We Are Lowering Our Fair Value Estimate for No-Moat Avnet to $42 From $46
We are lowering our fair value estimate for Avnet to $42 per share from $46 due to lower near-term and long-term revenue projections, partially offset by projections for a lower effective tax rate as we think it is more likely than not that U.S. corporate tax rates will be reduced under U.S. President Donald Trump's administration. While Avnet remains one of the world's largest value-added distributors, we are concerned about near-term headwinds associated with recent customer losses. Nonetheles...Avnet is a technology solutions company with an ecosystem delivering design, product, marketing and supply chain knowledge for customers at every stage of the product lifecycle. The company's primary operating groups include: Electronic Components, which markets, sells and distributes electronic components including semiconductors, interconnect, passive and electromechanical components and other integrated components from electronic component manufacturers; and Premier Farnell, which distributes a portfolio of kits, tools, electronic components and industrial automation components, as well as test and measurement products to both engineers and entrepreneurs.
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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