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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 $110.43
Latest Price $69.92
Relative Value 37% undervalued
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Cash Flow (Billions)
Analysis Parameters
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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 17.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.7%, 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)
2022 2.65 2.45
2023 3.13 2.67
2024 3.68 2.9
2025 4.33 3.15
2026 5.1 3.43
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 82.8 billion. This corresponds to a present value of 51.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 14.6 billion. Adding in the terminal value gives a total present value of 65.9 billion.

There are presently 597.0 million outstanding shares, so the intrinsic value per share is 110.43.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 11,916,400,000
Current Cash 2,482,800,000
Current Liabilities 4,894,200,000
Current Debt 8,000,000
Non-Cash Working Capital (NCWC) 4,547,400,000
Change in NCWC 2,868,700,000
EBIT 4,351,000,000
Tax Provision 818,200,000
Depreciation and Amortization 791,200,000
Capital Expenditure -720,800,000
Unlevered Free Cash Flow 6,395,270,872
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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