<div id="readability-page-1"><div>The business model is twofold and deeply complementary On the one hand, Endpoint Solutions brings together terminals, PCs, printers, peripherals, and mobility: everything that puts computing power in the hands of the user. On the other, Advanced Solutions assembles the backbone of the modern data center: hybrid cloud, security, storage, networking, servers, converged and hyperscale infrastructure. The latter includes Hyve, the integration business designed for hyperscalers, capable of delivering complete computing and networking racks at the pace of AI investments. Around these two pillars, TD Synnex has built a ring of services (integration, logistics, repair, customer success, cloud, financing, marketing) that streamlines technology adoption and builds ecosystem loyalty. The company operates throughout the Americas, Europe, and Asia-Pacific/Japan: a global footprint that diversifies cycles and cushions shocks.Its model is running fast and well In Q3 2025, the company reported record gross billings of $22.7bn, up 12% (10% in constant currency), for revenue of approximately $15.65bn. Adjusted EPS was $3.58, up 25% and above expectations. The drivers are clear: +26% in software (cybersecurity and infrastructure software), robust PC demand (Windows 11, rise of AI PCs), and strong traction from Advanced Solutions, where Hyve grew by over 30%, thanks to AI infrastructure deployments at hyperscalers. The momentum is global: Latin America and APJ are posting double-digit growth, SMEs/MSPs are outperforming, and the company has seen Hyve's margins return to historic levels, proving that scale does not come at the expense of profitability.<img height="375" src="https://imageproxy.pbkrs.com/https://cdn.zonebourse.com/static/hes/TD-SYNNEX-CORPORATION_.svg/query-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?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="713" original-src="https://imageproxy.pbkrs.com/https://cdn.zonebourse.com/static/hes/TD-SYNNEX-CORPORATION_.svg/query-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"/>Above all, this performance is part of a coherent digital strategy The new Partner First portal unifies commerce, renewals, services, training, and community in a single digital experience, powered by AI for recommendation and decision support. This platformization is not cosmetic: it reduces friction in the purchasing process, speeds up operations, and ultimately increases conversion rates and partner retention. It meets the expectations expressed by the network: sector expertise, consulting, specialized services (AI, analytics, vertical solutions). In other words, TD Synnex doesn't just ship boxes; it industrializes the distribution of solutions and the upskilling of the channel, which widens the competitive gap.In AI, the company does more than just marketing The Destination AI initiative and the AI Pioneers program (co-designed with NVIDIA) aim to bridge the talent gap and transform use cases into blueprints that can be reused by partners. The expanded strategic collaboration agreement with AWS in North America, Latin America, and the Caribbean reinforces this activation capability: accelerated cloud migration and modernization, easier access to AWS AI services, and faster monetization via AWS Marketplace. Downstream, alliances such as Newforma/Datech demonstrate the depth of the vertical software offering (in this case, AECO) that the company can scale. Finally, the acquisition of shares in Gateway Computer in Japan illustrates the desire to establish a local presence in key markets.Visibility improving in terms of trajectory For Q4 2025, management is targeting billings of $23bn-$24bn (mid-point +11%), $16.5bn-$17.3bn in revenue, and $3.45-3.95 in adjusted EPS. Free cash flow (FCF) for 2025 has been recalibrated to $800m-$850m (vs. $1.1bn previously), not due to operational weakness (Q3 generated $214m), but rather due to working capital requirements to support stronger growth, particularly at Hyve. The company maintains its ambition of a net income: FCF conversion of around 95% in the medium term and maintains a quarterly dividend of $0.44 per share.Valuation remains reasonable given this profile In 2025, the stock is trading at around 16.9x expected earnings, falling to 15.1x in 2026, with a modest EV/revenue multiple of 0.26x (0.24x in 2026) and an EV/EBITDA multiple of around 8.5x (7.9x in 2026). The FCF yield is estimated at 5.3% in 2025 and 7.2% in 2026, while the PEG is around 0.7x in 2025, an attractive level for a disciplined growth stock. Market capitalization is around $13.4bn for an enterprise value of $16.1bn. The modest dividend yield (1.1%) reflects a balanced allocation policy between buybacks, dividends, and investments in Hyve capacity and digital platforms. The PBR will hover around 1.6x in 2025, a sign of tangible value creation without excessive speculation.Why does this AI infrastructure deserve a premium? Because the investment cycle of hyperscalers spans several years, because the renewal of workstations (Windows 11, AI PCs) is a real driver of demand, and because monetization occurs both at the margin (increasing software/cyber mix) and in volume (Hyve, cloud, servers, network). Above all, the network advantage is difficult to replicate: TD Synnex connects thousands of partners, aggregates the offerings of multiple OEMs/ISVs/clouds, and defuses complexity with high value-added services. It is a logistics and commercial platform model whose barrier to entry is not a patent, but scale, processes, data, and channel trust. Risks exist: the intrinsic volatility of Hyve programs, the gradual standardization of the PC cycle, supply chain uncertainties, and currency effects. Management does not minimize these risks, but it offers three countermeasures: diversification of Hyve's customer mix (beyond the first account), the Partner First platform that stabilizes the channel's recurring business, and anchoring in structuring partnerships (AWS, NVIDIA) that support demand for AI and cloud solutions over the long term.In a market where multiples often soar on the back of promises, the stock offers a still reasonable entry point given the outlook (2026 P/E ratio of 15x, FCF yield&gt; 7%). For investors with a multi-year horizon, this is less an AI story than an AI infrastructure purchase: an asset offering execution, network, and cash flow. It is an original idea precisely because it does not seek to be original: it simply delivers. </div></div>

新聚思

新聚思报告称，2025 年第三季度的总账单创纪录达到 227 亿美元，同比增长 12%，收入约为 156.5 亿美元，调整后每股收益为 3.58 美元，同比增长 25%。该公司的双重商业模式结合了终端解决方案和高级解决方案，通过人工智能基础设施和软件需求推动增长。对于 2025 年第四季度，管理层的目标是账单在 230 亿至 240 亿美元之间，收入在 165 亿至 173 亿美元之间。该股票的预期市盈率为 16.9 倍，市值为 134 亿美元。风险包括供应链不确定性和货币影响，但公司在人工智能基础设施领域保持强大的竞争地位

在人工智能领域，一个具有吸引力估值的原创理念