Intrinsic value of Synopsys - SNPS

Previous Close

$92.61

  Intrinsic Value

$77.02

stock screener

  Rating & Target

hold

-17%

Previous close

$92.61

 
Intrinsic value

$77.02

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of SNPS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.46
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  2,725
  2,995
  3,277
  3,570
  3,877
  4,195
  4,526
  4,870
  5,228
  5,600
  5,986
  6,387
  6,805
  7,239
  7,692
  8,162
  8,653
  9,164
  9,697
  10,253
  10,834
  11,440
  12,073
  12,735
  13,427
  14,151
  14,909
  15,701
  16,531
  17,400
  18,310
Variable operating expenses, $m
 
  2,576
  2,793
  3,019
  3,254
  3,499
  3,754
  4,019
  4,294
  4,580
  4,878
  4,916
  5,238
  5,572
  5,920
  6,282
  6,660
  7,053
  7,464
  7,892
  8,338
  8,805
  9,292
  9,802
  10,335
  10,892
  11,475
  12,085
  12,723
  13,392
  14,093
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,377
  2,576
  2,793
  3,019
  3,254
  3,499
  3,754
  4,019
  4,294
  4,580
  4,878
  4,916
  5,238
  5,572
  5,920
  6,282
  6,660
  7,053
  7,464
  7,892
  8,338
  8,805
  9,292
  9,802
  10,335
  10,892
  11,475
  12,085
  12,723
  13,392
  14,093
Operating income, $m
  348
  419
  484
  552
  622
  696
  772
  851
  933
  1,019
  1,108
  1,471
  1,567
  1,668
  1,772
  1,880
  1,993
  2,111
  2,234
  2,362
  2,495
  2,635
  2,781
  2,933
  3,093
  3,260
  3,434
  3,617
  3,808
  4,008
  4,218
EBITDA, $m
  537
  724
  793
  864
  938
  1,015
  1,095
  1,178
  1,265
  1,355
  1,448
  1,545
  1,646
  1,751
  1,861
  1,975
  2,093
  2,217
  2,346
  2,480
  2,621
  2,767
  2,921
  3,081
  3,248
  3,423
  3,606
  3,798
  3,999
  4,209
  4,429
Interest expense (income), $m
  7
  5
  14
  22
  31
  41
  51
  61
  72
  83
  94
  106
  119
  132
  145
  159
  174
  189
  205
  221
  238
  256
  275
  295
  315
  336
  359
  382
  407
  432
  459
Earnings before tax, $m
  383
  414
  470
  529
  591
  655
  721
  790
  862
  936
  1,014
  1,365
  1,449
  1,536
  1,627
  1,721
  1,820
  1,922
  2,029
  2,141
  2,257
  2,379
  2,506
  2,639
  2,778
  2,923
  3,075
  3,234
  3,401
  3,575
  3,758
Tax expense, $m
  246
  112
  127
  143
  160
  177
  195
  213
  233
  253
  274
  369
  391
  415
  439
  465
  491
  519
  548
  578
  609
  642
  677
  713
  750
  789
  830
  873
  918
  965
  1,015
Net income, $m
  137
  302
  343
  386
  431
  478
  526
  577
  629
  684
  740
  997
  1,058
  1,121
  1,188
  1,256
  1,328
  1,403
  1,481
  1,563
  1,648
  1,737
  1,829
  1,926
  2,028
  2,134
  2,245
  2,361
  2,483
  2,610
  2,744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,048
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,396
  4,776
  5,226
  5,695
  6,183
  6,691
  7,219
  7,768
  8,338
  8,931
  9,547
  10,187
  10,853
  11,546
  12,267
  13,018
  13,800
  14,616
  15,466
  16,353
  17,279
  18,246
  19,256
  20,312
  21,415
  22,570
  23,778
  25,042
  26,365
  27,751
  29,203
Adjusted assets (=assets-cash), $m
  4,348
  4,776
  5,226
  5,695
  6,183
  6,691
  7,219
  7,768
  8,338
  8,931
  9,547
  10,187
  10,853
  11,546
  12,267
  13,018
  13,800
  14,616
  15,466
  16,353
  17,279
  18,246
  19,256
  20,312
  21,415
  22,570
  23,778
  25,042
  26,365
  27,751
  29,203
Revenue / Adjusted assets
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
Average production assets, $m
  522
  575
  629
  686
  744
  805
  869
  935
  1,004
  1,075
  1,149
  1,226
  1,307
  1,390
  1,477
  1,567
  1,661
  1,760
  1,862
  1,969
  2,080
  2,197
  2,318
  2,445
  2,578
  2,717
  2,862
  3,015
  3,174
  3,341
  3,516
Working capital, $m
  69
  -1,066
  -1,166
  -1,271
  -1,380
  -1,493
  -1,611
  -1,734
  -1,861
  -1,993
  -2,131
  -2,274
  -2,423
  -2,577
  -2,738
  -2,906
  -3,080
  -3,262
  -3,452
  -3,650
  -3,857
  -4,073
  -4,298
  -4,534
  -4,780
  -5,038
  -5,307
  -5,590
  -5,885
  -6,194
  -6,518
Total debt, $m
  144
  341
  559
  786
  1,023
  1,269
  1,525
  1,791
  2,068
  2,355
  2,654
  2,965
  3,288
  3,624
  3,974
  4,338
  4,717
  5,113
  5,525
  5,955
  6,404
  6,873
  7,363
  7,875
  8,410
