DDM Analysis: DEWA.AE

Valuation Snapshot

Stable Growth	$6.48 - $28.64	$15.31
Multi-Stage	$4.23 - $4.62	$4.42
Blended Fair Value	$9.86
Current Price	$2.82
Upside	249.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.62%	28.63%	0.12	0.16	0.30	0.04	0.03	0.09	0.02	0.02	0.01	0.01
YoY Growth	-	-	-21.22%	-47.98%	656.50%	33.33%	-66.67%	350.00%	0.00%	100.00%	-13.04%	15.00%
Dividend Yield	-	-	5.02%	6.48%	12.15%	1.39%	1.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,260.25
(-) Cash Dividends Paid (M)	6,200.00
(=) Cash Retained (M)	1,060.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,452.05	907.53	544.52
Cash Retained (M)	1,060.25	1,060.25	1,060.25
(-) Cash Required (M)	-1,452.05	-907.53	-544.52
(=) Excess Retained (M)	-391.80	152.72	515.73
(/) Shares Outstanding (M)	50,000.00	50,000.00	50,000.00
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.12	0.13	0.13
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.62%	5.62%	6.62%
Fair Value	$6.48	$15.31	$28.64
Upside / Downside	129.63%	442.74%	915.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,260.25	7,668.22	8,099.12	8,554.24	9,034.93	9,542.63	9,828.91
Payout Ratio	85.40%	86.32%	87.24%	88.16%	89.08%	90.00%	92.50%
Projected Dividends (M)	6,200.00	6,619.00	7,065.51	7,541.30	8,048.25	8,588.36	9,091.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	4.62%	5.62%	6.62%
Year 1 PV (M)	6,156.40	6,215.25	6,274.10
Year 2 PV (M)	6,112.42	6,229.83	6,348.35
Year 3 PV (M)	6,068.07	6,243.75	6,422.78
Year 4 PV (M)	6,023.39	6,257.01	6,497.36
Year 5 PV (M)	5,978.40	6,269.64	6,572.11
PV of Terminal Value (M)	181,025.77	189,844.39	199,003.40
Equity Value (M)	211,364.46	221,059.87	231,118.10
Shares Outstanding (M)	50,000.00	50,000.00	50,000.00
Fair Value	$4.23	$4.42	$4.62
Upside / Downside	49.90%	56.78%	63.91%

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Dubai Electricity and Water Authority (PJSC) (DEWA.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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