Intrinsic value of Avnet - AVT

Previous Close

$43.36

  Intrinsic Value

$13.29

stock screener

  Rating & Target

str. sell

-69%

Previous close

$43.36

 
Intrinsic value

$13.29

 
Up/down potential

-69%

 
Rating

str. sell

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 0001), $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
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  18,835
  20,285
  21,793
  23,359
  24,987
  26,679
  28,438
  30,268
  32,172
  34,155
  36,220
  38,372
  40,615
  42,956
  45,398
  47,949
  50,613
  53,397
  56,307
  59,350
  62,534
  65,866
  69,354
  73,006
  76,831
  80,838
  85,037
  89,437
  94,049
  98,885
Variable operating expenses, $m
  18,183
  19,573
  21,016
  22,516
  24,075
  25,696
  27,381
  29,134
  30,958
  32,857
  34,692
  36,753
  38,902
  41,144
  43,484
  45,926
  48,478
  51,145
  53,932
  56,847
  59,897
  63,088
  66,429
  69,927
  73,591
  77,429
  81,451
  85,665
  90,083
  94,714
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
  18,183
  19,573
  21,016
  22,516
  24,075
  25,696
  27,381
  29,134
  30,958
  32,857
  34,692
  36,753
  38,902
  41,144
  43,484
  45,926
  48,478
  51,145
  53,932
  56,847
  59,897
  63,088
  66,429
  69,927
  73,591
  77,429
  81,451
  85,665
  90,083
  94,714
Operating income, $m
  652
  713
  777
  843
  911
  983
  1,057
  1,134
  1,214
  1,298
  1,528
  1,618
  1,713
  1,812
  1,915
  2,022
  2,135
  2,252
  2,375
  2,503
  2,637
  2,778
  2,925
  3,079
  3,240
  3,409
  3,586
  3,772
  3,966
  4,170
EBITDA, $m
  906
  976
  1,048
  1,123
  1,202
  1,283
  1,368
  1,456
  1,547
  1,643
  1,742
  1,845
  1,953
  2,066
  2,183
  2,306
  2,434
  2,568
  2,708
  2,854
  3,007
  3,168
  3,335
  3,511
  3,695
  3,888
  4,090
  4,301
  4,523
  4,756
Interest expense (income), $m
  116
  96
  116
  136
  157
  179
  202
  226
  250
  276
  302
  330
  359
  389
  421
  453
  488
  523
  560
  599
  640
  683
  727
  774
  823
  874
  927
  984
  1,042
  1,104
  1,168
Earnings before tax, $m
  556
  597
  640
  685
  732
  781
  831
  884
  939
  995
  1,197
  1,259
  1,324
  1,391
  1,461
  1,535
  1,611
  1,691
  1,775
  1,863
  1,955
  2,051
  2,151
  2,256
  2,366
  2,482
  2,603
  2,730
  2,863
  3,002
Tax expense, $m
  150
  161
  173
  185
  198
  211
  224
  239
  253
  269
  323
  340
  357
  376
  395
  414
  435
  457
  479
  503
  528
  554
  581
  609
  639
  670
  703
  737
  773
  811
Net income, $m
  406
  436
  468
  500
  534
  570
  607
  645
  685
  727
  874
  919
  966
  1,015
  1,067
  1,120
  1,176
  1,235
  1,296
  1,360
  1,427
  1,497
  1,570
  1,647
  1,727
  1,812
  1,900
  1,993
  2,090
  2,191

