Amphenol Corp., FCFE 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)
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)
Proceeds from issuance of senior notes and other long-term debt	354,900)	5,800)	752,100)	942,300)	1,398,800)
Repayments of senior notes and other long-term debt	(15,700)	(10,300)	(912,600)	(404,400)	(1,111,500)
Borrowings under credit facilities	—)	—)	—)	1,567,400)	—)
Repayments under credit facilities	—)	—)	—)	(1,568,100)	—)
Proceeds from short-term borrowings	—)	44,900)	—)	—)	—)
Repayments of short-term borrowings	—)	(44,900)	—)	—)	—)
Borrowings (repayments) under commercial paper programs, net	(632,600)	(159,300)	796,300)	(385,800)	(229,000)
Payment of costs related to debt financing	(2,300)	(400)	(9,300)	(8,700)	(14,900)
Payment of premiums and fees related to early extinguishment of debt	—)	—)	—)	—)	(13,400)
Free cash flow to equity (FCFE)	1,864,200)	1,632,200)	1,793,700)	1,470,600)	1,244,700)

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
FCFE	Free cash flow to equity is the cash flow available to Amphenol Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Amphenol Corp. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Amphenol Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	600,603,947
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,864,200)
FCFE per share	3.10
Current share price (P)	120.49
Valuation Ratio
P/FCFE	38.82
Benchmarks
P/FCFE, Competitors¹
Apple Inc.	39.29
Arista Networks Inc.	63.80
Cisco Systems Inc.	7.62
Super Micro Computer Inc.	87.50
P/FCFE, Sector
Technology Hardware & Equipment	35.52
P/FCFE, Industry
Information Technology	51.72

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

¹ Click competitor name to see calculations.

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

Amphenol Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	599,854,853	594,604,514	598,939,773	599,153,422	596,202,310
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,864,200)	1,632,200)	1,793,700)	1,470,600)	1,244,700)
FCFE per share³	3.11	2.75	2.99	2.45	2.09
Share price^1, 4	104.26	81.28	79.99	65.66	51.78
Valuation Ratio
P/FCFE⁵	33.55	29.61	26.71	26.75	24.80
Benchmarks
P/FCFE, Competitors⁶
Apple Inc.	30.63	22.26	23.27	24.40	21.64
Arista Networks Inc.	41.51	96.71	42.05	32.98	18.04
Cisco Systems Inc.	12.84	17.18	21.02	38.82	14.85
Super Micro Computer Inc.	41.38	139.27	13.81	—	7.83
P/FCFE, Sector
Technology Hardware & Equipment	27.96	22.10	23.19	25.31	20.14
P/FCFE, Industry
Information Technology	33.72	26.70	27.46	23.54	19.43

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 See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,864,200,000 ÷ 599,854,853 = 3.11

⁴ Closing price as at the filing date of Amphenol Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 104.26 ÷ 3.11 = 33.55

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Amphenol Corp. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Amphenol Corp. (NYSE:APH)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical