APH – Market expectations are for Uniform ROA to rise, and management is confident about growth prospects, M&A activity, and distribution demand

February 14, 2022

  • Amphenol Corporation (APH) currently trades above corporate and historical averages relative to Uniform earnings, with a 26.0x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to expand to 30%, accompanied by 7% Uniform asset growth.
  • Meanwhile, analysts expect Uniform ROA to slightly improve to 27% by 2022, accompanied by 18% Uniform asset growth.
  • If sustained going forward, these levels would imply a stock price closer to $108, representing approximately 36% equity upside for the firm.
  • Moreover, the firm’s most recent earnings call suggests management is confident about growth prospects, M&A activity, and distribution demand.

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