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
  10,476
  11,282
  12,121
  12,992
  13,897
  14,838
  15,816
  16,834
  17,893
  18,996
  20,144
  21,341
  22,589
  23,891
  25,249
  26,668
  28,149
  29,698
  31,316
  33,009
  34,780
  36,633
  38,573
  40,604
  42,732
  44,960
  47,295
  49,743
  52,308
  54,997
Adjusted assets (=assets-cash), $m
  10,476
  11,282
  12,121
  12,992
  13,897
  14,838
  15,816
  16,834
  17,893
  18,996
  20,144
  21,341
  22,589
  23,891
  25,249
  26,668
  28,149
  29,698
  31,316
  33,009
  34,780
  36,633
  38,573
  40,604
  42,732
  44,960
  47,295
  49,743
  52,308
  54,997
Revenue / Adjusted assets
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
  1.798
Average production assets, $m
  1,092
  1,177
  1,264
  1,355
  1,449
  1,547
  1,649
  1,756
  1,866
  1,981
  2,101
  2,226
  2,356
  2,491
  2,633
  2,781
  2,936
  3,097
  3,266
  3,442
  3,627
  3,820
  4,023
  4,234
  4,456
  4,689
  4,932
  5,187
  5,455
  5,735
Working capital, $m
  4,332
  4,666
  5,012
  5,373
  5,747
  6,136
  6,541
  6,962
  7,400
  7,856
  8,331
  8,825
  9,342
  9,880
  10,442
  11,028
  11,641
  12,281
  12,951
  13,651
  14,383
  15,149
  15,951
  16,791
  17,671
  18,593
  19,559
  20,571
  21,631
  22,744
Total debt, $m
  2,143
  2,519
  2,910
  3,316
  3,738
  4,176
  4,632
  5,107
  5,600
  6,114
  6,649
  7,207
  7,788
  8,395
  9,028
  9,689
  10,379
  11,101
  11,855
  12,644
  13,469
  14,333
  15,237
  16,183
  17,175
  18,213
  19,301
  20,442
  21,637
  22,890
Total liabilities, $m
  4,882
  5,258
  5,648
  6,054
  6,476
  6,914
  7,370
  7,845
  8,338
  8,852
  9,387
  9,945
  10,527
  11,133
  11,766
  12,427
  13,118
  13,839
  14,593
  15,382
  16,207
  17,071
  17,975
  18,922
  19,913
  20,951
  22,040
  23,180
  24,375
  25,629
Total equity, $m
  5,594
  6,025
  6,472
  6,938
  7,421
  7,923
  8,446
  8,989
  9,555
  10,144
  10,757
  11,396
  12,063
  12,758
  13,483
  14,241
  15,032
  15,859
  16,723
  17,627
  18,572
  19,562
  20,598
  21,683
  22,819
  24,009
  25,256
  26,563
  27,932
  29,368
Total liabilities and equity, $m
  10,476
  11,283
  12,120
  12,992
  13,897
  14,837
  15,816
  16,834
  17,893
  18,996
  20,144
  21,341
  22,590
  23,891
  25,249
  26,668
  28,150
  29,698
  31,316
  33,009
  34,779
  36,633
  38,573
  40,605
  42,732
  44,960
  47,296
  49,743
  52,307
  54,997
Debt-to-equity ratio
  0.380
  0.420
  0.450
  0.480
  0.500
  0.530
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
Adjusted equity ratio
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  406
  436
  468
  500
  534
  570
  607
  645
  685
  727
  874
  919
  966
  1,015
  1,067
  1,120
  1,176
  1,235
  1,296
  1,360
  1,427
  1,497
  1,570
  1,647
  1,727
  1,812
  1,900
  1,993
  2,090
  2,191
Depreciation, amort., depletion, $m
  254
  263
  272
  281
  290
  300
  311
  322
  333
  345
  214
  227
  240
  254
  269
  284
  300
  316
  333
  351
  370
  390
  410
  432
  455
  478
  503
  529
  557
  585
Funds from operations, $m
  660
  699
  739
  781
  825
  870
  918
  967
  1,018
  1,071
  1,088
  1,146
  1,207
  1,270
  1,335
  1,404
  1,476
  1,551
  1,629
  1,711
  1,797
  1,887
  1,981
  2,079
  2,182
  2,290
  2,403
  2,522
  2,646
  2,777
Change in working capital, $m
  321
  334
  347
  360
  374
  389
  405
  421
  438
  456
  475
  495
  516
  538
  562
  587
  613
  640
  669
  700
  732
  766
  802
  840
  880
  922
  966
  1,012
  1,061
  1,112
Cash from operations, $m
  339
  365
  392
  421
  451
  481
  513
  546
  580
  615
  614
  651
  691
  731
  774
  818
  863
  911
  960
  1,011
  1,065
  1,120
  1,178
  1,239
  1,302
  1,369
  1,438
  1,510
  1,586
  1,665
Maintenance CAPEX, $m
  -102
  -111
  -120
  -129
  -138
  -148
  -158
  -168
  -179
  -190
  -202
  -214
  -227
  -240
  -254
  -269
  -284
  -300
  -316
  -333
  -351
  -370
  -390
  -410
  -432
  -455
  -478
  -503
  -529
  -557
New CAPEX, $m
  -89
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -161
  -169
  -177
  -185
  -193
  -202
  -212
  -222
  -232
  -244
  -255
  -268
  -280
Cash from investing activities, $m
  -191
  -195
  -207
  -220
  -232
  -246
  -260
  -274
  -289
  -305
  -322
  -339
  -357
  -376
  -396
  -417
  -439
  -461
  -485
  -510
  -536
  -563
  -592
  -622
  -654
  -687
  -722
  -758
  -797
  -837
Free cash flow, $m
  148
  169
  185
  201
  218
  235
  253
  272
  291
  310
  292
  312
  333
  355
  378
  401
  425
  450
  475
  501
  529
  557
  586
  617
  649
  681
  716
  751
  789
  827
Issuance/(repayment) of debt, $m
  364
  376
  391
  406
  422
  439
  456
  474
  494
  514
  535
  558
  582
  607
  633
  661
  690
  722
  754
  789
  825
  864
  904
  947
  991
  1,039
  1,088
  1,140
  1,195
  1,253
Issuance/(repurchase) of shares, $m
  6
  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  
  370
  376
  391
  406
  422
  439
  456
  474
  494
  514
  535
  558
  582
  607
  633
  661
  690
  722
  754
  789
  825
  864
  904
  947
  991
  1,039
  1,088
  1,140
  1,195
  1,253
Total cash flow (excl. dividends), $m
  518
  545
  576
  607
  640
  674
  709
  746
  784
  824
  827
  870
  915
  962
  1,011
  1,062
  1,115
  1,171
  1,229
  1,290
  1,354
  1,421
  1,490
  1,563
  1,640
  1,720
  1,804
  1,892
  1,984
  2,081
Retained Cash Flow (-), $m
  -412
  -431
  -448
  -465
  -483
  -503
  -522
  -543
  -566
  -589
  -613
  -639
  -666
  -695
  -725
  -757
  -791
  -827
  -864
  -904
  -946
  -990
  -1,036
  -1,085
  -1,136
  -1,190
  -1,247
  -1,307
  -1,370
  -1,436
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
  106
  115
  128
  142
  156
  171
  187
  202
  219
  235
  214
  231
  249
  267
  285
  304
  324
  344
  365
  386
  408
  431
  454
  479
  504
  530
  557
  585
  614
  645
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  100
  101
  105
  108
  109
  108
  107
  104
  99
  94
  74
  69
  63
  57
  50
  44
  37
  31
  26
  21
  17
  13
  10
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9

