Intrinsic value of Synaptics - SYNA

Previous Close

$56.31

  Intrinsic Value

$83.60

stock screener

  Rating & Target

buy

+48%

  Value-price divergence*

-73%

Previous close

$56.31

 
Intrinsic value

$83.60

 
Up/down potential

+48%

 
Rating

buy

 
Value-price divergence*

-73%

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

We calculate the intrinsic value of SYNA 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 1.9

 

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, %
  -2.11
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  1,667
  1,837
  2,015
  2,200
  2,394
  2,595
  2,805
  3,022
  3,249
  3,484
  3,728
  3,982
  4,246
  4,521
  4,807
  5,104
  5,414
  5,737
  6,074
  6,425
  6,791
  7,174
  7,573
  7,991
  8,427
  8,883
  9,361
  9,860
  10,383
  10,931
  11,504
Variable operating expenses, $m
 
  1,660
  1,819
  1,985
  2,157
  2,337
  2,524
  2,719
  2,920
  3,130
  3,349
  3,555
  3,790
  4,035
  4,291
  4,556
  4,833
  5,121
  5,421
  5,735
  6,062
  6,403
  6,760
  7,132
  7,522
  7,929
  8,355
  8,801
  9,268
  9,756
  10,268
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
  1,590
  1,660
  1,819
  1,985
  2,157
  2,337
  2,524
  2,719
  2,920
  3,130
  3,349
  3,555
  3,790
  4,035
  4,291
  4,556
  4,833
  5,121
  5,421
  5,735
  6,062
  6,403
  6,760
  7,132
  7,522
  7,929
  8,355
  8,801
  9,268
  9,756
  10,268
Operating income, $m
  77
  177
  196
  216
  236
  258
  281
  304
  328
  354
  380
  428
  456
  486
  516
  548
  582
  616
  652
  690
  730
  771
  814
  858
  905
  954
  1,006
  1,059
  1,115
  1,174
  1,236
EBITDA, $m
  181
  232
  255
  278
  303
  328
  355
  382
  411
  440
  471
  503
  537
  572
  608
  645
  684
  725
  768
  812
  859
  907
  957
  1,010
  1,065
  1,123
  1,183
  1,247
  1,313
  1,382
  1,454
Interest expense (income), $m
  5
  8
  10
  12
  14
  16
  19
  21
  24
  27
  30
  33
  36
  39
  42
  46
  49
  53
  57
  61
  65
  70
  74
  79
  84
  89
  95
  101
  107
  113
  120
Earnings before tax, $m
  76
  169
  186
  204
  222
  242
  262
  283
  304
  327
  350
  395
  421
  447
  474
  503
  532
  563
  596
  629
  664
  701
  739
  779
  821
  865
  911
  958
  1,009
  1,061
  1,116
Tax expense, $m
  4
  46
  50
  55
  60
  65
  71
  76
  82
  88
  95
  107
  114
  121
  128
  136
  144
  152
  161
  170
  179
  189
  200
  210
  222
  233
  246
  259
  272
  286
  301
Net income, $m
  72
  123
  136
  149
  162
  176
  191
  206
  222
  239
  256
  289
  307
  326
  346
  367
  389
  411
  435
  459
  485
  512
  540
  569
  599
  631
  665
  700
  736
  775
  815