  8,970
  9,556
  10,169
  10,811
  11,483
  12,187
Total liabilities, $m
  2,121
  2,317
  2,535
  2,762
  2,999
  3,245
  3,501
  3,767
  4,044
  4,331
  4,630
  4,941
  5,264
  5,600
  5,950
  6,314
  6,693
  7,089
  7,501
  7,931
  8,380
  8,849
  9,339
  9,851
  10,386
  10,946
  11,532
  12,145
  12,787
  13,459
  14,163
Total equity, $m
  3,276
  2,460
  2,691
  2,933
  3,184
  3,446
  3,718
  4,000
  4,294
  4,599
  4,917
  5,246
  5,589
  5,946
  6,318
  6,704
  7,107
  7,527
  7,965
  8,422
  8,899
  9,397
  9,917
  10,460
  11,029
  11,623
  12,246
  12,897
  13,578
  14,292
  15,039
Total liabilities and equity, $m
  5,397
  4,777
  5,226
  5,695
  6,183
  6,691
  7,219
  7,767
  8,338
  8,930
  9,547
  10,187
  10,853
  11,546
  12,268
  13,018
  13,800
  14,616
  15,466
  16,353
  17,279
  18,246
  19,256
  20,311
  21,415
  22,569
  23,778
  25,042
  26,365
  27,751
  29,202
Debt-to-equity ratio
  0.044
  0.140
  0.210
  0.270
  0.320
  0.370
  0.410
  0.450
  0.480
  0.510
  0.540
  0.570
  0.590
  0.610
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
Adjusted equity ratio
  0.512
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  137
  302
  343
  386
  431
  478
  526
  577
  629
  684
  740
  997
  1,058
  1,121
  1,188
  1,256
  1,328
  1,403
  1,481
  1,563
  1,648
  1,737
  1,829
  1,926
  2,028
  2,134
  2,245
  2,361
  2,483
  2,610
  2,744
Depreciation, amort., depletion, $m
  189
  305
  309
  312
  316
  319
  323
  327
  331
  335
  340
  74
  79
  84
  89
  94
  100
  106
  112
  119
  125
  132
  140
  147
  155
  164
  172
  182
  191
  201
  212
Funds from operations, $m
  709
  607
  652
  698
  747
  797
  849
  904
  960
  1,019
  1,080
  1,070
  1,136
  1,205
  1,276
  1,351
  1,428
  1,509
  1,593
  1,681
  1,773
  1,869
  1,969
  2,074
  2,183
  2,298
  2,417
  2,543
  2,674
  2,811
  2,955
Change in working capital, $m
  74
  -96
  -100
  -105
  -109
  -113
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -225
  -236
  -246
  -258
  -270
  -282
  -295
  -309
  -324
Cash from operations, $m
  635
  703
  752
  803
  856
  910
  967
  1,026
  1,088
  1,151
  1,218
  1,213
  1,285
  1,360
  1,437
  1,518
  1,603
  1,691
  1,783
  1,879
  1,980
  2,085
  2,195
  2,309
  2,430
  2,555
  2,687
  2,825
  2,969
  3,121
  3,279
Maintenance CAPEX, $m
  0
  -31
  -35
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -119
  -125
  -132
  -140
  -147
  -155
  -164
  -172
  -182
  -191
  -201
New CAPEX, $m
  -333
  -53
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
Cash from investing activities, $m
  -189
  -84
  -89
  -94
  -100
  -106
  -113
  -118
  -125
  -131
  -139
  -146
  -154
  -162
  -171
  -179
  -188
  -198
  -208
  -219
  -230
  -241
  -254
  -267
  -280
  -294
  -309
  -324
  -341
  -358
  -376
Free cash flow, $m
  446
  619
  664
  709
  756
  805
  855
  908
  963
  1,020
  1,079
  1,067
  1,131
  1,198
  1,267
  1,339
  1,414
  1,493
  1,575
  1,660
  1,750
  1,843
  1,941
  2,043
  2,149
  2,261
  2,378
  2,500
  2,628
  2,763
  2,903
Issuance/(repayment) of debt, $m
  -61
  207
  218
  227
  237
  246
  256
  266
  277
  287
  299
  311
  323
  336
  350
  364
  379
  395
  412
  430
  449
  469
  490
  512
  535
  560
  586
  613
  642
  672
  704
Issuance/(repurchase) of shares, $m
  -254
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -373
  207
  218
  227
  237
  246
  256
  266
  277
  287
  299
  311
  323
  336
  350
  364
  379
  395
  412
  430
  449
  469
  490
  512
  535
  560
  586
  613
  642
  672
  704
Total cash flow (excl. dividends), $m
  72
  826
  882
  936
  992
  1,051
  1,111
  1,174
  1,239
  1,307
  1,377
  1,378
  1,454
  1,534
  1,617
  1,703
  1,794
  1,888
  1,987
  2,091
  2,199
  2,312
  2,431
  2,555
  2,685
  2,821
  2,964
  3,113
  3,270
  3,435
  3,607
Retained Cash Flow (-), $m
  -81
  -222
  -231
  -241
  -251
  -262
  -272
  -283
  -294
  -305
  -317
  -330
  -343
  -357
  -371
  -387
  -403
  -420
  -438
  -457
  -477
  -498
  -520
  -544
  -568
  -595
  -622
  -651
  -682
  -714
  -748
Prev. year cash balance distribution, $m
 
