Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Infineon Technologies AG (IFX.DE)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$108.70 - $154.29$144.59
Multi-Stage$25.90 - $28.35$27.10
Blended Fair Value$85.85
Current Price$33.20
Upside158.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.25%8.46%0.350.350.320.270.220.260.230.220.190.17
YoY Growth---0.22%9.35%18.80%22.73%-14.88%10.16%7.77%14.11%10.22%11.39%
Dividend Yield--1.05%1.11%0.84%0.94%0.54%0.82%1.15%1.25%0.82%1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,014.00
(-) Cash Dividends Paid (M)455.00
(=) Cash Retained (M)559.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)202.80126.7576.05
Cash Retained (M)559.00559.00559.00
(-) Cash Required (M)-202.80-126.75-76.05
(=) Excess Retained (M)356.20432.25482.95
(/) Shares Outstanding (M)1,307.001,307.001,307.00
(=) Excess Retained per Share0.270.330.37
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.270.330.37
(=) Adjusted Dividend0.620.680.72
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate5.50%6.50%7.50%
Fair Value$108.70$144.59$154.29
Upside / Downside227.42%335.52%364.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,014.001,079.911,150.101,224.861,304.481,389.271,430.95
Payout Ratio44.87%53.90%62.92%71.95%80.97%90.00%92.50%
Projected Dividends (M)455.00582.04723.68881.271,056.291,250.341,323.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)543.42548.57553.72
Year 2 PV (M)630.82642.83654.96
Year 3 PV (M)717.20737.79758.77
Year 4 PV (M)802.59833.46865.20
Year 5 PV (M)886.99929.83974.31
PV of Terminal Value (M)30,266.3131,728.1933,246.01
Equity Value (M)33,847.3335,420.6637,052.97
Shares Outstanding (M)1,307.001,307.001,307.00
Fair Value$25.90$27.10$28.35
Upside / Downside-22.00%-18.37%-14.61%

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