Intrinsic value of SYNNEX - SNX

Previous Close

$116.15

  Intrinsic Value

$108.77

stock screener

  Rating & Target

hold

-6%

  Value-price divergence*

+10%

Previous close

$116.15

 
Intrinsic value

$108.77

 
Up/down potential

-6%

 
Rating

hold

 
Value-price divergence*

+10%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SNX 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.43
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  14,062
  14,821
  15,616
  16,447
  17,317
  18,229
  19,183
  20,183
  21,231
  22,329
  23,480
  24,687
  25,952
  27,279
  28,671
  30,131
  31,662
  33,269
  34,954
  36,723
  38,579
  40,527
  42,571
  44,716
  46,968
  49,331
  51,812
  54,416
  57,149
  60,019
  63,031
Variable operating expenses, $m
 
  14,285
  15,048
  15,847
  16,683
  17,558
  18,475
  19,435
  20,442
  21,497
  22,602
  23,713
  24,928
  26,203
  27,540
  28,942
  30,413
  31,956
  33,575
  35,274
  37,057
  38,928
  40,891
  42,952
  45,114
  47,385
  49,767
  52,269
  54,894
  57,650
  60,544
Fixed operating expenses, $m
 
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  268
Total operating expenses, $m
  13,682
  14,416
  15,182
  15,985
  16,824
  17,703
  18,623
  19,587
  20,598
  21,657
  22,766
  23,881
  25,100
  26,379
  27,721
  29,127
  30,603
  32,151
  33,775
  35,479
  37,267
  39,143
  41,111
  43,178
  45,346
  47,622
  50,010
  52,518
  55,150
  57,912
  60,812
Operating income, $m
  380
  405
  433
  462
  493
  526
  560
  596
  633
  673
  714
  806
  852
  900
  950
  1,003
  1,059
  1,118
  1,180
  1,244
  1,312
  1,384
  1,459
  1,538
  1,622
  1,709
  1,801
  1,898
  1,999
  2,106
  2,218
EBITDA, $m
  501
  527
  559
  592
  627
  664
  703
  744
  786
  831
  878
  928
  980
  1,034
  1,092
  1,152
  1,215
  1,282
  1,352
  1,425
  1,503
  1,584
  1,669
  1,759
  1,853
  1,952
  2,057
  2,166
  2,281
  2,402
  2,529
Interest expense (income), $m
  18
  21
  27
  32
  38
  44
  51
  58
  65
  72
  80
  89
  97
  106
  116
  126
  136
  147
  159
  171
  183
  197
  211
  225
  241
  257
  274
  292
  310
  330
  350
Earnings before tax, $m
  356
  384
  407
  430
  455
  481
  509
  538
  568
  600
  634
  718
  755
  794
  835
  878
  923
  971
  1,021
  1,074
  1,129
  1,187
  1,249
  1,313
  1,381
  1,452
  1,527
  1,606
  1,689
  1,776
  1,868
Tax expense, $m
  121
  104
  110
  116
  123
  130
  137
  145
  153
  162
  171
  194
  204
  214
  225
  237
  249
  262
  276
  290
  305
  321
  337
  355
  373
  392
  412
  434
  456
  480
  504
Net income, $m
  235
  280
  297
  314
  332
  351
  371
  393
  415
  438
  463
  524
  551
  579
  609
  641
  674
  709
  745
  784
  824
  867
  911
  959
  1,008
  1,060
  1,115
  1,173
  1,233
  1,297
  1,364

