DDM Analysis: EMIRATESNBD.AE

Valuation Snapshot

Stable Growth	$197.60 - $714.47	$626.34
Multi-Stage	$90.10 - $98.60	$94.27
Blended Fair Value	$360.31
Current Price	$22.80
Upside	1,480.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.81%	18.49%	1.19	0.60	0.50	0.40	0.40	0.35	0.35	0.35	0.35	0.31
YoY Growth	-	-	100.03%	20.00%	24.99%	0.00%	13.67%	0.00%	0.00%	0.00%	14.29%	40.00%
Dividend Yield	-	-	5.91%	3.42%	3.78%	2.65%	3.46%	4.84%	3.62%	3.40%	4.39%	4.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,790.00
(-) Cash Dividends Paid (M)	6,439.00
(=) Cash Retained (M)	16,351.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,558.00	2,848.75	1,709.25
Cash Retained (M)	16,351.00	16,351.00	16,351.00
(-) Cash Required (M)	-4,558.00	-2,848.75	-1,709.25
(=) Excess Retained (M)	11,793.00	13,502.25	14,641.75
(/) Shares Outstanding (M)	6,343.65	6,343.65	6,343.65
(=) Excess Retained per Share	1.86	2.13	2.31
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	1.86	2.13	2.31
(=) Adjusted Dividend	2.87	3.14	3.32
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$197.60	$626.34	$714.47
Upside / Downside	766.65%	2,647.09%	3,033.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,790.00	24,271.35	25,848.99	27,529.17	29,318.57	31,224.28	32,161.00
Payout Ratio	28.25%	40.60%	52.95%	65.30%	77.65%	90.00%	92.50%
Projected Dividends (M)	6,439.00	9,854.87	13,687.60	17,976.95	22,766.08	28,101.85	29,748.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,120.74	9,207.19	9,293.64
Year 2 PV (M)	11,724.26	11,947.57	12,172.99
Year 3 PV (M)	14,251.25	14,660.36	15,077.21
Year 4 PV (M)	16,703.38	17,345.75	18,006.46
Year 5 PV (M)	19,082.27	20,003.95	20,960.91
PV of Terminal Value (M)	500,697.90	524,881.79	549,991.26
Equity Value (M)	571,579.80	598,046.61	625,502.48
Shares Outstanding (M)	6,343.65	6,343.65	6,343.65
Fair Value	$90.10	$94.27	$98.60
Upside / Downside	295.19%	313.49%	332.47%

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Emirates NBD Bank PJSC (EMIRATESNBD.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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