Intrinsic value of Arrow Electronics - ARW

Previous Close

$78.00

  Intrinsic Value

$157.33

stock screener

  Rating & Target

str. buy

+102%

Previous close

$78.00

 
Intrinsic value

$157.33

 
Up/down potential

+102%

 
Rating

str. buy

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

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

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.33
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  23,825
  25,802
  27,859
  29,997
  32,218
  34,526
  36,926
  39,419
  42,013
  44,710
  47,517
  50,440
  53,484
  56,657
  59,965
  63,416
  67,017
  70,778
  74,707
  78,812
  83,104
  87,592
  92,288
  97,203
  102,347
  107,734
  113,376
  119,286
  125,480
  131,970
  138,774
Variable operating expenses, $m
 
  24,080
  25,980
  27,955
  30,007
  32,140
  34,357
  36,661
  39,057
  41,549
  44,143
  46,604
  49,417
  52,349
  55,405
  58,594
  61,921
  65,396
  69,026
  72,819
  76,785
  80,932
  85,271
  89,811
  94,565
  99,542
  104,755
  110,216
  115,938
  121,935
  128,222
Fixed operating expenses, $m
 
  759
  777
  797
  817
  837
  858
  880
  902
  924
  947
  971
  995
  1,020
  1,046
  1,072
  1,099
  1,126
  1,154
  1,183
  1,213
  1,243
  1,274
  1,306
  1,338
  1,372
  1,406
  1,441
  1,477
  1,514
  1,552
Total operating expenses, $m
  22,967
  24,839
  26,757
  28,752
  30,824
  32,977
  35,215
  37,541
  39,959
  42,473
  45,090
  47,575
  50,412
  53,369
  56,451
  59,666
  63,020
  66,522
  70,180
  74,002
  77,998
  82,175
  86,545
  91,117
  95,903
  100,914
  106,161
  111,657
  117,415
  123,449
  129,774
Operating income, $m
  859
  964
  1,102
  1,245
  1,394
  1,549
  1,710
  1,879
  2,054
  2,236
  2,427
  2,864
  3,072
  3,288
  3,514
  3,750
  3,997
  4,256
  4,527
  4,810
  5,107
  5,418
  5,744
  6,085
  6,444
  6,820
  7,215
  7,629
  8,064
  8,521
  9,000
EBITDA, $m
  1,018
  1,258
  1,400
  1,547
  1,701
  1,861
  2,028
  2,201
  2,382
  2,570
  2,766
  2,971
  3,185
  3,408
  3,641
  3,884
  4,139
  4,405
  4,684
  4,976
  5,282
  5,602
  5,938
  6,291
  6,660
  7,047
  7,454
  7,881
  8,329
  8,799
  9,293
Interest expense (income), $m
  142
  146
  189
  234
  281
  330
  380
  433
  488
  545
  604
  666
  730
  797
  866
  939
  1,015
  1,094
  1,177
  1,263
  1,353
  1,447
  1,546
  1,649
  1,757
  1,870
  1,988
  2,112
  2,242
  2,378
  2,521
Earnings before tax, $m
  715
  819
  913
  1,011
  1,113
  1,219
  1,330
  1,446
  1,566
  1,692
  1,823
  2,199
  2,342
  2,491
  2,648
  2,811
  2,983
  3,162
  3,350
  3,547
  3,754
  3,970
  4,198
  4,436
  4,687
  4,950
  5,227
  5,517
  5,822
  6,143
  6,480
Tax expense, $m
  190
  221
  247
  273
  301
  329
  359
  390
  423
  457
  492
  594
  632
  673
  715
  759
  805
  854
  905
  958
  1,013
  1,072
  1,133
  1,198
  1,266
  1,337
  1,411
  1,490
  1,572
  1,658
  1,749
Net income, $m
  523
  598
  667
  738
  813
  890
  971
  1,055
  1,143
  1,235
  1,331
  1,605
  1,710
  1,819
  1,933
  2,052
  2,177
  2,308
  2,446
  2,589
  2,740
  2,898
  3,064
  3,239
  3,422
  3,614
  3,815
  4,027
  4,250
  4,484
  4,730

