DDM Analysis: IFX.DE

Valuation Snapshot

Stable Growth	$78.49 - $154.29	$144.59
Multi-Stage	$24.03 - $26.30	$25.15
Blended Fair Value	$84.87
Current Price	$33.20
Upside	155.63%
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	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.49	$144.59	$154.29
Upside / Downside	136.41%	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	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	542.23	547.37	552.51
Year 2 PV (M)	628.07	640.03	652.11
Year 3 PV (M)	712.52	732.98	753.82
Year 4 PV (M)	795.61	826.21	857.68
Year 5 PV (M)	877.36	919.74	963.73
PV of Terminal Value (M)	27,855.81	29,201.26	30,598.20
Equity Value (M)	31,411.61	32,867.58	34,378.05
Shares Outstanding (M)	1,307.00	1,307.00	1,307.00
Fair Value	$24.03	$25.15	$26.30
Upside / Downside	-27.61%	-24.25%	-20.77%

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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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