Intrinsic value of Arrow Electronics - ARW

Previous Close

$78.01

  Intrinsic Value

$256.57

stock screener

  Rating & Target

str. buy

+229%

Previous close

$78.01

 
Intrinsic value

$256.57

 
Up/down potential

+229%

 
Rating

str. buy

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 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 6.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  30,165
  33,709
  37,442
  41,362
  45,465
  49,752
  54,222
  58,878
  63,723
  68,761
  73,997
  79,439
  85,093
  90,970
  97,079
  103,432
  110,042
  116,920
  124,082
  131,543
  139,320
  147,429
  155,890
  164,720
  173,942
  183,575
  193,644
  204,171
  215,180
  226,700
Variable operating expenses, $m
  29,044
  32,425
  35,985
  39,723
  43,636
  47,725
  51,988
  56,429
  61,050
  65,854
  70,573
  75,762
  81,155
  86,760
  92,587
  98,646
  104,949
  111,509
  118,340
  125,456
  132,872
  140,607
  148,675
  157,097
  165,892
  175,080
  184,682
  194,722
  205,222
  216,208
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
  29,044
  32,425
  35,985
  39,723
  43,636
  47,725
  51,988
  56,429
  61,050
  65,854
  70,573
  75,762
  81,155
  86,760
  92,587
  98,646
  104,949
  111,509
  118,340
  125,456
  132,872
  140,607
  148,675
  157,097
  165,892
  175,080
  184,682
  194,722
  205,222
  216,208
Operating income, $m
  1,120
  1,284
  1,457
  1,639
  1,828
  2,027
  2,234
  2,449
  2,673
  2,907
  3,424
  3,676
  3,938
  4,210
  4,493
  4,787
  5,093
  5,411
  5,742
  6,088
  6,448
  6,823
  7,214
  7,623
  8,050
  8,496
  8,962
  9,449
  9,958
  10,491
EBITDA, $m
  1,794
  2,005
  2,227
  2,460
  2,704
  2,959
  3,225
  3,502
  3,790
  4,090
  4,401
  4,725
  5,061
  5,411
  5,774
  6,152
  6,545
  6,954
  7,380
  7,824
  8,287
  8,769
  9,272
  9,797
  10,346
  10,919
  11,518
  12,144
  12,799
  13,484
Interest expense (income), $m
  142
  178
  255
  337
  424
  514
  610
  709
  812
  920
  1,033
  1,149
  1,271
  1,397
  1,528
  1,664
  1,806
  1,953
  2,106
  2,265
  2,431
  2,604
  2,784
  2,972
  3,168
  3,373
  3,587
  3,810
  4,043
  4,287
  4,542
Earnings before tax, $m
  943
  1,029
  1,120
  1,215
  1,314
  1,417
  1,525
  1,637
  1,753
  1,874
  2,275
  2,406
  2,541
  2,682
  2,829
  2,981
  3,140
  3,305
  3,477
  3,656
  3,843
  4,039
  4,242
  4,455
  4,677
  4,909
  5,152
  5,406
  5,671
  5,949
Tax expense, $m
  255
  278
  302
  328
  355
  383
  412
  442
  473
  506
  614
  650
  686
  724
  764
  805
  848
  892
  939
  987
  1,038
  1,090
  1,145
  1,203
  1,263
  1,325
  1,391
  1,460
  1,531
  1,606
Net income, $m
  688
  751
  818
  887
  959
  1,035
  1,113
  1,195
  1,280
  1,368
  1,661
  1,756
  1,855
  1,958
  2,065
  2,176
  2,292
  2,413
  2,538
  2,669
  2,806
  2,948
  3,097
  3,252
  3,414
  3,584
  3,761
  3,946
  4,140
  4,343

