Intrinsic value of Synopsys - SNPS

Previous Close

$84.07

  Intrinsic Value

$101.53

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

-3%

Previous close

$84.07

 
Intrinsic value

$101.53

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

-3%

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

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

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 12.6

 

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, %
  8.07
  13.00
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  2,423
  2,738
  3,072
  3,425
  3,796
  4,185
  4,592
  5,016
  5,459
  5,920
  6,400
  6,898
  7,416
  7,955
  8,514
  9,096
  9,700
  10,329
  10,983
  11,664
  12,373
  13,112
  13,883
  14,686
  15,525
  16,400
  17,314
  18,270
  19,268
  20,312
  21,404
Variable operating expenses, $m
 
  1,919
  2,123
  2,338
  2,564
  2,801
  3,048
  3,307
  3,577
  3,858
  4,150
  4,201
  4,517
  4,845
  5,186
  5,540
  5,908
  6,291
  6,690
  7,104
  7,536
  7,987
  8,456
  8,945
  9,456
  9,989
  10,546
  11,128
  11,736
  12,372
  13,037
Fixed operating expenses, $m
 
  397
  407
  417
  427
  438
  449
  460
  472
  483
  495
  508
  520
  533
  547
  560
  575
  589
  604
  619
  634
  650
  666
  683
  700
  717
  735
  754
  773
  792
  812
Total operating expenses, $m
  2,105
  2,316
  2,530
  2,755
  2,991
  3,239
  3,497
  3,767
  4,049
  4,341
  4,645
  4,709
  5,037
  5,378
  5,733
  6,100
  6,483
  6,880
  7,294
  7,723
  8,170
  8,637
  9,122
  9,628
  10,156
  10,706
  11,281
  11,882
  12,509
  13,164
  13,849
Operating income, $m
  317
  422
  543
  670
  805
  946
  1,094
  1,249
  1,411
  1,579
  1,755
  2,189
  2,379
  2,576
  2,781
  2,995
  3,217
  3,449
  3,690
  3,941
  4,203
  4,476
  4,761
  5,058
  5,369
  5,694
  6,033
  6,388
  6,760
  7,148
  7,556
EBITDA, $m
  524
  709
  834
  966
  1,106
  1,252
  1,405
  1,566
  1,733
  1,907
  2,089
  2,278
  2,474
  2,679
  2,891
  3,112
  3,342
  3,582
  3,832
  4,091
  4,362
  4,645
  4,940
  5,248
  5,569
  5,905
  6,256
  6,624
  7,008
  7,410
  7,831
Interest expense (income), $m
  4
  0
  8
  17
  27
  36
  47
  57
  69
  81
  93
  105
  119
  132
  147
  162
  177
  193
  210
  227
  245
  264
  284
  304
  325
  348
  371
  395
  421
  447
  475
Earnings before tax, $m
  330
  422
  534
  653
  778
  910
  1,048
  1,192
  1,342
  1,499
  1,662
  2,083
  2,260
  2,444
  2,635
  2,834
  3,040
  3,256
  3,480
  3,714
  3,958
  4,212
  4,477
  4,754
  5,044
  5,346
  5,662
  5,993
  6,339
  6,701
  7,081
Tax expense, $m
  63
  114
  144
  176
  210
  246
  283
  322
  362
  405
  449
  562
  610
  660
  711
  765
  821
  879
  940
  1,003
  1,069
  1,137
  1,209
  1,284
  1,362
  1,443
  1,529
  1,618
  1,712
  1,809
  1,912
Net income, $m
  267
  308
  390
  477
  568
  664
  765
  870
  980
  1,094
  1,213
  1,521
  1,650
  1,784
  1,923
  2,068
  2,219
  2,377
  2,541
  2,711
  2,889
  3,075
  3,268
  3,471
  3,682
  3,903
  4,133
  4,375
  4,627
  4,892
  5,169