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  386
  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
  5,215
  5,090
  5,363
  5,648
  5,947
  6,260
  6,588
  6,931
  7,291
  7,668
  8,063
  8,478
  8,912
  9,368
  9,846
  10,347
  10,873
  11,425
  12,004
  12,611
  13,248
  13,917
  14,619
  15,356
  16,129
  16,941
  17,792
  18,687
  19,625
  20,611
  21,645
Adjusted assets (=assets-cash), $m
  4,829
  5,090
  5,363
  5,648
  5,947
  6,260
  6,588
  6,931
  7,291
  7,668
  8,063
  8,478
  8,912
  9,368
  9,846
  10,347
  10,873
  11,425
  12,004
  12,611
  13,248
  13,917
  14,619
  15,356
  16,129
  16,941
  17,792
  18,687
  19,625
  20,611
  21,645
Revenue / Adjusted assets
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
  2.912
Average production assets, $m
  514
  548
  578
  609
  641
  674
  710
  747
  786
  826
  869
  913
  960
  1,009
  1,061
  1,115
  1,171
  1,231
  1,293
  1,359
  1,427
  1,499
  1,575
  1,654
  1,738
  1,825
  1,917
  2,013
  2,115
  2,221
  2,332
Working capital, $m
  1,518
  1,571
  1,655
  1,743
  1,836
  1,932
  2,033
  2,139
  2,250
  2,367
  2,489
  2,617
  2,751
  2,892
  3,039
  3,194
  3,356
  3,526
  3,705
  3,893
  4,089
  4,296
  4,512
  4,740
  4,979
  5,229
  5,492
  5,768
  6,058
  6,362
  6,681
Total debt, $m
  964
  758
  921
  1,091
  1,269
  1,456
  1,651
  1,856
  2,070
  2,295
  2,531
  2,778
  3,037
  3,308
  3,593
  3,892
  4,205
  4,534
  4,879
  5,241
  5,621
  6,020
  6,438
  6,877
  7,338
  7,822
  8,329
  8,862
  9,422
  10,009
  10,626
Total liabilities, $m
  3,240
  3,033
  3,196
  3,366
  3,544
  3,731
  3,926
  4,131
  4,345
  4,570
  4,806
  5,053
  5,312
  5,583
  5,868
  6,167
  6,480
  6,809
  7,154
  7,516
  7,896
  8,295
  8,713
  9,152
  9,613
  10,097
  10,604
  11,137
  11,697
  12,284
  12,901
Total equity, $m
  1,976
  2,056
  2,166
  2,282
  2,403
  2,529
  2,661
  2,800
  2,946
  3,098
  3,258
  3,425
  3,601
  3,785
  3,978
  4,180
  4,393
  4,616
  4,849
  5,095
  5,352
  5,623
  5,906
  6,204
  6,516
  6,844
  7,188
  7,549
  7,929
  8,327
  8,745
Total liabilities and equity, $m
  5,216
  5,089
  5,362
  5,648
  5,947
  6,260
  6,587
  6,931
  7,291
  7,668
  8,064
  8,478
  8,913
  9,368
  9,846
  10,347
  10,873
  11,425
  12,003
  12,611
  13,248
  13,918
  14,619
  15,356
  16,129
  16,941
  17,792
  18,686
  19,626
  20,611
  21,646
Debt-to-equity ratio
  0.488
  0.370
  0.430
  0.480
  0.530
  0.580
  0.620
  0.660
  0.700
  0.740
  0.780
  0.810
  0.840
  0.870
  0.900
  0.930
  0.960
  0.980
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.140
  1.160
  1.170
  1.190
  1.200
  1.220
Adjusted equity ratio
  0.329
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  235
  280
  297
  314
  332
  351
  371
  393
  415
  438
  463
  524
  551
  579
  609
  641
  674
  709
  745
  784
  824
  867
  911
  959
  1,008
  1,060
  1,115
  1,173
  1,233
  1,297
  1,364
Depreciation, amort., depletion, $m
  121
  122
  126
  130
  134
  139
  143
  148
  153
  159
  164
  122
  128
  135
  141
  149
  156
  164
  172
  181
  190
  200
  210
  221
  232
  243
  256
  268
  282
  296
  311
Funds from operations, $m
  300
  402
  422
  444
  466
  490
  515
  541
  568
  597
  627
  646
  679
  714
  751
  789
  830
  873
  918
  965
  1,014
  1,067
  1,122
  1,179
  1,240
  1,304
  1,371
  1,441
  1,515
  1,593
  1,675
Change in working capital, $m
  -27
  80
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  162
  170
  179
  187
  197
  206
  217
  227
  239
  251
  263
  276
  290
  304
  319
Cash from operations, $m
  327
  322
  338
  356
  374
  393
  414
  435
  457
  480
  505
  518
  545
  573
  603
  635
  668
  702
  739
  777
  818
  860
  905
  952
  1,001
  1,053
  1,108
  1,165
  1,225
  1,289
  1,355
Maintenance CAPEX, $m
  0
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -243
  -256
  -268
  -282
  -296
New CAPEX, $m
  -123
  -34
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
Cash from investing activities, $m
  -452
  -103
  -102
  -108
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -206
  -215
  -226
  -237
  -250
  -262
  -276
  -289
  -304
  -319
  -335
  -352
  -369
  -388
  -407
Free cash flow, $m
  -125
  219
  236
  248
  261
  274
  288
  303
  319
  335
  352
  357
  376
  396
  417
  439
  462
  487
  512
  539
  568
  598
  629
  662
  697
  734
  772
  813
  856
  901
  948
Issuance/(repayment) of debt, $m
  215
  157
  163
  170
  178
  187
  195
  205
  214
  225
  236
  247
  259
  272
  285
  299
  313
  329
  345
  362
  380
  399
  418
  439
  461
  484
  508
  533
  559
  587
  617
Issuance/(repurchase) of shares, $m
  -8
  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  
  214
  157
  163
  170
  178
  187
  195
  205
  214
  225
  236
  247
  259
  272
  285
  299
  313
  329
  345
  362
  380
  399
  418
  439
  461
  484
  508
  533
  559
  587
  617
Total cash flow (excl. dividends), $m
  79
  376
  398
  418
  439
  461
  484
  508
  533
  560
  588
  604
  635
  668
  702
  738
  776
  816
  857
  901
  948
  996
  1,048
  1,101
  1,158
  1,218
  1,280
  1,346
  1,415
  1,488
  1,564
Retained Cash Flow (-), $m
  -177
  -103
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -152
  -160
  -167
  -176
  -184
  -193
  -203
  -212
  -223
  -234
  -245
  -257
  -270
  -284
  -298
  -312
  -328
  -344
  -361
  -379
  -398
  -418
Prev. year cash balance distribution, $m
 
