DDM Analysis: EMAARDEV.AE

Valuation Snapshot

Stable Growth	$306.16 - $500.87	$469.39
Multi-Stage	$80.68 - $88.36	$84.45
Blended Fair Value	$276.92
Current Price	$13.45
Upside	1,958.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.89%	0.00%	0.52	0.52	0.15	0.33	0.23	0.26	0.29	1.03	0.03	0.00
YoY Growth	-	-	0.05%	243.97%	-53.92%	45.08%	-12.98%	-10.92%	-71.73%	3,203.74%	0.00%	0.00%
Dividend Yield	-	-	4.25%	6.10%	2.75%	7.38%	8.98%	11.99%	7.49%	19.13%	0.54%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,068.85
(-) Cash Dividends Paid (M)	2,720.00
(=) Cash Retained (M)	7,348.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,013.77	1,258.61	755.16
Cash Retained (M)	7,348.85	7,348.85	7,348.85
(-) Cash Required (M)	-2,013.77	-1,258.61	-755.16
(=) Excess Retained (M)	5,335.08	6,090.24	6,593.68
(/) Shares Outstanding (M)	3,997.89	3,997.89	3,997.89
(=) Excess Retained per Share	1.33	1.52	1.65
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	1.33	1.52	1.65
(=) Adjusted Dividend	2.01	2.20	2.33
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$306.16	$469.39	$500.87
Upside / Downside	2,176.30%	3,389.91%	3,623.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,068.85	10,723.32	11,420.34	12,162.66	12,953.23	13,795.19	14,209.05
Payout Ratio	27.01%	39.61%	52.21%	64.81%	77.40%	90.00%	92.50%
Projected Dividends (M)	2,720.00	4,247.64	5,962.38	7,882.08	10,026.16	12,415.67	13,143.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,962.32	3,999.87	4,037.43
Year 2 PV (M)	5,188.27	5,287.09	5,386.85
Year 3 PV (M)	6,398.03	6,581.69	6,768.84
Year 4 PV (M)	7,591.74	7,883.70	8,184.00
Year 5 PV (M)	8,769.58	9,193.15	9,632.94
PV of Terminal Value (M)	290,630.49	304,668.05	319,242.86
Equity Value (M)	322,540.43	337,613.56	353,252.92
Shares Outstanding (M)	3,997.89	3,997.89	3,997.89
Fair Value	$80.68	$84.45	$88.36
Upside / Downside	499.83%	527.87%	556.95%

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Emaar Development PJSC (EMAARDEV.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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