Intrinsic value of Avnet - AVT

Previous Close

$39.58

  Intrinsic Value

$16.54

stock screener

  Rating & Target

str. sell

-58%

Previous close

$39.58

 
Intrinsic value

$16.54

 
Up/down potential

-58%

 
Rating

str. sell

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

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 4.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  4.18
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  17,440
  20,230
  23,245
  26,478
  29,925
  33,581
  37,442
  41,502
  45,761
  50,216
  54,867
  59,715
  64,762
  70,012
  75,470
  81,142
  87,037
  93,163
  99,530
  106,150
  113,035
  120,198
  127,655
  135,421
  143,512
  151,947
  160,744
  169,924
  179,507
  189,515
  199,973
Variable operating expenses, $m
 
  19,524
  22,416
  25,518
  28,826
  32,333
  36,037
  39,933
  44,019
  48,293
  52,755
  57,291
  62,133
  67,170
  72,407
  77,849
  83,505
  89,382
  95,491
  101,842
  108,448
  115,320
  122,475
  129,925
  137,688
  145,780
  154,221
  163,028
  172,222
  181,824
  191,858
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
  16,934
  19,524
  22,416
  25,518
  28,826
  32,333
  36,037
  39,933
  44,019
  48,293
  52,755
  57,291
  62,133
  67,170
  72,407
  77,849
  83,505
  89,382
  95,491
  101,842
  108,448
  115,320
  122,475
  129,925
  137,688
  145,780
  154,221
  163,028
  172,222
  181,824
  191,858
Operating income, $m
  506
  706
  829
  960
  1,100
  1,248
  1,405
  1,569
  1,742
  1,923
  2,112
  2,423
  2,628
  2,841
  3,063
  3,293
  3,532
  3,781
  4,039
  4,308
  4,587
  4,878
  5,181
  5,496
  5,824
  6,166
  6,523
  6,896
  7,285
  7,691
  8,115
EBITDA, $m
  661
  895
  1,029
  1,172
  1,324
  1,486
  1,657
  1,837
  2,025
  2,222
  2,428
  2,643
  2,866
  3,098
  3,340
  3,591
  3,852
  4,123
  4,405
  4,698
  5,002
  5,320
  5,650
  5,993
  6,351
  6,725
  7,114
  7,520
  7,944
  8,387
  8,850
Interest expense (income), $m
  116
  93
  132
  174
  219
  266
  317
  370
  427
  486
  547
  612
  679
  749
  821
  897
  976
  1,057
  1,142
  1,230
  1,322
  1,417
  1,516
  1,620
  1,727
  1,839
  1,956
  2,078
  2,205
  2,337
  2,476
Earnings before tax, $m
  310
  613
  696
  786
  881
  982
  1,088
  1,199
  1,316
  1,437
  1,564
  1,812
  1,949
  2,093
  2,241
  2,396
  2,557
  2,724
  2,897
  3,078
  3,265
  3,461
  3,664
  3,876
  4,097
  4,327
  4,568
  4,818
  5,080
  5,354
  5,639
Tax expense, $m
  47
  165
  188
  212
  238
  265
  294
  324
  355
  388
  422
  489
  526
  565
  605
  647
  690
  735
  782
  831
  882
  934
  989
  1,047
  1,106
  1,168
  1,233
  1,301
  1,372
  1,445
  1,523
Net income, $m
  525
  447
  508
  574
  643
  717
  794
  875
  960
  1,049
  1,142
  1,322
  1,423
  1,528
  1,636
  1,749
  1,866
  1,988
  2,115
  2,247
  2,384
  2,526
  2,675
  2,830
  2,991
  3,159
  3,334
  3,517
  3,708
  3,908
  4,117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,118
  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
  9,700
  9,956
  11,439
  13,031
  14,727
  16,526
  18,426
  20,424
  22,520
  24,713
  27,001
  29,387
  31,871
  34,455
  37,141
  39,932
  42,833
  45,848
  48,981
  52,239
  55,627
  59,153
  62,822
  66,644
  70,626
  74,777
  79,106
  83,624
  88,340
  93,265
  98,412
Adjusted assets (=assets-cash), $m
  8,582
  9,956
  11,439
  13,031
  14,727
  16,526
  18,426
  20,424
  22,520
  24,713
  27,001
  29,387
  31,871
  34,455
  37,141
  39,932
  42,833
  45,848
  48,981
  52,239
  55,627
  59,153
  62,822
  66,644
  70,626
  74,777
  79,106
  83,624
  88,340
  93,265
  98,412
Revenue / Adjusted assets
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
Average production assets, $m
  636
  728
  837
  953
  1,077
  1,209
  1,348
  1,494
  1,647
  1,808
  1,975
  2,150
  2,331
  2,520
  2,717
  2,921
  3,133
  3,354
  3,583
  3,821
  4,069
  4,327
  4,596
  4,875
  5,166
  5,470
  5,787
  6,117
  6,462
  6,823
  7,199
Working capital, $m
  5,080
  4,653
  5,346
  6,090
  6,883
  7,724
  8,612
  9,546
  10,525
  11,550
  12,619
  13,734
  14,895
  16,103
  17,358
  18,663
  20,019
  21,428
  22,892
  24,415
  25,998
  27,646
  29,361
  31,147
  33,008
  34,948
  36,971
  39,082
  41,287
  43,589
  45,994
Total debt, $m
  1,779
  2,448
  3,221
  4,050
  4,934
  5,871
  6,861
  7,902
  8,994
  10,136
  11,329
  12,572
  13,866
  15,212
  16,611
  18,066
  19,577
  21,148
  22,780
  24,478
  26,243
  28,080
  29,991
  31,983
  34,057
  36,220
  38,475
  40,829
  43,286
  45,852
  48,534
Total liabilities, $m
