Providence is a diversified industrial group organized around 5 families of products and services: - aircraft (34.1%); - industrial equipment (25.7%); - military and commercial helicopters (28.4%); - defense and aerospace systems (11.3%); - financing services (0.5%). The geographic breakdown of sales is as follows: United States (68.2%), Europe (11.5%), Asia and Australia (9.5%) and others (10.8%). Early 2025, the number of employees was 35,000 people¹.

Since 1923, Providence has been one of the most profitable industrial companies of the United States compare to its payroll. Nevertheless, their weighting became 3 times lower than that of Tesla during the health crisis with a unscrewing on April 1, 2020 at $24.86 and on average, 10 times lower than it in 2020. We must therefore ask ourselves why TXT share does not benefit in the same overweight. To this end, an approach taking into account the current context is necessary in order to rationalize direct observation and to draw the consequences for what will happen in the future. In this new world, justice and public health are indicators that partially but convincingly respond to this demands of shareholders. As a preliminary point, this company owned¹ by Vanguard and Blackrock was able to diversify its activities, including in the field of military aeronautics. Without Bell, epistemology of the US warefare would have a completely different reflection. America owes its present to aircraft like Huey and Cobra. But today, civil innovation has replaced the theater of war. The shareholding pushes R&D to evaluate its achievements for grow, instead of investing in fundamental research to propose a paradigm and impose its conditions on the market, as during Vietnam. President NIXON was quoted as saying that if you take no risks, you will suffer no defeats. But if you take no risks, you win no victories. It can be said that without risk, Providence suffer no defeats, remains in the shadow of what it was. Then, the company from Rhode Island is no longer able to free itself from the two sub-chapters that follow.

In the first place, Providence must be perceived through the eyes of the judge because their decisions are binding on the private sector companies, especially those bidders of the State-members. As the convictions that have become definitive are likely to reduce the operating results for the future, shareholders will be keen to study the corporate antecedents before speculating. During the last five years, US SEC and OECD publications¹ visible to the public do not appear to be subject to irregularities. Providence reports 8 lawsuits before the US superior courts which is not abnormal expected the size of the company and even little, compared to other entities. Of the disputes, 5 are denied status and are not likely to endanger the exploitation activities of Providence and by consequence, its results. Note the Court of Appeals for the First Circuit, Textron vs USA case°07-2631 denied¹² on May 24, 2010 which provides information on our understanding of financial statement process of the IRS. Foreigner court presents¹ only anecdotal decisions and audit did not extend to all subsidiaries. Moreover, it FCPA conviction of August 23, 2007 is exempt¹ from further prosecution, which testifies to the exemplary character of Providence and may distance the aggravation of sentences pronounced in case of repetition. It is possible to infer from the legal side a confidence of the shares. This asset must now be tested by the medical side.

Secondly, health measures have been viewed sharply since the 2020 crisis because of their major effect on stock weighting, bonds and compensation performance. From the outset, Providence posted excellent results for a low volume of employees. It is therefore less subject to the increase in production costs related to health measures such as social distancing. However, apart from lawnmowers and Golf Karts, the activities of Providence remain essential as Defense and Oil industries. These two advantages refer to the possible stability of an operation under an epidemic below P3. Moreover, its complete autonomy in private aviation (Aircraft, system and engine) benefits from the exceptional growth of the market to the detriment of collective aviation. It is possible to deduce from here that Providence is adapted to the context in which it is observed because the company do not presents consubstantial failure neither to it antecedents nor to his future even if his strategic choices of development are subject to criticism. Its low acquisition cost makes it an investment that can't be ignored.

For all these reasons,

Providence deserves the upper middle confidence.