Intrinsic value of Arrow Electronics - ARW

Previous Close

$81.25

  Intrinsic Value

$101.95

stock screener

  Rating & Target

buy

+25%

Previous close

$81.25

 
Intrinsic value

$101.95

 
Up/down potential

+25%

 
Rating

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Arrow Electronics (ARW) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  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
  4.87
Revenue, $m
  23,825
  24,373
  24,999
  25,703
  26,482
  27,337
  28,268
  29,276
  30,361
  31,526
  32,773
  34,103
  35,519
  37,024
  38,622
  40,314
  42,106
  44,000
  46,002
  48,116
  50,346
  52,698
  55,177
  57,790
  60,541
  63,437
  66,486
  69,695
  73,070
  76,620
  80,354
Variable operating expenses, $m
 
  22,759
  23,338
  23,987
  24,707
  25,497
  26,358
  27,289
  28,292
  29,368
  30,520
  31,510
  32,818
  34,209
  35,685
  37,249
  38,904
  40,655
  42,504
  44,457
  46,518
  48,691
  50,982
  53,395
  55,937
  58,614
  61,431
  64,395
  67,514
  70,794
  74,244
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
  23,518
  24,115
  24,784
  25,524
  26,334
  27,216
  28,169
  29,194
  30,292
  31,467
  32,481
  33,813
  35,229
  36,731
  38,321
  40,003
  41,781
  43,658
  45,640
  47,731
  49,934
  52,256
  54,701
  57,275
  59,986
  62,837
  65,836
  68,991
  72,308
  75,796
Operating income, $m
  859
  856
  884
  918
  958
  1,002
  1,052
  1,107
  1,168
  1,234
  1,306
  1,622
  1,706
  1,795
  1,891
  1,994
  2,103
  2,220
  2,344
  2,476
  2,616
  2,764
  2,922
  3,089
  3,265
  3,452
  3,649
  3,858
  4,079
  4,312
  4,558
EBITDA, $m
  1,018
  1,146
  1,176
  1,212
  1,253
  1,299
  1,351
  1,408
  1,471
  1,540
  1,614
  1,694
  1,781
  1,873
  1,973
  2,079
  2,192
  2,313
  2,441
  2,577
  2,722
  2,875
  3,038
  3,210
  3,393
  3,586
  3,790
  4,005
  4,233
  4,474
  4,727
Interest expense (income), $m
  142
  146
  157
  171
  186
  204
  222
  243
  265
  289
  314
  342
  371
  402
  435
  470
  507
  547
  588
  632
  679
  728
  779
  834
  891
  952
  1,015
  1,082
  1,153
  1,227
  1,305
Earnings before tax, $m
  715
  710
  727
  747
  771
  799
  830
  865
  903
  945
  991
  1,281
  1,335
  1,393
  1,456
  1,524
  1,596
  1,673
  1,756
  1,843
  1,937
  2,037
  2,142
  2,255
  2,374
  2,500
  2,634
  2,776
  2,926
  3,085
  3,253
Tax expense, $m
  190
  192
  196
  202
  208
  216
  224
  233
  244
  255
  268
  346
  360
  376
  393
  411
  431
  452
  474
  498
  523
  550
  578
  609
  641
  675
  711
  750
  790
  833
  878
Net income, $m
  523
  518
  531
  546
  563
  583
  606
  631
  659
  690
  724
  935
  974
  1,017
  1,063
  1,112
  1,165
  1,221
  1,282
  1,346
  1,414
  1,487
  1,564
  1,646
  1,733
  1,825
  1,923
  2,026
  2,136
  2,252
  2,375