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  18,517
  20,693
  22,985
  25,391
  27,910
  30,541
  33,286
  36,144
  39,118
  42,211
  45,425
  48,765
  52,236
  55,844
  59,594
  63,494
  67,552
  71,774
  76,171
  80,751
  85,525
  90,503
  95,697
  101,117
  106,778
  112,692
  118,873
  125,335
  132,094
  139,165
Adjusted assets (=assets-cash), $m
  18,517
  20,693
  22,985
  25,391
  27,910
  30,541
  33,286
  36,144
  39,118
  42,211
  45,425
  48,765
  52,236
  55,844
  59,594
  63,494
  67,552
  71,774
  76,171
  80,751
  85,525
  90,503
  95,697
  101,117
  106,778
  112,692
  118,873
  125,335
  132,094
  139,165
Revenue / Adjusted assets
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
  1.629
Average production assets, $m
  3,982
  4,450
  4,942
  5,460
  6,001
  6,567
  7,157
  7,772
  8,411
  9,076
  9,768
  10,486
  11,232
  12,008
  12,814
  13,653
  14,525
  15,433
  16,379
  17,364
  18,390
  19,461
  20,577
  21,743
  22,960
  24,232
  25,561
  26,951
  28,404
  29,924
Working capital, $m
  -3,891
  -4,348
  -4,830
  -5,336
  -5,865
  -6,418
  -6,995
  -7,595
  -8,220
  -8,870
  -9,546
  -10,248
  -10,977
  -11,735
  -12,523
  -13,343
  -14,195
  -15,083
  -16,007
  -16,969
  -17,972
  -19,018
  -20,110
  -21,249
  -22,438
  -23,681
  -24,980
  -26,338
  -27,758
  -29,244
Total debt, $m
  4,723
  6,243
  7,845
  9,527
  11,288
  13,127
  15,046
  17,044
  19,123
  21,284
  23,531
  25,866
  28,292
  30,814
  33,436
  36,162
  38,998
  41,949
  45,022
  48,224
  51,561
  55,041
  58,671
  62,460
  66,417
  70,551
  74,871
  79,388
  84,112
  89,055
Total liabilities, $m
  12,944
  14,464
  16,066
  17,748
  19,509
  21,348
  23,267
  25,265
  27,343
  29,505
  31,752
  34,087
  36,513
  39,035
  41,657
  44,383
  47,219
  50,170
  53,243
  56,445
  59,782
  63,262
  66,892
  70,681
  74,638
  78,772
  83,092
  87,609
  92,333
  97,276
Total equity, $m
  5,574
  6,229
  6,918
  7,643
  8,401
  9,193
  10,019
  10,879
  11,775
  12,705
  13,673
  14,678
  15,723
  16,809
  17,938
  19,112
  20,333
  21,604
  22,927
  24,306
  25,743
  27,241
  28,805
  30,436
  32,140
  33,920
  35,781
  37,726
  39,760
  41,889
Total liabilities and equity, $m
  18,518
  20,693
  22,984
  25,391
  27,910
  30,541
  33,286
  36,144
  39,118
  42,210
  45,425
  48,765
  52,236
  55,844
  59,595
  63,495
  67,552
  71,774
  76,170
  80,751
  85,525
  90,503
  95,697
  101,117
  106,778
  112,692
  118,873
  125,335
  132,093
  139,165
Debt-to-equity ratio
  0.850
  1.000
  1.130
  1.250
  1.340
  1.430
  1.500
  1.570
  1.620
  1.680
  1.720
  1.760
  1.800
  1.830
  1.860
  1.890
  1.920
  1.940
  1.960
  1.980
  2.000
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.100
  2.120
  2.130
Adjusted equity ratio
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  688
  751
  818
  887
  959
  1,035
  1,113
  1,195
  1,280
  1,368
  1,661
  1,756
  1,855
  1,958
  2,065
  2,176
  2,292
  2,413
  2,538
  2,669
  2,806
  2,948
  3,097
  3,252
  3,414
  3,584
  3,761
  3,946
  4,140
  4,343
Depreciation, amort., depletion, $m
  674
  721
  770
  822
  876
  932
  991
  1,053
  1,117
  1,183
  977
  1,049
  1,123
  1,201
  1,281
  1,365
  1,453
  1,543
  1,638
  1,736
  1,839
  1,946
  2,058
  2,174
  2,296
  2,423
  2,556
  2,695
  2,840
  2,992
Funds from operations, $m
  1,362
  1,472
  1,587
  1,708
  1,835
  1,967
  2,104
  2,248
  2,396
  2,551
  2,638
  2,805
  2,978
  3,159
  3,346
  3,542
  3,745
  3,956
  4,176
  4,406
  4,645
  4,894
  5,155
  5,426
  5,710
  6,007
  6,317
  6,641
  6,980
  7,335
Change in working capital, $m
  -432
  -457
  -482
  -506
  -529
  -553
  -577
  -601
  -625
  -650
  -675
  -702
  -729
  -758
  -788
  -820
  -853
  -887
  -924
  -962
  -1,003
  -1,046
  -1,091
  -1,139
  -1,190
  -1,243
  -1,299
  -1,358
  -1,420
  -1,486
Cash from operations, $m
  1,794
  1,929
  2,069
  2,214
  2,364
  2,520
  2,681
