Discounted Cash Flow (DCF) Analysis Unlevered

Amphenol Corporation (APH)

$78.65

+0.26 (+0.33%)

All numbers are in Millions, Currency in USD

Stock DCF: 40.59 | 78.65 | overvalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	7,011.30	8,202	8,225.40	8,598.90	10,876.30	12,189.44	13,661.11	15,310.47	17,158.96	19,230.62
Revenue (%)
EBITDA	1,661.30	1,977.90	1,916.60	1,940.20	2,511	2,846.49	3,190.16	3,575.32	4,006.98	4,490.76
EBITDA (%)
EBIT	1,434.50	1,678.20	1,604.50	1,632.10	2,115.40	2,410.03	2,701	3,027.10	3,392.58	3,802.17
EBIT (%)
Depreciation	226.80	299.70	312.10	308.10	395.60	436.46	489.16	548.22	614.41	688.59
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	1,753.70	1,291.70	908.60	1,738.10	1,241.40	2,034.03	2,279.61	2,554.83	2,863.29	3,208.98
Total Cash (%)
Account Receivables	1,598.60	1,791.80	1,736.40	1,951.60	2,454.80	2,706.60	3,033.38	3,399.61	3,810.06	4,270.07
Account Receivables (%)
Inventories	1,106.90	1,233.80	1,310.10	1,462.20	1,894.10	1,979	2,217.94	2,485.71	2,785.82	3,122.17
Inventories (%)
Accounts Payable	875.60	890.50	866.80	1,120.70	1,312	1,437.86	1,611.45	1,806.01	2,024.06	2,268.43
Accounts Payable (%)
Capital Expenditure	-226.60	-310.60	-295	-276.80	-360.40	-417.80	-468.25	-524.78	-588.14	-659.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 78.65
Beta	1.249
Diluted Shares Outstanding	625.50
Cost of Debt
Tax Rate	20.03
After-tax Cost of Debt	1.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.413
Total Debt	4,799.90
Total Equity	49,195.57
Total Capital	53,995.47
Debt Weighting	8.89
Equity Weighting	91.11
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	7,011.30	8,202	8,225.40	8,598.90	10,876.30	12,189.44	13,661.11	15,310.47	17,158.96	19,230.62
EBITDA	1,661.30	1,977.90	1,916.60	1,940.20	2,511	2,846.49	3,190.16	3,575.32	4,006.98	4,490.76
EBIT	1,434.50	1,678.20	1,604.50	1,632.10	2,115.40	2,410.03	2,701	3,027.10	3,392.58	3,802.17
Tax Rate	51.90%	24.14%	22.79%	21.17%	20.03%	28.01%	28.01%	28.01%	28.01%	28.01%
EBIAT	689.99	1,273.12	1,238.85	1,286.56	1,691.72	1,735.10	1,944.58	2,179.36	2,442.48	2,737.37
Depreciation	226.80	299.70	312.10	308.10	395.60	436.46	489.16	548.22	614.41	688.59
Accounts Receivable	-	-193.20	55.40	-215.20	-503.20	-251.80	-326.78	-366.23	-410.45	-460
Inventories	-	-126.90	-76.30	-152.10	-431.90	-84.90	-238.93	-267.78	-300.11	-336.34
Accounts Payable	-	14.90	-23.70	253.90	191.30	125.86	173.60	194.56	218.05	244.37
Capital Expenditure	-226.60	-310.60	-295	-276.80	-360.40	-417.80	-468.25	-524.78	-588.14	-659.14
UFCF	690.19	957.02	1,211.35	1,204.46	983.12	1,542.91	1,573.38	1,763.34	1,976.24	2,214.83
WACC
PV UFCF						1,418.76	1,330.38	1,371.04	1,412.93	1,456.11
SUM PV UFCF										6,989.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.75
Free cash flow (t + 1)	2,259.13
Terminal Value	33,468.62
Present Value of Terminal Value	22,003.48

Intrinsic Value

Enterprise Value	28,992.71
Net Debt	3,602.80
Equity Value	25,389.91
Shares Outstanding	625.50
Equity Value Per Share	40.59