Intrinsic value of SYNNEX - SNX

Previous Close

$131.50

  Intrinsic Value

$186.88

stock screener

  Rating & Target

buy

+42%

Previous close

$131.50

 
Intrinsic value

$186.88

 
Up/down potential

+42%

 
Rating

buy

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 5.3

 

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
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
Revenue, $m
  14,062
  16,382
  18,897
  21,602
  24,493
  27,566
  30,816
  34,240
  37,835
  41,600
  45,534
  49,636
  53,909
  58,356
  62,979
  67,785
  72,779
  77,969
  83,363
  88,970
  94,801
  100,866
  107,179
  113,751
  120,598
  127,735
  135,176
  142,939
  151,042
  159,503
  168,342
Variable operating expenses, $m
 
  15,784
  18,200
  20,798
  23,575
  26,527
  29,649
  32,938
  36,391
  40,007
  43,786
  47,678
  51,782
  56,053
  60,494
  65,111
  69,908
  74,893
  80,074
  85,460
  91,060
  96,886
  102,950
  109,263
  115,840
  122,695
  129,842
  137,299
  145,082
  153,210
  161,700
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
  15,915
  18,334
  20,936
  23,716
  26,672
  29,797
  33,090
  36,547
  40,167
  43,950
  47,846
  51,954
  56,229
  60,675
  65,296
  70,098
  75,088
  80,274
  85,665
  91,270
  97,101
  103,170
  109,489
  116,072
  122,932
  130,085
  137,548
  145,338
  153,472
  161,968
Operating income, $m
  380
  467
  563
  666
  777
  894
  1,019
  1,150
  1,288
  1,433
  1,584
  1,791
  1,955
  2,126
  2,304
  2,489
  2,682
  2,882
  3,090
  3,306
  3,531
  3,765
  4,008
  4,262
  4,527
  4,803
  5,090
  5,391
  5,704
  6,031
  6,374
EBITDA, $m
  501
  596
  704
  821
  946
  1,079
  1,219
  1,368
  1,524
  1,687
  1,857
  2,035
  2,221
  2,414
  2,615
  2,824
  3,041
  3,266
  3,501
  3,745
  3,998
  4,262
  4,537
  4,823
  5,122
  5,433
  5,757
  6,096
  6,449
  6,818
  7,204
Interest expense (income), $m
  18
  21
  38
  56
  75
  96
  118
  141
  166
  191
  218
  247
  276
  307
  338
  372
  406
  442
  479
  518
  558
  599
  643
  688
  735
  784
  835
  889
  944
  1,002
  1,063
Earnings before tax, $m
  356
  446
  525
  610
  701
  798
  901
  1,009
  1,123
  1,242
  1,366
  1,544
  1,679
  1,819
  1,966
  2,118
  2,276
  2,440
  2,611
  2,788
  2,973
  3,165
  3,366
  3,574
  3,792
  4,018
  4,255
  4,502
  4,760
  5,029
  5,311
Tax expense, $m
  121
  120
  142
  165
  189
  216
  243
  272
  303
  335
  369
  417
  453
  491
  531
  572
  614
  659
  705
  753
  803
  855
  909
  965
  1,024
  1,085
  1,149
  1,215
  1,285
  1,358
  1,434
Net income, $m
  235
  325
  383
  445
  512
  583
  658
  737
  820
  906
  997
  1,127
  1,226
  1,328
  1,435
  1,546
  1,661
  1,781
  1,906
  2,035
  2,170
  2,311
  2,457
  2,609
  2,768
  2,933
  3,106
  3,286
  3,475
  3,671
  3,877

