DDM Analysis: IDCC

Valuation Snapshot

Stable Growth	$626.54 - $2,938.30	$1,390.37
Multi-Stage	$325.88 - $356.75	$341.03
Blended Fair Value	$865.70
Current Price	$345.23
Upside	150.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.28%	5.83%	1.24	1.17	1.26	1.28	1.28	1.33	1.44	1.29	0.93	0.86
YoY Growth	-	-	5.94%	-6.74%	-1.75%	-0.03%	-3.38%	-8.02%	12.05%	38.93%	7.60%	21.95%
Dividend Yield	-	-	0.60%	1.21%	1.73%	2.01%	2.02%	2.97%	2.14%	1.75%	1.07%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	496.78
(-) Cash Dividends Paid (M)	54.02
(=) Cash Retained (M)	442.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.36	62.10	37.26
Cash Retained (M)	442.77	442.77	442.77
(-) Cash Required (M)	-99.36	-62.10	-37.26
(=) Excess Retained (M)	343.41	380.67	405.51
(/) Shares Outstanding (M)	33.62	33.62	33.62
(=) Excess Retained per Share	10.21	11.32	12.06
LTM Dividend per Share	1.61	1.61	1.61
(+) Excess Retained per Share	10.21	11.32	12.06
(=) Adjusted Dividend	11.82	12.93	13.67
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$626.54	$1,390.37	$2,938.30
Upside / Downside	81.49%	302.74%	751.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	496.78	529.07	563.46	600.09	639.09	680.63	701.05
Payout Ratio	10.87%	26.70%	42.52%	58.35%	74.17%	90.00%	92.50%
Projected Dividends (M)	54.02	141.25	239.61	350.15	474.04	612.57	648.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	130.18	131.41	132.64
Year 2 PV (M)	203.50	207.38	211.29
Year 3 PV (M)	274.06	281.93	289.95
Year 4 PV (M)	341.94	355.09	368.62
Year 5 PV (M)	407.22	426.88	447.31
PV of Terminal Value (M)	9,600.44	10,064.15	10,545.60
Equity Value (M)	10,957.34	11,466.84	11,995.40
Shares Outstanding (M)	33.62	33.62	33.62
Fair Value	$325.88	$341.03	$356.75
Upside / Downside	-5.61%	-1.22%	3.34%

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InterDigital, Inc. (IDCC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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