DDM Analysis: IFX.DE

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
Upside	158.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.25%	8.46%	0.35	0.35	0.32	0.27	0.22	0.26	0.23	0.22	0.19	0.17
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	202.80	126.75	76.05
Cash Retained (M)	559.00	559.00	559.00
(-) Cash Required (M)	-202.80	-126.75	-76.05
(=) Excess Retained (M)	356.20	432.25	482.95
(/) Shares Outstanding (M)	1,307.00	1,307.00	1,307.00
(=) Excess Retained per Share	0.27	0.33	0.37
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.27	0.33	0.37
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.70	$144.59	$154.29
Upside / Downside	227.42%	335.52%	364.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,014.00	1,079.91	1,150.10	1,224.86	1,304.48	1,389.27	1,430.95
Payout Ratio	44.87%	53.90%	62.92%	71.95%	80.97%	90.00%	92.50%
Projected Dividends (M)	455.00	582.04	723.68	881.27	1,056.29	1,250.34	1,323.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	543.42	548.57	553.72
Year 2 PV (M)	630.82	642.83	654.96
Year 3 PV (M)	717.20	737.79	758.77
Year 4 PV (M)	802.59	833.46	865.20
Year 5 PV (M)	886.99	929.83	974.31
PV of Terminal Value (M)	30,266.31	31,728.19	33,246.01
Equity Value (M)	33,847.33	35,420.66	37,052.97
Shares Outstanding (M)	1,307.00	1,307.00	1,307.00
Fair Value	$25.90	$27.10	$28.35
Upside / Downside	-22.00%	-18.37%	-14.61%

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Infineon Technologies AG (IFX.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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