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Arrow also announced five acquisitions over the past year, including four overseas. Management has said lately that it continues to pursue niche acquisitions in Asia that would likely be accretive to earnings. Arrow's management apparently sees value in the stock at current levels, given the $100 million the company added to its share-repurchase program Dec. 11. Arrow is now authorized to buy back about $116 million, or 3 million shares, at these prices. The company can comfortably fund its repurchase program, which came in at $918 million over the past four quarters. Arrow also has a stable balance sheet with a 16.5% debt-to-total-assets ratio and no long-term debt coming due until 2010. This should give the company more room to pay for any more acquisitions over the coming quarters. At current levels, Arrow Electronics shares offer investors growth at a reasonable price. The company's sales are spread across the globe, and management has solid near-term demand visibility. Arrow's buyback program and discount valuation should limit near-term downside, and I believe the stock could trade up toward the mid-$40s over the coming quarters.
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