  23
  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
 
  296
  288
  303
  318
  334
  351
  369
  388
  407
  428
  437
  460
  484
  509
  535
  563
  593
  624
  656
  690
  726
  764
  804
  846
  890
  936
  985
  1,036
  1,090
  1,146
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
 
  284
  264
  263
  262
  259
  255
  249
  242
  234
  224
  207
  196
  184
  171
  157
  143
  129
  115
  101
  88
  75
  63
  53
  43
  35
  27
  21
  16
  12
  9
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

Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix. The Company's Technology Solutions segment distributes peripherals, information technology (IT) systems, including data center server and storage solutions, system components, software, networking/communications/security equipment, and consumer electronics (CE) and complementary products. Within its Technology Solutions segment, the Company also provides systems design and integration solutions. The Company's Concentrix segment offers a portfolio of solutions and end-to-end business services focused on customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation.

FINANCIAL RATIOS  of  SYNNEX (SNX)

Valuation Ratios
P/E Ratio 19.5
Price to Sales 0.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 22.5
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23%
Cap. Spend. - 3 Yr. Gr. Rate 33.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 30.4%
Total Debt to Equity 48.8%
Interest Coverage 21
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 2.9
Profitability Ratios
Gross Margin 9.1%
Gross Margin - 3 Yr. Avg. 8.7%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 3.2%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 35.6%
Payout Ratio 14.5%

SNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNX stock intrinsic value calculation we used $14062 million for the last fiscal year's total revenue generated by SYNNEX. The default revenue input number comes from 2016 income statement of SYNNEX. 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 SNX stock valuation model: a) initial revenue growth rate of 5.4% 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 SNX is calculated based on our internal credit rating of SYNNEX, 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 SYNNEX.
    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 SNX stock the variable cost ratio is equal to 96.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $128 million in the base year in the intrinsic value calculation for SNX 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 3.5% for SYNNEX.

Corporate tax rate of 27% is the nominal tax rate for SYNNEX. 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 SNX 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 SNX are equal to 3.7%.

Life of production assets of 7.5 years is the average useful life of capital assets used in SYNNEX 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 SNX is equal to 10.6%. 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 - $1976 million for SYNNEX - 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 40.453 million for SYNNEX 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 SYNNEX at the current share price and the inputted number of shares is $4.7 billion.

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COMPANY NEWS

▶ SYNNEX Corp. Value Analysis (NYSE:SNX) : August 17, 2017   [Aug-16-17 10:27PM  Capital Cube]
▶ Concentrix Closes Acquisition of Tigerspike   [Jul-31-17 06:20PM  PR Newswire]
▶ ETFs with exposure to SYNNEX Corp. : July 11, 2017   [Jul-11-17 03:02PM  Capital Cube]
▶ Top 5 Earnings Growth Stocks to Buy Right Away   [Jun-30-17 09:55AM  Zacks]
▶ Synnex posts 2Q profit   [Jun-22-17 08:51PM  Associated Press]
▶ Earnings Growth Makes These 5 Stocks Must Buys   [Jun-14-17 07:48AM  Zacks]
▶ ETFs with exposure to SYNNEX Corp. : April 19, 2017   [Apr-19-17 02:36PM  Capital Cube]
▶ ETFs with exposure to SYNNEX Corp. : April 7, 2017   [Apr-07-17 05:30PM  Capital Cube]
▶ SYNNEX Offers Google's G Suite Productivity Suite   [Mar-30-17 04:01PM  PR Newswire]
▶ Synnex posts 1Q profit   [Mar-27-17 04:26PM  Associated Press]
▶ Concentrix Named to IAOP® Global Outsourcing 100®   [Feb-27-17 08:02AM  PR Newswire]
Financial statements of SNX
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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