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 10.2
Price to Sales 0.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow -14.5
Price to Free Cash Flow -10.9
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 $17439.963 million for the last fiscal year's total revenue generated by Avnet. The default revenue input number comes from 0001 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 8% 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 6.2%, 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 5.8%.

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 - $5182.068 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 117.982 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

▶ Why Avnet Inc (NASDAQ:AVT) Is A Financially Healthy Company   [Nov-13-18 01:51PM  Simply Wall St.]
▶ Avnet to Participate in UBS Global Technology Conference   [Nov-01-18 06:49PM  Business Wire]
▶ Avnet reports strong Q1 earnings; Asian market sales see big gains   [Oct-25-18 07:45PM  American City Business Journals]
▶ Avnet: Fiscal 1Q Earnings Snapshot   [06:12PM  Associated Press]
▶ Phoenix technology solutions company helps bring concert-going to the deaf   [Oct-24-18 05:19PM  American City Business Journals]
▶ Avnet Releases Low-Cost Gigabit Network FMC Module   [Sep-11-18 11:00AM  Business Wire]
▶ Is Avnet Inc (NASDAQ:AVT) Undervalued?   [Sep-10-18 01:01PM  Simply Wall St.]
▶ Exploit the Nasdaq Dip With These 6 Tech Stocks   [Sep-06-18 09:00AM  Zacks]
▶ Avnet boosts buybacks by $500 million, lifts dividend   [Aug-29-18 09:11AM  MarketWatch]
▶ Avnet Names Jo Ann Jenkins to its Board of Directors   [Aug-28-18 04:05PM  Business Wire]
▶ Avnet Releases UltraZed-EV Starter Kit   [11:20AM  Business Wire]
▶ Avnet: Fiscal 4Q Earnings Snapshot   [04:18PM  Associated Press]
▶ Avnet, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Avnet Expands Relationship with Microchip   [Jul-31-18 11:00AM  Business Wire]
▶ 5 Stocks Trading Near 52-Week High With More Room to Run   [Jul-17-18 11:00AM  InvestorPlace]
▶ Moat Ratings Upgrades for Arrow Electronics and Avnet   [Jul-06-18 06:33AM  Morningstar]
▶ Avnet (AVT) in Focus: Stock Moves 6.3% Higher   [Jun-18-18 09:14AM  Zacks]
▶ CEO Rich Hume crafts a growth strategy for Tech Data   [Jun-15-18 05:00AM  American City Business Journals]
▶ Why Avnet Inc (NASDAQ:AVT) Is A Financially Healthy Company   [Jun-12-18 08:36PM  Simply Wall St.]
▶ Avnet Adds relayr IIoT Stack to Digital Solutions Portfolio   [Jun-05-18 11:00AM  Business Wire]
▶ Avnet Names Oleg Khaykin to Its Board of Directors   [May-23-18 07:00AM  Business Wire]
▶ Avnet Declares Regular Quarterly Dividend   [May-22-18 09:39PM  Business Wire]
▶ Avnet Investor Day 2018 Webcast Details   [07:00AM  Business Wire]
▶ Avnet Showcases Connected Ecosystem at IoT World 2018   [May-14-18 11:00AM  Business Wire]
▶ Avnet to Transfer Stock Exchange Listing to Nasdaq   [Apr-26-18 04:15PM  Business Wire]
▶ Avnet, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Avnet: Fiscal 3Q Earnings Snapshot   [09:20AM  Associated Press]
▶ Avnet Earnings Preview   [Apr-25-18 03:24PM  Benzinga]
▶ Edited Transcript of AVT presentation 7-Mar-17 8:25pm GMT   [Apr-10-18 02:56PM  Thomson Reuters StreetEvents]
▶ How some Phoenix companies are spending their tax cut windfall   [Apr-06-18 03:00AM  American City Business Journals]

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