  1,038
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,642
  650
  695
  741
  789
  839
  891
  946
  1,002
  1,060
  1,048
  1,111
  1,177
  1,245
  1,317
  1,391
  1,468
  1,549
  1,634
  1,722
  1,814
  1,910
  2,011
  2,116
  2,226
  2,342
  2,462
  2,589
  2,721
  2,860
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,574
  595
  605
  610
  612
  609
  602
  591
  575
  556
  498
  474
  447
  418
  387
  353
  320
  285
  252
  219
  188
  159
  132
  108
  87
  68
  53
  40
  30
  22
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Synopsys, Inc. provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves. It provides software and hardware used to develop the electronic systems that incorporate chips and the software that runs on them. It provides technical services to support its solutions and help its customers develop chips and electronic systems. It is also a provider of software tools that developers use to develop software code in a range of industries, including electronics, financial services, energy, and industrials. It offers products and services in four categories: core EDA; IP, Systems and Software Integrity; Manufacturing Solutions, and Professional Services and Other.

FINANCIAL RATIOS  of  Synopsys (SNPS)

Valuation Ratios
P/E Ratio 101.7
Price to Sales 5.1
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 21.9
Price to Free Cash Flow 46.1
Growth Rates
Sales Growth Rate 12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 154.2%
Cap. Spend. - 3 Yr. Gr. Rate -7.9%
Financial Strength
Quick Ratio 105
Current Ratio 0
LT Debt to Equity 4.1%
Total Debt to Equity 4.4%
Interest Coverage 56
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 76%
Gross Margin - 3 Yr. Avg. 76.8%
EBITDA Margin 21.2%
EBITDA Margin - 3 Yr. Avg. 21.9%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 12.6%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 5%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 64.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 0%

SNPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNPS stock intrinsic value calculation we used $2725 million for the last fiscal year's total revenue generated by Synopsys. The default revenue input number comes from 2017 income statement of Synopsys. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SNPS stock valuation model: a) initial revenue growth rate of 9.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SNPS is calculated based on our internal credit rating of Synopsys, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Synopsys.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SNPS stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SNPS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Synopsys.

Corporate tax rate of 27% is the nominal tax rate for Synopsys. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SNPS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SNPS are equal to 19.2%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Synopsys operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SNPS is equal to -35.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3276 million for Synopsys - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 149.46 million for Synopsys is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Synopsys at the current share price and the inputted number of shares is $13.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Synopsys, Inc. : January 1, 2018   [Jan-01-18 11:48AM  Capital Cube]
▶ ETFs with exposure to Synopsys, Inc. : December 19, 2017   [Dec-19-17 01:54PM  Capital Cube]
▶ Adobe, ServiceNow, Security Stocks Fall On JPMorgan Outlook   [Dec-12-17 05:03PM  Investor's Business Daily]
▶ Synopsys Completes Acquisition of Black Duck Software   [Dec-11-17 04:05PM  PR Newswire]
▶ Stocks To Watch: Synopsys Sees RS Rating Rise To 87   [03:00AM  Investor's Business Daily]
▶ 3 Stocks Moving on Thursday   [03:21PM  GuruFocus.com]
▶ Company News For Nov 30, 2017   [10:21AM  Zacks]
▶ Chip-Design Software Firm Synopsys Smashes Wall Street Targets   [05:04PM  Investor's Business Daily]
▶ Synopsys reports 4Q loss   [04:49PM  Associated Press]
▶ Gaming shopping guide for Black Friday   [Nov-22-17 11:35AM  Yahoo Finance Video]
▶ [$$] Synopsys Acquires Black Duck for $565 Million   [Nov-03-17 03:21PM  The Wall Street Journal]
▶ Synopsys Sees Its Composite Rating Rise To 96   [03:00AM  Investor's Business Daily]
▶ Synopsys to buy software security startup for $565M   [06:06PM  American City Business Journals]
▶ Is Synopsys Inc (SNPS) Undervalued?   [Oct-27-17 05:01PM  Simply Wall St.]
▶ Synopsys Receives Composite Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Is This the Best Internet of Things Stock?   [Oct-25-17 11:21AM  Motley Fool]
▶ Semiconductor Industry Upbeat on EUV   [Sep-13-17 05:24PM  GuruFocus.com]
Financial statements of SNPS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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