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  352
  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
  1,300
  1,045
  1,146
  1,252
  1,362
  1,476
  1,595
  1,719
  1,848
  1,982
  2,121
  2,265
  2,415
  2,572
  2,734
  2,904
  3,080
  3,263
  3,455
  3,655
  3,863
  4,081
  4,308
  4,545
  4,794
  5,053
  5,325
  5,609
  5,906
  6,218
  6,544
Adjusted assets (=assets-cash), $m
  948
  1,045
  1,146
  1,252
  1,362
  1,476
  1,595
  1,719
  1,848
  1,982
  2,121
  2,265
  2,415
  2,572
  2,734
  2,904
  3,080
  3,263
  3,455
  3,655
  3,863
  4,081
  4,308
  4,545
  4,794
  5,053
  5,325
  5,609
  5,906
  6,218
  6,544
Revenue / Adjusted assets
  1.758
  1.758
  1.758
  1.757
  1.758
  1.758
  1.759
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
  1.758
Average production assets, $m
  316
  349
  383
  418
  455
  493
  533
  574
  617
  662
  708
  757
  807
  859
  913
  970
  1,029
  1,090
  1,154
  1,221
  1,290
  1,363
  1,439
  1,518
  1,601
  1,688
  1,779
  1,873
  1,973
  2,077
  2,186
Working capital, $m
  429
  107
  117
  128
  139
  151
  163
  175
  188
  202
  216
  231
  246
  262
  279
  296
  314
  333
  352
  373
  394
  416
  439
  463
  489
  515
  543
  572
  602
  634
  667
Total debt, $m
  236
  276
  338
  402
  469
  539
  611
  686
  765
  846
  930
  1,018
  1,110
  1,205
  1,303
  1,406
  1,514
  1,625
  1,742
  1,863
  1,990
  2,122
  2,260
  2,405
  2,556
  2,713
  2,878
  3,051
  3,232
  3,421
  3,620
Total liabilities, $m
  595
  635
  697
  761
  828
  898
  970
  1,045
  1,124
  1,205
  1,289
  1,377
  1,469
  1,564
  1,662
  1,765
  1,873
  1,984
  2,101
  2,222
  2,349
  2,481
  2,619
  2,764
  2,915
  3,072
  3,237
  3,410
  3,591
  3,780
  3,979
Total equity, $m
  705
  410
  449
  491
  534
  579
  625
  674
  724
  777
  831
  888
  947
  1,008
  1,072
  1,138
  1,207
  1,279
  1,354
  1,433
  1,514
  1,600
  1,689
  1,782
  1,879
  1,981
  2,087
  2,199
  2,315
  2,437
  2,565
Total liabilities and equity, $m
  1,300
  1,045
  1,146
  1,252
  1,362
  1,477
  1,595
  1,719
  1,848
  1,982
  2,120
  2,265
  2,416
  2,572
  2,734
  2,903
  3,080
  3,263
  3,455
  3,655
  3,863
  4,081
  4,308
  4,546
  4,794
  5,053
  5,324
  5,609
  5,906
  6,217
  6,544
Debt-to-equity ratio
  0.335
  0.670
  0.750
  0.820
  0.880
  0.930
  0.980
  1.020
  1.060
  1.090
  1.120
  1.150
  1.170
  1.190
  1.220
  1.240
  1.250
  1.270
  1.290
  1.300
  1.310
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.400
  1.410
Adjusted equity ratio
  0.372
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  123
  136
  149
  162
  176
  191
  206
  222
  239
  256
  289
  307
  326
  346
  367
  389
  411
  435
  459
  485
  512
  540
  569
  599
  631
  665
  700
  736
  775
  815
Depreciation, amort., depletion, $m
  104
  56
  59
  63
  66
  70
  74
  78
  82
  87
  92
  76
  81
  86
  91
  97
  103
  109
  115
  122
  129
  136
  144
  152
  160
  169
  178
  187
  197
  208
  219
Funds from operations, $m
  287
  179
  195
  211
  229
  246
  265
  284
  305
  325
  347
  364
  388
  412
  437
  464
  492
  520
  550
  581
  614
  648
  684
  721
  759
  800
  843
  887
  934
  982
  1,033
Change in working capital, $m
  30
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
Cash from operations, $m
  257
  169
  184
  201
  217
  235
  253
  272
  291
  312
  333
  349
  372
  396
  421
  447
  474
  501
  531
  561
  593
  626
  660
  696
  734
  774
  815
  858
  903
  950
  1,000
Maintenance CAPEX, $m
  0
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -62
  -66
  -71
  -76
  -81
  -86
  -91
  -97
  -103
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -208
New CAPEX, $m
  -33
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
Cash from investing activities, $m
  -27
  -65
  -69
  -73
  -79
  -83
  -89
  -94
  -100
  -107
  -112
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
  -235
  -247
  -260
  -273
  -286
  -301
  -317
Free cash flow, $m
  230
  105
  116
  127
  139
  151
  164
  177
  191
  205
  220
  230
  246
  263
  281
  299
  318
  337
  358
  379
  401
  424
  448
  473
  499
  527
  555
  585
  617
  649
  683
Issuance/(repayment) of debt, $m
  -8
  59
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
Issuance/(repurchase) of shares, $m
  -208
  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  
  -281
  59
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
Total cash flow (excl. dividends), $m
  -48
  164
  177
  191
  206
  221
  236
  252
  269
  287
  305
  318
  338
  358
  380
  402
  425
  449
  474
  500
  528
  556
  586
  618
  650
  685
  720
  758
  797
  838
  882
Retained Cash Flow (-), $m
  88
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
Prev. year cash balance distribution, $m
 
