Financials Amphenol Corporation

Equities

APH

US0320951017

Electronic Equipment & Parts

Market Closed - Nyse Other stock markets 21:00:02 17/06/2024 BST			5-day change	1st Jan Change
69.16 ^USD	+1.30%		+3.35%	+39.53%

11:49am	Goldman Sachs Adjusts Price Target on Amphenol to $74 From $70	MT
11:39am	BNP Paribas Adjusts Price Target on Amphenol to $66 From $132	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	83,076	-	-
Enterprise Value (EV) ¹	34,787	41,285	55,906	48,515	62,173	86,398	85,880	85,675
P/E ratio	28.9 x	33.4 x	34.4 x	24.9 x	31.9 x	38.8 x	34.9 x	31.4 x
Yield	0.89%	0.8%	0.73%	1.06%	0.86%	0.64%	0.67%	0.71%
Capitalization / Revenue	3.9 x	4.55 x	4.81 x	3.59 x	4.72 x	5.9 x	5.3 x	4.9 x
EV / Revenue	4.23 x	4.8 x	5.14 x	3.84 x	4.95 x	6.14 x	5.48 x	5.05 x
EV / EBITDA	17.8 x	21.1 x	21.7 x	16.2 x	20.7 x	25.5 x	22.3 x	20.6 x
EV / FCF	28.8 x	31.4 x	47.4 x	27.1 x	28.8 x	40.9 x	36.8 x	33.6 x
FCF Yield	3.47%	3.19%	2.11%	3.69%	3.47%	2.44%	2.72%	2.97%
Price to Book	7.36 x	7.47 x	8.68 x	6.74 x	-	8.71 x	7.47 x	6.15 x
Nbr of stocks (in thousands)	1,185,967	1,196,619	1,196,056	1,190,189	1,196,620	1,201,208	-	-
Reference price ²	27.06	32.69	43.73	38.07	49.56	69.16	69.16	69.16
Announcement Date	22/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

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	14,074	15,665	16,967
EBITDA ¹	1,957	1,958	2,571	3,000	3,001	3,383	3,847	4,162
EBIT ¹	1,645	1,650	2,176	2,607	2,594	2,951	3,347	3,669
Operating Margin	19.99%	19.19%	20%	20.66%	20.66%	20.97%	21.37%	21.62%
Earnings before Tax (EBT) ¹	1,496	1,527	1,989	2,467	2,455	2,820	3,191	3,374
Net income ¹	1,155	1,203	1,591	1,902	1,928	2,218	2,459	2,635
Net margin	14.04%	13.99%	14.63%	15.07%	15.36%	15.76%	15.7%	15.53%
EPS ²	0.9375	0.9775	1.270	1.530	1.555	1.781	1.979	2.203
Free Cash Flow ¹	1,207	1,315	1,180	1,791	2,156	2,112	2,334	2,548
FCF margin	14.68%	15.29%	10.85%	14.19%	17.17%	15.01%	14.9%	15.02%
FCF Conversion (EBITDA)	61.7%	67.17%	45.88%	59.69%	71.85%	62.44%	60.68%	61.23%
FCF Conversion (Net income)	104.53%	109.29%	74.16%	94.14%	111.82%	95.24%	94.94%	96.72%
Dividend per Share ²	0.2400	0.2600	0.3175	0.4050	0.4250	0.4403	0.4654	0.4891
Announcement Date	22/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	3,027	2,952	3,137	3,295	3,239	2,974	3,054	3,199	3,328	3,256	3,361	3,660	3,759	3,658	3,811
EBITDA ¹	729	680.9	739.6	795.8	784	688	714	767.9	821.3	788.6	815	878.2	906.3	906.7	920.2
EBIT ¹	607.9	589.8	648.8	693.1	675.7	591.7	619.9	666.9	706.3	684.8	705.2	764.1	801	770.1	806.5
Operating Margin	20.08%	19.98%	20.68%	21.03%	20.86%	19.9%	20.3%	20.85%	21.23%	21.03%	20.98%	20.88%	21.31%	21.05%	21.16%
Earnings before Tax (EBT) ¹	564	563.4	620.6	650.9	632.5	559.9	595.9	633.5	665.5	662.7	672.4	713.3	751.1	-	-
Net income ¹	453.9	425.7	472.5	496.6	507.5	439.2	460.5	513.9	514.5	548.7	519.8	560.7	589.4	599.6	612.6
Net margin	15%	14.42%	15.06%	15.07%	15.67%	14.77%	15.08%	16.06%	15.46%	16.85%	15.47%	15.32%	15.68%	16.39%	16.07%
EPS ²	0.3700	0.3400	0.3800	0.4000	0.4100	0.3550	0.3700	0.4150	0.4150	0.4350	0.4143	0.4485	0.4732	0.4750	0.4850
Dividend per Share ²	0.1000	0.1000	0.1000	0.1000	0.1050	0.1050	0.1050	-	0.1100	0.1100	0.1100	0.1100	0.1182	0.1129	0.1155
Announcement Date	26/01/22	27/04/22	27/07/22	26/10/22	25/01/23	26/04/23	26/07/23	25/10/23	24/01/24	24/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,698	2,165	3,603	3,205	2,862	3,323	2,804	2,599
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.379 x	1.105 x	1.401 x	1.068 x	0.9539 x	0.9822 x	0.7289 x	0.6245 x
Free Cash Flow ¹	1,207	1,315	1,180	1,791	2,156	2,112	2,334	2,548
ROE (net income / shareholders' equity)	27%	24.3%	27.2%	28%	24.4%	24.1%	24%	21%
ROA (Net income/ Total Assets)	11.1%	10.4%	11.8%	12.4%	11.7%	11.8%	11.8%	12.3%
Assets ¹	10,430	11,571	13,503	15,305	16,417	18,753	20,848	21,420
Book Value Per Share ²	3.680	4.380	5.040	5.650	-	7.940	9.260	11.30
Cash Flow per Share ²	1.220	1.290	1.230	1.750	2.040	2.070	2.260	2.750
Capex ¹	295	277	360	384	373	471	463	493
Capex / Sales	3.59%	3.22%	3.31%	3.04%	2.97%	3.35%	2.95%	2.91%
Announcement Date	22/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

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

69.16 USD

Average target price

67.79 USD

Spread / Average Target

-1.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
AMPHENOL CORPORATION	+39.53%	83.08B
HON HAI PRECISION INDUSTRY CO., LTD.	+91.39%	85.59B
MURATA MANUFACTURING CO., LTD	+10.59%	38.55B
LUXSHARE PRECISION INDUSTRY CO., LTD.	+7.40%	36.6B
JABIL INC.	-2.29%	15.01B
LENS TECHNOLOGY CO., LTD.	+28.79%	11.57B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	+0.36%	11.43B
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	+8.61%	11.41B
COHERENT CORP.	+69.95%	11.28B
EOPTOLINK TECHNOLOGY INC., LTD.	+124.03%	10.81B

Electronic Component