DDM Analysis: EMG.L

Valuation Snapshot

Stable Growth	$3.54 - $5.28	$4.36
Multi-Stage	$5.12 - $5.59	$5.35
Blended Fair Value	$4.86
Current Price	$2.32
Upside	109.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.78%	1.65%	0.16	0.15	0.15	0.13	0.12	0.13	0.16	0.13	0.13	0.16
YoY Growth	-	-	6.08%	1.12%	11.88%	8.84%	-3.29%	-19.58%	19.62%	0.00%	-18.13%	18.40%
Dividend Yield	-	-	6.03%	5.22%	5.84%	4.38%	6.59%	6.13%	9.42%	4.77%	9.11%	6.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	500.00
(-) Cash Dividends Paid (M)	389.00
(=) Cash Retained (M)	111.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.00	62.50	37.50
Cash Retained (M)	111.00	111.00	111.00
(-) Cash Required (M)	-100.00	-62.50	-37.50
(=) Excess Retained (M)	11.00	48.50	73.50
(/) Shares Outstanding (M)	1,187.28	1,187.28	1,187.28
(=) Excess Retained per Share	0.01	0.04	0.06
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.01	0.04	0.06
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	0.23%	1.23%	2.23%
Fair Value	$3.54	$4.36	$5.28
Upside / Downside	52.46%	88.12%	127.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	500.00	506.16	512.39	518.70	525.09	531.56	547.50
Payout Ratio	77.80%	80.24%	82.68%	85.12%	87.56%	90.00%	92.50%
Projected Dividends (M)	389.00	406.14	423.65	441.52	459.77	478.40	506.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	0.23%	1.23%	2.23%
Year 1 PV (M)	366.31	369.96	373.62
Year 2 PV (M)	344.62	351.53	358.51
Year 3 PV (M)	323.94	333.73	343.72
Year 4 PV (M)	304.25	316.57	329.27
Year 5 PV (M)	285.53	300.06	315.17
PV of Terminal Value (M)	4,459.08	4,686.00	4,922.06
Equity Value (M)	6,083.72	6,357.85	6,642.36
Shares Outstanding (M)	1,187.28	1,187.28	1,187.28
Fair Value	$5.12	$5.35	$5.59
Upside / Downside	120.87%	130.82%	141.15%

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Man Group Limited (EMG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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