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,117
  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
  5,240
  4,656
  5,225
  5,824
  6,455
  7,117
  7,809
  8,531
  9,284
  10,068
  10,884
  11,731
  12,612
  13,528
  14,480
  15,469
  16,497
  17,566
  18,679
  19,837
  21,043
  22,300
  23,610
  24,977
  26,403
  27,891
  29,446
  31,071
  32,769
  34,544
  36,402
Adjusted assets (=assets-cash), $m
  4,123
  4,656
  5,225
  5,824
  6,455
  7,117
  7,809
  8,531
  9,284
  10,068
  10,884
  11,731
  12,612
  13,528
  14,480
  15,469
  16,497
  17,566
  18,679
  19,837
  21,043
  22,300
  23,610
  24,977
  26,403
  27,891
  29,446
  31,071
  32,769
  34,544
  36,402
Revenue / Adjusted assets
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
Average production assets, $m
  444
  501
  562
  627
  695
  766
  840
  918
  999
  1,083
  1,171
  1,262
  1,357
  1,456
  1,558
  1,664
  1,775
  1,890
  2,010
  2,135
  2,264
  2,400
  2,541
  2,688
  2,841
  3,001
  3,169
  3,343
  3,526
  3,717
  3,917
Working capital, $m
  2
  -1,029
  -1,155
  -1,288
  -1,427
  -1,573
  -1,726
  -1,886
  -2,053
  -2,226
  -2,406
  -2,594
  -2,788
  -2,991
  -3,201
  -3,420
  -3,647
  -3,884
  -4,130
  -4,386
  -4,652
  -4,930
  -5,220
  -5,522
  -5,837
  -6,166
  -6,510
  -6,869
  -7,245
  -7,637
  -8,048
Total debt, $m
  205
  237
  490
  758
  1,039
  1,334
  1,643
  1,965
  2,301
  2,650
  3,014
  3,392
  3,785
  4,194
  4,618
  5,059
  5,518
  5,995
  6,491
  7,007
  7,545
  8,106
  8,690
  9,300
  9,936
  10,600
  11,293
  12,018
  12,775
  13,567
  14,395
Total liabilities, $m
  2,045
  2,077
  2,330
  2,598
  2,879
  3,174
  3,483
  3,805
  4,141
  4,490
  4,854
  5,232
  5,625
  6,034
  6,458
  6,899
  7,358
  7,835
  8,331
  8,847
  9,385
  9,946
  10,530
  11,140
  11,776
  12,440
  13,133
  13,858
  14,615
  15,407
  16,235
Total equity, $m
  3,195
  2,580
  2,894
  3,227
  3,576
  3,943
  4,326
  4,726
  5,143
  5,578
  6,030
  6,499
  6,987
  7,495
  8,022
  8,570
  9,139
  9,732
  10,348
  10,990
  11,658
  12,354
  13,080
  13,837
  14,627
  15,452
  16,313
  17,213
  18,154
  19,138
  20,167
Total liabilities and equity, $m
  5,240
  4,657
  5,224
  5,825
  6,455
  7,117
  7,809
  8,531
  9,284
  10,068
  10,884
  11,731
  12,612
  13,529
  14,480
  15,469
  16,497
  17,567
  18,679
  19,837
  21,043
  22,300
  23,610
  24,977
  26,403
  27,892
  29,446
  31,071
  32,769
  34,545
  36,402
Debt-to-equity ratio
  0.064
  0.090
  0.170
  0.230
  0.290
  0.340
  0.380
  0.420
  0.450
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
Adjusted equity ratio
  0.504
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  267
  308
  390
  477
  568
  664
  765
  870
  980
  1,094
  1,213
  1,521
  1,650
  1,784
  1,923
  2,068
  2,219
  2,377
  2,541
  2,711
  2,889
  3,075
  3,268
  3,471
  3,682
  3,903
  4,133
  4,375
  4,627
  4,892
  5,169
Depreciation, amort., depletion, $m
  207
  287
  291
  296
  301
  306
  311
  316
  322
  328
  334
  89
  96
  103
  110
  117
  125
  133
  142
  150
  159
  169
  179
  189
  200
  211
  223
  235
  248
  262
  276
Funds from operations, $m
  615
  595
  681
  773
  869
  970
  1,076
  1,186
  1,302
  1,422
  1,547
  1,610
  1,745
  1,886
  2,033
  2,186
  2,345
  2,510
  2,682
  2,861
  3,049
  3,244
  3,447
  3,660
  3,882
  4,114
  4,357
  4,610
  4,876
  5,154
  5,445
Change in working capital, $m
  28
  -118
  -126
  -133
  -139
  -146
  -153
  -160
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -227
  -236
  -246
  -256
  -267
  -278
  -290
  -302
  -315
  -329
  -344
  -359
  -375
  -393
  -411
Cash from operations, $m
  587
  713
  807
  905
  1,008
  1,116
  1,229
  1,346
  1,468
  1,595
  1,728
  1,797
  1,940
  2,089
  2,243
  2,404
  2,572
  2,746
  2,928
  3,118
  3,315
  3,522
  3,737
  3,962
  4,197
  4,443
  4,700
  4,969
  5,251
  5,546
  5,855
Maintenance CAPEX, $m
  0
  -31
  -35
  -40
  -44
  -49
  -54
  -59
  -65
  -70
  -76
  -82
  -89
  -96
  -103
  -110
  -117
  -125
  -133
  -142
  -150
  -159
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -262
New CAPEX, $m
  -131
  -57
  -61
  -65
  -68
  -71
  -74
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
Cash from investing activities, $m
  -143
  -88
  -96
  -105
  -112
  -120
  -128
  -137
  -146
  -154
  -164
  -173
  -184
  -195
  -205
  -216
  -228
  -240
  -253
  -267
  -280
  -294
  -310
  -326
  -342
  -360
  -378
  -398
  -418
  -439
  -462
Free cash flow, $m
  444
  625
  711
  801
  896
  996
  1,100
  1,209
  1,323
  1,441
  1,564
  1,623
  1,756
  1,895
  2,039
  2,188
  2,344
  2,506
  2,675
  2,851
  3,035
  3,227
  3,427
  3,636
  3,854
  4,083
  4,322
  4,571
  4,833
  5,107
  5,394
Issuance/(repayment) of debt, $m
  0
  237
  253
  268
  281
  295
  309
  322
  336
  350
  364
  378
  393
  408
  424
  441
  459
  477
  496
  517
  538
  561
  584
  609
  636
  664
  693
  725
  757
  792
  828
Issuance/(repurchase) of shares, $m
  -275
  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  
  -307
  237
  253
  268
  281
  295
  309
  322
  336
  350
  364
  378
  393
  408
  424
  441
  459
  477
  496
  517
  538
  561
  584
  609
  636
  664
  693
  725
  757
  792
  828
Total cash flow (excl. dividends), $m
  140
  862
  964
  1,069
  1,178
  1,291
  1,409
  1,531
  1,658
  1,790
  1,927
  2,002
  2,149
  2,303
  2,463
  2,629
  2,803
  2,983
  3,171
  3,368
  3,573
  3,787
  4,011
  4,245
  4,490
  4,747
  5,015
  5,296
  5,590
  5,899
  6,222
Retained Cash Flow (-), $m
  -61
  -297
  -315
  -332
  -350
  -367
  -383
  -400
  -417
  -434
  -452
  -470
  -488
  -507
  -527
  -548
  -570
  -592
  -616
  -642
  -668
  -696
  -726
  -757
  -790
  -825
  -861
  -900
  -941
  -984
  -1,029
Prev. year cash balance distribution, $m
 