  2,848
  3,021
  3,201
  3,313
  3,507
  3,708
  3,917
  4,135
  4,361
  4,597
  4,843
  5,100
  5,368
  5,648
  5,940
  6,246
  6,565
  6,900
  7,250
  7,616
  7,999
  8,401
  8,821
Maintenance CAPEX, $m
  -354
  -398
  -445
  -494
  -546
  -600
  -657
  -716
  -777
  -841
  -908
  -977
  -1,049
  -1,123
  -1,201
  -1,281
  -1,365
  -1,453
  -1,543
  -1,638
  -1,736
  -1,839
  -1,946
  -2,058
  -2,174
  -2,296
  -2,423
  -2,556
  -2,695
  -2,840
New CAPEX, $m
  -442
  -468
  -493
  -517
  -542
  -566
  -590
  -615
  -640
  -665
  -691
  -718
  -746
  -776
  -806
  -839
  -872
  -908
  -945
  -985
  -1,027
  -1,070
  -1,117
  -1,166
  -1,217
  -1,272
  -1,329
  -1,390
  -1,453
  -1,521
Cash from investing activities, $m
  -796
  -866
  -938
  -1,011
  -1,088
  -1,166
  -1,247
  -1,331
  -1,417
  -1,506
  -1,599
  -1,695
  -1,795
  -1,899
  -2,007
  -2,120
  -2,237
  -2,361
  -2,488
  -2,623
  -2,763
  -2,909
  -3,063
  -3,224
  -3,391
  -3,568
  -3,752
  -3,946
  -4,148
  -4,361
Free cash flow, $m
  999
  1,063
  1,131
  1,202
  1,277
  1,354
  1,434
  1,518
  1,605
  1,695
  1,714
  1,812
  1,913
  2,018
  2,127
  2,241
  2,359
  2,483
  2,611
  2,745
  2,885
  3,031
  3,183
  3,342
  3,508
  3,682
  3,864
  4,054
  4,252
  4,460
Issuance/(repayment) of debt, $m
  1,433
  1,521
  1,602
  1,682
  1,761
  1,839
  1,918
  1,998
  2,079
  2,162
  2,247
  2,335
  2,426
  2,522
  2,621
  2,726
  2,836
  2,952
  3,073
  3,202
  3,337
  3,480
  3,630
  3,789
  3,957
  4,134
  4,320
  4,517
  4,724
  4,943
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,433
  1,521
  1,602
  1,682
  1,761
  1,839
  1,918
  1,998
  2,079
  2,162
  2,247
  2,335
  2,426
  2,522
  2,621
  2,726
  2,836
  2,952
  3,073
  3,202
  3,337
  3,480
  3,630
  3,789
  3,957
  4,134
  4,320
  4,517
  4,724
  4,943
Total cash flow (excl. dividends), $m
  2,431
  2,584
  2,733
  2,884
  3,037
  3,193
  3,353
  3,516
  3,684
  3,857
  3,961
  4,147
  4,339
  4,540
  4,749
  4,967
  5,195
  5,434
  5,685
  5,947
  6,222
  6,511
  6,813
  7,131
  7,465
  7,816
  8,184
  8,571
  8,977
  9,403
Retained Cash Flow (-), $m
  -622
  -655
  -690
  -724
  -758
  -792
  -826
  -860
  -895
  -931
  -968
  -1,005
  -1,045
  -1,086
  -1,129
  -1,174
  -1,221
  -1,271
  -1,323
  -1,379
  -1,437
  -1,498
  -1,563
  -1,632
  -1,704
  -1,780
  -1,860
  -1,945
  -2,034
  -2,128
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
  27
  30
  34
  37
  41
  45
  50
  54
  59
  64
  69
  74
  79
  85
  91
  97
  103
  110
  117
  124
  132
  139
  147
  156
  165
  174
  184
  194
  204
  215
Cash available for distribution, $m
  1,810
  1,929
  2,043
  2,160
  2,279
  2,401
  2,527
  2,656
  2,788
  2,926
  2,994
  3,141
  3,294
  3,454
  3,620
  3,793
  3,974
  4,163
  4,361
  4,568
  4,785
  5,012
  5,250
  5,500
  5,761
  6,036
  6,323
  6,625
  6,942
  7,275
Discount rate, %
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
  1,709
  1,711
  1,691
  1,658
  1,612
  1,553
  1,483
  1,403
  1,314
  1,219
  1,091
  991
  890
  789
  690
  596
  507
  425
  350
  284
  226
  176
  135
  101
  74
  53
  37
  25
  17
  11
Current shareholders' claim on cash, %
  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. is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from various electronic components and enterprise computing solutions suppliers. The Company's segments include the global components business; the global enterprise computing solutions (ECS) business, and corporate business segment. It distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment. Through global ECS business segment, it provides enterprise computing solutions to value-added resellers. The Global components segment markets and distributes electronic components and provides a range of value-added capabilities. Global ECS' portfolio of computing solutions includes datacenter, cloud, security, and analytics solutions.

