Intrinsic value of Arrow Electronics - ARW

Previous Close

$75.98

  Intrinsic Value

$127.56

stock screener

  Rating & Target

str. buy

+68%

  Value-price divergence*

-13%

Previous close

$75.98

 
Intrinsic value

$127.56

 
Up/down potential

+68%

 
Rating

str. buy

 
Value-price divergence*

-13%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ARW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.33
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  23,825
  25,064
  26,362
  27,723
  29,150
  30,645
  32,214
  33,859
  35,584
  37,394
  39,293
  41,285
  43,375
  45,568
  47,870
  50,285
  52,820
  55,480
  58,273
  61,204
  64,281
  67,510
  70,901
  74,460
  78,196
  82,118
  86,236
  90,559
  95,097
  99,862
  104,865
Variable operating expenses, $m
 
  23,397
  24,597
  25,854
  27,172
  28,554
  30,003
  31,523
  33,117
  34,790
  36,544
  38,145
  40,077
  42,103
  44,230
  46,461
  48,803
  51,262
  53,842
  56,550
  59,393
  62,377
  65,509
  68,798
  72,250
  75,874
  79,679
  83,673
  87,866
  92,269
  96,891
Fixed operating expenses, $m
 
  759
  777
  797
  817
  837
  858
  880
  902
  924
  947
  971
  995
  1,020
  1,046
  1,072
  1,099
  1,126
  1,154
  1,183
  1,213
  1,243
  1,274
  1,306
  1,338
  1,372
  1,406
  1,441
  1,477
  1,514
  1,552
Total operating expenses, $m
  22,967
  24,156
  25,374
  26,651
  27,989
  29,391
  30,861
  32,403
  34,019
  35,714
  37,491
  39,116
  41,072
  43,123
  45,276
  47,533
  49,902
  52,388
  54,996
  57,733
  60,606
  63,620
  66,783
  70,104
  73,588
  77,246
  81,085
  85,114
  89,343
  93,783
  98,443
Operating income, $m
  859
  908
  988
  1,072
  1,161
  1,254
  1,352
  1,456
  1,565
  1,680
  1,801
  2,168
  2,303
  2,445
  2,594
  2,752
  2,918
  3,093
  3,277
  3,471
  3,675
  3,891
  4,117
  4,356
  4,608
  4,872
  5,151
  5,445
  5,754
  6,079
  6,422
EBITDA, $m
  1,018
  1,200
  1,283
  1,370
  1,461
  1,558
  1,659
  1,766
  1,879
  1,998
  2,123
  2,255
  2,395
  2,541
  2,695
  2,858
  3,029
  3,210
  3,400
  3,600
  3,811
  4,033
  4,267
  4,513
  4,773
  5,046
  5,333
  5,636
  5,954
  6,290
  6,643
Interest expense (income), $m
  142
  146
  172
  201
  231
  262
  295
  329
  366
  403
  443
  485
  529
  575
  623
  673
  726
  782
  840
  902
  966
  1,034
  1,105
  1,179
  1,257
  1,339
  1,426
  1,516
  1,611
  1,711
  1,815
Earnings before tax, $m
  715
  763
  816
  871
  930
  992
  1,057
  1,126
  1,199
  1,277
  1,358
  1,683
  1,774
  1,870
  1,972
  2,079
  2,192
  2,311
  2,436
  2,569
  2,709
  2,857
  3,013
  3,177
  3,350
  3,533
  3,726
  3,929
  4,143
  4,368
  4,606
Tax expense, $m
  190
  206
  220
  235
  251
  268
  285
  304
  324
  345
  367
  455
  479
  505
  532
  561
  592
  624
  658
  694
  731
  771
  813
  858
  905
  954
  1,006
  1,061
  1,119
  1,179
  1,244
Net income, $m
  523
  557
  595
  636
  679
  724
  772
  822
  876
  932
  991
  1,229
  1,295
  1,365
  1,439
  1,517
  1,600
  1,687
  1,779
  1,875
  1,978
  2,085
  2,199
  2,319
  2,446
  2,579
  2,720
  2,868
  3,024
  3,189
  3,363

