L-3 Communications Holdings, Inc ($LLL) filed a 10K annual report for 2010 recently so here's an update to the cash flow valuation posted January 20. This update incorporates the firm's year-end 2010 data. I believe $LLL is undervalued at $81/share and fairly valued at $102/share on a cash flow valuation basis.
L-3 Communications is a leading provider of high-technology products, systems, and subsystems in the defense electronics business. The company sells products to the United States Department of Defense (76% of 2009 sales) as well as other U.S. and foreign governmental agencies and commercial customers. Areas of focus include intelligence, aircraft modernization, simulation and training, communication systems, and specialized products such as bomb-detection equipment.