Intrinsic value of Avnet - AVT

Previous Close

$40.65

  Intrinsic Value

$32.13

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

-25%

Previous close

$40.65

 
Intrinsic value

$32.13

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

-25%

*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 2017), $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 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.18
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  17,440
  18,172
  18,950
  19,775
  20,648
  21,572
  22,549
  23,581
  24,670
  25,818
  27,029
  28,305
  29,649
  31,065
  32,555
  34,123
  35,773
  37,508
  39,334
  41,253
  43,271
  45,393
  47,623
  49,966
  52,429
  55,017
  57,737
  60,594
  63,595
  66,748
  70,060
Variable operating expenses, $m
 
  17,550
  18,296
  19,087
  19,925
  20,812
  21,749
  22,739
  23,783
  24,885
  26,047
  27,156
  28,446
  29,804
  31,234
  32,738
  34,321
  35,986
  37,738
  39,579
  41,515
  43,551
  45,690
  47,939
  50,302
  52,785
  55,393
  58,134
  61,014
  64,039
  67,217
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
  16,934
  17,550
  18,296
  19,087
  19,925
  20,812
  21,749
  22,739
  23,783
  24,885
  26,047
  27,156
  28,446
  29,804
  31,234
  32,738
  34,321
  35,986
  37,738
  39,579
  41,515
  43,551
  45,690
  47,939
  50,302
  52,785
  55,393
  58,134
  61,014
  64,039
  67,217
Operating income, $m
  506
  623
  654
  688
  723
  761
  800
  842
  886
  933
  982
  1,149
  1,203
  1,261
  1,321
  1,385
  1,452
  1,522
  1,596
  1,674
  1,756
  1,842
  1,933
  2,028
  2,128
  2,233
  2,343
  2,459
  2,581
  2,709
  2,843
EBITDA, $m
  661
  804
  839
  875
  914
  955
  998
  1,044
  1,092
  1,143
  1,196
  1,253
  1,312
  1,375
  1,441
  1,510
  1,583
  1,660
  1,741
  1,826
  1,915
  2,009
  2,108
  2,211
  2,320
  2,435
  2,555
  2,682
  2,814
  2,954
  3,101
Interest expense (income), $m
  116
  93
  104
  114
  126
  138
  151
  164
  179
  194
  210
  226
  244
  263
  282
  303
  325
  347
  371
  397
  423
  451
  481
  511
  544
  578
  614
  651
  691
  733
  776
Earnings before tax, $m
  310
  529
  551
  573
  597
  623
  650
  678
  708
  739
  773
  922
  959
  998
  1,039
  1,082
  1,127
  1,175
  1,225
  1,277
  1,333
  1,391
  1,452
  1,516
  1,584
  1,655
  1,729
  1,808
  1,890
  1,976
  2,067
Tax expense, $m
  47
  143
  149
  155
  161
  168
  175
  183
  191
  200
  209
  249
  259
  269
  281
  292
  304
  317
  331
  345
  360
  376
  392
  409
  428
  447
  467
  488
  510
  534
  558
Net income, $m
  525
  386
  402
  418
  436
  455
  474
  495
  517
  540
  564
  673
  700
  729
  758
  790
  823
  858
  894
  933
  973
  1,015
  1,060
  1,107
  1,156
  1,208
  1,262
  1,320
  1,380
  1,443
  1,509

