Intrinsic value of Avnet - AVT

Previous Close

$37.54

  Intrinsic Value

$44.47

stock screener

  Rating & Target

hold

+18%

  Value-price divergence*

+3%

Previous close

$37.54

 
Intrinsic value

$44.47

 
Up/down potential

+18%

 
Rating

hold

 
Value-price divergence*

+3%

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

We calculate the intrinsic value of AVT 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 4.8

 

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, %
  -6.11
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  26,219
  28,526
  30,928
  33,427
  36,024
  38,723
  41,528
  44,443
  47,473
  50,623
  53,900
  57,309
  60,858
  64,554
  68,405
  72,420
  76,608
  80,978
  85,540
  90,305
  95,283
  100,488
  105,930
  111,623
  117,580
  123,815
  130,344
  137,181
  144,343
  151,847
  159,711
Variable operating expenses, $m
 
  27,665
  29,989
  32,407
  34,920
  37,532
  40,246
  43,067
  45,999
  49,047
  52,217
  55,454
  58,888
  62,464
  66,191
  70,076
  74,128
  78,356
  82,771
  87,381
  92,199
  97,235
  102,501
  108,009
  113,773
  119,807
  126,124
  132,740
  139,670
  146,932
  154,541
Fixed operating expenses, $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
Total operating expenses, $m
  25,432
  27,665
  29,989
  32,407
  34,920
  37,532
  40,246
  43,067
  45,999
  49,047
  52,217
  55,454
  58,888
  62,464
  66,191
  70,076
  74,128
  78,356
  82,771
  87,381
  92,199
  97,235
  102,501
  108,009
  113,773
  119,807
  126,124
  132,740
  139,670
  146,932
  154,541
Operating income, $m
  788
  861
  939
  1,020
  1,104
  1,191
  1,282
  1,377
  1,475
  1,577
  1,683
  1,855
  1,970
  2,090
  2,214
  2,344
  2,480
  2,621
  2,769
  2,923
  3,085
  3,253
  3,429
  3,613
  3,806
  4,008
  4,220
  4,441
  4,673
  4,916
  5,170
EBITDA, $m
  914
  959
  1,040
  1,124
  1,212
  1,302
  1,397
  1,495
  1,597
  1,703
  1,813
  1,928
  2,047
  2,171
  2,301
  2,436
  2,577
  2,724
  2,877
  3,037
  3,205
  3,380
  3,563
  3,754
  3,955
  4,164
  4,384
  4,614
  4,855
  5,107
  5,372
Interest expense (income), $m
  120
  79
  105
  133
  161
  191
  221
  253
  287
  321
  357
  394
  433
  473
  515
  559
  605
  652
  702
  754
  808
  865
  924
  986
  1,051
  1,119
  1,189
  1,264
  1,342
  1,423
  1,508
Earnings before tax, $m
  671
  782
  834
  887
  943
  1,001
  1,061
  1,123
  1,188
  1,256
  1,326
  1,461
  1,537
  1,617
  1,699
  1,785
  1,875
  1,969
  2,067
  2,169
  2,276
  2,388
  2,505
  2,627
  2,756
  2,890
  3,030
  3,177
  3,331
  3,493
  3,662
Tax expense, $m
  164
  211
  225
  240
  255
  270
  286
  303
  321
  339
  358
  395
  415
  436
  459
  482
  506
  532
  558
  586
  615
  645
  676
  709
  744
  780
  818
  858
  899
  943
  989
Net income, $m
  507
  571
  609
  648
  688
  730
  774
  820
  867
  917
  968
  1,067
  1,122
  1,180
  1,240
  1,303
  1,369
  1,437
  1,509
  1,584
  1,662
  1,743
  1,829
  1,918
  2,012
  2,109
  2,212
  2,319
  2,432
  2,550
  2,673

