Intrinsic value of Amphenol Cl A - APH

Previous Close

$78.42

  Intrinsic Value

$69.67

stock screener

  Rating & Target

hold

-11%

  Value-price divergence*

+57%

Previous close

$78.42

 
Intrinsic value

$69.67

 
Up/down potential

-11%

 
Rating

hold

 
Value-price divergence*

+57%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of APH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 24.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.87
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  6,286
  6,757
  7,247
  7,756
  8,286
  8,836
  9,408
  10,004
  10,623
  11,269
  11,941
  12,643
  13,374
  14,137
  14,934
  15,766
  16,635
  17,544
  18,494
  19,488
  20,529
  21,618
  22,758
  23,951
  25,202
  26,512
  27,886
  29,325
  30,834
  32,416
  34,075
Variable operating expenses, $m
 
  5,392
  5,756
  6,135
  6,528
  6,937
  7,363
  7,805
  8,266
  8,746
  9,246
  9,399
  9,943
  10,510
  11,103
  11,721
  12,368
  13,043
  13,750
  14,489
  15,263
  16,072
  16,920
  17,807
  18,737
  19,711
  20,732
  21,802
  22,924
  24,100
  25,334
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,081
  5,392
  5,756
  6,135
  6,528
  6,937
  7,363
  7,805
  8,266
  8,746
  9,246
  9,399
  9,943
  10,510
  11,103
  11,721
  12,368
  13,043
  13,750
  14,489
  15,263
  16,072
  16,920
  17,807
  18,737
  19,711
  20,732
  21,802
  22,924
  24,100
  25,334
Operating income, $m
  1,205
  1,366
  1,491
  1,622
  1,758
  1,899
  2,046
  2,198
  2,357
  2,523
  2,695
  3,243
  3,431
  3,627
  3,831
  4,044
  4,267
  4,501
  4,744
  4,999
  5,266
  5,545
  5,838
  6,144
  6,465
  6,801
  7,153
  7,523
  7,910
  8,316
  8,741
EBITDA, $m
  1,422
  1,785
  1,915
  2,049
  2,189
  2,334
  2,486
  2,643
  2,807
  2,977
  3,155
  3,340
  3,533
  3,735
  3,945
  4,165
  4,395
  4,635
  4,886
  5,149
  5,424
  5,711
  6,013
  6,328
  6,658
  7,005
  7,367
  7,748
  8,146
  8,564
  9,003
Interest expense (income), $m
  69
  92
  104
  116
  129
  142
  155
  169
  184
  200
  216
  232
  250
  268
  287
  306
  327
  348
  371
  394
  419
  445
  472
  500
  530
  561
  593
  627
  663
  700
  739
Earnings before tax, $m
  1,141
  1,273
  1,387
  1,506
  1,629
  1,757
  1,890
  2,029
  2,173
  2,323
  2,480
  3,011
  3,181
  3,359
  3,544
  3,738
  3,940
  4,152
  4,373
  4,605
  4,847
  5,101
  5,366
  5,644
  5,935
  6,241
  6,560
  6,896
  7,247
  7,616
  8,002
Tax expense, $m
  308
  344
  375
  407
  440
  474
  510
  548
  587
  627
  670
  813
  859
  907
  957
  1,009
  1,064
  1,121
  1,181
  1,243
  1,309
  1,377
  1,449
  1,524
  1,603
  1,685
  1,771
  1,862
  1,957
  2,056
  2,161
Net income, $m
  823
  930
  1,013
  1,099
  1,189
  1,283
  1,380
  1,481
  1,586
  1,696
  1,810
  2,198
  2,322
  2,452
  2,587
  2,729
  2,877
  3,031
  3,193
  3,362
  3,538
  3,723
  3,917
  4,120
  4,333
  4,556
  4,789
  5,034
  5,290
  5,559
  5,841

