DDM Analysis: IFT.AX

Valuation Snapshot

Stable Growth	$5.93 - $9.11	$7.41
Multi-Stage	$13.48 - $14.84	$14.15
Blended Fair Value	$10.78
Current Price	$10.26
Upside	5.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.74%	-1.64%	0.22	0.24	0.30	0.22	0.21	0.24	0.24	0.19	0.19	0.21
YoY Growth	-	-	-9.37%	-19.33%	36.92%	3.01%	-11.17%	-3.20%	30.39%	1.05%	-13.77%	-15.90%
Dividend Yield	-	-	2.11%	2.20%	3.19%	2.68%	2.98%	5.82%	5.71%	6.16%	6.54%	6.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	568.10
(-) Cash Dividends Paid (M)	271.90
(=) Cash Retained (M)	296.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.62	71.01	42.61
Cash Retained (M)	296.20	296.20	296.20
(-) Cash Required (M)	-113.62	-71.01	-42.61
(=) Excess Retained (M)	182.58	225.19	253.59
(/) Shares Outstanding (M)	872.10	872.10	872.10
(=) Excess Retained per Share	0.21	0.26	0.29
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.21	0.26	0.29
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.12%	-1.12%	-0.12%
Fair Value	$5.93	$7.41	$9.11
Upside / Downside	-42.25%	-27.80%	-11.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	568.10	561.76	555.50	549.30	543.17	537.11	553.23
Payout Ratio	47.86%	56.29%	64.72%	73.14%	81.57%	90.00%	92.50%
Projected Dividends (M)	271.90	316.21	359.50	401.78	443.08	483.40	511.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.12%	-1.12%	-0.12%
Year 1 PV (M)	293.93	296.93	299.93
Year 2 PV (M)	310.62	316.99	323.44
Year 3 PV (M)	322.69	332.68	342.87
Year 4 PV (M)	330.77	344.50	358.65
Year 5 PV (M)	335.45	352.93	371.14
PV of Terminal Value (M)	10,164.82	10,694.76	11,246.58
Equity Value (M)	11,758.27	12,338.80	12,942.62
Shares Outstanding (M)	872.10	872.10	872.10
Fair Value	$13.48	$14.15	$14.84
Upside / Downside	31.41%	37.90%	44.65%

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Infratil Limited (IFT.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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