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Td Synnex Corp

SNXAbove valueExpectations · modest

Held by 4 superinvestors.

Price$255.17
Holders4
Total value$500.3M

SEC 10-K · fundamentals

Business quality

as of 2025-11-30

Valuation basis: trailing twelve months to 2026-05-31 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+6.9%
Net margin
1.3%
ROE
9.8%
FCF margin
2.2%
Revenue $24.68B → $62.51B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$152/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$255
cheaperpricier

Zero-growth floor

$108

Central IV

$152

Optimistic top

$178

Td Synnex Corp (SNX): A conservative value band $108–$178 / sh (zero-growth floor to growth-capped optimistic top); central read about $152. Today’s price sits above that band (price $255 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 2% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 11.1% · Zero-growth downside $108

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $119.67 – $178.13 · Greenwald zero-growth $150.54 · zero-growth base $150.54 · reproduction $14.94

Moat Franchise (moat) · terminal value 40% of present value · owner-earnings yield 6% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$108.20 – $145.48 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-05-31, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 447% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$124.51 – $150.54 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.6–11.6% band (9–11% base + 0.6pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-05-31, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 447% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.6pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 4.1 years of owner earnings, adding 0.6pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $1.19B = $14.94 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.

Window TTM 2026-05-31, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 20% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 4.1 years of owner earnings → +0.6pp cost-of-equity premium → effective 9.6%–11.6%.

Owner-earnings DCF: growth g₁ 2% · OE FY TTM 2026-05-31, 2024, 2023, 2022, 2021 · Discount band: 9.73%–12.57% (DGS10 +4.5% to a 12% strict end, each +0.57pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-05-31 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 11.7% a year in owner-earnings for the next few years. Revenue actually grew 20.1% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 5 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

4 holders · $500.3M combined · this quarter +1 opened / -0 exited

This quarter1 opened3 trimmed
Holders 3 → 4 · last 8q

SEC 13F · notes

Written summary

Td Synnex Corp (SNX) is held by 4 of the superinvestors tracked on Compounder, with a combined $500.3M in reported 13F value. The largest position belongs to Glenn Greenberg, where it makes up 8.4% of the portfolio.

Other notable holders by value include David Einhorn (2.6% of its book), Ray Dalio (0.1% of its book) and Lee Ainslie (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in SNX, 0 added to existing ones, 3 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Td Synnex Corp (SNX) also commonly hold →

SNX's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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