Discounted Cash Flow (DCF) Analysis Unlevered

TD SYNNEX Corporation (SNX)

$93.89

+1.64 (+1.78%)

All numbers are in Millions, Currency in USD

Stock DCF: -464.98 | 93.89 | overvalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	20,053.76	23,757.29	24,675.56	31,614.17	62,343.81	85,357.20	116,865.67	160,005.07	219,068.81	299,935.14
Revenue (%)
EBITDA	767.34	1,216.23	823.25	775.98	1,513.07	2,930.08	4,011.68	5,492.54	7,520.04	10,295.96
EBITDA (%)
EBIT	542.05	844.12	481.61	624.32	1,049.71	2,025.77	2,773.56	3,797.38	5,199.14	7,118.33
EBIT (%)
Depreciation	225.29	372.11	341.64	151.66	463.36	904.31	1,238.12	1,695.16	2,320.90	3,177.63
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	457.27	225.53	1,564.67	993.97	522.60	2,313.67	3,167.73	4,337.05	5,938.02	8,129.96
Total Cash (%)
Account Receivables	3,855.50	4,295.21	3,870.79	9,429	10,240.13	16,942.13	23,196.10	31,758.63	43,481.90	59,532.67
Account Receivables (%)
Inventories	2,518.32	2,547.22	2,684.53	6,642.91	9,066.62	11,901.25	16,294.44	22,309.31	30,544.50	41,819.60
Inventories (%)
Accounts Payable	3,025.20	3,149.44	3,891.81	12,034.95	13,988.98	17,860.27	24,453.15	33,479.70	45,838.29	62,758.88
Accounts Payable (%)
Capital Expenditure	-125.30	-137.42	-197.96	-54.89	-117.05	-404.07	-553.23	-757.44	-1,037.05	-1,419.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 93.89
Beta	1.545
Diluted Shares Outstanding	95.51
Cost of Debt
Tax Rate	21.26
After-tax Cost of Debt	4.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.073
Total Debt	4,103.79
Total Equity	8,967.34
Total Capital	13,071.13
Debt Weighting	31.40
Equity Weighting	68.60
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	20,053.76	23,757.29	24,675.56	31,614.17	62,343.81	85,357.20	116,865.67	160,005.07	219,068.81	299,935.14
EBITDA	767.34	1,216.23	823.25	775.98	1,513.07	2,930.08	4,011.68	5,492.54	7,520.04	10,295.96
EBIT	542.05	844.12	481.61	624.32	1,049.71	2,025.77	2,773.56	3,797.38	5,199.14	7,118.33
Tax Rate	34.28%	26.12%	24.84%	15.31%	21.26%	24.36%	24.36%	24.36%	24.36%	24.36%
EBIAT	356.25	623.67	361.98	528.74	826.57	1,532.29	2,097.92	2,872.34	3,932.62	5,384.30
Depreciation	225.29	372.11	341.64	151.66	463.36	904.31	1,238.12	1,695.16	2,320.90	3,177.63
Accounts Receivable	-	-439.72	424.43	-5,558.21	-811.14	-6,702	-6,253.96	-8,562.53	-11,723.27	-16,050.76
Inventories	-	-28.90	-137.31	-3,958.38	-2,423.70	-2,834.63	-4,393.19	-6,014.88	-8,235.19	-11,275.10
Accounts Payable	-	124.25	742.37	8,143.13	1,954.03	3,871.29	6,592.88	9,026.55	12,358.59	16,920.59
Capital Expenditure	-125.31	-137.42	-197.97	-54.89	-117.05	-404.07	-553.23	-757.44	-1,037.05	-1,419.86
UFCF	456.23	513.98	1,535.15	-747.95	-107.92	-3,632.81	-1,271.46	-1,740.80	-2,383.40	-3,263.19
WACC
PV UFCF						-3,334.69	-1,071.34	-1,346.44	-1,692.18	-2,126.70
SUM PV UFCF										-9,571.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.94
Free cash flow (t + 1)	-3,328.46
Terminal Value	-47,960.49
Present Value of Terminal Value	-31,256.96

Intrinsic Value

Enterprise Value	-40,828.31
Net Debt	3,581.19
Equity Value	-44,409.50
Shares Outstanding	95.51
Equity Value Per Share	-464.98