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,173
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,499
  7,876
  8,447
  9,040
  9,657
  10,298
  10,965
  11,659
  12,381
  13,134
  13,918
  14,735
  15,587
  16,477
  17,405
  18,375
  19,388
  20,448
  21,555
  22,714
  23,926
  25,195
  26,524
  27,915
  29,373
  30,900
  32,501
  34,178
  35,937
  37,781
  39,714
Adjusted assets (=assets-cash), $m
  7,326
  7,876
  8,447
  9,040
  9,657
  10,298
  10,965
  11,659
  12,381
  13,134
  13,918
  14,735
  15,587
  16,477
  17,405
  18,375
  19,388
  20,448
  21,555
  22,714
  23,926
  25,195
  26,524
  27,915
  29,373
  30,900
  32,501
  34,178
  35,937
  37,781
  39,714
Revenue / Adjusted assets
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
Average production assets, $m
  913
  980
  1,051
  1,125
  1,201
  1,281
  1,364
  1,451
  1,540
  1,634
  1,731
  1,833
  1,939
  2,050
  2,165
  2,286
  2,412
  2,544
  2,682
  2,826
  2,977
  3,135
  3,300
  3,473
  3,654
  3,844
  4,043
  4,252
  4,471
  4,700
  4,941
Working capital, $m
  1,956
  1,243
  1,334
  1,427
  1,525
  1,626
  1,731
  1,841
  1,955
  2,073
  2,197
  2,326
  2,461
  2,601
  2,748
  2,901
  3,061
  3,228
  3,403
  3,586
  3,777
  3,978
  4,187
  4,407
  4,637
  4,878
  5,131
  5,396
  5,673
  5,965
  6,270
Total debt, $m
  3,011
  2,968
  3,314
  3,674
  4,049
  4,438
  4,843
  5,264
  5,703
  6,159
  6,635
  7,131
  7,648
  8,188
  8,752
  9,341
  9,956
  10,599
  11,271
  11,974
  12,710
  13,481
  14,287
  15,132
  16,016
  16,943
  17,915
  18,933
  20,001
  21,120
  22,294
Total liabilities, $m
  4,824
  4,781
  5,127
  5,487
  5,862
  6,251
  6,656
  7,077
  7,516
  7,972
  8,448
  8,944
  9,461
  10,001
  10,565
  11,154
  11,769
  12,412
  13,084
  13,787
  14,523
  15,294
  16,100
  16,945
  17,829
  18,756
  19,728
  20,746
  21,814
  22,933
  24,107
Total equity, $m
  3,675
  3,095
  3,320
  3,553
  3,795
  4,047
  4,309
  4,582
  4,866
  5,162
  5,470
  5,791
  6,126
  6,475
  6,840
  7,221
  7,620
  8,036
  8,471
  8,927
  9,403
  9,902
  10,424
  10,971
  11,544
  12,144
  12,773
  13,432
  14,123
  14,848
  15,608
Total liabilities and equity, $m
  8,499
  7,876
  8,447
  9,040
  9,657
  10,298
  10,965
  11,659
  12,382
  13,134
  13,918
  14,735
  15,587
  16,476
  17,405
  18,375
  19,389
  20,448
  21,555
  22,714
  23,926
  25,196
  26,524
  27,916
  29,373
  30,900
  32,501
  34,178
  35,937
  37,781
  39,715
Debt-to-equity ratio
  0.819
  0.960
  1.000
  1.030
  1.070
  1.100
  1.120
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.290
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.400
  1.410
  1.420
  1.420
  1.430
Adjusted equity ratio
  0.342
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  823
  930
  1,013
  1,099
  1,189
  1,283
  1,380
  1,481
  1,586
  1,696
  1,810
  2,198
  2,322
  2,452
  2,587
  2,729
  2,877
  3,031
  3,193
  3,362
  3,538
  3,723
  3,917
  4,120
  4,333
  4,556
  4,789
  5,034
  5,290
  5,559
  5,841
Depreciation, amort., depletion, $m
  217
  420
  424
  427
  431
  436
  440
  445
  449
  454
  460
  97
  103
  108
  115
  121
  128
  135
  142
  150
  157
  166
  175
  184
  193
  203
  214
  225
  237
  249
  261
Funds from operations, $m
  1,103
  1,349
  1,436
  1,527
  1,621
  1,718
  1,820
  1,926
  2,036
  2,150
  2,270
  2,295
  2,425
  2,560
  2,702
  2,850
  3,004
  3,166
  3,334
  3,511
  3,696
  3,889
  4,092
  4,304
  4,526
  4,759
  5,003
  5,259
  5,527
  5,808
  6,103
Change in working capital, $m
  25
  87
  90
  94
  97
  101
  105
  110
  114
  119
  124
  129
  135
  140
  147
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  253
  265
  278
  291
  305
Cash from operations, $m
  1,078
  1,263
  1,346
  1,433
  1,523
  1,617
  1,715
  1,816
  1,922
  2,032
  2,146
  2,166
  2,290
  2,420
  2,555
  2,697
  2,844
  2,998
  3,160
  3,328
  3,504
  3,689
  3,882
  4,084
  4,296
  4,518
  4,750
  4,994
  5,249
  5,517
  5,798
Maintenance CAPEX, $m
  0
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -86
  -92
  -97
  -103
  -108
  -115
  -121
  -128
  -135
  -142
  -150
  -157
  -166
  -175
  -184
  -193
  -203
  -214
  -225
  -237
  -249
New CAPEX, $m
  -191
  -67
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -229
  -241
Cash from investing activities, $m
  -1,613
  -115
  -123
  -130
  -137
  -144
  -151
  -158
  -167
  -176
  -184
  -194
  -203
  -214
  -224
  -236
  -247
  -260
  -273
  -286
  -301
  -315
  -331
  -348
  -365
  -383
  -402
  -423
  -444
  -466
  -490
Free cash flow, $m
  -535
  1,147
  1,223
  1,304
  1,387
  1,474
  1,564
  1,658
  1,755
  1,856
  1,962
  1,973
  2,087
  2,207
  2,331
  2,461
  2,597
  2,739
  2,887
  3,042
  3,204
  3,374
  3,551
  3,737
  3,931
  4,135
  4,348
  4,571
  4,805
  5,051
  5,308
Issuance/(repayment) of debt, $m
  183
  332
  347
  360
  374
  389
  405
  421
  438
  457
  476
  496
  517
  540
  564
  589
  615
  643
  672
  703
  736
  770
  807
  845
  885
  927
  971
  1,018
  1,067
  1,119
  1,174
Issuance/(repurchase) of shares, $m
  -179
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  39
  332
  347
  360
  374
  389
  405
  421
  438
  457
  476
  496
  517
  540
  564
  589
  615
  643
  672
  703
  736
  770
  807
  845
  885
  927
  971
  1,018
  1,067
  1,119
  1,174
Total cash flow (excl. dividends), $m
  -530
  1,479
  1,570
  1,664
  1,761
  1,863
  1,969
  2,079
  2,194
  2,313
  2,438
  2,469
  2,605
  2,747
  2,895
  3,050
  3,212
  3,382
  3,559
  3,745
  3,940
  4,144
  4,357
  4,581
  4,816
  5,062
  5,319
  5,590
  5,873
  6,170
  6,482
Retained Cash Flow (-), $m
  -436
  -218
  -224
  -233
  -242
  -252
  -262
  -273
  -284
  -296
  -308
  -321
  -335
  -350
  -365
  -381
  -398
  -416
  -435
  -455
  -476
  -499
  -522
  -547
  -573
  -600
  -629
  -659
  -691
  -725
  -760
Prev. year cash balance distribution, $m
 
