AVT · Avnet, Inc.

애브넷, 배당금 6% 인상해 주당 0.37달러

애브넷, 리드타임 연장 속 2027회계연도 1분기 매출 90억~93억 달러·EPS 2.80~2.90달러 전망

애브넷, 비GAAP EPS 2.28달러로 예상치 0.51달러 상회…매출 83억 달러도 7억8,000만 달러 웃돌아

애브넷 2026 회계연도 4분기 실적 프리뷰

애브넷, 0.35달러 배당금 발표

BofA 등급 상향에 아브넷(Avnet) 상승

애브넷(Avnet), 리드타임 증가 속 Q4 매출 73억~76억 달러 및 주당순이익(EPS) 1.70~1.80달러 전망

애브넷, 3분기 시장 전망치 상회

애브넷 2026년 3분기 실적 프리뷰

애브넷, 0.35달러 배당 공시

애브넷: 지난 1년 기준 고평가, 다음 해 기준 저평가

• Avnet, Inc. is rated a buy, with a valuation model projecting a 21.9% annualized return based on business fundamentals, not multiple expansion.
• AVT’s Q4 annualized adjusted EBITDA of $1,348.3M underpins the bullish thesis, reflecting strong operating leverage and cost discipline.
• Key risks include reliance on Q4 as a run rate, potential working capital swings erasing FCF, and dilution from convertible notes with buybacks capped until September 2026.
• Even if AVT’s multiple compresses to 7.40x, the return remains attractive at 10%, supporting a favorable risk/reward profile.

Avnet: 투자 논리 실현, 가치가 충분히 반영됨(투자의견 하향)

• Avnet has surged more than 90% year-to-date, fueled by AI-driven semiconductor demand and robust recent earnings momentum.
• Avnet's multiple has expanded sharply, reducing the effectiveness of its share buyback program.
• Despite strong near-term revenue increases, AVT remains a cyclical distributor with thin margins and significant exposure beyond AI-related products.
• I am moving to a hold rating on AVT, as shares appear fully valued.

Avnet: 업황은 반등했지만, 마진이 주가 상승을 제약한다

• Avnet Inc. posted a Q1 FY26 revenue turnaround, but margin improvement remains elusive, supporting a continued hold rating.
• Farnell delivered double-digit revenue and margin growth, yet its small scale limits its impact on AVT's consolidated profitability.
• Gross and operating margins remain under pressure, with no near-term signs of operating leverage or upward re-rating potential.
• AVT trades at low multiples, reflecting thin margins and muted earnings quality; further upside depends on meaningful margin expansion.

Avnet: 예상된 실적과 희석 위험, 여전히 보유 의견 유지

• FY2025 revenue flat at $22.2B, with Asia carrying growth, as EMEA and Americas lagged.
• Farnell showed its first YoY growth since FY2023, with margins inching up to 4.3%.
• $550M convertible notes deal funds buybacks, but introduces dilution risk.
• Margins remain thin, leaving the stock fairly valued with no rerating catalyst.

Avnet: 안정적이지만 Q4 실적 발표 전까지는 여전히 보유 유지

• Avnet remains a Hold as sluggish OEM demand and high inventory persist, but signs of stability are emerging, especially in Asia.
• Q3 2025 results were unremarkable but solid, with strong cash flow, stable margins, and EPS outperforming guidance despite revenue declines.
• Valuation is fair and discounted versus peers, reflecting manageable headwinds; not a value trap, but not a clear bargain either.
• No near-term catalyst is visible; I’m staying patient on AVT, watching for positive momentum in Q4 before considering any change in rating.