Intrinsic value of Avnet - AVT

Previous Close

$47.58

  Intrinsic Value

$31.59

stock screener

  Rating & Target

sell

-34%

Previous close

$47.58

 
Intrinsic value

$31.59

 
Up/down potential

-34%

 
Rating

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 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 6.0

 

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, %
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  18,172
  18,950
  19,775
  20,648
  21,572
  22,549
  23,581
  24,670
  25,818
  27,029
  28,305
  29,649
  31,065
  32,555
  34,123
  35,773
  37,508
  39,334
  41,253
  43,271
  45,393
  47,623
  49,966
  52,429
  55,017
  57,737
  60,594
  63,595
  66,748
  70,060
Variable operating expenses, $m
  17,549
  18,294
  19,084
  19,920
  20,805
  21,741
  22,729
  23,772
  24,872
  26,032
  27,111
  28,399
  29,754
  31,182
  32,684
  34,264
  35,926
  37,675
  39,513
  41,446
  43,478
  45,614
  47,859
  50,218
  52,697
  55,301
  58,038
  60,913
  63,933
  67,105
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
  17,549
  18,294
  19,084
  19,920
  20,805
  21,741
  22,729
  23,772
  24,872
  26,032
  27,111
  28,399
  29,754
  31,182
  32,684
  34,264
  35,926
  37,675
  39,513
  41,446
  43,478
  45,614
  47,859
  50,218
  52,697
  55,301
  58,038
  60,913
  63,933
  67,105
Operating income, $m
  624
  657
  691
  728
  767
  808
  852
  898
  946
  997
  1,194
  1,251
  1,310
  1,373
  1,439
  1,509
  1,582
  1,659
  1,740
  1,825
  1,915
  2,009
  2,107
  2,211
  2,320
  2,435
  2,556
  2,682
  2,815
  2,955
EBITDA, $m
  925
  964
  1,006
  1,051
  1,098
  1,147
  1,200
  1,255
  1,314
  1,375
  1,440
  1,508
  1,580
  1,656
  1,736
  1,820
  1,908
  2,001
  2,099
  2,202
  2,309
  2,423
  2,542
  2,667
  2,799
  2,937
  3,083
  3,235
  3,396
  3,564
Interest expense (income), $m
  116
  96
  106
  117
  129
  141
  154
  168
  182
  197
  213
  230
  248
  267
  287
  308
  330
  353
  377
  403
  429
  458
  487
  519
  551
  586
  622
  660
  700
  742
  786
Earnings before tax, $m
  528
  550
  574
  599
  626
  654
  684
  716
  749
  784
  963
  1,002
  1,043
  1,086
  1,131
  1,179
  1,229
  1,282
  1,337
  1,396
  1,457
  1,521
  1,589
  1,660
  1,735
  1,813
  1,895
  1,982
  2,073
  2,169
Tax expense, $m
  142
  149
  155
  162
  169
  177
  185
  193
  202
  212
  260
  271
  282
  293
  305
  318
  332
  346
  361
  377
  393
  411
  429
  448
  468
  490
  512
  535
  560
  586
Net income, $m
  385
  402
  419
  438
  457
  478
  499
  522
  547
  572
  703
  732
  761
  793
  826
  861
  897
  936
  976
  1,019
  1,063
  1,110
  1,160
  1,212
  1,266
  1,323
  1,384
  1,447
  1,513
  1,583

