DDM Analysis: 603290.SS

Valuation Snapshot

Stable Growth	$135.77 - $386.13	$361.86
Multi-Stage	$54.27 - $59.35	$56.76
Blended Fair Value	$209.31
Current Price	$110.00
Upside	90.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	101.70%	0.00%	1.39	1.02	0.50	0.23	0.17	0.04	0.02	0.04	0.04	0.04
YoY Growth	-	-	35.96%	105.10%	120.49%	33.46%	306.76%	90.01%	-42.10%	-12.02%	11.17%	0.00%
Dividend Yield	-	-	1.58%	0.99%	0.25%	0.08%	0.14%	0.05%	0.17%	0.29%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	466.19
(-) Cash Dividends Paid (M)	257.45
(=) Cash Retained (M)	208.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.24	58.27	34.96
Cash Retained (M)	208.74	208.74	208.74
(-) Cash Required (M)	-93.24	-58.27	-34.96
(=) Excess Retained (M)	115.50	150.47	173.78
(/) Shares Outstanding (M)	240.11	240.11	240.11
(=) Excess Retained per Share	0.48	0.63	0.72
LTM Dividend per Share	1.07	1.07	1.07
(+) Excess Retained per Share	0.48	0.63	0.72
(=) Adjusted Dividend	1.55	1.70	1.80
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135.77	$361.86	$386.13
Upside / Downside	23.43%	228.96%	251.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	466.19	496.49	528.76	563.13	599.73	638.72	657.88
Payout Ratio	55.22%	62.18%	69.13%	76.09%	83.04%	90.00%	92.50%
Projected Dividends (M)	257.45	308.71	365.55	428.48	498.05	574.85	608.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	286.59	289.31	292.02
Year 2 PV (M)	315.05	321.05	327.10
Year 3 PV (M)	342.82	352.66	362.69
Year 4 PV (M)	369.92	384.15	398.78
Year 5 PV (M)	396.37	415.52	435.39
PV of Terminal Value (M)	11,319.41	11,866.14	12,433.80
Equity Value (M)	13,030.16	13,628.82	14,249.79
Shares Outstanding (M)	240.11	240.11	240.11
Fair Value	$54.27	$56.76	$59.35
Upside / Downside	-50.67%	-48.40%	-46.05%

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StarPower Semiconductor Ltd. (603290.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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