DDM Analysis: 603501.SS

Valuation Snapshot

Stable Growth	$68.54 - $153.46	$99.17
Multi-Stage	$48.62 - $53.14	$50.84
Blended Fair Value	$75.01
Current Price	$151.17
Upside	-50.38%
Decision	Don't 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	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$68.54	$99.17	$153.46
Upside / Downside	-54.66%	-34.40%	1.51%

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	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,049.29	1,059.24	1,069.18
Year 2 PV (M)	1,621.67	1,652.55	1,683.73
Year 3 PV (M)	2,148.44	2,210.12	2,272.96
Year 4 PV (M)	2,632.28	2,733.51	2,837.64
Year 5 PV (M)	3,075.71	3,224.27	3,378.51
PV of Terminal Value (M)	48,440.86	50,780.57	53,209.83
Equity Value (M)	58,968.26	61,660.26	64,451.86
Shares Outstanding (M)	1,212.83	1,212.83	1,212.83
Fair Value	$48.62	$50.84	$53.14
Upside / Downside	-67.84%	-66.37%	-64.85%

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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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