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,118
  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
  9,700
  8,943
  9,326
  9,732
  10,162
  10,616
  11,097
  11,605
  12,141
  12,706
  13,302
  13,930
  14,591
  15,288
  16,021
  16,793
  17,605
  18,459
  19,357
  20,302
  21,295
  22,339
  23,436
  24,590
  25,802
  27,075
  28,414
  29,820
  31,297
  32,848
  34,479
Adjusted assets (=assets-cash), $m
  8,582
  8,943
  9,326
  9,732
  10,162
  10,616
  11,097
  11,605
  12,141
  12,706
  13,302
  13,930
  14,591
  15,288
  16,021
  16,793
  17,605
  18,459
  19,357
  20,302
  21,295
  22,339
  23,436
  24,590
  25,802
  27,075
  28,414
  29,820
  31,297
  32,848
  34,479
Revenue / Adjusted assets
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
Average production assets, $m
  636
  654
  682
  712
  743
  777
  812
  849
  888
  929
  973
  1,019
  1,067
  1,118
  1,172
  1,228
  1,288
  1,350
  1,416
  1,485
  1,558
  1,634
  1,714
  1,799
  1,887
  1,981
  2,079
  2,181
  2,289
  2,403
  2,522
Working capital, $m
  5,080
  4,180
  4,359
  4,548
  4,749
  4,962
  5,186
  5,424
  5,674
  5,938
  6,217
  6,510
  6,819
  7,145
  7,488
  7,848
  8,228
  8,627
  9,047
  9,488
  9,952
  10,440
  10,953
  11,492
  12,059
  12,654
  13,279
  13,937
  14,627
  15,352
  16,114
Total debt, $m
  1,779
  1,920
  2,120
  2,331
  2,555
  2,792
  3,043
  3,307
  3,586
  3,881
  4,191
  4,518
  4,863
  5,226
  5,608
  6,010
  6,433
  6,878
  7,346
  7,838
  8,356
  8,900
  9,471
  10,072
  10,704
  11,367
  12,065
  12,797
  13,567
  14,375
  15,224
Total liabilities, $m
  4,518
  4,659
  4,859
  5,070
  5,294
  5,531
  5,782
  6,046
  6,325
  6,620
  6,930
  7,257
  7,602
  7,965
  8,347
  8,749
  9,172
  9,617
  10,085
  10,577
  11,095
  11,639
  12,210
  12,811
  13,443
  14,106
  14,804
  15,536
  16,306
  17,114
  17,963
Total equity, $m
  5,182
  4,284
  4,467
  4,662
  4,867
  5,085
  5,315
  5,559
  5,815
  6,086
  6,371
  6,672
  6,989
  7,323
  7,674
  8,044
  8,433
  8,842
  9,272
  9,725
  10,200
  10,700
  11,226
  11,778
  12,359
  12,969
  13,610
  14,284
  14,991
  15,734
  16,515
Total liabilities and equity, $m
  9,700
  8,943
  9,326
  9,732
  10,161
  10,616
  11,097
  11,605
  12,140
  12,706
  13,301
  13,929
  14,591
  15,288
  16,021
  16,793
  17,605
  18,459
  19,357
  20,302
  21,295
  22,339
  23,436
  24,589
  25,802
  27,075
  28,414
  29,820
  31,297
  32,848
  34,478
Debt-to-equity ratio
  0.343
  0.450
  0.470
  0.500
  0.520
  0.550
  0.570
  0.590
  0.620
  0.640
  0.660
  0.680
  0.700
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.474
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  525
  386
  402
  418
  436
  455
  474
  495
  517
  540
  564
  673
  700
  729
  758
  790
  823
  858
  894
  933
  973
  1,015
  1,060
  1,107
  1,156
  1,208
  1,262
  1,320
  1,380
  1,443
  1,509
Depreciation, amort., depletion, $m
  155
  182
  184
  187
  191
  194
  198
  201
  205
  210
  214
  104
  109
  114
  120
  125
  131
  138
  144
  152
  159
  167
  175
  184
  193
  202
  212
  223
  234
  245
  257
Funds from operations, $m
  -626
  568
  586
  606
  627
  649
  672
  696
  722
  749
  778
  777
  809
  843
  878
  915
  954
  995
  1,039
  1,084
  1,132
  1,182
  1,235
  1,290
  1,349
  1,410
  1,474
  1,542
  1,613
  1,688
  1,766
Change in working capital, $m
  -257
  168
  179
  190
  201
  213
  225
  237
  250
  264
  279
  293
  309
  326
  343
  361
  379
  399
  420
  441
  464
  488
  513
  539
  566
  595
  625
  657
  690
  725
  762
Cash from operations, $m
  -369
  399
  407
  416
  426
  436
  447
  459
  472
  485
  500
  484
  500
  517
  535
  555
  575
  596
  619
  643
  668
  694
  722
  751
  782
  815
  849
  885
  923
  963
  1,004
Maintenance CAPEX, $m
  0
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -212
  -223
  -234
  -245
New CAPEX, $m
  -120
  -18
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -114
  -119
Cash from investing activities, $m
  1,338
  -83
  -95
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -145
  -152
  -160
  -168
  -176
  -184
  -193
  -204
  -213
  -225
  -235
  -247
  -259
  -273
  -286
  -300
  -315
  -331
  -348
  -364
Free cash flow, $m
  969
  316
  313
  317
  322
  327
  333
  339
  346
  353
  361
  339
  348
  357
  368
  378
  390
  402
  415
  429
  444
  459
  475
  492
  510
  529
  549
  570
  592
  615
  640
Issuance/(repayment) of debt, $m
  -825
  191
  199
  211
  224
  237
  250
  264
  279
  294
  310
  327
  345
  363
  382
  402
  423
  445
  468
  492
  517
  544
  572
  601
  631
  664
  697
  733
  770
  808
  849
Issuance/(repurchase) of shares, $m
  -276
  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  
  -1,099
  191
  199
  211
  224
  237
  250
  264
  279
  294
  310
  327
  345
  363
  382
  402
  423
  445
  468
  492
  517
  544
  572
  601
  631
  664
  697
  733
  770
  808
  849
Total cash flow (excl. dividends), $m
  -106
  508
  512
  528
  546
  564
  583
  604
  625
  648
  672
  666
  692
  720
  750
  781
  813
  847
  883
  921
  961
  1,003
  1,047
  1,093
  1,142
  1,193
  1,246
  1,303
  1,362
  1,424
  1,489
Retained Cash Flow (-), $m
  -491
  -170
  -183
  -194
  -206
  -218
  -230
  -243
  -257
  -271
  -285
  -301
  -317
  -334
  -351
  -370
  -389
  -409
  -430
  -452
  -476
  -500
  -526
  -552
  -581
  -610
  -641
  -673
  -708
  -743
  -781
Prev. year cash balance distribution, $m
 
