Definitive Analysis
Definitive Analysis

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Projections DCF DDM EPV Multiples Valuations

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Universal Display Corporation (OLED)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$69.05 - $125.52$92.51
Multi-Stage$55.14 - $60.08$57.57
Blended Fair Value$75.04
Current Price$154.46
Upside-51.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS32.21%0.00%1.601.401.200.800.600.400.240.120.000.00
YoY Growth--14.14%17.09%50.26%33.35%50.88%66.63%100.18%0.00%0.00%0.00%
Dividend Yield--1.15%0.84%0.77%0.48%0.25%0.30%0.15%0.12%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)221.68
(-) Cash Dividends Paid (M)82.56
(=) Cash Retained (M)139.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.3427.7116.63
Cash Retained (M)139.12139.12139.12
(-) Cash Required (M)-44.34-27.71-16.63
(=) Excess Retained (M)94.79111.41122.50
(/) Shares Outstanding (M)47.6847.6847.68
(=) Excess Retained per Share1.992.342.57
LTM Dividend per Share1.731.731.73
(+) Excess Retained per Share1.992.342.57
(=) Adjusted Dividend3.724.074.30
WACC / Discount Rate11.18%11.18%11.18%
Growth Rate5.50%6.50%7.50%
Fair Value$69.05$92.51$125.52
Upside / Downside-55.30%-40.10%-18.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)221.68236.09251.43267.78285.18303.72312.83
Payout Ratio37.24%47.79%58.34%68.90%79.45%90.00%92.50%
Projected Dividends (M)82.56112.83146.70184.49226.57273.35289.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.18%11.18%11.18%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)100.53101.48102.44
Year 2 PV (M)116.45118.67120.91
Year 3 PV (M)130.48134.23138.05
Year 4 PV (M)142.78148.27153.92
Year 5 PV (M)153.47160.88168.58
PV of Terminal Value (M)1,985.342,081.242,180.80
Equity Value (M)2,629.062,744.772,864.69
Shares Outstanding (M)47.6847.6847.68
Fair Value$55.14$57.57$60.08
Upside / Downside-64.30%-62.73%-61.10%

High-Yield Dividend Screener

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