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Avnet Inc. – Business to Business Electronic Markets
avnet guides today’s ideas into tomorrow’s technology. we design and make for start-ups – the technology dreamers poised to be the next big thing. and we supply and deliver for the contract manufacturers and oems who need to stock shelves around the globe. our culture was founded on new ideas and emerging technology. 15,000 people strong in 125 countries across north america, europe and asia. our engineers are on the front lines of innovation, supported by sales, supply-chain, design-chain and service teams with deep expertise – making avnet the go-to guide for innovators who set the pace for technological change. wherever you are in the technology product lifecycle, collaborating with avnet can help you reach further. explore the possibilities at www.avnet.com.
Analysis Results
Intrinsic Value $3,037.81
Latest Price $47.43
Relative Value 98% undervalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 36.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 36.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 3.21 3.05
2025 4.38 3.96
2026 5.98 5.14
2027 8.17 6.68
2028 11.2 8.67
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 335 billion. This corresponds to a present value of 247 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 27.5 billion. Adding in the terminal value gives a total present value of 275 billion.

There are presently 90.5 million outstanding shares, so the intrinsic value per share is 3037.81.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 10,750,853,000
Current Cash 288,230,000
Current Liabilities 4,249,378,000
Current Debt 70,636,000
Non-Cash Working Capital (NCWC) 6,283,881,000
Change in NCWC 1,638,180,000
EBIT 1,214,838,000
Tax Provision 212,048,000
Depreciation and Amortization 143,005,000
Capital Expenditure -194,674,000
Unlevered Free Cash Flow 2,539,256,967
Current Assets 8,876,626,000
Current Cash 153,693,000
Current Liabilities 4,251,654,000
Current Debt 174,422,000
Non-Cash Working Capital (NCWC) 4,645,701,000
Change in NCWC 714,131,000
EBIT 970,544,000
Tax Provision 140,955,000
Depreciation and Amortization 155,207,000
Capital Expenditure -48,900,000
Unlevered Free Cash Flow 1,626,818,495
Current Assets 7,163,421,000
Current Cash 199,691,000
Current Liabilities 3,055,238,000
Current Debt 23,078,000
Non-Cash Working Capital (NCWC) 3,931,570,000
Change in NCWC 360,117,000
EBIT 365,799,000
Tax Provision -20,185,000
Depreciation and Amortization 188,699,000
Capital Expenditure -50,363,000
Unlevered Free Cash Flow 864,252,000
Current Assets 6,328,806,000
Current Cash 477,038,000
Current Liabilities 2,280,366,000
Current Debt 51,000
Non-Cash Working Capital (NCWC) 3,571,453,000
Change in NCWC -480,740,000
EBIT 221,334,000
Tax Provision -98,574,000
Depreciation and Amortization 242,895,000
Capital Expenditure -73,516,000
Unlevered Free Cash Flow -90,027,000
Current Assets 6,876,336,000
Current Cash 546,105,000
Current Liabilities 2,578,576,000
Current Debt 300,538,000
Non-Cash Working Capital (NCWC) 4,052,193,000
Change in NCWC -133,200,000
EBIT 611,451,000
Tax Provision 62,157,000
Depreciation and Amortization 180,842,000
Capital Expenditure -122,690,000
Unlevered Free Cash Flow 379,527,309
Current Assets 7,610,599,000
Current Cash 621,125,000
Current Liabilities 2,969,461,000
Current Debt 165,380,000
Non-Cash Working Capital (NCWC) 4,185,393,000
Change in NCWC 172,953,000
EBIT 557,081,000
Tax Provision 287,966,000
Depreciation and Amortization 234,872,000
Capital Expenditure -155,873,000
Unlevered Free Cash Flow 521,067,000
Current Assets 7,533,808,000
Current Cash 1,117,710,000
Current Liabilities 2,453,771,000
Current Debt 50,113,000
Non-Cash Working Capital (NCWC) 4,012,440,000
Change in NCWC -170,161,000
EBIT 598,815,000
Tax Provision 47,053,000
Depreciation and Amortization 155,360,000
Capital Expenditure -120,397,000
Unlevered Free Cash Flow 372,844,837
Current Assets 9,003,973,000
Current Cash 1,031,478,000
Current Liabilities 4,942,493,000
Current Debt 1,152,599,000
Non-Cash Working Capital (NCWC) 4,182,601,000
Change in NCWC 414,262,000
EBIT 866,987,000
Tax Provision 163,978,000
Depreciation and Amortization 126,479,000
Capital Expenditure -147,548,000
Unlevered Free Cash Flow 1,048,151,832
Current Assets 8,642,073,000
Current Cash 932,553,000
Current Liabilities 4,272,296,000
Current Debt 331,115,000
Non-Cash Working Capital (NCWC) 3,768,339,000
Change in NCWC -143,151,000
EBIT 918,478,000
Tax Provision 141,052,000
Depreciation and Amortization 147,319,000
Capital Expenditure -174,374,000
Unlevered Free Cash Flow 566,561,595
Current Assets 8,954,199,000
Current Cash 928,971,000
Current Liabilities 4,978,826,000
Current Debt 865,088,000
Non-Cash Working Capital (NCWC) 3,911,490,000
Change in NCWC 547,209,000
EBIT 884,563,000
Tax Provision 155,523,000
Depreciation and Amortization 137,188,000
Capital Expenditure -123,242,000
Unlevered Free Cash Flow 1,249,505,485
Current Assets 8,356,878,000
Current Cash 1,009,343,000
Current Liabilities 4,821,444,000
Current Debt 838,190,000
Non-Cash Working Capital (NCWC) 3,364,281,000
Change in NCWC 42,954,000
EBIT 775,482,000
Tax Provision 99,192,000
Depreciation and Amortization 120,676,000
Capital Expenditure -97,379,000
Unlevered Free Cash Flow 701,688,375
Current Assets 8,254,439,000
Current Cash 1,006,864,000
Current Liabilities 4,798,652,000
Current Debt 872,404,000
Non-Cash Working Capital (NCWC) 3,321,327,000
Change in NCWC 4,103,000
EBIT 957,750,000
Tax Provision 223,763,000
Depreciation and Amortization 101,336,000
Capital Expenditure -128,652,000
Unlevered Free Cash Flow 663,528,032

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