  333
  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
 
  459
  138
  150
  163
  176
  190
  204
  219
  234
  250
  262
  279
  297
  316
  335
  356
  377
  399
  422
  446
  471
  497
  525
  553
  583
  614
  647
  681
  716
  754
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
 
  440
  126
  130
  134
  136
  138
  138
  137
  135
  131
  124
  119
  113
  106
  98
  90
  82
  73
  65
  57
  49
  41
  34
  28
  23
  18
  14
  11
  8
  6
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

Synaptics Incorporated develops, markets, and sells intuitive human interface solutions for electronic devices and products worldwide. The company offers its human interface products solutions for mobile product applications, including smartphones, tablets, and touchscreen applications, as well as mobile, handheld, wireless, and entertainment devices; notebook applications; and other personal computer (PC) product applications, such as peripherals comprising keyboards, mice, and monitors, as well as desktop product applications. Its products include ClearPad, which enables users to interact directly with the display on smartphones and tablets; ClearView products that provide advanced image processing and low power technology for entry-level smartphones; TouchView products, which integrate touch and display technologies to deliver performance and simplified design; and Natural ID, a fingerprint ID product that is used in smartphones, tablets, notebook PCs, PC peripherals, and other applications. The company’s products also comprise TouchPad, a touch-sensitive pad that senses the position and movement of one or more fingers on its surface; SecurePad that integrates fingerprint sensor directly into the TouchPad area; ClickPad that offers a clickable mechanical design to the TouchPad application; and ForcePad, a thinner version of its ClickPad. Further, its other product solutions include dual pointing solutions, which offer TouchPad with a pointing stick in a single notebook computer enabling users to select their interface of choice; TouchStyk, a self-contained pointing stick module; and TouchButtons, which provide capacitive buttons and scrolling controls. The company sells its products through direct sales, outside sales representatives, and distributors. It serves smartphone, tablet, and PC original equipment manufacturers, as well as various consumer electronics manufacturers. The company was founded in 1986 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Synaptics (SYNA)

Valuation Ratios
P/E Ratio 27.5
Price to Sales 1.2
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate -2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.6%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity 30.8%
Total Debt to Equity 33.5%
Interest Coverage 16
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 10.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 34.9%
Gross Margin - 3 Yr. Avg. 38.3%
EBITDA Margin 11.1%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 4.6%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 5.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.3%
Payout Ratio 0%

SYNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYNA stock intrinsic value calculation we used $1667 million for the last fiscal year's total revenue generated by Synaptics. The default revenue input number comes from 2016 income statement of Synaptics. 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 SYNA stock valuation model: a) initial revenue growth rate of 10.2% 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 SYNA is calculated based on our internal credit rating of Synaptics, 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 Synaptics.
    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 SYNA stock the variable cost ratio is equal to 90.5%.

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 SYNA 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 Synaptics.

Corporate tax rate of 27% is the nominal tax rate for Synaptics. 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 SYNA 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 SYNA are equal to 19%.

