DDM Analysis: FEML.L

Valuation Snapshot

Stable Growth	$21.14 - $29.93	$25.48
Multi-Stage	$31.14 - $34.21	$32.65
Blended Fair Value	$29.06
Current Price	$10.75
Upside	170.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-9.38%	0.00%	0.18	0.26	0.26	0.32	0.26	0.30	0.30	0.24	0.00	0.00
YoY Growth	-	-	-29.59%	-0.54%	-19.25%	20.78%	-10.53%	0.00%	22.14%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.68%	2.87%	3.45%	4.13%	2.08%	3.32%	3.03%	2.63%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	253.05
(-) Cash Dividends Paid (M)	31.41
(=) Cash Retained (M)	221.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.61	31.63	18.98
Cash Retained (M)	221.64	221.64	221.64
(-) Cash Required (M)	-50.61	-31.63	-18.98
(=) Excess Retained (M)	171.03	190.01	202.66
(/) Shares Outstanding (M)	78.21	78.21	78.21
(=) Excess Retained per Share	2.19	2.43	2.59
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	2.19	2.43	2.59
(=) Adjusted Dividend	2.59	2.83	2.99
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$21.14	$25.48	$29.93
Upside / Downside	96.64%	137.02%	178.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	253.05	250.52	248.02	245.54	243.08	240.65	247.87
Payout Ratio	12.41%	27.93%	43.45%	58.96%	74.48%	90.00%	92.50%
Projected Dividends (M)	31.41	69.97	107.76	144.78	181.05	216.58	229.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	62.97	63.61	64.25
Year 2 PV (M)	87.26	89.05	90.86
Year 3 PV (M)	105.51	108.77	112.10
Year 4 PV (M)	118.74	123.66	128.73
Year 5 PV (M)	127.83	134.48	141.41
PV of Terminal Value (M)	1,933.11	2,033.77	2,138.58
Equity Value (M)	2,435.41	2,553.35	2,675.94
Shares Outstanding (M)	78.21	78.21	78.21
Fair Value	$31.14	$32.65	$34.21
Upside / Downside	189.66%	203.69%	218.27%

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Fidelity Emerging Markets Limited (FEML.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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