  798
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,058
  1,345
  1,431
  1,519
  1,611
  1,707
  1,806
  1,910
  2,017
  2,130
  2,148
  2,270
  2,397
  2,530
  2,669
  2,814
  2,966
  3,124
  3,290
  3,464
  3,645
  3,835
  4,034
  4,243
  4,461
  4,690
  4,930
  5,182
  5,446
  5,722
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  1,970
  1,227
  1,237
  1,240
  1,234
  1,221
  1,199
  1,169
  1,130
  1,085
  986
  932
  873
  809
  742
  673
  603
  534
  466
  402
  341
  285
  235
  190
  151
  117
  90
  67
  49
  35
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Amphenol Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of electrical, electronic, and fiber optic connectors worldwide. It operates through two segments, Interconnect Products and Assemblies, and Cable Products and Solutions. The Interconnect Products and Assemblies segment offers connector and connector systems, including fiber optic, harsh environment, high speed, and radio frequency interconnect products, as well as antennas; power interconnect products, bus bars, and distribution systems; and other connectors. It also provides value-add products, such as backplane interconnect systems, cable assemblies and harnesses, and cable management products; and other products comprising antennas, flexible and rigid printed circuit boards, hinges, molded parts, production-related products, sensors and sensor-based products, and switches. The Cable Products and Solutions segment offers coaxial, power, and specialty cables; cable assemblies; and components comprising combiner/splitter products, connector and connector systems, and fiber optic components. The company sells its products through its sales force, independent representatives, and a network of electronics distributors to original equipment manufacturers, electronic manufacturing services companies, original design manufacturers, and communication network operators in the automotive, broadband communication, commercial aerospace, industrial, information technology and data communication, military, mobile device, and mobile network markets. Amphenol Corporation was founded in 1932 and is headquartered in Wallingford, Connecticut.

