Financials Amphenol Corporation

Equities

APH

US0320951017

Electronic Equipment & Parts

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
120.5 ^USD	+1.24%		+9.37%	+21.55%

Apr. 25	UBS Raises Amphenol's Price Target to $138 From $135, Maintains Buy Rating	MT
Apr. 25	Truist Securities Adjusts Price Target on Amphenol to $136 From $121	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,089	39,120	52,304	45,310	59,310	72,277	-	-
Enterprise Value (EV) ¹	34,787	41,285	55,906	48,515	62,173	74,462	74,027	73,640
P/E ratio	28.9 x	33.4 x	34.4 x	24.9 x	31.9 x	33.9 x	31.6 x	29 x
Yield	0.89%	0.8%	0.73%	1.06%	0.86%	0.73%	0.78%	0.82%
Capitalization / Revenue	3.9 x	4.55 x	4.81 x	3.59 x	4.72 x	5.22 x	4.79 x	4.48 x
EV / Revenue	4.23 x	4.8 x	5.14 x	3.84 x	4.95 x	5.38 x	4.91 x	4.57 x
EV / EBITDA	17.8 x	21.1 x	21.7 x	16.2 x	20.7 x	22.4 x	20 x	18.9 x
EV / FCF	28.8 x	31.4 x	47.4 x	27.1 x	28.8 x	34.9 x	31.7 x	27.8 x
FCF Yield	3.47%	3.19%	2.11%	3.69%	3.47%	2.86%	3.15%	3.6%
Price to Book	7.36 x	7.47 x	8.68 x	6.74 x	-	7.54 x	6.46 x	5.31 x
Nbr of stocks (in thousands)	592,983	598,310	598,028	595,095	598,310	599,855	-	-
Reference price ²	54.12	65.38	87.46	76.14	99.13	120.5	120.5	120.5
Announcement Date	1/22/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,225	8,599	10,876	12,623	12,555	13,844	15,085	16,123
EBITDA ¹	1,957	1,958	2,571	3,000	3,001	3,321	3,707	3,904
EBIT ¹	1,645	1,650	2,176	2,607	2,594	2,929	3,237	3,499
Operating Margin	19.99%	19.19%	20%	20.66%	20.66%	21.15%	21.46%	21.7%
Earnings before Tax (EBT) ¹	1,496	1,527	1,989	2,467	2,455	2,829	3,053	3,264
Net income ¹	1,155	1,203	1,591	1,902	1,928	2,219	2,351	2,545
Net margin	14.04%	13.99%	14.63%	15.07%	15.36%	16.03%	15.59%	15.79%
EPS ²	1.875	1.955	2.540	3.060	3.110	3.556	3.819	4.157
Free Cash Flow ¹	1,207	1,315	1,180	1,791	2,156	2,132	2,335	2,652
FCF margin	14.68%	15.29%	10.85%	14.19%	17.17%	15.4%	15.48%	16.45%
FCF Conversion (EBITDA)	61.7%	67.17%	45.88%	59.69%	71.85%	64.18%	62.98%	67.93%
FCF Conversion (Net income)	104.53%	109.29%	74.16%	94.14%	111.82%	96.04%	99.3%	104.21%
Dividend per Share ²	0.4800	0.5200	0.6350	0.8100	0.8500	0.8784	0.9348	0.9858
Announcement Date	1/22/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	2,818	3,027	2,952	3,137	3,295	3,239	2,974	3,054	3,199	3,328	3,256	3,301	3,553	3,645	3,469
EBITDA ¹	666.4	729	680.9	739.6	795.8	784	688	714	767.9	821.3	788.6	838.1	915.4	899.7	909.5
EBIT ¹	571.2	607.9	589.8	648.8	693.1	675.7	591.7	619.9	666.9	706.3	684.8	695.4	757.2	791.5	731.8
Operating Margin	20.27%	20.08%	19.98%	20.68%	21.03%	20.86%	19.9%	20.3%	20.85%	21.23%	21.03%	21.06%	21.31%	21.72%	21.1%
Earnings before Tax (EBT) ¹	542.2	564	563.4	620.6	650.9	632.5	559.9	595.9	633.5	665.5	662.7	661.2	716.6	753.3	-
Net income ¹	426.5	453.9	425.7	472.5	496.6	507.5	439.2	460.5	513.9	514.5	548.7	511.7	563.1	592	-
Net margin	15.13%	15%	14.42%	15.06%	15.07%	15.67%	14.77%	15.08%	16.06%	15.46%	16.85%	15.5%	15.85%	16.24%	-
EPS ²	0.6800	0.7400	0.6800	0.7600	0.8000	0.8200	0.7100	0.7400	0.8300	0.8300	0.8700	0.8167	0.8978	0.9511	-
Dividend per Share ²	0.2000	0.2000	0.2000	0.2000	0.2000	0.2100	0.2100	0.2100	-	0.2200	0.2202	0.2202	0.2202	0.2353	0.2260
Announcement Date	10/27/21	1/26/22	4/27/22	7/27/22	10/26/22	1/25/23	4/26/23	7/26/23	10/25/23	1/24/24	4/24/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,698	2,165	3,603	3,205	2,862	2,185	1,750	1,363
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.379 x	1.105 x	1.401 x	1.068 x	0.9539 x	0.6579 x	0.4721 x	0.3491 x
Free Cash Flow ¹	1,207	1,315	1,180	1,791	2,156	2,132	2,335	2,652
ROE (net income / shareholders' equity)	27%	24.3%	27.2%	28%	24.4%	22%	24%	21%
ROA (Net income/ Total Assets)	11.1%	10.4%	11.8%	12.4%	11.7%	11.9%	11.5%	12.3%
Assets ¹	10,430	11,571	13,503	15,305	16,417	18,651	20,445	20,692
Book Value Per Share ²	7.360	8.760	10.10	11.30	-	16.00	18.60	22.70
Cash Flow per Share ²	2.440	2.590	2.460	3.500	4.070	4.150	4.530	5.490
Capex ¹	295	277	360	384	373	454	465	417
Capex / Sales	3.59%	3.22%	3.31%	3.04%	2.97%	3.28%	3.08%	2.59%
Announcement Date	1/22/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Amphenol Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

120.5 USD

Average target price

122.4 USD

Spread / Average Target

+1.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
AMPHENOL CORPORATION	+21.55%	72.28B
HON HAI PRECISION INDUSTRY CO., LTD.	+48.33%	65.86B
MURATA MANUFACTURING CO., LTD	-4.21%	34.41B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-16.43%	28.52B
JABIL INC.	-7.17%	14.26B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-13.03%	9.92B
LENS TECHNOLOGY CO., LTD.	+5.83%	9.52B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+71.16%	8.54B
YAGEO CORPORATION	+3.02%	7.91B
EOPTOLINK TECHNOLOGY INC., LTD.	+69.91%	8.21B

Electronic Component