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
  10,107
  10,540
  10,998
  11,484
  11,998
  12,541
  13,115
  13,721
  14,359
  15,033
  15,742
  16,490
  17,277
  18,106
  18,978
  19,896
  20,861
  21,876
  22,944
  24,066
  25,246
  26,487
  27,790
  29,160
  30,599
  32,112
  33,701
  35,370
  37,124
  38,966
Adjusted assets (=assets-cash), $m
  10,107
  10,540
  10,998
  11,484
  11,998
  12,541
  13,115
  13,721
  14,359
  15,033
  15,742
  16,490
  17,277
  18,106
  18,978
  19,896
  20,861
  21,876
  22,944
  24,066
  25,246
  26,487
  27,790
  29,160
  30,599
  32,112
  33,701
  35,370
  37,124
  38,966
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
  1,581
  1,649
  1,720
  1,796
  1,877
  1,962
  2,052
  2,146
  2,246
  2,352
  2,463
  2,579
  2,703
  2,832
  2,969
  3,112
  3,263
  3,422
  3,589
  3,765
  3,949
  4,143
  4,347
  4,561
  4,787
  5,023
  5,272
  5,533
  5,807
  6,095
Working capital, $m
  999
  1,042
  1,088
  1,136
  1,186
  1,240
  1,297
  1,357
  1,420
  1,487
  1,557
  1,631
  1,709
  1,791
  1,877
  1,968
  2,063
  2,163
  2,269
  2,380
  2,497
  2,619
  2,748
  2,884
  3,026
  3,176
  3,333
  3,498
  3,671
  3,853
Total debt, $m
  1,972
  2,173
  2,387
  2,613
  2,853
  3,106
  3,373
  3,656
  3,953
  4,267
  4,598
  4,946
  5,313
  5,699
  6,106
  6,533
  6,983
  7,456
  7,954
  8,477
  9,027
  9,604
  10,212
  10,850
  11,521
  12,226
  12,966
  13,744
  14,561
  15,420
Total liabilities, $m
  4,710
  4,911
  5,125
  5,352
  5,591
  5,844
  6,112
  6,394
  6,691
  7,005
  7,336
  7,684
  8,051
  8,437
  8,844
  9,271
  9,721
  10,194
  10,692
  11,215
  11,765
  12,343
  12,950
  13,588
  14,259
  14,964
  15,704
  16,482
  17,300
  18,158
Total equity, $m
  5,397
  5,628
  5,873
  6,133
  6,407
  6,697
  7,003
  7,327
  7,668
  8,028
  8,406
  8,806
  9,226
  9,669
  10,134
  10,624
  11,140
  11,682
  12,252
  12,851
  13,482
  14,144
  14,840
  15,571
  16,340
  17,148
  17,996
  18,888
  19,824
  20,808
Total liabilities and equity, $m
  10,107
  10,539
  10,998
  11,485
  11,998
  12,541
  13,115
  13,721
  14,359
  15,033
  15,742
  16,490
  17,277
  18,106
  18,978
  19,895
  20,861
  21,876
  22,944
  24,066
  25,247
  26,487
  27,790
  29,159
  30,599
  32,112
  33,700
  35,370
  37,124
  38,966
Debt-to-equity ratio
  0.370
  0.390
  0.410
  0.430
  0.450
  0.460
  0.480
  0.500
  0.520
  0.530
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
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
  385
  402
  419
  438
  457
  478
  499
  522
  547
  572
  703
  732
  761
  793
  826
  861
  897
  936
  976
  1,019
  1,063
  1,110
  1,160
  1,212
  1,266
  1,323
  1,384
  1,447
  1,513
  1,583
Depreciation, amort., depletion, $m
  301
  307
  315
  322
  330
  339
  348
  357
  367
  378
  246
  258
  270
  283
  297
  311
  326
  342
  359
  376
  395
  414
  435
  456
  479
  502
  527
  553
  581
  610
Funds from operations, $m
  686
  709
  734
  760
  787
  816
  847
  880
  914
  950
  950
  990
  1,032
  1,076
  1,123
  1,172
  1,224
  1,278
  1,335
  1,395
  1,458
  1,525
  1,595
  1,668
  1,745
  1,826
  1,911
  2,000
  2,094
  2,193
Change in working capital, $m
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  95
  100
  106
  111
  117
  123
  129
  135
  142
  150
  157
  165
  173
  182
Cash from operations, $m
  646
  666
  688
  712
  737
  763
  791
  820
  851
  883
  879
  916
  954
  994
  1,037
  1,081
  1,128
  1,178
  1,230
  1,284
  1,342
  1,402
  1,466
  1,532
  1,603
  1,676
  1,754
  1,835
  1,921
  2,010
Maintenance CAPEX, $m
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -235
  -246
  -258
  -270
  -283
  -297
  -311
  -326
  -342
  -359
  -376
  -395
  -414
  -435
  -456
  -479
  -502
  -527
  -553
  -581
New CAPEX, $m
  -60
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -237
  -249
  -261
  -274
  -288
Cash from investing activities, $m
  -212
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -315
  -330
  -346
  -363
  -381
  -400
  -419
  -441
  -462
  -485
  -509
  -535
  -561
  -589
  -618
  -649
  -681
  -716
  -751
  -788
  -827
  -869
Free cash flow, $m
  434
  441
  452
  464
  477
  490
  505
  520
  536
  553
  533
  552
  573
  594
  617
  641
  666
  692
  720
  750
  781
  813
  847
  883
  921
  961
  1,003
  1,047
  1,093
  1,142
Issuance/(repayment) of debt, $m
  192
  202
  214
  226
  239
  253
  267
  282
  298
  314
  331
  348
  367
  386
  406
  428
  450
  473
  497
  523
  550
  578
  607
  638
  671
  705
  740
  778
  817
  858
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  
  192
  202
  214
  226
  239
  253
  267
  282
  298
  314
  331
  348
  367
  386
  406
  428
  450
  473
  497
  523
  550
  578
  607
  638
  671
  705
  740
  778
  817
  858
Total cash flow (excl. dividends), $m
  626
  642
  665
  690
  716
  743
  772
  802
  834
  867
  864
  901
  940
  980
  1,023
  1,068
  1,116
  1,166
  1,218
  1,273
  1,330
  1,391
  1,455
  1,522
  1,592
  1,666
  1,743
  1,825
  1,910
  2,000
Retained Cash Flow (-), $m
  -215
  -231
  -245
  -259
  -274
  -290
  -306
  -323
  -341
  -360
  -379
  -399
  -420
  -443
  -466
  -490
  -515
  -542
  -570
  -599
  -630
  -662
  -696
  -731
  -769
  -808
  -849
  -891
  -936
  -984
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
  52
  55
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  182
  191
  200
Cash available for distribution, $m
  411
  411
  421
  431
  442
  453
  466
  479
  493
  508
  485
  502
  519
  538
  558
  578
  600
  623
  648
  673
  700
  729
  759
  790
  823
  858
  895
  933
  974
  1,016
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
  387
  362
  345
  326
  307
  287
  266
  245
  224
  203
  168
  150
  132
  114
  98
  83
  69
  57
  46
  37
  29
  22
  16
  12
  9
  6
  4
  3
  2
  1
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

