Overall, this looks like an attractive investment opportunity at its current valuation and high yield. If it could deliver 4%/year dividend growth on top of its initial yield of nearly 6%, that would be a good deal for most dividend growth investors.
Not only is this a world-class chip company that has come into a fair valuation range (it appears to be 12% undervalued), but its business model is one of the most clearly explained that I have ever encountered. In addition, the company has an outstanding dividend record that offers an unusual combination of offering both a fast growth rate with a good yield. On top of all of this, the company gets a high dividend safety score from Simply Safe Dividends.