Amphenol Corp., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Amphenol Corporation	1,928,000)	1,902,300)	1,590,800)	1,203,400)	1,155,000)
Net income attributable to noncontrolling interests	17,500)	14,500)	10,700)	9,900)	9,000)
Net noncash charges	441,200)	477,700)	427,600)	409,400)	404,600)
Net change in operating assets and liabilities, excluding effects of acquisitions	142,000)	(219,900)	(505,200)	(30,700)	(66,300)
Net cash provided by operating activities	2,528,700)	2,174,600)	1,523,900)	1,592,000)	1,502,300)
Cash paid during the year for interest, net of tax¹	102,456)	96,115)	88,849)	83,316)	90,715)
Capital expenditures	(372,800)	(383,800)	(360,400)	(276,800)	(295,000)
Proceeds from disposals of property, plant and equipment	4,000)	5,600)	3,700)	12,700)	7,400)
Free cash flow to the firm (FCFF)	2,262,356)	1,892,515)	1,256,049)	1,411,216)	1,305,415)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Amphenol Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Amphenol Corp. FCFF increased from 2021 to 2022 and from 2022 to 2023.

Amphenol Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	20.70%	22.30%	20.60%	20.50%	22.20%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	129,200)	123,700)	111,900)	104,800)	116,600)
Less: Cash paid during the year for interest, tax²	26,744)	27,585)	23,051)	21,484)	25,885)
Cash paid during the year for interest, net of tax	102,456)	96,115)	88,849)	83,316)	90,715)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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² 2023 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 129,200 × 20.70% = 26,744

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Amphenol Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	75,093,168)
Free cash flow to the firm (FCFF)	2,262,356)
Valuation Ratio
EV/FCFF	33.19
Benchmarks
EV/FCFF, Competitors¹
Apple Inc.	35.74
Arista Networks Inc.	68.57
Cisco Systems Inc.	23.00
Super Micro Computer Inc.	28.94
EV/FCFF, Sector
Technology Hardware & Equipment	34.20
EV/FCFF, Industry
Information Technology	54.75

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Amphenol Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	65,267,267)	51,530,855)	51,525,792)	41,535,814)	33,635,356)
Free cash flow to the firm (FCFF)²	2,262,356)	1,892,515)	1,256,049)	1,411,216)	1,305,415)
Valuation Ratio
EV/FCFF³	28.85	27.23	41.02	29.43	25.77
Benchmarks
EV/FCFF, Competitors⁴
Apple Inc.	27.21	22.40	26.45	24.67	18.01
Arista Networks Inc.	39.01	89.98	38.47	29.00	15.17
Cisco Systems Inc.	10.98	13.55	15.50	10.47	12.58
Super Micro Computer Inc.	21.06	—	25.04	—	3.79
EV/FCFF, Sector
Technology Hardware & Equipment	24.85	21.85	25.07	22.39	16.86
EV/FCFF, Industry
Information Technology	34.45	27.35	28.28	24.52	19.89

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 65,267,267 ÷ 2,262,356 = 28.85

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Amphenol Corp. EV/FCFF ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Amphenol Corp. (NYSE:APH)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical