Infineon Technologies AG N

DB:IFX

德國 / 資訊科技 / 半導體及半導體設備

綜觀

股息

10 年 DCF EBITDA 退出價

股價

24.51 EUR

公允價值

37.65 EUR

Metrics	Range	Conclusion
Discount Rate	11.3% - 10.3%	10.8%
Terminal EBITDA Multiple	7.7x - 9.7x	8.7x
Fair Value	€33.77 - €41.81	€37.65
Upside	33.4% - 65.2%	48.8%

4.9%

Revenue 10y CAGR

35.6%

10y Avg EBITDA Margin

9.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

24.51 EUR

公允價值

37.65 EUR

看漲

48.8%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(EUR in millions)		Input Projections
Fiscal Years Ending	Sep-24	Sep-25	Sep-26	Sep-27	Sep-28	Sep-29	Sep-30	Sep-31	Sep-32	Sep-33	Sep-34

Revenue	14,955	15,175	17,068	18,905	20,484	21,567	22,321	22,768	23,223	23,688	24,161
% Growth	-8.3%	1.5%	12.5%	10.8%	8.4%	5.3%	3.5%	2.0%	2.0%	2.0%	2.0%

EBITDA	4,745	4,135	5,338	6,430	7,695	8,131	8,416	8,584	8,756	8,931	9,109
% of Revenue	31.7%	27.2%	31.3%	34.0%	37.6%	37.7%	37.7%	37.7%	37.7%	37.7%	37.7%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(EUR in millions)		Sep-25	Sep-26	Sep-27	Sep-28	Sep-29	Sep-30	Sep-31	Sep-32	Sep-33	Sep-34

EBITDA		4,135	5,338	6,430	7,695	8,131	8,416	8,584	8,756	8,931	9,109
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(2,144)	(2,120)	(2,491)	(3,053)	(2,845)	(2,945)	(3,003)	(3,064)	(3,125)	(3,187)

EBIT		1,991	3,218	3,939	4,642	5,286	5,471	5,580	5,692	5,806	5,922
Pro forma Taxes		(319)	(515)	(630)	(743)	(846)	(875)	(893)	(911)	(929)	(948)
NOPAT	2,489	1,672	2,703	3,309	3,899	4,440	4,596	4,688	4,781	4,877	4,974

Capital Expenditures	(2,432)	(2,520)	(2,604)	(2,727)	(2,857)	(2,986)	(2,857)	(2,900)	(2,914)	(2,890)	(2,901)
NWC Investment	309	(50)	(431)	(419)	(360)	(247)	(172)	(102)	(104)	(106)	(108)
(+) D&A	1,782	2,144	2,120	2,491	3,053	2,845	2,945	3,003	3,064	3,125	3,187

Free Cash Flow	2,147	1,246	1,788	2,654	3,735	4,053	4,512	4,689	4,827	5,006	5,152
% Growth		-42%	43%	48%	41%	8%	11%	4%	3%	4%	3%

載入錯誤

Infineon Technologies AG N

DB:IFX

德國 / 資訊科技 / 半導體及半導體設備

10 年 DCF EBITDA 退出價