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Amphenol Corp. – Electronic Connector Manufacturing
amphenol is one of the largest manufacturers on the planet you’ve never heard of. founded in 1932 and headquartered out of connecticut, amphenol is a fortune 500 company with more than 80,000 employees throughout the world. our products are a key ingredient in the electronic devices that you use every day. from the cell phone in your pocket and the car you drive, to the network equipment behind your favorite app and website, amphenol products are everywhere.
Analysis Results
Intrinsic Value $185.27
Latest Price $92.28
Relative Value 50% undervalued
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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 4.1%. 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 2.39
2024 2.82 2.6
2025 3.19 2.83
2026 3.62 3.08
2027 4.1 3.35
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 123 billion. This corresponds to a present value of 96.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 14.2 billion. Adding in the terminal value gives a total present value of 111 billion.

There are presently 598.0 million outstanding shares, so the intrinsic value per share is 185.27.

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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