Intrinsic value of Avnet - AVT

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$38.69

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$38.69

 
Intrinsic value

$50.88

 
Up/down potential

+31%

 
Rating

buy

 
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*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 5.0

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  26,219
  26,743
  27,358
  28,062
  28,851
  29,726
  30,685
  31,730
  32,862
  34,080
  35,388
  36,787
  38,281
  39,870
  41,560
  43,352
  45,252
  47,263
  49,390
  51,637
  54,010
  56,513
  59,153
  61,936
  64,868
  67,957
  71,208
  74,630
  78,232
  82,021
  86,006
Variable operating expenses, $m
 
  25,939
  26,532
  27,211
  27,973
  28,817
  29,743
  30,752
  31,843
  33,019
  34,282
  35,504
  36,945
  38,479
  40,110
  41,840
  43,674
  45,614
  47,667
  49,836
  52,126
  54,542
  57,090
  59,776
  62,605
  65,586
  68,724
  72,027
  75,503
  79,159
  83,005
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
  25,939
  26,532
  27,211
  27,973
  28,817
  29,743
  30,752
  31,843
  33,019
  34,282
  35,504
  36,945
  38,479
  40,110
  41,840
  43,674
  45,614
  47,667
  49,836
  52,126
  54,542
  57,090
  59,776
  62,605
  65,586
  68,724
  72,027
  75,503
  79,159
  83,005
Operating income, $m
  788
  805
  826
  851
  878
  909
  942
  979
  1,018
  1,061
  1,106
  1,283
  1,335
  1,391
  1,450
  1,512
  1,579
  1,649
  1,723
  1,801
  1,884
  1,972
  2,064
  2,161
  2,263
  2,371
  2,484
  2,604
  2,729
  2,861
  3,000
EBITDA, $m
  914
  978
  1,000
  1,026
  1,055
  1,087
  1,122
  1,160
  1,201
  1,246
  1,294
  1,345
  1,399
  1,457
  1,519
  1,585
  1,654
  1,728
  1,805
  1,887
  1,974
  2,066
  2,162
  2,264
  2,371
  2,484
  2,603
  2,728
  2,860
  2,998
  3,144
Interest expense (income), $m
  120
  79
  85
  92
  100
  109
  119
  130
  142
  155
  169
  184
  199
  216
  234
  254
  274
  296
  319
  343
  368
  395
  424
  454
  486
  519
  554
  591
  630
  671
  714
Earnings before tax, $m
  671
  726
  741
  759
  778
  800
  823
  849
  876
  906
  938
  1,100
  1,136
  1,174
  1,215
  1,259
  1,305
  1,353
  1,404
  1,459
  1,516
  1,576
  1,640
  1,707
  1,777
  1,852
  1,930
  2,013
  2,099
  2,190
  2,286
Tax expense, $m
  164
  196
  200
  205
  210
  216
  222
  229
  237
  245
  253
  297
  307
  317
  328
  340
  352
  365
  379
  394
  409
  426
  443
  461
  480
  500
  521
  543
  567
  591
  617
Net income, $m
  507
  530
  541
  554
  568
  584
  601
  620
  640
  661
  685
  803
  829
  857
  887
  919
  952
  988
  1,025
  1,065
  1,107
  1,151
  1,197
  1,246
  1,298
  1,352
  1,409
  1,469
  1,532
  1,599
  1,669