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,031
  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
  11,240
  11,108
  12,044
  13,017
  14,028
  15,079
  16,171
  17,307
  18,486
  19,713
  20,989
  22,317
  23,699
  25,138
  26,638
  28,201
  29,832
  31,533
  33,310
  35,165
  37,104
  39,131
  41,250
  43,467
  45,787
  48,215
  50,757
  53,419
  56,208
  59,131
  62,193
Adjusted assets (=assets-cash), $m
  10,209
  11,108
  12,044
  13,017
  14,028
  15,079
  16,171
  17,307
  18,486
  19,713
  20,989
  22,317
  23,699
  25,138
  26,638
  28,201
  29,832
  31,533
  33,310
  35,165
  37,104
  39,131
  41,250
  43,467
  45,787
  48,215
  50,757
  53,419
  56,208
  59,131
  62,193
Revenue / Adjusted assets
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
  2.568
Average production assets, $m
  346
  371
  402
  435
  468
  503
  540
  578
  617
  658
  701
  745
  791
  839
  889
  941
  996
  1,053
  1,112
  1,174
  1,239
  1,306
  1,377
  1,451
  1,529
  1,610
  1,694
  1,783
  1,876
  1,974
  2,076
Working capital, $m
  4,062
  4,564
  4,949
  5,348
  5,764
  6,196
  6,645
  7,111
  7,596
  8,100
  8,624
  9,169
  9,737
  10,329
  10,945
  11,587
  12,257
  12,956
  13,686
  14,449
  15,245
  16,078
  16,949
  17,860
  18,813
  19,810
  20,855
  21,949
  23,095
  24,296
  25,554
Total debt, $m
  2,492
  1,953
  2,459
  2,985
  3,532
  4,101
  4,692
  5,306
  5,944
  6,608
  7,298
  8,016
  8,764
  9,543
  10,354
  11,200
  12,082
  13,003
  13,964
  14,967
  16,016
  17,113
  18,259
  19,459
  20,714
  22,027
  23,402
  24,843
  26,352
  27,933
  29,589
Total liabilities, $m
  6,549
  6,010
  6,516
  7,042
  7,589
  8,158
  8,749
  9,363
  10,001
  10,665
  11,355
  12,073
  12,821
  13,600
  14,411
  15,257
  16,139
  17,060
  18,021
  19,024
  20,073
  21,170
  22,316
  23,516
  24,771
  26,084
  27,459
  28,900
  30,409
  31,990
  33,646
Total equity, $m
  4,691
  5,099
  5,528
  5,975
  6,439
  6,921
  7,423
  7,944
  8,485
  9,048
  9,634
  10,243
  10,878
  11,538
  12,227
  12,944
  13,693
  14,474
  15,289
  16,141
  17,031
  17,961
  18,934
  19,951
  21,016
  22,131
  23,297
  24,519
  25,800
  27,141
  28,547
Total liabilities and equity, $m
  11,240
  11,109
  12,044
  13,017
  14,028
  15,079
  16,172
  17,307
  18,486
  19,713
  20,989
  22,316
  23,699
  25,138
  26,638
  28,201
  29,832
  31,534
  33,310
  35,165
  37,104
  39,131
  41,250
  43,467
  45,787
  48,215
  50,756
  53,419
  56,209
  59,131
  62,193
Debt-to-equity ratio
  0.531
  0.380
  0.440
  0.500
  0.550
  0.590
  0.630
  0.670
  0.700
  0.730
  0.760
  0.780
  0.810
  0.830
  0.850
  0.870
  0.880
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.030
  1.040
Adjusted equity ratio
  0.359
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  507
  571
  609
  648
  688
  730
  774
  820
  867
  917
  968
  1,067
  1,122
  1,180
  1,240
  1,303
  1,369
  1,437
  1,509
  1,584
  1,662
  1,743
  1,829
  1,918
  2,012
  2,109
  2,212
  2,319
  2,432
  2,550
  2,673
Depreciation, amort., depletion, $m
  126
  98
  101
  104
  108
  111
  115
  118
  122
  126
  130
  72
  77
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  165
  173
  182
  192
  202
Funds from operations, $m
  -413
  669
  710
  752
  796
  842
  889
  938
  989
  1,043
  1,098
  1,139
  1,199
  1,262
  1,327
  1,395
  1,466
  1,540
  1,617
  1,698
  1,782
  1,870
  1,962
  2,059
  2,160
  2,266
  2,376
  2,492
  2,614
  2,741
  2,875
Change in working capital, $m
  -637
  369
  384
  400
  416
  432
  449
  466
  485
  504
  524
  545
  568
  591
  616
  642
  670
  699
  730
  762
  797
  833
  871
  911
  953
  998
  1,045
  1,094
  1,146
  1,201
  1,258
Cash from operations, $m
  224
  300
  325
  352
  380
  410
  440
  472
  505
  539
  574
  593
  631
  670
  711
  752
  796
  840
  887
  935
  985
  1,037
  1,092
  1,148
  1,207
  1,268
  1,332
  1,398
  1,468
  1,541
  1,616
Maintenance CAPEX, $m
  0
  -34
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -165
  -173
  -182
  -192
New CAPEX, $m
  -148
  -25
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
Cash from investing activities, $m
  -153
  -59
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -154
  -161
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -254
  -266
  -280
  -294
Free cash flow, $m
  71
  242
  258
  281
  304
  329
  355
  381
  409
  438
  467
  481
  513
  545
  579
  614
  650
  687
  725
  765
  807
  850
  894
  940
  989
  1,039
  1,091
  1,145
  1,202
  1,261
  1,323
Issuance/(repayment) of debt, $m
  514
  492
  506
  526
  547
  569
  591
  614
  638
  664
  690
  718
  748
  779
  811
  846
  882
  921
  961
  1,004
  1,049
  1,096
  1,147
  1,199
  1,255
  1,314
  1,375
  1,440
  1,509
  1,581
  1,657
Issuance/(repurchase) of shares, $m
  -381
  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  
  122
  492
  506
  526
  547
  569
  591
  614
  638
  664
  690
  718
  748
  779
  811
  846
  882
  921
  961
  1,004
  1,049
  1,096
  1,147
  1,199
  1,255
  1,314
  1,375
  1,440
  1,509
  1,581
  1,657
Total cash flow (excl. dividends), $m
  188
  733
  764
  807
  852
  898
  946
  996
  1,047
  1,101
  1,158
  1,199
  1,260
  1,324
  1,390
  1,460
  1,532
  1,608
  1,687
  1,769
  1,856
  1,946
  2,041
  2,140
  2,243
  2,352
  2,466
  2,585
  2,711
  2,842
  2,979
Retained Cash Flow (-), $m
  -6
  -408
  -429
  -447
  -464
  -482
  -501
  -521
  -542
  -563
  -586
  -609
  -634
  -661
  -688
  -718
  -748
  -781
  -815
  -852
  -890
  -930
  -973
  -1,018
  -1,065
  -1,115
  -1,167
  -1,222
  -1,280
  -1,341
  -1,406
Prev. year cash balance distribution, $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 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
 