  1,068
  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
 
  1,406
  329
  334
  340
  346
  353
  360
  368
  377
  386
  365
  375
  387
  398
  411
  424
  438
  453
  469
  485
  503
  521
  541
  561
  583
  605
  629
  654
  681
  708
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  1,320
  288
  271
  254
  237
  219
  201
  183
  165
  148
  121
  106
  92
  79
  67
  56
  46
  37
  30
  23
  18
  13
  10
  7
  5
  3
  2
  1
  1
  1
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. is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets. The Company creates a link in the technology supply chain that connects electronic component and computer product manufacturers and software developers with a customer base of original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), systems integrators (SIs), independent software vendors (ISVs) and value-added resellers (VARs). The Company distributes electronic components, computer products and software, as received from its suppliers or through a customized solution, and offers assembly and other services.

FINANCIAL RATIOS  of  Avnet (AVT)

Valuation Ratios
P/E Ratio 9.5
Price to Sales 0.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow -13.6
Price to Free Cash Flow -10.2
Growth Rates
Sales Growth Rate 4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.4%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 22
Current Ratio 0
LT Debt to Equity 33.4%
Total Debt to Equity 34.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 13.6%
Gross Margin - 3 Yr. Avg. 12.8%
EBITDA Margin 3.3%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 15.2%
Eff/ Tax Rate - 3 Yr. Avg. 16.2%
Payout Ratio 17%

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 $17440 million for the last fiscal year's total revenue generated by Avnet. The default revenue input number comes from 2017 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 4.2% 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 6.5%, 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 96.6%.

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 3.6%.

Life of production assets of 9.8 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 23%. 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 - $5182 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 124.632 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 $5.1 billion.

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COMPANY NEWS

▶ Avnet Acquires Dragon Innovation   [Sep-05-17 04:06AM  Marketwired]
▶ ETFs with exposure to Avnet, Inc. : August 28, 2017   [Aug-28-17 04:45PM  Capital Cube]
▶ Avnet acquires Boston company to further help customers improve manufacturing   [Aug-22-17 04:32PM  American City Business Journals]
▶ Avnet Acquires Dragon Innovation   [07:00AM  Business Wire]
▶ 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]
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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