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
  5,626
  6,489
  7,418
  8,411
  9,466
  10,582
  11,758
  12,993
  14,286
  15,637
  17,045
  18,513
  20,040
  21,627
  23,278
  24,993
  26,775
  28,627
  30,553
  32,555
  34,638
  36,806
  39,063
  41,414
  43,865
  46,420
  49,086
  51,869
  54,774
  57,810
Adjusted assets (=assets-cash), $m
  4,829
  5,626
  6,489
  7,418
  8,411
  9,466
  10,582
  11,758
  12,993
  14,286
  15,637
  17,045
  18,513
  20,040
  21,627
  23,278
  24,993
  26,775
  28,627
  30,553
  32,555
  34,638
  36,806
  39,063
  41,414
  43,865
  46,420
  49,086
  51,869
  54,774
  57,810
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
  606
  699
  799
  906
  1,020
  1,140
  1,267
  1,400
  1,539
  1,685
  1,837
  1,995
  2,159
  2,330
  2,508
  2,693
  2,885
  3,084
  3,292
  3,508
  3,732
  3,966
  4,209
  4,462
  4,726
  5,002
  5,289
  5,589
  5,902
  6,229
Working capital, $m
  1,518
  1,737
  2,003
  2,290
  2,596
  2,922
  3,266
  3,629
  4,011
  4,410
  4,827
  5,261
  5,714
  6,186
  6,676
  7,185
  7,715
  8,265
  8,836
  9,431
  10,049
  10,692
  11,361
  12,058
  12,783
  13,540
  14,329
  15,152
  16,010
  16,907
  17,844
Total debt, $m
  964
  1,078
  1,593
  2,146
  2,738
  3,367
  4,032
  4,733
  5,469
  6,239
  7,044
  7,884
  8,759
  9,669
  10,615
  11,599
  12,621
  13,683
  14,787
  15,935
  17,128
  18,369
  19,661
  21,007
  22,408
  23,868
  25,392
  26,980
  28,639
  30,371
  32,180
Total liabilities, $m
  3,240
  3,353
  3,868
  4,421
  5,013
  5,642
  6,307
  7,008
  7,744
  8,514
  9,319
  10,159
  11,034
  11,944
  12,890
  13,874
  14,896
  15,958
  17,062
  18,210
  19,403
  20,644
  21,936
  23,282
  24,683
  26,143
  27,667
  29,255
  30,914
  32,646
  34,455
Total equity, $m
  1,976
  2,273
  2,622
  2,997
  3,398
  3,824
  4,275
  4,750
  5,249
  5,771
  6,317
  6,886
  7,479
  8,096
  8,738
  9,404
  10,097
  10,817
  11,565
  12,343
  13,152
  13,994
  14,870
  15,781
  16,731
  17,721
  18,754
  19,831
  20,955
  22,129
  23,355
Total liabilities and equity, $m
  5,216
  5,626
  6,490
  7,418
  8,411
  9,466
  10,582
  11,758
  12,993
  14,285
  15,636
  17,045
  18,513
  20,040
  21,628
  23,278
  24,993
  26,775
  28,627
  30,553
  32,555
  34,638
  36,806
  39,063
  41,414
  43,864
  46,421
  49,086
  51,869
  54,775
  57,810
Debt-to-equity ratio
  0.488
  0.470
  0.610
  0.720
  0.810
  0.880
  0.940
  1.000
  1.040
  1.080
  1.120
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.370
  1.370
  1.380
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
  325
  383
  445
  512
  583
  658
  737
  820
  906
  997
  1,127
  1,226
  1,328
  1,435
  1,546
  1,661
  1,781
  1,906
  2,035
  2,170
  2,311
  2,457
  2,609
  2,768
  2,933
  3,106
  3,286
  3,475
  3,671
  3,877
Depreciation, amort., depletion, $m
  121
  129
  142
  155
  169
  185
  201
  218
  235
  254
  273
  245
  266
  288
  311
  334
  359
  385
  411
  439
  468
  498
  529
  561
  595
  630
  667
  705
  745
  787
  830
Funds from operations, $m
  300
  455
  525
  601
  681
  767
  858
  954
  1,055
  1,160
  1,270
  1,372
  1,492
  1,616
  1,746
  1,880
  2,020
  2,166
  2,317
  2,474
  2,638
  2,808
  2,986
  3,170
  3,363
  3,564
  3,773
  3,991
  4,220
  4,458
  4,707
Change in working capital, $m
  -27
  246
  267
  287
  306
  326
  345
  363
  381
  399
  417
  435
  453
  471
  490
  509
  529
  550
  572
  594
  618
  643
  669
  697
  726
  756
  789
  823
  859
  897
  937
Cash from operations, $m
  327
  209
  258
  314
  375
  442
  514
  591
  674
  761
  853
  937
  1,039
  1,145
  1,256
  1,371
  1,491
  1,616
  1,745
  1,880
  2,020
  2,165
  2,316
  2,474
  2,637
  2,807
  2,984
  3,169
  3,361
  3,561
  3,770
Maintenance CAPEX, $m
  0
  -69
  -81
  -93
  -107
  -121
  -136
  -152
  -169
  -187
  -205
  -225
  -245
  -266
  -288
  -311
  -334
  -359
  -385
  -411
  -439
  -468
  -498
  -529
  -561
  -595
  -630
  -667
  -705
  -745
  -787
New CAPEX, $m
  -123
  -92
  -93
  -100
  -107
  -114
  -120
  -127
  -133
  -139
  -146
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -207
  -216
  -224
  -234
  -243
  -253
  -264
  -275
  -287
  -300
  -313
  -327
Cash from investing activities, $m
  -452
  -161
  -174
  -193
  -214
  -235
  -256
  -279
  -302
  -326
  -351
  -377
  -403
  -431
  -459
  -489
  -519
  -551
  -585
  -618
  -655
  -692
  -732
  -772
  -814
  -859
  -905
  -954
  -1,005
  -1,058
  -1,114
Free cash flow, $m
  -125
  48
  85
  121
  161
  207
  258
  312
  372
  435
  503
  561
  636
  714
  797
  882
  972
  1,065
  1,161
  1,261
  1,365
  1,473
  1,585
  1,702
  1,823
  1,948
  2,079
  2,214
  2,356
  2,503
  2,656
Issuance/(repayment) of debt, $m
  215
  477
  515
  554
  592
  629
  665
  701
  736
  771
  805
  840
  875
  910
  946
  984
  1,022
  1,062
  1,104
  1,148
  1,193
  1,241
  1,292
  1,345
  1,401
  1,461
  1,523
  1,589
  1,658
  1,732
  1,809
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
  477
  515
  554
  592
  629
  665
  701
  736
  771
  805
  840
  875
  910
  946
  984
  1,022
  1,062
  1,104
  1,148
  1,193
  1,241
  1,292
  1,345
  1,401
  1,461
  1,523
  1,589
  1,658
  1,732
  1,809
Total cash flow (excl. dividends), $m
  79
  525
  599
  674
  753
  836
  923
  1,013
  1,108
  1,206
  1,308
  1,400
  1,510
  1,624
  1,743
  1,866
  1,994
  2,127
  2,265
  2,409
  2,559
  2,715
  2,877
  3,047
  3,224
  3,409
  3,602
  3,803
  4,014
  4,235
  4,466
Retained Cash Flow (-), $m
  -177
  -320
  -349
  -375
  -401
  -426
  -451
  -475
  -499
  -522
  -546
  -569
  -593
  -617
  -641
  -667
  -693
  -720
  -748
  -778
  -809
  -842
  -876
  -912
  -950
  -990
  -1,032
  -1,077
  -1,124
  -1,174
  -1,226
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
 
