Synnex Corp

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SNX : NYSE : Services
$114.73 -0.65 | -0.56%
Today's Range: 113.279 - 115.67
Avg. Daily Volume: 216500.0
08/23/17 - 2:12 PM ET

Financial Analysis


SYNNEX CORP's gross profit margin for the second quarter of its fiscal year 2017 has increased when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago. SYNNEX CORP has weak liquidity. Currently, the Quick Ratio is 0.79 which shows a lack of ability to cover short-term cash needs. The company's liquidity has decreased from the same period last year, indicating deteriorating cash flow.

During the same period, stockholders' equity ("net worth") has increased by 12.90% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the future.

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Income Statement Q2 FY17 Q2 FY16
Net Sales ($mil)3936.273379.5
EBITDA ($mil)160.61108.37
EBIT ($mil)125.1379.87
Net Income ($mil)73.1544.36


Balance Sheet Q2 FY17 Q2 FY16
Cash & Equiv. ($mil)314.98598.38
Total Assets ($mil)5528.924442.82
Total Debt ($mil)1089.75704.22
Equity ($mil)2116.211874.39


Profitability Q2 FY17 Q2 FY16
Gross Profit Margin10.369.54
EBITDA Margin4.083.2
Operating Margin3.182.36
Sales Turnover2.723.01
Return on Assets5.044.52
Return on Equity13.1810.73
Debt Q2 FY17 Q2 FY16
Current Ratio1.621.97
Debt/Capital0.340.27
Interest Expense9.417.21
Interest Coverage13.311.08


Share Data Q2 FY17 Q2 FY16
Shares outstanding (mil)39.5439.3
Div / share0.250.2
EPS1.831.11
Book value / share53.5247.7
Institutional Own % n/a n/a
Avg Daily Volume216790.0189475.0

Valuation


BUY. The current P/E ratio indicates a significant discount compared to an average of 26.83 for the Electronic Equipment, Instruments & Components industry and a discount compared to the S&P 500 average of 24.23. For additional comparison, its price-to-book ratio of 2.15 indicates a discount versus the S&P 500 average of 3.02 and a discount versus the industry average of 3.45. The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, SYNNEX CORP proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
SNX 16.53 Peers 26.83   SNX NM Peers 20.88

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

SNX is trading at a significant discount to its peers.

 

Neutral. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

SNX's P/CF is negative making the measure meaningless.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
SNX 12.87 Peers 19.69   SNX 0.39 Peers 1.39

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

SNX is trading at a significant discount to its peers.

 

Discount. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

SNX trades at a significant discount to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
SNX 2.15 Peers 3.45   SNX 38.01 Peers 37.12

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

SNX is trading at a significant discount to its peers.

 

Average. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

SNX is expected to keep pace with its peers on the basis of earnings growth.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
SNX 0.30 Peers 2.99   SNX 12.15 Peers 9.19

Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

SNX is trading at a significant discount to its industry on this measurement.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

SNX has a sales growth rate that significantly exceeds its peers.

 

 

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