Amphenol Corp (APH.N): Beat & Raise on Continued AI Demand Strength and Broad-Based Organic Growth; Maintain Buy

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Amphenol Corp (APH.N): Beat & Raise on Continued AI Demand Strength and Broad-Based Organic Growth; Maintain Buy

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29 Jul 2026 17:51:29 ET │ 17 pages

Amphenol Corp (APH.N)

Beat & Raise on Continued AI Demand Strength and Broad-Based

Organic Growth; Maintain Buy

CITI'S TAKE

APH reported another exceptional quarter (organic sales up 30% yy, Buy

reported sales up 15% qq vs guide for 7%) underpinned by strength across

multiple end markets, with IT Datacom up 21% qq vs guide for low teens, Price (29 Jul 26 16:00) US$150.31

with recently acquired Commscope assets also outperforming. Orders were Target price US$210.00↑

up again 13% qq, resulting in a book-to-bill ratio of 1.23x. Operating

from US$195.00margins improved significantly (even excluding tariffs) amidst robust

operating leverage on higher sales volumes and improved leverage within Expected share price return 39.7%

acquired CCS assets. We revise our estimates upward and raise our target Expected dividend yield 0.7%

price to $210 (from $195), applying a 31x P/E (prior 33x) to our 27E EPS. We

Expected total return 40.4%maintain our Buy rating as we believe that Amphenol is well positioned to

benefit from AI-driven capex/content tailwinds. and broad-based, healthy Market Cap US$184,917M

organic growth across their other end-markets such as Industrials, Defense,

and mobile consumer electronics. Maintain Buy.

Fundamentals — APH reported strong results. Revenues of $8.76bln (+55% y/y

reported, +30% organically) exceeded guidance of $8.1bln–$8.2bln and Street

(FactSet) expectations of $8.26bln. Adj. operating margin was 29.8% (28.8% ex

tariff refund) vs Street 27.3%. Adj. EPS of $1.35 (+67% y/y) was above guidance of

Price Performance$1.14–$1.16 and above Street of $1.18. Operating cash flow was $1.6bln and FCF was