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  534
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,206
  14,803
  15,983
  17,210
  18,484
  19,809
  21,185
  22,616
  24,104
  25,651
  27,262
  28,938
  30,685
  32,505
  34,403
  36,383
  38,449
  40,607
  42,861
  45,216
  47,679
  50,254
  52,948
  55,767
  58,719
  61,809
  65,046
  68,437
  71,991
  75,714
  79,618
Adjusted assets (=assets-cash), $m
  13,672
  14,803
  15,983
  17,210
  18,484
  19,809
  21,185
  22,616
  24,104
  25,651
  27,262
  28,938
  30,685
  32,505
  34,403
  36,383
  38,449
  40,607
  42,861
  45,216
  47,679
  50,254
  52,948
  55,767
  58,719
  61,809
  65,046
  68,437
  71,991
  75,714
  79,618
Revenue / Adjusted assets
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
Average production assets, $m
  1,091
  1,187
  1,282
  1,380
  1,482
  1,588
  1,699
  1,813
  1,933
  2,057
  2,186
  2,320
  2,460
  2,606
  2,758
  2,917
  3,083
  3,256
  3,437
  3,625
  3,823
  4,029
  4,245
  4,471
  4,708
  4,956
  5,215
  5,487
  5,772
  6,071
  6,384
Working capital, $m
  3,628
  3,458
  3,733
  4,020
  4,317
  4,627
  4,948
  5,282
  5,630
  5,991
  6,367
  6,759
  7,167
  7,592
  8,035
  8,498
  8,980
  9,484
  10,011
  10,561
  11,136
  11,737
  12,367
  13,025
  13,715
  14,436
  15,192
  15,984
  16,814
  17,684
  18,596
Total debt, $m
  2,790
  3,493
  4,329
  5,199
  6,102
  7,041
  8,017
  9,032
  10,086
  11,184
  12,326
  13,514
  14,753
  16,043
  17,389
  18,793
  20,258
  21,787
  23,385
  25,055
  26,801
  28,627
  30,537
  32,536
  34,629
  36,820
  39,115
  41,519
  44,038
  46,679
  49,446
Total liabilities, $m
  9,793
  10,496
  11,332
  12,202
  13,105
  14,044
  15,020
  16,035
  17,089
  18,187
  19,329
  20,517
  21,756
  23,046
  24,392
  25,796
  27,261
  28,790
  30,388
  32,058
  33,804
  35,630
  37,540
  39,539
  41,632
  43,823
  46,118
  48,522
  51,041
  53,682
  56,449
Total equity, $m
  4,413
  4,308
  4,651
  5,008
  5,379
  5,764
  6,165
  6,581
  7,014
  7,464
  7,933
  8,421
  8,929
  9,459
  10,011
  10,587
  11,189
  11,817
  12,473
  13,158
  13,874
  14,624
  15,408
  16,228
  17,087
  17,987
  18,928
  19,915
  20,949
  22,033
  23,169
Total liabilities and equity, $m
  14,206
  14,804
  15,983
  17,210
  18,484
  19,808
  21,185
  22,616
  24,103
  25,651
  27,262
  28,938
  30,685
  32,505
  34,403
  36,383
  38,450
  40,607
  42,861
  45,216
  47,678
  50,254
  52,948
  55,767
  58,719
  61,810
  65,046
  68,437
  71,990
  75,715
  79,618
Debt-to-equity ratio
  0.632
  0.810
  0.930
  1.040
  1.130
  1.220
  1.300
  1.370
  1.440
  1.500
  1.550
  1.600
  1.650
  1.700
  1.740
  1.770
  1.810
  1.840
  1.870
  1.900
  1.930
  1.960
  1.980
  2.000
  2.030
  2.050
  2.070
  2.080
  2.100
  2.120
  2.130
Adjusted equity ratio
  0.284
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  523
  598
  667
  738
  813
  890
  971
  1,055
  1,143
  1,235
  1,331
  1,605
  1,710
  1,819
  1,933
  2,052
  2,177
  2,308
  2,446
  2,589
  2,740
  2,898
  3,064
  3,239
  3,422
  3,614
  3,815
  4,027
  4,250
  4,484
  4,730
Depreciation, amort., depletion, $m
  159
  294
  298
  302
  307
  312
  317
  322
  328
  334
  339
  106
  113
  120
  127
  134
  141
  149
  158
  166
  175
  185
  195
  205
  216
  227
  239
  252
  265
  278
  293
Funds from operations, $m
  -33
  891
  965
  1,041
  1,120
  1,202
  1,288
  1,378
  1,471
  1,568
  1,670
  1,712
  1,822
  1,938
  2,059
  2,186
  2,319
  2,458
  2,603
  2,756
  2,916
  3,083
  3,259
  3,444
  3,638
  3,841
  4,055
  4,279
  4,515
  4,763
  5,023
Change in working capital, $m
  -389
  265
  276
  286
  298
  309
  321
  334
  347
  361
  376
  392
  408
  425
  443
  462
  483
  504
  526
  550
  575
  601
  629
  659
  689
  722
  756
  792
  830
  870
  912
Cash from operations, $m
  356
  626
  689
  754
  822
  893
  967
  1,044
  1,124
  1,207
  1,294
  1,320
  1,415
  1,513
  1,616
  1,724
  1,836
  1,954
  2,077
  2,206
  2,340
  2,482
  2,630
  2,785
  2,948
  3,119
  3,299
  3,487
  3,685
  3,893
  4,111
Maintenance CAPEX, $m
  0
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -120
  -127
  -134
  -141
  -149
  -158
  -166
  -175
  -185
  -195
  -205
  -216
  -227
  -239
  -252
  -265
  -278
New CAPEX, $m
  -165
  -96
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -299
  -313
Cash from investing activities, $m
  -241
  -146
  -149
  -157
  -165
  -174
  -183
  -193
  -202
  -213
  -223
  -234
  -246
  -259
  -272
  -286
  -300
  -314
  -330
  -347
  -363
  -381
  -401
  -421
  -442
  -464
  -487
  -511
  -537
  -564
  -591
Free cash flow, $m
  115
  480
  540
  597
  657
  719
  783
  851
  921
  994
  1,070
  1,085
  1,168
  1,254
  1,344
  1,438
  1,537
  1,639
  1,747
  1,859
  1,977
  2,100
  2,229
  2,364
  2,506
  2,655
  2,812
  2,976
  3,148
  3,329
  3,520
Issuance/(repayment) of debt, $m
  362
  797
  837
  870
  904
  939
  976
  1,014
  1,055
  1,097
  1,142
  1,189
  1,238
  1,291
  1,346
  1,404
  1,465
  1,530
  1,598
  1,670
  1,746
  1,826
  1,910
  1,999
  2,093
  2,191
  2,295
  2,404
  2,519
  2,640
  2,768
Issuance/(repurchase) of shares, $m
  -197
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  166
  797
  837
  870
  904
  939
  976
  1,014
  1,055
  1,097
  1,142
  1,189
  1,238
  1,291
  1,346
  1,404
  1,465
  1,530
  1,598
  1,670
  1,746
  1,826
  1,910
  1,999
  2,093
  2,191
  2,295
  2,404
  2,519
  2,640
  2,768
Total cash flow (excl. dividends), $m
  261
  1,277
  1,376
  1,467
  1,560
  1,658
  1,759
  1,865
  1,976
  2,092
  2,212
  2,274
  2,406
  2,545
  2,690
  2,842
  3,002
  3,169
  3,345
  3,529
  3,722
  3,926
  4,139
  4,363
  4,599
  4,847
  5,107
  5,380
  5,668
  5,970
  6,287
Retained Cash Flow (-), $m
  -271
  -335
  -343
  -357
  -371
  -385
  -401
  -416
  -433
  -450
  -469
  -488
  -508
  -530
  -552
  -576
  -601
  -628
  -656
  -685
  -717
  -749
  -784
  -820
  -859
  -899
  -942
  -987
  -1,034
  -1,084
  -1,136
Prev. year cash balance distribution, $m
 
