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Amphenol Corp Class A APH

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Morningstar’s Analysis

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Amphenol Stock Split Doesn’t Change Our Long-Term View; $52 FVE; Shares Overvalued

Analyst Note

| William Kerwin |

Narrow-moat Amphenol effectuated a 2-for-1 stock split on March 5. Management had announced the split on its fourth-quarter earnings call at the end of January. From our pre-split $105 fair value estimate, our valuation remains unchanged, and our new, post-split fair value estimate is $52 per share. While shares’ current differential to our fair value may look narrower after the split, we remind investors that shares are at a 15% premium, and we’d recommend a greater margin of safety before committing capital to the name.

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Company Profile

Business Description

Amphenol is a leading designer and manufacturer of electrical, electronic, and fiber-optic connectors and interconnect systems, sensors, and cable. The firm sells into a broad array of industries, including the automotive, industrial, communications, military, and mobile device markets, and no single market makes up more than 25% of the firm’s total annual revenue.

358 Hall Avenue
Wallingford, CT, 06492
T +1 203 265-8900
Sector Technology
Industry Electronic Components
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 80,000