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TD Synnex Corp – Computer Systems Design Services
welcome to synnex corporation (snx), a global leader in it distribution (technology solutions segment) and global business services (concentrix segment). founded in 1980, synnex is a $10.4 billion company with more than 53,000 associates worldwide and in 2014 was ranked no. 260 on the fortune 500 list. synnex partners with more than 300 world-leader technology manufacturers, helping them distribute their products through more than 20,000 value-added resellers primarily in north america. our focused channel categories include it systems, peripherals, system components, software, networking, and consumer electronics products. our vendor partners include hp, intel, panasonic, microsoft, lenovo, seagate, and many other world-class original equipment manufacturers. in addition to distribution, synnex provides business process outsourcing for technical support, renewals management, demand generation, direct sales, customer service, back-office processing, and it outsourcing. synnex creates
Analysis Results
Intrinsic Value $1,620.51
Latest Price $102.05
Relative Value 94% undervalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 28.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 3.08 2.89
2024 3.96 3.49
2025 5.08 4.21
2026 6.52 5.07
2027 8.38 6.11
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 190 billion. This corresponds to a present value of 130 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 21.8 billion. Adding in the terminal value gives a total present value of 152 billion.

There are presently 93.8 million outstanding shares, so the intrinsic value per share is 1620.51.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 20,500,865,000
Current Cash 522,604,000
Current Liabilities 16,428,721,000
Current Debt 268,128,000
Non-Cash Working Capital (NCWC) 3,817,668,000
Change in NCWC 1,129,696,000
EBIT 1,273,192,000
Tax Provision 175,823,000
Depreciation and Amortization 463,365,000
Capital Expenditure -117,049,000
Unlevered Free Cash Flow 2,478,561,286
Current Assets 17,734,144,000
Current Cash 993,973,000
Current Liabilities 14,233,455,000
Current Debt 181,256,000
Non-Cash Working Capital (NCWC) 2,687,972,000
Change in NCWC 954,895,000
EBIT 735,368,000
Tax Provision 71,416,000
Depreciation and Amortization 151,664,000
Capital Expenditure -54,892,000
Unlevered Free Cash Flow 1,674,454,657
Current Assets 8,769,126,000
Current Cash 1,564,672,000
Current Liabilities 5,630,092,000
Current Debt 158,715,000
Non-Cash Working Capital (NCWC) 1,733,077,000
Change in NCWC -1,186,232,000
EBIT 830,103,000
Tax Provision 174,882,000
Depreciation and Amortization 341,637,000
Capital Expenditure -197,965,000
Unlevered Free Cash Flow -418,651,895
Current Assets 7,452,991,000
Current Cash 225,529,000
Current Liabilities 4,607,122,000
Current Debt 298,969,000
Non-Cash Working Capital (NCWC) 2,919,309,000
Change in NCWC 338,057,000
EBIT 813,762,000
Tax Provision 176,991,000
Depreciation and Amortization 372,108,000
Capital Expenditure -137,423,000
Unlevered Free Cash Flow 1,173,979,726
Current Assets 7,099,752,000
Current Cash 457,275,000
Current Liabilities 4,894,441,000
Current Debt 833,216,000
Non-Cash Working Capital (NCWC) 2,581,252,000
Change in NCWC 633,373,000
EBIT 551,035,000
Tax Provision 156,779,000
Depreciation and Amortization 225,287,000
Capital Expenditure -125,305,000
Unlevered Free Cash Flow 1,095,506,638
Current Assets 5,739,778,000
Current Cash 556,163,000
Current Liabilities 4,041,207,000
Current Debt 805,471,000
Non-Cash Working Capital (NCWC) 1,947,879,000
Change in NCWC 402,687,000
EBIT 508,965,000
Tax Provision 163,558,000
Depreciation and Amortization 159,886,000
Capital Expenditure -97,546,000
Unlevered Free Cash Flow 794,866,231
Current Assets 4,045,109,000
Current Cash 385,826,000
Current Liabilities 2,477,828,000
Current Debt 363,737,000
Non-Cash Working Capital (NCWC) 1,545,192,000
Change in NCWC 63,093,000
EBIT 379,596,000
Tax Provision 121,059,000
Depreciation and Amortization 121,293,000
Capital Expenditure -123,233,000
Unlevered Free Cash Flow 311,689,302
Current Assets 3,649,781,000
Current Cash 341,618,000
Current Liabilities 1,918,157,000
Current Debt 92,093,000
Non-Cash Working Capital (NCWC) 1,482,099,000
Change in NCWC -225,147,000
EBIT 354,552,000
Tax Provision 118,588,000
Depreciation and Amortization 103,510,000
Capital Expenditure -100,106,000
Unlevered Free Cash Flow 4,305,775
Current Assets 3,899,989,000
Current Cash 187,271,000
Current Liabilities 2,721,729,000
Current Debt 716,257,000
Non-Cash Working Capital (NCWC) 1,707,246,000
Change in NCWC 479,124,000
EBIT 308,507,000
Tax Provision 104,132,000
Depreciation and Amortization 91,699,000
Capital Expenditure -57,377,000
Unlevered Free Cash Flow 708,947,424
Current Assets 2,931,733,000
Current Cash 166,756,000
Current Liabilities 1,789,378,000
Current Debt 252,523,000
Non-Cash Working Capital (NCWC) 1,228,122,000
Change in NCWC 127,866,000
EBIT 240,828,000
Tax Provision 85,730,000
Depreciation and Amortization 24,462,000
Capital Expenditure -28,965,000
Unlevered Free Cash Flow 277,461,275
Current Assets 2,580,461,000
Current Cash 179,632,000
Current Liabilities 1,494,707,000
Current Debt 194,134,000
Non-Cash Working Capital (NCWC) 1,100,256,000
Change in NCWC -41,518,000
EBIT 255,012,000
Tax Provision 84,050,000
Depreciation and Amortization 24,630,000
Capital Expenditure -14,481,000
Unlevered Free Cash Flow 133,034,305

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