DDM Analysis: EMAARDEV.AE

Valuation Snapshot

Stable Growth	$305.81 - $500.87	$469.39
Multi-Stage	$80.66 - $88.34	$84.43
Blended Fair Value	$276.91
Current Price	$13.45
Upside	1,958.81%
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	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$305.81	$469.39	$500.87
Upside / Downside	2,173.70%	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	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,962.29	3,999.84	4,037.40
Year 2 PV (M)	5,188.19	5,287.02	5,386.77
Year 3 PV (M)	6,397.88	6,581.54	6,768.69
Year 4 PV (M)	7,591.52	7,883.46	8,183.75
Year 5 PV (M)	8,769.25	9,192.81	9,632.58
PV of Terminal Value (M)	290,547.18	304,580.71	319,151.35
Equity Value (M)	322,456.31	337,525.39	353,160.53
Shares Outstanding (M)	3,997.89	3,997.89	3,997.89
Fair Value	$80.66	$84.43	$88.34
Upside / Downside	499.68%	527.70%	556.78%

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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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