Life of production assets of 10 years is the average useful life of capital assets used in Synaptics 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 SYNA is equal to 5.8%. 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 - $705 million for Synaptics - 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 33.681 million for Synaptics 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 Synaptics at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Synaptics Closes Acquisition of Conexant Systems   [Jul-26-17 04:05PM  GlobeNewswire]
▶ Will These Deals Boost Synaptics' Growth?   [Jul-08-17 09:04PM  Motley Fool]
▶ China Firm To Beat Apple, Samsung To Market With This New Feature   [Jun-26-17 04:07PM  Investor's Business Daily]
▶ [$$] Synaptics Deal Lets Marvell Focus   [Jun-15-17 03:06PM  Barrons.com]
▶ Amazon Alexa partner Conexant to be sold for $300 million   [Jun-14-17 03:50PM  American City Business Journals]
▶ San Jose-based Apple supplier buys 2 businesses for $438M   [Jun-12-17 07:03PM  American City Business Journals]
▶ ETFs with exposure to Synaptics, Inc. : June 9, 2017   [Jun-09-17 01:58PM  Capital Cube]
▶ Synaptics Regains Its Footing   [Jun-05-17 07:00AM  Morningstar]
▶ ETFs with exposure to Synaptics, Inc. : May 26, 2017   [May-26-17 01:27PM  Capital Cube]
▶ Synaptics to Present at Upcoming Investor Conferences   [May-16-17 04:15PM  GlobeNewswire]
▶ Is This Synaptics Next Big Opportunity?   [May-13-17 08:53PM  Motley Fool]
▶ 3 Growth Stocks for Ambitious Investors   [May-12-17 08:42AM  Motley Fool]
▶ Qorvo Drops 8%, Regains Ground Amidst China Woes   [May-03-17 04:36PM  Barrons.com]
▶ Paul Wick Likes Qorvo, Synaptics, Dour on Wayfair, Zayo   [May-01-17 12:15PM  Barrons.com]
▶ Synaptics: Is There Any Upside Left?   [Apr-28-17 05:22PM  GuruFocus.com]
▶ Synaptics beats Street 3Q forecasts   [Apr-27-17 04:54PM  Associated Press]
▶ 5 Earnings Short-Squeeze Trades: Under Armour, GoPro & More   [Apr-26-17 05:53AM  TheStreet.com]
▶ Why Apple Is Developing Its Own Chips   [Apr-19-17 01:11PM  Bloomberg Video]
▶ Apple In-Sourcing Hit List To Spare Cirrus, Skyworks: Analyst   [Apr-12-17 04:51PM  Investor's Business Daily]
▶ [$$] Synaptics Has Upside After Apple Derisking   [Apr-10-17 12:13AM  Barrons.com]
▶ Cirrus Could Ride Big iPhone Upside, Says Needham   [Apr-07-17 02:04PM  Barrons.com]
▶ BMO Bullish on 2 Apple Suppliers But Lowers a 3rd   [Apr-04-17 11:20AM  Investopedia]
▶ Qorvo, Skyworks Get Price-Target Hikes; Synaptics Lowered   [Apr-03-17 04:11PM  Investor's Business Daily]
▶ The Odd Reason Synaptics Stock Plunged 8% Tuesday   [Mar-22-17 01:55PM  at Investopedia]
▶ Synaptics: Don't Panic on Fingerprint News, Says Cowen   [Mar-21-17 01:50PM  Barrons.com]
▶ Lenovo Gets Even More Mobile At MWC 2017   [Feb-28-17 10:14AM  at Forbes]
▶ ETFs with exposure to Synaptics, Inc. : February 2, 2017   [Feb-02-17 02:53PM  Capital Cube]
▶ Synaptics Stock Rebounds From Q2 Earnings Sell-Off   [Jan-30-17 04:50PM  at Investopedia]
▶ Houston ranked as the most malware-infected city in the U.S.   [Jan-27-17 02:15PM  at bizjournals.com]
▶ Synaptics FYQ2 Beats, Q3 Rev View Tops Consensus   [Jan-26-17 04:43PM  at Barrons.com]
▶ Synaptics Unveils a New Level of Mobile Security   [Jan-04-17 02:46PM  at Investopedia]
▶ Synaptics, Incorporated Talks OLED Versus LCD Tech   [Dec-22-16 04:46PM  at Motley Fool]
▶ Synaptics Unveils Cutting-Edge Fingerprint Sensor   [Dec-15-16 01:31PM  at Investopedia]
Stock chart of SYNA Financial statements of SYNA Annual reports of SYNA
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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