  228
  250
  299
  352
  410
  472
  538
  609
  683
  762
  831
  917
  1,007
  1,101
  1,199
  1,301
  1,407
  1,517
  1,631
  1,750
  1,873
  2,002
  2,135
  2,274
  2,419
  2,569
  2,726
  2,890
  3,061
  3,239
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
 
  219
  229
  260
  290
  318
  342
  364
  381
  393
  399
  395
  391
  383
  370
  352
  331
  306
  279
  251
  222
  194
  166
  140
  116
  94
  75
  59
  45
  33
  24
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 22.1
Price to Sales 0.4
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 25.4
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 16.5% 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 39.982 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 $5.3 billion.

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COMPANY NEWS

▶ Bull of the Day: SYNNEX (SNX)   [06:18AM  Zacks]
▶ ETFs with exposure to SYNNEX Corp. : October 5, 2017   [Oct-05-17 11:20AM  Capital Cube]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-17 11:31AM  Zacks]
▶ Synnex posts 3Q profit   [Sep-25-17 09:29PM  Associated Press]
▶ Why SYNNEX Corporation (SNX) Could Be A Buy   [Sep-24-17 09:46AM  Simply Wall St.]
▶ 5 Stocks in Limelight on New Analyst Coverage   [Sep-20-17 10:49AM  Zacks]
▶ 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]
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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