SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION

Financials Synnex Technology International Corporation

Equities

2347

TW0002347002

Computer Hardware

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
83.3 ^TWD	-0.83%		-3.03%	+18.66%

Mar. 15	Synnex Technology International Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 13	Synnex Technology International Corporation Proposes Cash Dividend for the Year Ended December 31, 2023, Payable on July 19, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	62,548	78,394	110,418	98,742	117,090	138,940	-
Enterprise Value (EV) ¹	93,879	120,275	158,441	147,524	179,277	180,472	189,972
P/E ratio	9.17 x	9.61 x	6.4 x	6.27 x	16.1 x	15.4 x	15.3 x
Yield	6.93%	7.02%	7.55%	5.91%	4.27%	4.44%	4.8%
Capitalization / Revenue	0.18 x	0.23 x	0.27 x	0.23 x	0.3 x	0.31 x	0.3 x
EV / Revenue	0.28 x	0.36 x	0.39 x	0.35 x	0.45 x	0.41 x	0.4 x
EV / EBITDA	14 x	15.2 x	15.9 x	15.1 x	19.3 x	19.9 x	16.1 x
EV / FCF	5.14 x	-21.2 x	-15.3 x	-9.58 x	11.9 x	45 x	-32.8 x
FCF Yield	19.4%	-4.73%	-6.54%	-10.4%	8.43%	2.22%	-3.05%
Price to Book	1.26 x	1.44 x	1.74 x	1.36 x	1.63 x	1.84 x	1.76 x
Nbr of stocks (in thousands)	1,667,947	1,667,947	1,667,947	1,667,947	1,667,947	1,667,947	-
Reference price ²	37.50	47.00	66.20	59.20	70.20	83.30	83.30
Announcement Date	3/12/20	3/14/21	3/8/22	3/8/23	3/15/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	339,995	334,201	408,812	424,550	395,991	443,507	470,120
EBITDA ¹	6,708	7,908	9,988	9,758	9,307	9,055	11,801
EBIT ¹	5,979	7,234	9,333	9,138	8,634	9,943	10,469
Operating Margin	1.76%	2.16%	2.28%	2.15%	2.18%	2.24%	2.23%
Earnings before Tax (EBT) ¹	8,890	10,501	23,232	20,275	10,517	11,901	12,422
Net income ¹	6,815	8,159	17,272	15,749	7,289	9,046	9,094
Net margin	2%	2.44%	4.22%	3.71%	1.84%	2.04%	1.93%
EPS ²	4.090	4.890	10.35	9.440	4.370	5.425	5.450
Free Cash Flow ¹	18,255	-5,685	-10,368	-15,392	15,113	4,008	-5,798
FCF margin	5.37%	-1.7%	-2.54%	-3.63%	3.82%	0.9%	-1.23%
FCF Conversion (EBITDA)	272.15%	-	-	-	162.38%	44.27%	-
FCF Conversion (Net income)	267.85%	-	-	-	207.33%	44.31%	-
Dividend per Share ²	2.600	3.300	5.000	3.500	3.000	3.700	4.000
Announcement Date	3/12/20	3/14/21	3/8/22	3/8/23	3/15/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	123,931	100,865	103,353	108,793	111,538	88,600	98,234	114,207	103,751	107,532	113,784	119,252	110,920	113,553
EBITDA	-	2,314	2,073	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,810	2,295	1,987	2,005	2,851	2,065	1,916	2,625	2,334	2,307	2,482	2,851	2,656	2,326
Operating Margin	2.27%	2.28%	1.92%	1.84%	2.56%	2.33%	1.95%	2.3%	2.25%	2.15%	2.18%	2.39%	2.39%	2.05%
Earnings before Tax (EBT) ¹	3,891	3,243	3,030	10,616	3,385	2,396	2,426	3,000	2,747	2,837	2,984	3,332	-	-
Net income ¹	3,051	2,545	2,378	8,362	2,464	1,731	1,699	2,160	2,196	2,148	2,254	2,448	2,357	-
Net margin	2.46%	2.52%	2.3%	7.69%	2.21%	1.95%	1.73%	1.89%	2.12%	2%	1.98%	2.05%	2.12%	-
EPS ²	1.820	1.530	1.430	5.010	1.480	1.040	1.020	1.300	1.320	1.270	1.400	1.530	1.410	1.120
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/8/22	5/4/22	8/4/22	11/3/22	3/8/23	5/8/23	11/7/23	3/15/24	5/9/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	31,331	41,882	48,023	48,781	62,187	41,532	51,032
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.671 x	5.296 x	4.808 x	4.999 x	6.682 x	4.587 x	4.324 x
Free Cash Flow ¹	18,255	-5,685	-10,368	-15,392	15,113	4,009	-5,798
ROE (net income / shareholders' equity)	14%	15.6%	29.2%	23.1%	10.1%	11.9%	11.3%
ROA (Net income/ Total Assets)	4.62%	5.31%	9.56%	7.44%	3.34%	4.25%	4.02%
Assets ¹	147,602	153,682	180,680	211,590	217,942	213,098	226,513
Book Value Per Share ²	29.90	32.70	38.10	43.50	43.10	45.30	47.30
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	258	763	445	304	999	539	469
Capex / Sales	0.08%	0.23%	0.11%	0.07%	0.25%	0.12%	0.1%
Announcement Date	3/12/20	3/14/21	3/8/22	3/8/23	3/15/24	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Synnex Technology International Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

83.3 TWD

Average target price

80.03 TWD

Spread / Average Target

-3.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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