  912
  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
 
  1,477
  649
  736
  828
  925
  1,026
  1,131
  1,241
  1,356
  1,476
  1,532
  1,661
  1,796
  1,936
  2,081
  2,233
  2,391
  2,555
  2,726
  2,905
  3,091
  3,285
  3,488
  3,700
  3,922
  4,154
  4,396
  4,650
  4,915
  5,193
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
 
  1,416
  594
  641
  682
  717
  744
  764
  776
  779
  774
  727
  709
  683
  650
  611
  567
  520
  471
  420
  369
  320
  273
  229
  188
  153
  121
  94
  72
  54
  39
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 47.7
Price to Sales 5.3
Price to Book 4
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate 8.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -69.6%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 6.4%
Interest Coverage 84
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 77.6%
Gross Margin - 3 Yr. Avg. 77.4%
EBITDA Margin 22.3%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 19.1%
Eff/ Tax Rate - 3 Yr. Avg. 14.6%
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 $2423 million for the last fiscal year's total revenue generated by Synopsys. The default revenue input number comes from 2016 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 13% 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 71.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $387 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 3.5% 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 18.3%.

Life of production assets of 14.2 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 -37.6%. 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 - $3195 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 150.083 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 $12.6 billion.

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COMPANY NEWS

▶ Semiconductor Industry Upbeat on EUV   [Sep-13-17 05:24PM  GuruFocus.com]
▶ ETFs with exposure to Synopsys, Inc. : August 28, 2017   [Aug-28-17 06:38PM  Capital Cube]
▶ Synopsys meets 3Q profit forecasts   [Aug-16-17 09:21PM  Associated Press]
▶ What To Expect From NetApp, Synopsys Earnings   [Aug-15-17 11:46AM  Investor's Business Daily]
▶ ETFs with exposure to Synopsys, Inc. : July 25, 2017   [Jul-25-17 01:17PM  Capital Cube]
▶ Toshiba Selects Synopsys VC Formal Verification Solution   [Jun-15-17 09:05AM  PR Newswire]
▶ ETFs with exposure to Synopsys, Inc. : May 26, 2017   [May-26-17 01:26PM  Capital Cube]
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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