  440
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,382
  1,033
  1,110
  1,189
  1,272
  1,359
  1,449
  1,543
  1,641
  1,744
  1,786
  1,898
  2,015
  2,138
  2,266
  2,400
  2,541
  2,689
  2,844
  3,006
  3,176
  3,355
  3,543
  3,740
  3,947
  4,165
  4,393
  4,634
  4,886
  5,151
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  1,306
  918
  921
  917
  905
  885
  858
  824
  783
  737
  662
  610
  556
  500
  444
  388
  335
  284
  238
  195
  157
  124
  96
  73
  54
  39
  28
  19
  13
  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

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 $23825 million for the last fiscal year's total revenue generated by Arrow Electronics. The default revenue input number comes from 2016 income statement of Arrow Electronics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARW stock valuation model: a) initial revenue growth rate of 8.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

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

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

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

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

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

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

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

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

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

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

Shares outstanding of 88.299 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

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▶ Three Colorado companies earn perfect scores on LGBTQ-inclusive workplace report   [Nov-10-17 09:10AM  American City Business Journals]
▶ Arrow Electronics meets 3Q profit forecasts   [08:23AM  Associated Press]
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▶ 2 new office buildings in southeast Denver area wrap up construction   [Oct-26-17 05:15PM  American City Business Journals]
▶ Arrow Electronics Sees IBD RS Rating Improve To 71   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Arrow Electronics, federal labs join smart cities tech alliance   [Sep-25-17 04:05PM  American City Business Journals]
▶ IBD Rating Upgrades: Arrow Electronics Shows Improved Price Strength   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Arrow Electronics tops Street 2Q forecasts   [12:53AM  Associated Press]
▶ The Largest Company in Every State   [Jun-23-17 06:03PM  24/7 Wall St.]
▶ Fortune 500: Colorado adds a company, loses one on 2017 list (Videos)   [Jun-08-17 01:04PM  American City Business Journals]
▶ Arrow Electronics Prices $500 Million Notes Offering   [Jun-01-17 04:37PM  Business Wire]
Financial statements of ARW
Valuation of Stocks

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

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