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 11.2
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -15.9
Price to Free Cash Flow -12
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 $17440 million for the last fiscal year's total revenue generated by Avnet. The default revenue input number comes from 2017 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 4.2% 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 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 0.3%.

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 8.7%.

Life of production assets of 10 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 5.5%. 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 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 127 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 $6.0 billion.

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COMPANY NEWS

▶ 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]
▶ Avnet Increases Quarterly Dividend by 5.5%   [Feb-06-18 06:07PM  Business Wire]
▶ Meet the student startup that won $100,000 in ASU/Avnet competition   [Feb-02-18 06:44PM  American City Business Journals]
▶ Avnet reports increased sales, but lower earnings, in latest quarter   [Jan-25-18 02:35PM  American City Business Journals]
▶ Avnet beats Street 2Q forecasts   [07:13AM  Associated Press]
▶ Avnet Announces Upgraded IoT Starter Kit   [Jan-09-18 10:00AM  Business Wire]
▶ Avnet to Demonstrate Vertical-Specific IoT Solutions at CES   [Jan-08-18 10:00AM  Business Wire]
▶ Avnet hires a new CFO with more than 30 years of experience   [Dec-28-17 06:30PM  American City Business Journals]
▶ Avnet Names New Chief Financial Officer   [04:20PM  Business Wire]
▶ A Look At The Fair Value Of Avnet Inc (NYSE:AVT)   [Dec-26-17 12:25PM  Simply Wall St.]
▶ ETFs with exposure to Avnet, Inc. : December 25, 2017   [Dec-25-17 11:42AM  Capital Cube]
▶ Company Profile for Avnet   [Dec-22-17 10:40AM  Business Wire]
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