FINANCIAL RATIOS  of  Amphenol Cl A (APH)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 3.8
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 27.3
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 71.7%
Total Debt to Equity 81.9%
Interest Coverage 18
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 11.2%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 24.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 32.5%
Gross Margin - 3 Yr. Avg. 32%
EBITDA Margin 22.7%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin 18.2%
Pre-Tax Margin - 3 Yr. Avg. 18.4%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 21%

APH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APH stock intrinsic value calculation we used $6286 million for the last fiscal year's total revenue generated by Amphenol Cl A. The default revenue input number comes from 2016 income statement of Amphenol Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our APH stock valuation model: a) initial revenue growth rate of 7.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.5%, whose default value for APH is calculated based on our internal credit rating of Amphenol Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Amphenol Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of APH stock the variable cost ratio is equal to 80.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for APH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Amphenol Cl A.

Corporate tax rate of 27% is the nominal tax rate for Amphenol Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the APH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for APH are equal to 14.5%.

Life of production assets of 18.9 years is the average useful life of capital assets used in Amphenol Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for APH is equal to 18.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3675 million for Amphenol Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 306.574 million for Amphenol Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Amphenol Cl A at the current share price and the inputted number of shares is $24.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Amphenol Corp. : August 18, 2017   [Aug-18-17 04:21PM  Capital Cube]
▶ Amphenol beats Street 2Q forecasts   [Jul-26-17 09:54PM  Associated Press]
▶ ETFs with exposure to Amphenol Corp. : July 24, 2017   [Jul-24-17 02:03PM  Capital Cube]
▶ ETFs with exposure to Amphenol Corp. : July 14, 2017   [Jul-14-17 12:50PM  Capital Cube]
▶ Amphenol Corp. Value Analysis (NYSE:APH) : July 3, 2017   [Jul-03-17 04:10PM  Capital Cube]
▶ Why These Chip Makers, Cloud Stocks Will Rise   [Jun-06-17 06:00AM  Investopedia]
▶ ETFs with exposure to Amphenol Corp. : May 22, 2017   [May-22-17 01:21PM  Capital Cube]
▶ Amphenol Announces Second Quarter 2017 Dividend Payment   [May-04-17 08:00AM  Business Wire]
▶ Amphenol beats Street 1Q forecasts   [08:12AM  Associated Press]
▶ Amphenol Corp. Value Analysis (NYSE:APH) : April 21, 2017   [Apr-21-17 03:20PM  Capital Cube]
▶ IIROC Trade Resumption - APH   [Apr-11-17 10:18AM  CNW Group]
▶ IIROC Trading Halt - APH   [10:15AM  PR Newswire]
▶ Aphria Inc. Opens the Market   [10:45AM  PR Newswire]
▶ Aphria Inc. Opens the Market   [10:45AM  CNW Group]
▶ Amphenol Is a Great Tech Stock to Buy Now   [Mar-03-17 01:28PM  TheStreet.com]
▶ Amphenol Announces First Quarter 2017 Dividend Payment   [Feb-02-17 08:00AM  Business Wire]
Stock chart of APH Financial statements of APH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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