Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Dubai Financial Market P.J.S.C. (DFM.AE)

Company Dividend Discount ModelIndustry: Financial - Data & Stock ExchangesSector: Financial Services

Valuation Snapshot

Stable Growth$2.24 - $4.76$3.18
Multi-Stage$1.59 - $1.74$1.67
Blended Fair Value$2.42
Current Price$1.61
Upside50.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS69.50%-3.26%0.030.020.040.050.020.000.030.000.010.07
YoY Growth--103.29%-59.50%-7.27%86.22%884.03%-91.51%3,903.48%-92.12%-86.57%42.61%
Dividend Yield--2.63%1.17%3.35%1.90%2.39%0.45%4.08%0.07%0.75%5.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)949.34
(-) Cash Dividends Paid (M)0.31
(=) Cash Retained (M)949.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)189.87118.6771.20
Cash Retained (M)949.03949.03949.03
(-) Cash Required (M)-189.87-118.67-71.20
(=) Excess Retained (M)759.16830.36877.83
(/) Shares Outstanding (M)7,995.767,995.767,995.76
(=) Excess Retained per Share0.090.100.11
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.090.100.11
(=) Adjusted Dividend0.090.100.11
WACC / Discount Rate9.98%9.98%9.98%
Growth Rate5.50%6.50%7.50%
Fair Value$2.24$3.18$4.76
Upside / Downside38.98%97.56%195.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)949.341,011.051,076.761,146.751,221.291,300.681,339.70
Payout Ratio0.03%18.03%36.02%54.01%72.01%90.00%92.50%
Projected Dividends (M)0.31182.25387.84619.40879.411,170.611,239.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.98%9.98%9.98%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)164.16165.71167.27
Year 2 PV (M)314.66320.66326.71
Year 3 PV (M)452.64465.63478.87
Year 4 PV (M)578.86601.12624.02
Year 5 PV (M)694.04727.57762.37
PV of Terminal Value (M)10,528.3911,036.9111,564.90
Equity Value (M)12,732.7513,317.6013,924.14
Shares Outstanding (M)7,995.767,995.767,995.76
Fair Value$1.59$1.67$1.74
Upside / Downside-1.09%3.45%8.16%

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