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
  10,414
  10,654
  10,927
  11,235
  11,575
  11,949
  12,356
  12,797
  13,271
  13,780
  14,325
  14,907
  15,526
  16,184
  16,882
  17,622
  18,405
  19,233
  20,108
  21,032
  22,007
  23,035
  24,118
  25,260
  26,463
  27,729
  29,062
  30,464
  31,939
  33,491
Adjusted assets (=assets-cash), $m
  10,209
  10,414
  10,654
  10,927
  11,235
  11,575
  11,949
  12,356
  12,797
  13,271
  13,780
  14,325
  14,907
  15,526
  16,184
  16,882
  17,622
  18,405
  19,233
  20,108
  21,032
  22,007
  23,035
  24,118
  25,260
  26,463
  27,729
  29,062
  30,464
  31,939
  33,491
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
  680
  695
  711
  730
  750
  773
  798
  825
  854
  886
  920
  956
  995
  1,037
  1,081
  1,127
  1,177
  1,229
  1,284
  1,343
  1,404
  1,469
  1,538
  1,610
  1,687
  1,767
  1,851
  1,940
  2,034
  2,133
  2,236
Working capital, $m
  4,062
  4,279
  4,377
  4,490
  4,616
  4,756
  4,910
  5,077
  5,258
  5,453
  5,662
  5,886
  6,125
  6,379
  6,650
  6,936
  7,240
  7,562
  7,902
  8,262
  8,642
  9,042
  9,465
  9,910
  10,379
  10,873
  11,393
  11,941
  12,517
  13,123
  13,761
Total debt, $m
  2,492
  1,577
  1,707
  1,855
  2,021
  2,205
  2,407
  2,628
  2,866
  3,123
  3,398
  3,693
  4,008
  4,342
  4,698
  5,076
  5,476
  5,900
  6,348
  6,821
  7,321
  7,849
  8,405
  8,991
  9,609
  10,259
  10,944
  11,665
  12,424
  13,222
  14,062
Total liabilities, $m
  6,549
  5,634
  5,764
  5,912
  6,078
  6,262
  6,464
  6,685
  6,923
  7,180
  7,455
  7,750
  8,065
  8,399
  8,755
  9,133
  9,533
  9,957
  10,405
  10,878
  11,378
  11,906
  12,462
  13,048
  13,666
  14,316
  15,001
  15,722
  16,481
  17,279
  18,119
Total equity, $m
  4,691
  4,780
  4,890
  5,016
  5,157
  5,313
  5,485
  5,671
  5,874
  6,091
  6,325
  6,575
  6,842
  7,126
  7,428
  7,749
  8,088
  8,448
  8,828
  9,230
  9,654
  10,101
  10,573
  11,070
  11,594
  12,146
  12,728
  13,339
  13,983
  14,660
  15,373
Total liabilities and equity, $m
  11,240
  10,414
  10,654
  10,928
  11,235
  11,575
  11,949
  12,356
  12,797
  13,271
  13,780
  14,325
  14,907
  15,525
  16,183
  16,882
  17,621
  18,405
  19,233
  20,108
  21,032
  22,007
  23,035
  24,118
  25,260
  26,462
  27,729
  29,061
  30,464
  31,939
  33,492
Debt-to-equity ratio
  0.531
  0.330
  0.350
  0.370
  0.390
  0.420
  0.440
  0.460
  0.490
  0.510
  0.540
  0.560
  0.590
  0.610
  0.630
  0.660
  0.680
  0.700
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.830
  0.840
  0.860
  0.870
  0.890
  0.900
  0.910
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
  530
  541
  554
  568
  584
  601
  620
  640
  661
  685
  803
  829
  857
  887
  919
  952
  988
  1,025
  1,065
  1,107
  1,151
  1,197
  1,246
  1,298
  1,352
  1,409
  1,469
  1,532
  1,599
  1,669
Depreciation, amort., depletion, $m
  126
  173
  174
  175
  176
  178
  179
  181
  183
  185
  187
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  137
  143
Funds from operations, $m
  -413
  703
  715
  729
  744
  761
  780
  801
  823
  846
  872
  864
  893
  924
  956
  991
  1,028
  1,067
  1,108
  1,151
  1,197
  1,245
  1,296
  1,349
  1,406
  1,465
  1,528
  1,594
  1,663
  1,736
  1,812
Change in working capital, $m
  -637
  84
  98
  112
  126
  140
  154
  167
  181
  195
  209
  224
  239
  254
  270
  287
  304
  322
  340
  360
  380
  401
  422
  445
  469
  494
  520
  548
  576
  606
  638
Cash from operations, $m
  224
  630
  616
  616
  618
  622
  627
  633
  642
  651
  662
  640
  654
  669
  686
  704
  724
  745
  767
  791
  817
  844
  873
  904
  937
  971
  1,007
  1,046
  1,087
  1,130
  1,175
Maintenance CAPEX, $m
  0
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -137
New CAPEX, $m
  -148
  -15
  -16
  -18
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
Cash from investing activities, $m
  -153
  -59
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -95
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -148
  -155
  -163
  -171
  -179
  -188
  -198
  -208
  -218
  -229
  -241
Free cash flow, $m
  71
  571
  556
  552
  551
  551
  552
  555
  559
  565
  572
  545
  554
  564
  576
  588
  602
  617
  633
  651
  669
  689
  710
  733
  757
  783
  810
  838
  869
  901
  934
Issuance/(repayment) of debt, $m
  514
  116
  130
  148
  166
  184
  202
  220
  238
  257
  276
  295
  315
  335
  356
  378
  400
  424
  448
  473
  500
  527
  556
  586
  618
  651
  685
  721
  759
  798
  840
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
  116
  130
  148
  166
  184
  202
  220
  238
  257
  276
  295
  315
  335
  356
  378
  400
  424
  448
  473
  500
  527
  556
  586
  618
  651
  685
  721
  759
  798
  840
Total cash flow (excl. dividends), $m
  188
  687
  685
  700
  717
  735
  754
  775
  798
  822
  847
  840
  869
  899
  932
  966
  1,002
  1,041
  1,081
  1,124
  1,169
  1,217
  1,267
  1,319
  1,375
  1,433
  1,495
  1,559
  1,627
  1,699
  1,774
Retained Cash Flow (-), $m
  -6
  -89
  -110
  -126
  -141
  -156
  -172
  -187
  -202
  -218
  -234
  -250
  -267
  -284
  -302
  -320
  -340
  -359
  -380
  -402
  -424
  -447
  -472
  -497
  -524
  -552
  -581
  -612
  -644
  -677
  -712
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
 
  598
  575
  575
  576
  579
  583
  588
  595
  604
  613
  590
  602
  615
  630
  646
  663
  681
  701
  722
  745
  769
  795
  822
  851
  881
  913
  948
  984
  1,022
  1,062
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
 
  573
  527
  500
  474
  449
  423
  398
  372
  347
  322
  280
  257
  234
  211
  190
  168
  148
  129
  111
  95
  80
  66
  54
  43
  34
  27
  20
  15
  11
  8
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 9.7
Price to Sales 0.2
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 64.8
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
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 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 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 2.6%.

Life of production assets of 15.6 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 129.371 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 $5.0 billion.


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COMPANY NEWS

▶ Avnet rebrand shifts focus to better guide tech companies   [03:20AM  American City Business Journals]
▶ 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]
▶ One industry dominates Tampa Bays M&A deals in 2016   [Dec-23-16 03:10PM  at bizjournals.com]
▶ 'Game-changing' home selling website launches in Seattle   [Dec-15-16 04:45PM  at bizjournals.com]
▶ Should You Buy Avnet, Inc. (AVT)?   [02:11AM  at Insider Monkey]
▶ Kevin Summers Joins Avnet as CIO   [Dec-07-16 05:51PM  at The Wall Street Journal]
▶ Avnet Names Kevin Summers as Chief Information Officer   [Dec-06-16 04:30PM  Business Wire]
▶ Avnet inks deal to sell new line of semiconductors   [04:05PM  at bizjournals.com]
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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