Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

JPMorgan Emerging Europe Middle East & Africa Securities Plc (JEMA.L)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$0.64 - $0.91$0.77
Multi-Stage$0.93 - $1.03$0.98
Blended Fair Value$0.88
Current Price$2.73
Upside-67.88%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-57.51%0.00%0.000.000.500.110.380.360.320.300.000.00
YoY Growth--0.00%-100.00%375.55%-72.32%6.30%12.50%7.76%0.00%0.00%0.00%
Dividend Yield--0.41%0.00%63.92%1.23%7.04%5.20%6.42%6.05%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3.97
(-) Cash Dividends Paid (M)0.20
(=) Cash Retained (M)3.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.790.500.30
Cash Retained (M)3.773.773.77
(-) Cash Required (M)-0.79-0.50-0.30
(=) Excess Retained (M)2.983.283.47
(/) Shares Outstanding (M)40.4440.4440.44
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.080.090.09
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.64$0.77$0.91
Upside / Downside-76.48%-71.65%-66.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3.973.933.893.863.823.783.89
Payout Ratio5.08%22.07%39.05%56.03%73.02%90.00%92.50%
Projected Dividends (M)0.200.871.522.162.793.403.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)0.780.790.80
Year 2 PV (M)1.231.261.28
Year 3 PV (M)1.571.621.67
Year 4 PV (M)1.831.901.98
Year 5 PV (M)2.012.112.22
PV of Terminal Value (M)30.3631.9433.59
Equity Value (M)37.7839.6241.54
Shares Outstanding (M)40.4440.4440.44
Fair Value$0.93$0.98$1.03
Upside / Downside-65.78%-64.11%-62.37%

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