IHS: iPhone 5s Camera Gets Cheaper

Electronics360: Andrew Rassweiler, senior director of Teardown Analysis and Cost Benchmarking Service at IHS Electronics & Media, presented cost analysis of the new iPhone 5s and 5c, with both rear and front cameras taking roughly 6-7% of the BOM:

Preliminary Cost Estimate for iPhone 5s
Preliminary Cost Estimate for iPhone 5s
Preliminary Cost Estimate for iPhone 5c
Preliminary Cost Estimate for iPhone 5c

This is somewhat lower than IHS' last year estimation of $16.40 for the rear camera of iPhone 4s:

iPhone 4s Cost Analysis

Now I wonder how IHS came to the conclusion that iPhone 4S' 8MP 1.4um-pixel BSI camera module is cheaper than 5S' set of front and rear cameras 1.2MP+8MP, where the rear one has 1.5um pixel stacked sensor? Where do they find the savings? My guess is that they just estimated the chip areas, and, naturally, the stacked sensor came out smaller.

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