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

5 年 DCF 收入退出價

股價

30.28 EUR

公允價值

37.86 EUR

Metrics	Range	Conclusion
Discount Rate	11.3% - 10.3%	10.8%
Terminal Revenue Multiple	2.9x - 3.2x	3.1x
Fair Value	€35.53 - €40.27	€37.86
Upside	14.2% - 29.5%	21.7%

7.6%

Revenue 5y CAGR

33.6%

5y Avg EBITDA Margin

13.5%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

30.28 EUR

公允價值

37.86 EUR

看漲

21.7%

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

Revenue	14,955	15,175	17,068	18,905	20,484	21,567
% Growth	-8.3%	1.5%	12.5%	10.8%	8.4%	5.3%

EBITDA	4,745	4,135	5,338	6,430	7,695	8,131
% of Revenue	31.7%	27.2%	31.3%	34.0%	37.6%	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

EBITDA		4,135	5,338	6,430	7,695	8,131
Other Income / (Exp)		0	0	0	0	0
D&A		(2,144)	(2,120)	(2,491)	(3,053)	(2,845)

EBIT		1,991	3,218	3,939	4,642	5,286
Pro forma Taxes		(319)	(515)	(630)	(743)	(846)
NOPAT	2,489	1,672	2,703	3,309	3,899	4,440

Capital Expenditures	(2,432)	(2,520)	(2,604)	(2,727)	(2,857)	(2,986)
NWC Investment	309	(50)	(431)	(419)	(360)	(247)
(+) D&A	1,782	2,144	2,120	2,491	3,053	2,845

Free Cash Flow	2,147	1,246	1,788	2,654	3,735	4,053
% Growth		-42%	43%	48%	41%	8%

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

5 年 DCF 收入退出價