FINANCIAL RATIOS  of  Arrow Electronics (ARW)

Valuation Ratios
P/E Ratio 13.3
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 36.3
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 $26813 million for the last fiscal year's total revenue generated by Arrow Electronics. The default revenue input number comes from 2017 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 12.5% 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 5.9%, 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 96.4%.

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 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 0.1%.

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 13.2%.

Life of production assets of 10 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 -12.9%. 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 - $4952 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 89 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 $6.9 billion.

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COMPANY NEWS

▶ Arrow Electronics, Inc. to Host Earnings Call   [Aug-02-18 11:00AM  ACCESSWIRE]
▶ Arrow Electronics: 2Q Earnings Snapshot   [09:54AM  Associated Press]
▶ Moat Ratings Upgrades for Arrow Electronics and Avnet   [Jul-06-18 06:33AM  Morningstar]
▶ Arrow Electronics Selected as HPE Learning Partner   [Jun-26-18 05:39PM  Business Wire]
▶ Top Ranked Value Stocks to Buy for June 21st   [Jun-21-18 07:35AM  Zacks]
▶ These 10 Colorado companies landed on the 2018 Fortune 500   [May-21-18 02:33PM  American City Business Journals]
▶ Arrow Electronics: 1Q Earnings Snapshot   [08:51AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 13th   [Apr-13-18 06:45AM  Zacks]
▶ Edited Transcript of ARW presentation 7-Mar-17 4:00pm GMT   [Apr-10-18 10:59AM  Thomson Reuters StreetEvents]
▶ D.C.-area entrepreneur donates largest gift to Temple University's new library   [Apr-06-18 12:12PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for March 29th   [Mar-29-18 07:36AM  Zacks]
▶ Arrow Electronics posts record sales, but its profit is zapped by U.S. tax reform   [Feb-07-18 02:40PM  American City Business Journals]
▶ Arrow Electronics, Inc. to Host Earnings Call   [Feb-06-18 10:00AM  ACCESSWIRE]
▶ AT&T and Arrow Electronics Announce IoT Collaboration   [Jan-18-18 10:46AM  Business Wire]
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