  4,518
  5,187
  5,960
  6,789
  7,673
  8,610
  9,600
  10,641
  11,733
  12,875
  14,068
  15,311
  16,605
  17,951
  19,350
  20,805
  22,316
  23,887
  25,519
  27,217
  28,982
  30,819
  32,730
  34,722
  36,796
  38,959
  41,214
  43,568
  46,025
  48,591
  51,273
Total equity, $m
  5,182
  4,769
  5,479
  6,242
  7,054
  7,916
  8,826
  9,783
  10,787
  11,837
  12,934
  14,076
  15,266
  16,504
  17,790
  19,128
  20,517
  21,961
  23,462
  25,023
  26,646
  28,334
  30,092
  31,922
  33,830
  35,818
  37,892
  40,056
  42,315
  44,674
  47,139
Total liabilities and equity, $m
  9,700
  9,956
  11,439
  13,031
  14,727
  16,526
  18,426
  20,424
  22,520
  24,712
  27,002
  29,387
  31,871
  34,455
  37,140
  39,933
  42,833
  45,848
  48,981
  52,240
  55,628
  59,153
  62,822
  66,644
  70,626
  74,777
  79,106
  83,624
  88,340
  93,265
  98,412
Debt-to-equity ratio
  0.343
  0.510
  0.590
  0.650
  0.700
  0.740
  0.780
  0.810
  0.830
  0.860
  0.880
  0.890
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
Adjusted equity ratio
  0.474
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  525
  447
  508
  574
  643
  717
  794
  875
  960
  1,049
  1,142
  1,322
  1,423
  1,528
  1,636
  1,749
  1,866
  1,988
  2,115
  2,247
  2,384
  2,526
  2,675
  2,830
  2,991
  3,159
  3,334
  3,517
  3,708
  3,908
  4,117
Depreciation, amort., depletion, $m
  155
  189
  200
  212
  225
  238
  252
  267
  283
  299
  316
  219
  238
  257
  277
  298
  320
  342
  366
  390
  415
  442
  469
  497
  527
  558
  590
  624
  659
  696
  735
Funds from operations, $m
  -626
  636
  709
  786
  868
  955
  1,046
  1,143
  1,243
  1,349
  1,458
  1,542
  1,661
  1,785
  1,913
  2,047
  2,186
  2,330
  2,481
  2,637
  2,799
  2,968
  3,144
  3,327
  3,518
  3,717
  3,925
  4,142
  4,368
  4,604
  4,851
Change in working capital, $m
  -257
  642
  693
  744
  793
  841
  888
  934
  979
  1,025
  1,070
  1,115
  1,161
  1,208
  1,255
  1,305
  1,356
  1,409
  1,464
  1,523
  1,584
  1,648
  1,715
  1,786
  1,861
  1,940
  2,023
  2,111
  2,204
  2,302
  2,405
Cash from operations, $m
  -369
  -5
  15
  42
  75
  114
  158
  209
  264
  324
  389
  427
  500
  577
  658
  742
  830
  922
  1,016
  1,114
  1,216
  1,320
  1,429
  1,541
  1,657
  1,777
  1,901
  2,030
  2,164
  2,302
  2,446
Maintenance CAPEX, $m
  0
  -65
  -74
  -85
  -97
  -110
  -123
  -138
  -152
  -168
  -184
  -202
  -219
  -238
  -257
  -277
  -298
  -320
  -342
  -366
  -390
  -415
  -442
  -469
  -497
  -527
  -558
  -590
  -624
  -659
  -696
New CAPEX, $m
  -120
  -92
  -109
  -116
  -124
  -132
  -139
  -146
  -153
  -160
  -167
  -175
  -182
  -189
  -196
  -204
  -212
  -221
  -229
  -238
  -248
  -258
  -268
  -280
  -291
  -304
  -317
  -330
  -345
  -360
  -376
Cash from investing activities, $m
  1,338
  -157
  -183
  -201
  -221
  -242
  -262
  -284
  -305
  -328
  -351
  -377
  -401
  -427
  -453
  -481
  -510
  -541
  -571
  -604
  -638
  -673
  -710
  -749
  -788
  -831
  -875
  -920
  -969
  -1,019
  -1,072
Free cash flow, $m
  969
  -162
  -168
  -160
  -146
  -128
  -104
  -75
  -42
  -5
  37
  51
  99
  150
  204
  261
  320
  381
  445
  510
  578
  647
  719
  792
  868
  946
  1,027
  1,109
  1,195
  1,283
  1,373
Issuance/(repayment) of debt, $m
  -825
  719
  773
  829
  884
  937
  990
  1,041
  1,092
  1,142
  1,192
  1,243
  1,294
  1,346
  1,399
  1,454
  1,511
  1,571
  1,633
  1,697
  1,765
  1,837
  1,912
  1,991
  2,075
  2,163
  2,256
  2,354
  2,457
  2,566
  2,681
Issuance/(repurchase) of shares, $m
  -276
  208
  202
  189
  170
  145
  116
  82
  44
  1
  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  
  -1,099
  927
  975
  1,018
  1,054
  1,082
  1,106
  1,123
  1,136
  1,143
  1,192
  1,243
  1,294
  1,346
  1,399
  1,454
  1,511
  1,571
  1,633
  1,697
  1,765
  1,837
  1,912
  1,991
  2,075
  2,163
  2,256
  2,354
  2,457
  2,566
  2,681
Total cash flow (excl. dividends), $m
  -106
  764
  807
  858
  907
  955
  1,002
  1,048
  1,093
  1,139
  1,229
  1,294
  1,393
  1,496
  1,604
  1,715
  1,831
  1,952
  2,077
  2,207
  2,343
  2,484
  2,631
  2,784
  2,943
  3,109
  3,282
  3,463
  3,652
  3,849
  4,055
Retained Cash Flow (-), $m
  -491
  -655
  -711
  -762
  -813
  -862
  -910
  -957
  -1,004
  -1,050
  -1,096
  -1,143
  -1,190
  -1,238
  -1,287
  -1,337
  -1,390
  -1,444
  -1,501
  -1,560
  -1,623
  -1,689
  -1,758
  -1,831
  -1,907
  -1,988
  -2,074
  -2,164
  -2,259
  -2,359
  -2,465
Prev. year cash balance distribution, $m
 