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  534
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,206
  14,380
  15,125
  15,905
  16,724
  17,582
  18,482
  19,426
  20,415
  21,454
  22,543
  23,686
  24,885
  26,143
  27,464
  28,850
  30,304
  31,830
  33,433
  35,114
  36,879
  38,732
  40,677
  42,719
  44,863
  47,113
  49,476
  51,956
  54,560
  57,293
  60,163
Adjusted assets (=assets-cash), $m
  13,672
  14,380
  15,125
  15,905
  16,724
  17,582
  18,482
  19,426
  20,415
  21,454
  22,543
  23,686
  24,885
  26,143
  27,464
  28,850
  30,304
  31,830
  33,433
  35,114
  36,879
  38,732
  40,677
  42,719
  44,863
  47,113
  49,476
  51,956
  54,560
  57,293
  60,163
Revenue / Adjusted assets
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
Average production assets, $m
  1,091
  1,153
  1,213
  1,275
  1,341
  1,410
  1,482
  1,558
  1,637
  1,720
  1,807
  1,899
  1,995
  2,096
  2,202
  2,313
  2,430
  2,552
  2,681
  2,815
  2,957
  3,105
  3,261
  3,425
  3,597
  3,777
  3,967
  4,166
  4,374
  4,594
  4,824
Working capital, $m
  3,628
  3,359
  3,533
  3,715
  3,906
  4,106
  4,317
  4,537
  4,768
  5,011
  5,265
  5,532
  5,812
  6,106
  6,415
  6,738
  7,078
  7,434
  7,809
  8,201
  8,614
  9,046
  9,501
  9,978
  10,478
  11,004
  11,556
  12,135
  12,743
  13,382
  14,052
Total debt, $m
  2,790
  3,192
  3,720
  4,274
  4,854
  5,463
  6,101
  6,770
  7,472
  8,208
  8,980
  9,790
  10,641
  11,533
  12,469
  13,451
  14,483
  15,565
  16,701
  17,893
  19,145
  20,458
  21,837
  23,285
  24,805
  26,400
  28,075
  29,834
  31,680
  33,618
  35,653
Total liabilities, $m
  9,793
  10,195
  10,723
  11,277
  11,857
  12,466
  13,104
  13,773
  14,475
  15,211
  15,983
  16,793
  17,644
  18,536
  19,472
  20,454
  21,486
  22,568
  23,704
  24,896
  26,148
  27,461
  28,840
  30,288
  31,808
  33,403
  35,078
  36,837
  38,683
  40,621
  42,656
Total equity, $m
  4,413
  4,185
  4,401
  4,628
  4,867
  5,116
  5,378
  5,653
  5,941
  6,243
  6,560
  6,893
  7,242
  7,608
  7,992
  8,395
  8,818
  9,263
  9,729
  10,218
  10,732
  11,271
  11,837
  12,431
  13,055
  13,710
  14,397
  15,119
  15,877
  16,672
  17,508
Total liabilities and equity, $m
  14,206
  14,380
  15,124
  15,905
  16,724
  17,582
  18,482
  19,426
  20,416
  21,454
  22,543
  23,686
  24,886
  26,144
  27,464
  28,849
  30,304
  31,831
  33,433
  35,114
  36,880
  38,732
  40,677
  42,719
  44,863
  47,113
  49,475
  51,956
  54,560
  57,293
  60,164
Debt-to-equity ratio
  0.632
  0.760
  0.850
  0.920
  1.000
  1.070
  1.130
  1.200
  1.260
  1.310
  1.370
  1.420
  1.470
  1.520
  1.560
  1.600
  1.640
  1.680
  1.720
  1.750
  1.780
  1.820
  1.840
  1.870
  1.900
  1.930
  1.950
  1.970
  2.000
  2.020
  2.040
Adjusted equity ratio
  0.284
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  523
  557
  595
  636
  679
  724
  772
  822
  876
  932
  991
  1,229
  1,295
  1,365
  1,439
  1,517
  1,600
  1,687
  1,779
  1,875
  1,978
  2,085
  2,199
  2,319
  2,446
  2,579
  2,720
  2,868
  3,024
  3,189
  3,363
Depreciation, amort., depletion, $m
  159
  292
  295
  298
  301
  304
  307
  311
  314
  318
  322
  87
  92
  96
  101
  106
  111
  117
  123
  129
  136
  142
  150
  157
  165
  173
  182
  191
  201
  211
  221
Funds from operations, $m
  -33
  849
  890
  934
  979
  1,028
  1,079
  1,133
  1,190
  1,250
  1,314
  1,316
  1,387
  1,461
  1,540
  1,623
  1,711
  1,804
  1,902
  2,005
  2,113
  2,228
  2,349
  2,476
  2,611
  2,752
  2,902
  3,059
  3,225
  3,400
  3,584
Change in working capital, $m
  -389
  166
  174
  182
  191
  200
  210
  220
  231
  243
  254
  267
  280
  294
  308
  324
  340
  357
  374
  393
  412
  433
  454
  477
  501
  526
  552
  579
  608
  638
  670
Cash from operations, $m
  356
  683
  716
  751
  788
  827
  869
  912
  959
  1,008
  1,059
  1,049
  1,107
  1,168
  1,232
  1,300
  1,372
  1,447
  1,527
  1,612
  1,701
  1,795
  1,894
  1,999
  2,110
  2,227
  2,350
  2,480
  2,617
  2,761
  2,914
Maintenance CAPEX, $m
  0
  -50
  -53
  -56
  -58
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -142
  -150
  -157
  -165
  -173
  -182
  -191
  -201
  -211
New CAPEX, $m
  -165
  -62
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -209
  -219
  -230
Cash from investing activities, $m
  -241
  -112
  -113
  -119
  -124
  -131
  -137
  -144
  -150
  -158
  -166
  -175
  -183
  -193
  -202
  -212
  -223
  -233
  -245
  -258
  -271
  -285
  -298
  -314
  -329
  -345
  -362
  -381
  -400
  -420
  -441
Free cash flow, $m
  115
  571
  604
  633
  664
  697
  732
  769
  808
  849
  893
  875
  923
  975
  1,030
  1,088
  1,149
  1,214
  1,282
  1,354
  1,430
  1,511
  1,596
  1,686
  1,781
  1,881
  1,987
  2,099
  2,217
  2,341
  2,473
Issuance/(repayment) of debt, $m
  362
  496
  528
  554
  580
  608
  638
  669
  702
  736
  772
  810
  850
  892
  936
  983
  1,031
  1,082
  1,136
  1,192
  1,252
  1,314
  1,379
  1,448
  1,520
  1,595
  1,675
  1,758
  1,846
  1,938
  2,035
Issuance/(repurchase) of shares, $m
  -197
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  166
  496
  528
  554
  580
  608
  638
  669
  702
  736
  772
  810
  850
  892
  936
  983
  1,031
  1,082
  1,136
  1,192
  1,252
  1,314
  1,379
  1,448
  1,520
  1,595
  1,675
  1,758
  1,846
  1,938
  2,035
Total cash flow (excl. dividends), $m
  261
  1,067
  1,132
  1,187
  1,244
  1,305
  1,370
  1,438
  1,510
  1,585
  1,665
  1,685
  1,774
  1,867
  1,966
  2,070
  2,180
  2,296
  2,418
  2,546
  2,682
  2,825
  2,975
  3,134
  3,301
  3,477
  3,662
  3,857
  4,063
  4,280
  4,508
Retained Cash Flow (-), $m
  -271
  -212
  -217
  -227
  -238
  -250
  -262
  -275
  -288
  -302
  -317
  -333
  -349
  -366
  -384
  -403
  -423
  -444
  -466
  -489
  -514
  -539
  -566
  -594
  -624
  -655
  -687
  -722
  -758
  -796
  -835
Prev. year cash balance distribution, $m
 
