SNX — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($153.31)
DCF	$1391.50	+807.6%
Graham Number	$153.68	+0.2%
Reverse DCF	—	implied g: -2.6%
DDM	$39.55	-74.2%
EV/EBITDA	$157.35	+2.6%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.34B

Near-term growth (yrs 1–5)(%)Rev: 9.7% / EPS: 33.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.13%

Computed WACC: 8.13%

Cost of equity (Re)11.47%(Rf 4.30% + β 1.30 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)70.89%

Debt weight (D/V)29.11%

Results

Intrinsic Value / share$1666.18

Current Price$153.31

Upside / Downside+986.8%

Net Debt (used)$2.65B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	25.1%	29.1%	33.1%	37.1%	41.1%
7.0%	$1605.32	$1876.42	$2182.74	$2527.61	$2914.60
8.0%	$1261.62	$1474.31	$1714.52	$1984.85	$2288.09
9.0%	$1026.26	$1199.00	$1394.00	$1613.36	$1859.33
10.0%	$855.74	$999.56	$1161.85	$1344.34	$1548.88
11.0%	$727.01	$849.05	$986.68	$1141.38	$1314.70

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $9.95

Book Value / share($)Yahoo: $105.50

Results

Graham Number$153.68

Current Price$153.31

Margin of Safety+0.2%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.13%

Terminal growth rate(%)

Computed WACC: 8.13%

Cost of equity (Re)11.47%(Rf 4.30% + β 1.30 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)70.89%

Debt weight (D/V)29.11%

Results

Current Price$153.31

Implied Near-term FCF Growth-4.8%

Historical Revenue Growth9.7%

Historical Earnings Growth33.1%

Base FCF (TTM)$1.34B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.55

Current Price$153.31

Upside / Downside-74.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.84B

Target EV/EBITDA multipleCurrent: 8.3×

Net Debt($B)Default: $2.65B

Results

Implied Equity Value / share$157.35

Current Price$153.31

Upside / Downside+2.6%

Implied EV$15.33B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$646.59M	$1.65B	$2.65B	$3.65B	$4.65B
4.3x	$91.03	$78.63	$66.23	$53.82	$41.42
6.3x	$136.59	$124.19	$111.79	$99.38	$86.98
8.3x	$182.16	$169.75	$157.35	$144.95	$132.54
10.3x	$227.72	$215.31	$202.91	$190.51	$178.11
12.3x	$273.28	$260.88	$248.47	$236.07	$223.67

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