DDM Analysis: JEMI.L

Valuation Snapshot

Stable Growth	$1.84 - $2.62	$2.22
Multi-Stage	$2.91 - $3.19	$3.05
Blended Fair Value	$2.64
Current Price	$1.52
Upside	73.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.18%	1.74%	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
YoY Growth	-	-	-2.03%	1.21%	1.80%	-0.04%	0.00%	2.14%	2.48%	0.51%	2.00%	9.73%
Dividend Yield	-	-	3.49%	3.98%	3.99%	4.27%	3.70%	4.53%	3.57%	3.99%	3.97%	4.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.13
(-) Cash Dividends Paid (M)	35.19
(=) Cash Retained (M)	43.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.83	9.89	5.93
Cash Retained (M)	43.93	43.93	43.93
(-) Cash Required (M)	-15.83	-9.89	-5.93
(=) Excess Retained (M)	28.11	34.04	38.00
(/) Shares Outstanding (M)	288.45	288.45	288.45
(=) Excess Retained per Share	0.10	0.12	0.13
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.10	0.12	0.13
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.84	$2.22	$2.62
Upside / Downside	20.98%	46.17%	72.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.13	78.34	77.55	76.78	76.01	75.25	77.51
Payout Ratio	44.48%	53.58%	62.69%	71.79%	80.90%	90.00%	92.50%
Projected Dividends (M)	35.19	41.97	48.61	55.12	61.49	67.72	71.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	37.88	38.26	38.65
Year 2 PV (M)	39.59	40.40	41.22
Year 3 PV (M)	40.51	41.76	43.04
Year 4 PV (M)	40.78	42.47	44.21
Year 5 PV (M)	40.53	42.64	44.84
PV of Terminal Value (M)	640.83	674.20	708.94
Equity Value (M)	840.10	879.73	920.90
Shares Outstanding (M)	288.45	288.45	288.45
Fair Value	$2.91	$3.05	$3.19
Upside / Downside	91.61%	100.64%	110.03%

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JPMorgan Global Emerging Markets Income Trust plc (JEMI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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