out 24 power grid technology and infrastructure stocks as another source of ideas. With L3Harris trading at US$361.72, sitting about 7% below the average analyst price target and around a 19% intrinsic discount, you have to ask: is there still mispricing here, or is the market already baking in future growth? Most Popular Narrative: 6.8% Undervalued The most followed narrative puts L3Harris Technologies' fair value at $388.11, a touch above the last close at $361.72, which frames the leadership shake up in the context of a still supportive valuation gap.  The U.S. defense budget is expected to grow, with new defense initiatives and a potential increase in funding that could benefit L3Harris, supporting revenue growth. L3Harris is well-positioned in several key growth areas, such as missile warning and tracking, due to recent investments and capability alignment, likely increasing future revenue.  Read the complete narrative. Curious how this story gets from those contracts and budget assumptions to that higher fair value marker? The narrative leans on a tight mix of projected revenue expansion, margin lift and a future earnings multiple that looks more like a quality compounder than a typical defense contractor. The specific numbers behind that mix might surprise you. Behind that $388.11 fair value is a detailed set of assumptions about how quickly L3Harris can grow its top line, how much more profit it can keep from each dollar of sales, and what kind of earnings multiple the market might accept a few years out. The narrative also builds in a discount rate of 7.98%, which effectively sets the required return that future cash flows need to clear for today’s price to look reasonable. Result: Fair Value of $388.11 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still pressure points to watch, including fixed price development contracts that can squeeze margins if costs slip, and potential U.S. budget constraints that could slow expected program funding. Find out about the key risks to this L3Harris Technologies narrative. Next Steps With a mix of enthusiasm and caution running through this story, it makes sense to check the numbers for yourself and move quickly while sentiment is fresh. You can start with 3 key rewards and 2 important warning signs. Looking for more investment ideas? If this L3Harris story has you thinking bigger about your portfolio, this is the moment to widen your search and see what else stands out before others do.  Target quality at a discount by scanning our list of 48 high quality undervalued stocks that pair fundamentals with prices that may not fully reflect their underlying strength. Prioritise resilience and sleep better at night by checking companies in our 68 resilient stocks with low risk scores that score well on stability and risk controls. Get ahead of the crowd by reviewing our screener containing 23 high quality undiscovered gems where solid businesses have yet to attract widespread attention from other investors.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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