Name: Amphenol Corp. (NYSE:APH) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Amphenol Corp., current enterprise value calculation

Current share price (P)	$120.49
No. shares of common stock outstanding	600,603,947
US$ in thousands
Common equity (market value)¹	72,366,770)
Add: Noncontrolling interests (per books)	49,300)
Total equity	72,416,070)
Add: Current portion of long-term debt (per books)	353,800)
Add: Long-term debt, less current portion (per books)	3,983,500)
Total equity and debt	76,753,370)
Less: Cash and cash equivalents	1,475,000)
Less: Short-term investments	185,200)
Enterprise value (EV)	75,093,170)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 120.49 × 600,603,947

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Amphenol Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$104.26	$81.28	$79.99	$65.66	$51.78
No. shares of common stock outstanding¹	599,854,853	594,604,514	598,939,773	599,153,422	596,202,310
US$ in thousands
Common equity (market value)³	62,540,867)	48,329,455)	47,909,192)	39,340,414)	30,871,356)
Add: Noncontrolling interests (book value)	49,300)	57,900)	58,100)	67,000)	65,900)
Total equity	62,590,167)	48,387,355)	47,967,292)	39,407,414)	30,937,256)
Add: Current portion of long-term debt (book value)	353,800)	2,700)	4,000)	230,300)	403,300)
Add: Long-term debt, less current portion (book value)	3,983,500)	4,575,000)	4,795,900)	3,636,200)	3,203,400)
Total equity and debt	66,927,467)	52,965,055)	52,767,192)	43,273,914)	34,543,956)
Less: Cash and cash equivalents	1,475,000)	1,373,100)	1,197,100)	1,702,000)	891,200)
Less: Short-term investments	185,200)	61,100)	44,300)	36,100)	17,400)
Enterprise value (EV)	65,267,267)	51,530,855)	51,525,792)	41,535,814)	33,635,356)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Amphenol Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 104.26 × 599,854,853

The financial trajectory from 2019 to 2023 reveals a substantial expansion in the overall valuation and capital structure of the entity. Enterprise value increased from 33.64 billion USD in 2019 to 65.27 billion USD by the end of 2023, representing a near doubling of the total enterprise valuation over the five-year period.

Enterprise Value Trajectory: A consistent upward trend was observed between 2019 and 2021, with the enterprise value rising from 33.64 billion USD to 51.53 billion USD. A period of relative stagnation occurred in 2022, during which the value remained virtually unchanged at 51.53 billion USD. This was followed by a significant acceleration in 2023, with the value climbing to 65.27 billion USD.
Equity Valuation Convergence: A high degree of correlation exists between the market value of common equity and total book equity. Both metrics tracked each other closely throughout the period, growing from approximately 30.9 billion USD in 2019 to approximately 62.5 billion USD in 2023. This indicates that the market valuation of the equity has remained closely aligned with the recorded book value of the equity.
Capital Structure and Liquidity Dynamics: Total equity and debt consistently exceeded the enterprise value in every reporting year. By December 31, 2023, total equity and debt reached 66.93 billion USD, while the enterprise value was 65.27 billion USD. This persistent gap suggests that the company maintains a substantial cash or cash-equivalent position, which serves to reduce the enterprise value relative to the total sum of equity and debt.

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Amphenol Corp. (NYSE:APH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)