Amphenol Corporation APH

Key Assumptions: Revenue grew at a ~21% CAGR over the last 5 years driven by acquisitions (notably the large jump in the most recent year suggesting a major deal), but organic growth is likely mid-to-high single digits; operating margins have expanded from 20% to ~26% reflecting mix shift and scale. WACC uses CAPM with 4.39% risk-free rate, 1.21 beta, and 5.5% ERP yielding ~11% base cost of equity, with modest debt cost benefit. Capex intensity has been ~4% of revenue historically and D&A is growing with the asset base; net debt of ~$4.4B is incorporated in the bridge from EV to equity value.