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
  13,983
  14,343
  14,746
  15,193
  15,684
  16,218
  16,796
  17,419
  18,087
  18,803
  19,566
  20,378
  21,242
  22,158
  23,129
  24,157
  25,244
  26,393
  27,605
  28,885
  30,234
  31,657
  33,155
  34,734
  36,396
  38,145
  39,985
  41,922
  43,959
  46,101
Adjusted assets (=assets-cash), $m
  13,672
  13,983
  14,343
  14,746
  15,193
  15,684
  16,218
  16,796
  17,419
  18,087
  18,803
  19,566
  20,378
  21,242
  22,158
  23,129
  24,157
  25,244
  26,393
  27,605
  28,885
  30,234
  31,657
  33,155
  34,734
  36,396
  38,145
  39,985
  41,922
  43,959
  46,101
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
  1,121
  1,150
  1,182
  1,218
  1,257
  1,300
  1,347
  1,397
  1,450
  1,508
  1,569
  1,634
  1,703
  1,777
  1,854
  1,937
  2,024
  2,116
  2,213
  2,316
  2,424
  2,538
  2,658
  2,785
  2,918
  3,058
  3,206
  3,361
  3,525
  3,696
Working capital, $m
  3,628
  3,266
  3,350
  3,444
  3,549
  3,663
  3,788
  3,923
  4,068
  4,225
  4,392
  4,570
  4,760
  4,961
  5,175
  5,402
  5,642
  5,896
  6,164
  6,448
  6,746
  7,062
  7,394
  7,744
  8,112
  8,501
  8,909
  9,339
  9,791
  10,267
  10,767
Total debt, $m
  2,790
  2,911
  3,166
  3,452
  3,769
  4,117
  4,495
  4,905
  5,347
  5,821
  6,328
  6,869
  7,445
  8,057
  8,707
  9,396
  10,124
  10,895
  11,709
  12,569
  13,476
  14,433
  15,442
  16,504
  17,623
  18,801
  20,042
  21,347
  22,720
  24,164
  25,683
Total liabilities, $m
  9,793
  9,914
  10,169
  10,455
  10,772
  11,120
  11,498
  11,908
  12,350
  12,824
  13,331
  13,872
  14,448
  15,060
  15,710
  16,399
  17,127
  17,898
  18,712
  19,572
  20,479
  21,436
  22,445
  23,507
  24,626
  25,804
  27,045
  28,350
  29,723
  31,167
  32,686
Total equity, $m
  4,413
  4,069
  4,174
  4,291
  4,421
  4,564
  4,719
  4,888
  5,069
  5,263
  5,472
  5,694
  5,930
  6,181
  6,448
  6,731
  7,030
  7,346
  7,680
  8,033
  8,405
  8,798
  9,212
  9,648
  10,108
  10,591
  11,100
  11,636
  12,199
  12,792
  13,415
Total liabilities and equity, $m
  14,206
  13,983
  14,343
  14,746
  15,193
  15,684
  16,217
  16,796
  17,419
  18,087
  18,803
  19,566
  20,378
  21,241
  22,158
  23,130
  24,157
  25,244
  26,392
  27,605
  28,884
  30,234
  31,657
  33,155
  34,734
  36,395
  38,145
  39,986
  41,922
  43,959
  46,101
Debt-to-equity ratio
  0.632
  0.720
  0.760
  0.800
  0.850
  0.900
  0.950
  1.000
  1.050
  1.110
  1.160
  1.210
  1.260
  1.300
  1.350
  1.400
  1.440
  1.480
  1.520
  1.560
  1.600
  1.640
  1.680
  1.710
  1.740
  1.780
  1.810
  1.830
  1.860
  1.890
  1.910
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
  518
  531
  546
  563
  583
  606
  631
  659
  690
  724
  935
  974
  1,017
  1,063
  1,112
  1,165
  1,221
  1,282
  1,346
  1,414
  1,487
  1,564
  1,646
  1,733
  1,825
  1,923
  2,026
  2,136
  2,252
  2,375
Depreciation, amort., depletion, $m
  159
  291
  292
  293
  295
  297
  299
  301
  303
  306
  308
  72
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
  170
Funds from operations, $m
  -33
  809
  823
  839
  858
  880
  905
  932
  962
  996
  1,032
  1,007
  1,049
  1,095
  1,144
  1,197
  1,254
  1,314
  1,379
  1,447
  1,520
  1,598
  1,680
  1,768
  1,861
  1,959
  2,063
  2,174
  2,290
  2,414
  2,544
Change in working capital, $m
  -389
  73
  84
  94
  104
  115
  125
  135
  145
  156
  167
  178
  190
  202
  214
  227
  240
  254
