Raising Our FVE for No-Moat Arrow Electronics to $80 From $75
Arrow Electronics remains one of the world's largest value-added distributors of electronic components (primarily semiconductors) and enterprise computing products, including software, storage, and servers. We continue to see secular tailwinds such as rising electronics content per gadget, which we think will help Arrow increase its top line slightly faster than GDP. We are raising our fair value estimate for Arrow to $80 per share from $75, mostly due to a lower long-term tax rate, as we think ...Arrow Electronics is a provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company has two business segments, the global components business and the global enterprise computing solutions (ECS) business. The global components segment markets and distributes electronic components and provides customers with the ability to deliver technologies to the market through design engineering, global marketing and integration, global logistics, and supply chain management. The global ECS segment provides computing solutions and services, including data-center, cloud, security, and analytics solutions.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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