  326
  335
  361
  387
  415
  444
  475
  506
  538
  572
  590
  626
  663
  702
  742
  783
  826
  871
  917
  966
  1,016
  1,068
  1,122
  1,179
  1,238
  1,299
  1,363
  1,430
  1,501
  1,574
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  312
  307
  314
  319
  322
  322
  321
  316
  309
  300
  280
  267
  252
  236
  218
  199
  180
  160
  141
  123
  105
  89
  74
  60
  48
  38
  29
  22
  16
  12
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

Avnet, Inc., together with its subsidiaries, distributes electronic components, enterprise computer, networking and storage products and software, IT solutions and services, and embedded subsystems in the Americas, Europe, the Middle East, Africa, and the Asia/Pacific. It operates through two segments, Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors; interconnect, passive, and electromechanical devices; and embedded products for the electronic component manufacturers, as well as offers services that enable customers to evaluate, design-in, and procure electronic components throughout the lifecycle of their technology products and systems. This segment offers its products and services to a diverse customer base serving automotive, communications, computer hardware and peripherals, industrial and manufacturing, medical equipment, and defense and aerospace end-markets. The TS segment creates and delivers datacenter and IT lifecycle solutions that solve the business challenges of end-user customers. This segment also provides value-added distribution of enterprise computing servers and systems, software, storage, services, and complex solutions; and hard disk drives, microprocessors, motherboards, and DRAM module technologies to personal computing integrators and value-added resellers. This segment serves value-added resellers, independent software vendors, system integrators, and original equipment manufacturers (OEMs). Avnet, Inc. was founded in 1955 and is headquartered in Phoenix, Arizona.