  440
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,296
  915
  959
  1,006
  1,056
  1,108
  1,163
  1,222
  1,283
  1,348
  1,352
  1,425
  1,501
  1,582
  1,667
  1,757
  1,852
  1,952
  2,057
  2,168
  2,285
  2,409
  2,540
  2,677
  2,822
  2,975
  3,136
  3,305
  3,484
  3,672
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  1,224
  813
  797
  776
  751
  722
  689
  652
  612
  570
  501
  458
  414
  370
  326
  284
  244
  206
  172
  141
  113
  89
  69
  52
  39
  28
  20
  14
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Arrow Electronics, Inc. provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions. The Global Components segment markets and distributes semiconductor products and related services; passive, electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays, switches, and connectors; and computing and memory products, as well as other products and services. The Global Enterprise Computing Solutions segment offers computing solutions, including datacenter, cloud, security, and analytics solutions. This segment provides access to various services, including engineering and integration support, warehousing and logistics, marketing resources, and authorized hardware and software training. The company serves original equipment manufacturers, contract manufacturers, and other commercial customers. Arrow Electronics, Inc. was founded in 1935 and is based in Centennial, Colorado.

FINANCIAL RATIOS  of  Arrow Electronics (ARW)

Valuation Ratios
P/E Ratio 12.9
Price to Sales 0.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 35.4
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 61.1%
Total Debt to Equity 63.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 12.2%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 13.2%
Gross Margin - 3 Yr. Avg. 13.1%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. 4.2%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 0%

ARW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARW stock intrinsic value calculation we used $23825 million for the last fiscal year's total revenue generated by Arrow Electronics. The default revenue input number comes from 2016 income statement of Arrow Electronics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARW stock valuation model: a) initial revenue growth rate of 5.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.8%, whose default value for ARW is calculated based on our internal credit rating of Arrow Electronics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arrow Electronics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ARW stock the variable cost ratio is equal to 93.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $740 million in the base year in the intrinsic value calculation for ARW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Arrow Electronics.

Corporate tax rate of 27% is the nominal tax rate for Arrow Electronics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ARW stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ARW are equal to 4.6%.

Life of production assets of 21.8 years is the average useful life of capital assets used in Arrow Electronics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ARW is equal to 13.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4413 million for Arrow Electronics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 87.568 million for Arrow Electronics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arrow Electronics at the current share price and the inputted number of shares is $6.7 billion.

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COMPANY NEWS

▶ Arrow Electronics tops Street 2Q forecasts   [12:53AM  Associated Press]
▶ The Largest Company in Every State   [Jun-23-17 06:03PM  24/7 Wall St.]
▶ Fortune 500: Colorado adds a company, loses one on 2017 list (Videos)   [Jun-08-17 01:04PM  American City Business Journals]
▶ Arrow Electronics Prices $500 Million Notes Offering   [Jun-01-17 04:37PM  Business Wire]
▶ Arrow Electronics tops Street 1Q forecasts   [May-04-17 08:23AM  Associated Press]
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▶ How Cypresss Go-Broad Strategy Could Impact Its IoT Earnings   [Apr-14-17 09:06AM  Market Realist]
▶ Inside Cypresss Automotive Partnerships in 2017   [Apr-13-17 09:06AM  Market Realist]
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Stock chart of ARW Financial statements of ARW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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