APH Intrinsic Value

APH

Amphenol Corp. – Electronic Connector Manufacturing

Amphenol Corporation is one of the world's largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial and high-speed specialty cable. Amphenol designs, manufactures and assembles its products at facilities in the Americas, Europe, Asia, Australia and Africa and sells its products through its own global sales force, independent representatives and a global network of electronics distributors. Amphenol has a diversified presence as a leader in high-growth areas of the interconnect market including: Automotive, Broadband Communications, Commercial Aerospace, Industrial, Information Technology and Data Communications, Military, Mobile Devices and Mobile Networks.

Analysis Results

Intrinsic Value	$83.95
Latest Price	$76.61
Relative Value	9% undervalued

Share results:

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Cash Flow (Billions)

Analysis Parameters

New Ticker

Analysis Details

Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 13.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year	Future flow (billion)	Present value (billion)
2023	2.48	2.28
2024	2.82	2.38
2025	3.19	2.48
2026	3.62	2.59
2027	4.1	2.7

Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 62.1 billion. This corresponds to a present value of 37.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 12.4 billion. Adding in the terminal value gives a total present value of 50.0 billion.

There are presently 595.0 million outstanding shares, so the intrinsic value per share is 83.95.

Financial Statements

The following data was to determine the past cash flows.

Current Assets	6,479,100,000
Current Cash	1,434,200,000
Current Liabilities	2,676,100,000
Current Debt	2,700,000
Non-Cash Working Capital (NCWC)	2,371,500,000
Change in NCWC	97,800,000
EBIT	2,607,300,000
Tax Provision	550,600,000
Depreciation and Amortization	392,900,000
Capital Expenditure	-383,800,000
Unlevered Free Cash Flow	2,132,381,332

Current Assets	5,958,200,000
Current Cash	1,241,400,000
Current Liabilities	2,447,100,000
Current Debt	4,000,000
Non-Cash Working Capital (NCWC)	2,273,700,000
Change in NCWC	595,000,000
EBIT	2,175,500,000
Tax Provision	409,100,000
Depreciation and Amortization	395,600,000
Capital Expenditure	-360,400,000
Unlevered Free Cash Flow	2,358,285,436

Current Assets	5,490,800,000
Current Cash	1,738,100,000
Current Liabilities	2,304,300,000
Current Debt	230,300,000
Non-Cash Working Capital (NCWC)	1,678,700,000
Change in NCWC	105,500,000
EBIT	1,649,900,000
Tax Provision	313,300,000
Depreciation and Amortization	308,100,000
Capital Expenditure	-276,800,000
Unlevered Free Cash Flow	1,448,095,473

Current Assets	4,211,200,000
Current Cash	908,600,000
Current Liabilities	2,132,700,000
Current Debt	403,300,000
Non-Cash Working Capital (NCWC)	1,573,200,000
Change in NCWC	-19,700,000
EBIT	1,644,600,000
Tax Provision	331,900,000
Depreciation and Amortization	312,100,000
Capital Expenditure	-295,000,000
Unlevered Free Cash Flow	1,277,107,467

Current Assets	4,571,600,000
Current Cash	1,291,700,000
Current Liabilities	2,451,300,000
Current Debt	764,300,000
Non-Cash Working Capital (NCWC)	1,592,900,000
Change in NCWC	268,900,000
EBIT	1,695,400,000
Tax Provision	371,500,000
Depreciation and Amortization	299,700,000
Capital Expenditure	-310,600,000
Unlevered Free Cash Flow	1,556,874,502

Current Assets	4,656,000,000
Current Cash	1,753,700,000
Current Liabilities	1,579,400,000
Current Debt	1,100,000
Non-Cash Working Capital (NCWC)	1,324,000,000
Change in NCWC	166,000,000
EBIT	1,431,600,000
Tax Provision	293,200,000
Depreciation and Amortization	226,800,000
Capital Expenditure	-226,600,000
Unlevered Free Cash Flow	1,287,429,458

Current Assets	3,591,200,000
Current Cash	1,173,200,000
Current Liabilities	1,635,200,000
Current Debt	375,200,000
Non-Cash Working Capital (NCWC)	1,158,000,000
Change in NCWC	76,500,000
EBIT	1,241,800,000
Tax Provision	308,500,000
Depreciation and Amortization	217,000,000
Capital Expenditure	-190,800,000
Unlevered Free Cash Flow	1,008,775,435

Current Assets	3,850,000,000
Current Cash	1,760,400,000
Current Liabilities	1,008,400,000
Current Debt	300,000
Non-Cash Working Capital (NCWC)	1,081,500,000
Change in NCWC	-49,000,000
EBIT	1,110,400,000
Tax Provision	280,500,000
Depreciation and Amortization	171,600,000
Capital Expenditure	-172,100,000
Unlevered Free Cash Flow	765,053,495

Current Assets	3,504,100,000
Current Cash	1,329,600,000
Current Liabilities	1,045,600,000
Current Debt	1,600,000
Non-Cash Working Capital (NCWC)	1,130,500,000
Change in NCWC	73,536,000
EBIT	1,048,700,000
Tax Provision	257,300,000
Depreciation and Amortization	168,100,000
Capital Expenditure	-209,100,000
Unlevered Free Cash Flow	803,775,321

Current Assets	3,157,567,000
Current Cash	1,192,162,000
Current Liabilities	1,609,878,000
Current Debt	701,437,000
Non-Cash Working Capital (NCWC)	1,056,964,000
Change in NCWC	80,773,000
EBIT	902,796,000
Tax Provision	207,896,000
Depreciation and Amortization	136,482,000
Capital Expenditure	-158,448,000
Unlevered Free Cash Flow	739,918,968

Current Assets	2,706,915,000
Current Cash	942,503,000
Current Liabilities	888,514,000
Current Debt	100,293,000
Non-Cash Working Capital (NCWC)	976,191,000
Change in NCWC	86,005,000
EBIT	830,345,000
Tax Provision	219,333,000
Depreciation and Amortization	121,779,000
Capital Expenditure	-129,099,000
Unlevered Free Cash Flow	675,192,721

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