DDM Analysis: 603501.SS

Valuation Snapshot

Stable Growth	$271.19 - $681.84	$638.98
Multi-Stage	$96.70 - $105.93	$101.23
Blended Fair Value	$370.10
Current Price	$151.17
Upside	144.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.59%	39.14%	0.54	0.47	0.68	0.47	0.34	0.26	0.12	0.03	0.00	0.03
YoY Growth	-	-	15.59%	-30.87%	44.80%	37.78%	29.47%	127.29%	353.40%	0.00%	-100.00%	70.88%
Dividend Yield	-	-	0.41%	0.47%	0.74%	0.33%	0.18%	0.23%	0.29%	0.08%	0.00%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,158.16
(-) Cash Dividends Paid (M)	428.51
(=) Cash Retained (M)	3,729.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	831.63	519.77	311.86
Cash Retained (M)	3,729.65	3,729.65	3,729.65
(-) Cash Required (M)	-831.63	-519.77	-311.86
(=) Excess Retained (M)	2,898.01	3,209.88	3,417.78
(/) Shares Outstanding (M)	1,212.83	1,212.83	1,212.83
(=) Excess Retained per Share	2.39	2.65	2.82
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	2.39	2.65	2.82
(=) Adjusted Dividend	2.74	3.00	3.17
WACC / Discount Rate	6.57%	6.57%	6.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$271.19	$638.98	$681.84
Upside / Downside	79.39%	322.69%	351.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,158.16	4,428.44	4,716.29	5,022.84	5,349.33	5,697.04	5,867.95
Payout Ratio	10.31%	26.24%	42.18%	58.12%	74.06%	90.00%	92.50%
Projected Dividends (M)	428.51	1,162.21	1,989.48	2,919.38	3,961.77	5,127.33	5,427.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.57%	6.57%	6.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,080.35	1,090.59	1,100.83
Year 2 PV (M)	1,719.09	1,751.84	1,784.89
Year 3 PV (M)	2,344.94	2,412.25	2,480.84
Year 4 PV (M)	2,958.08	3,071.84	3,188.85
Year 5 PV (M)	3,558.70	3,730.59	3,909.05
PV of Terminal Value (M)	105,614.43	110,715.65	116,012.10
Equity Value (M)	117,275.59	122,772.76	128,476.57
Shares Outstanding (M)	1,212.83	1,212.83	1,212.83
Fair Value	$96.70	$101.23	$105.93
Upside / Downside	-36.04%	-33.04%	-29.93%

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OmniVision Integrated Circuits Group, Inc. (603501.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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