FINANCIAL RATIOS  of  Avnet (AVT)

Valuation Ratios
P/E Ratio 9.4
Price to Sales 0.2
Price to Book 1
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 62.9
Growth Rates
Sales Growth Rate -6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.9%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.5
LT Debt to Equity 28.5%
Total Debt to Equity 53.1%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 10.8%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 11.6%
Gross Margin - 3 Yr. Avg. 11.6%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin 3%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.1%
Payout Ratio 17.6%

AVT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVT stock intrinsic value calculation we used $26219 million for the last fiscal year's total revenue generated by Avnet. The default revenue input number comes from 2016 income statement of Avnet. 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 AVT stock valuation model: a) initial revenue growth rate of 8.8% 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 4.3%, whose default value for AVT is calculated based on our internal credit rating of Avnet, 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 Avnet.
    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 AVT stock the variable cost ratio is equal to 97%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AVT 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 Avnet.

Corporate tax rate of 27% is the nominal tax rate for Avnet. 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 AVT 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 AVT are equal to 1.3%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Avnet 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 AVT is equal to 16%. 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 - $4691 million for Avnet - 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 128.538 million for Avnet 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 Avnet at the current share price and the inputted number of shares is $4.8 billion.

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COMPANY NEWS

▶ Avnet, Inc. Value Analysis (NYSE:AVT) : August 14, 2017   [Aug-14-17 05:35PM  Capital Cube]
▶ Avnet CFO stepping down, interim replacement announced   [Aug-11-17 12:42PM  American City Business Journals]
▶ Avnet Declares Regular Quarterly Dividend   [07:00AM  Business Wire]
▶ Avnet tops Street 4Q forecasts   [Aug-09-17 11:41PM  Associated Press]
▶ Avnet reports sales increase and profit dip in latest quarter   [06:46PM  American City Business Journals]
▶ Avnet Honoured with 13 IP&E Supplier Awards in a Row   [Jul-18-17 09:00PM  PR Newswire]
▶ The Largest Company in Every State   [Jun-23-17 06:03PM  24/7 Wall St.]
▶ Top of the Phoenix Lists: Arizona-based Public Companies   [04:55AM  American City Business Journals]
▶ Avnet Expands UbiquiOS Franchise into the Americas   [Jun-07-17 11:00AM  Business Wire]
▶ One of Tech Datas newest and biggest shareholders plans to sell its stock   [Jun-05-17 02:11PM  American City Business Journals]
▶ What doubling down on data center products did for Tampa Bay's biggest company   [Jun-01-17 07:55AM  American City Business Journals]
▶ Avnet Consolidates Distribution Centres   [May-25-17 12:36AM  Marketwired]
▶ Avnet rebrand shifts focus to better guide tech companies   [May-23-17 04:37PM  American City Business Journals]
▶ ETFs with exposure to Avnet, Inc. : May 15, 2017   [May-15-17 03:18PM  Capital Cube]
▶ Avnet Declares Regular Quarterly Dividend   [May-11-17 06:00PM  Business Wire]
▶ Avnets Team of IoT Experts to Present at IoT World 2017   [May-09-17 01:09PM  Business Wire]
▶ ETFs with exposure to Avnet, Inc. : May 4, 2017   [May-04-17 03:40PM  Capital Cube]
▶ Avnet reports 120 percent increase in earnings due to recent acquisition and sale   [Apr-27-17 03:50PM  American City Business Journals]
▶ Avnet tops 3Q profit forecasts   [08:26AM  Associated Press]
▶ Avnet and Xilinx Expand Global Channel Relationship   [Apr-20-17 11:10AM  Business Wire]
▶ Avnet Launches 'Reach Further'   [Apr-04-17 12:32AM  Marketwired]
▶ Avnet Launches Reach Further   [Apr-03-17 07:00AM  Business Wire]
▶ Tech Data: A Pause That Refreshes?   [Mar-13-17 09:55AM  TheStreet.com]
▶ Avnet Named a Worlds Most Ethical Company   [08:00AM  Business Wire]
▶ Avnet Announces Leadership Changes   [07:00AM  Business Wire]
Stock chart of AVT Financial statements of AVT
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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