  268
  283
  299
  315
  332
  350
  369
  388
  409
  430
  452
  476
  500
Cash from operations, $m
  356
  736
  739
  745
  754
  765
  780
  797
  817
  840
  865
  829
  860
  893
  930
  970
  1,014
  1,060
  1,110
  1,164
  1,221
  1,283
  1,348
  1,418
  1,492
  1,571
  1,655
  1,744
  1,838
  1,938
  2,044
Maintenance CAPEX, $m
  0
  -50
  -51
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
New CAPEX, $m
  -165
  -30
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -172
Cash from investing activities, $m
  -241
  -80
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -205
  -214
  -225
  -236
  -249
  -261
  -274
  -288
  -302
  -317
  -334
Free cash flow, $m
  115
  655
  659
  660
  664
  670
  679
  691
  705
  722
  741
  698
  722
  749
  779
  811
  846
  884
  925
  970
  1,017
  1,068
  1,123
  1,181
  1,243
  1,310
  1,381
  1,456
  1,536
  1,620
  1,711
Issuance/(repayment) of debt, $m
  362
  215
  255
  286
  317
  348
  379
  410
  442
  474
  507
  541
  576
  612
  650
  688
  729
  771
  814
  860
  907
  957
  1,008
  1,063
  1,119
  1,178
  1,240
  1,305
  1,373
  1,444
  1,519
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
  215
  255
  286
  317
  348
  379
  410
  442
  474
  507
  541
  576
  612
  650
  688
  729
  771
  814
  860
  907
  957
  1,008
  1,063
  1,119
  1,178
  1,240
  1,305
  1,373
  1,444
  1,519
Total cash flow (excl. dividends), $m
  261
  871
  913
  946
  981
  1,018
  1,058
  1,101
  1,147
  1,196
  1,248
  1,239
  1,298
  1,362
  1,428
  1,500
  1,575
  1,655
  1,740
  1,829
  1,924
  2,025
  2,131
  2,244
  2,363
  2,488
  2,621
  2,761
  2,909
  3,065
  3,229
Retained Cash Flow (-), $m
  -271
  -96
  -105
  -117
  -130
  -143
  -155
  -168
  -181
  -195
  -208
  -222
  -236
  -251
  -267
  -283
  -299
  -316
  -334
  -353
  -372
  -393
  -414
  -436
  -459
  -484
  -509
  -536
  -564
  -593
  -623
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
 
  1,214
  809
  828
  850
  875
  903
  933
  966
  1,001
  1,040
  1,017
  1,062
  1,110
  1,162
  1,217
  1,276
  1,339
  1,406
  1,477
  1,552
  1,632
  1,717
  1,808
  1,903
  2,005
  2,112
  2,225
  2,345
  2,472
  2,606
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
 
  1,148
  719
  688
  656
  623
  588
  552
  515
  478
  439
  377
  341
  306
  272
  238
  206
  176
  149
  123
  101
  81
  64
  49
  37
  28
  20
  14
  10
  6
  4
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 13.8
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 37.8
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 2.3% 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 88.422 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 $7.2 billion.

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COMPANY NEWS

▶ 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]
▶ Arrow Completes Acquisition of eInfochips   [10:51AM  Business Wire]
▶ Arrow Electronics buys software firm for a reported $282 million   [Jan-02-18 05:36PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for December 7th   [Dec-07-17 09:38AM  Zacks]
▶ Top Ranked Value Stocks to Buy for December 1st   [Dec-01-17 09:03AM  Zacks]
▶ 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]
▶ Top Ranked Value Stocks to Buy for October 31st   [Oct-31-17 11:14AM  Zacks]
▶ 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]
Financial statements of ARW
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