  1,068
  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
 
  1,177
  97
  96
  94
  93
  92
  91
  90
  88
  133
  151
  203
  259
  317
  378
  442
  508
  576
  647
  720
  795
  873
  953
  1,036
  1,121
  1,208
  1,299
  1,393
  1,489
  1,590
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  1,105
  85
  78
  71
  64
  57
  51
  44
  39
  51
  50
  57
  62
  63
  62
  58
  53
  47
  41
  34
  28
  22
  17
  13
  10
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  94.9
  90.7
  87.5
  85.0
  83.2
  81.9
  81.1
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7

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 9.3
Price to Sales 0.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -13.2
Price to Free Cash Flow -10
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 16% 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 6.5%, 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 3.6%.

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 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 121.951 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 $4.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Avnet, Inc. : December 12, 2017   [Dec-12-17 12:48PM  Capital Cube]
▶ Avnet Announces New IoT Services   [10:00AM  Business Wire]
▶ Top Ranked Value Stocks to Buy for December 1st   [Dec-01-17 09:03AM  Zacks]
▶ ETFs with exposure to Avnet, Inc. : November 29, 2017   [Nov-29-17 11:06AM  Capital Cube]
▶ How Did Avnet Incs (AVT) 5.06% ROE Fare Against The Industry?   [Nov-10-17 07:45PM  Simply Wall St.]
▶ Avnet, Inc. Value Analysis (NYSE:AVT) : November 7, 2017   [Nov-07-17 11:03AM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for October 31st   [Oct-31-17 11:14AM  Zacks]
▶ Avnet exceeds expectations with 13 percent sales bump   [Oct-27-17 05:50PM  American City Business Journals]
▶ Avnet tops Street 1Q forecasts   [08:23AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for October 20th   [Oct-20-17 09:25AM  Zacks]
▶ Avnet Acquires Dragon Innovation   [Sep-05-17 04:06AM  Marketwired]
▶ ETFs with exposure to Avnet, Inc. : August 28, 2017   [Aug-28-17 04:45PM  Capital Cube]
▶ Avnet acquires Boston company to further help customers improve manufacturing   [Aug-22-17 04:32PM  American City Business Journals]
▶ Avnet Acquires Dragon Innovation   [07:00AM  Business Wire]
▶ Avnet, Inc. Value Analysis (NYSE:AVT) : August 14, 2017   [Aug-14-17 05:35PM  Capital Cube]
▶ Avnet CFO stepping down, interim replacement announced   [Aug-11-17 12:42PM  American City Business Journals]
▶ Avnet Declares Regular Quarterly Dividend   [07:00AM  Business Wire]
▶ Avnet tops Street 4Q forecasts   [Aug-09-17 11:41PM  Associated Press]
▶ Avnet reports sales increase and profit dip in latest quarter   [06:46PM  American City Business Journals]
▶ Avnet Honoured with 13 IP&E Supplier Awards in a Row   [Jul-18-17 09:00PM  PR Newswire]
▶ The Largest Company in Every State   [Jun-23-17 06:03PM  24/7 Wall St.]
▶ Top of the Phoenix Lists: Arizona-based Public Companies   [04:55AM  American City Business Journals]
Financial statements of AVT
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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