DDM Analysis: EME

Valuation Snapshot

Stable Growth	$544.29 - $1,336.63	$812.23
Multi-Stage	$371.92 - $406.78	$389.03
Blended Fair Value	$600.63
Current Price	$649.54
Upside	-7.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.30%	7.38%	0.95	0.72	0.60	0.62	0.39	0.39	0.41	0.42	0.43	0.44
YoY Growth	-	-	32.74%	20.22%	-3.47%	59.35%	-1.54%	-3.70%	-1.74%	-2.48%	-3.19%	-5.63%
Dividend Yield	-	-	0.26%	0.20%	0.37%	0.55%	0.35%	0.64%	0.55%	0.53%	0.68%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,130.37
(-) Cash Dividends Paid (M)	45.33
(=) Cash Retained (M)	1,085.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	226.07	141.30	84.78
Cash Retained (M)	1,085.04	1,085.04	1,085.04
(-) Cash Required (M)	-226.07	-141.30	-84.78
(=) Excess Retained (M)	858.96	943.74	1,000.26
(/) Shares Outstanding (M)	45.59	45.59	45.59
(=) Excess Retained per Share	18.84	20.70	21.94
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	18.84	20.70	21.94
(=) Adjusted Dividend	19.83	21.69	22.93
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$544.29	$812.23	$1,336.63
Upside / Downside	-16.20%	25.05%	105.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,130.37	1,203.85	1,282.10	1,365.43	1,454.18	1,548.71	1,595.17
Payout Ratio	4.01%	21.21%	38.41%	55.60%	72.80%	90.00%	92.50%
Projected Dividends (M)	45.33	255.31	492.40	759.24	1,058.68	1,393.84	1,475.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	231.30	233.50	235.69
Year 2 PV (M)	404.14	411.84	419.61
Year 3 PV (M)	564.54	580.75	597.26
Year 4 PV (M)	713.16	740.59	768.80
Year 5 PV (M)	850.64	891.72	934.38
PV of Terminal Value (M)	14,193.53	14,879.09	15,590.88
Equity Value (M)	16,957.32	17,737.48	18,546.62
Shares Outstanding (M)	45.59	45.59	45.59
Fair Value	$371.92	$389.03	$406.78
Upside / Downside	-42.74%	-40.11%	-37.37%

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023160.KQ	Tae Kwang Corporation	2.55%	$535.13	21.10%
3152.TWO	Advanced Ceramic X Corporation	2.55%	$3.66	36.41%
600415.SS	Zhejiang China Commodities City Group Co., Ltd.	2.55%	$0.41	53.66%
601808.SS	China Oilfield Services Limited	2.55%	$0.36	43.75%
7606.T	United Arrows Ltd.	2.55%	$62.63	43.42%
CYRE3.SA	Cyrela Brazil Realty S.A. Empreendimentos e Participações	2.55%	$0.61	12.29%
JUNGH.SW	Jungheinrich AG	2.55%	$0.79	22.62%
RENT3.SA	Localiza Rent a Car S.A.	2.55%	$1.11	66.67%
002380.KS	KCC Corporation	2.54%	$10,000.23	6.25%
1527.HK	Zhejiang Tengy Environmental Technology Co., Ltd	2.54%	$0.05	4.95%
5212.KL	Pavilion Real Estate Investment Trust	2.54%	$0.05	39.63%
5489.TWO	DynaColor, Inc.	2.54%	$1.02	50.42%
600273.SS	Zhejiang Jiahua Energy Chemical Industry Co.,Ltd.	2.54%	$0.22	28.18%
600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
2367.HK	Giant Biogene Holding Co., Ltd.	2.53%	$0.87	22.55%
2701.TW	Wan Hwa Enterprise Company Ltd.	2.53%	$0.28	52.89%
600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
603697.SS	YouYou Foods Co., Ltd.	2.53%	$0.31	63.16%
CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
SCHO.CO	Aktieselskabet Schouw & Co.	2.53%	$16.81	42.51%
003006.SZ	Chongqing Baiya Sanitary Products Co., Ltd.	2.52%	$0.55	80.44%
5191.T	Sumitomo Riko Company Limited	2.52%	$66.01	23.54%
600406.SS	NARI Technology Co., Ltd.	2.52%	$0.57	56.63%
600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
603811.SS	Zhejiang Cheng Yi Pharmaceutical Co., Ltd.	2.52%	$0.26	37.15%
BESALCO.SN	Besalco S.A.	2.52%	$30.59	34.76%
000019.SZ	Shenzhen Cereals Holdings Co., Ltd.	2.51%	$0.17	62.11%
094820.KQ	Iljin Power Co., Ltd.	2.51%	$320.01	48.44%
0QVR.L	Scandi Standard AB (publ)	2.51%	$2.49	52.58%
4041.T	Nippon Soda Co., Ltd.	2.51%	$90.77	32.02%
600056.SS	China Meheco Group Co., Ltd.	2.51%	$0.26	71.36%
605169.SS	Xinjiang Hongtong Natural Gas Co., Ltd.	2.51%	$0.33	91.06%
6691.TW	Yankey Engineering Co., Ltd.	2.51%	$13.92	62.80%
7483.T	Doshisha Co.,Ltd.	2.51%	$82.93	37.87%
GPSC-R.BK	Global Power Synergy Public Company Limited	2.51%	$0.90	51.48%
HOVE.CO	Hove A/S	2.51%	$0.14	34.71%
NOLA-B.ST	Nolato AB (publ)	2.51%	$1.50	51.20%
0QNH.L	Huber+Suhner AG	2.50%	$3.61	49.61%
100840.KS	SNT Energy Co., Ltd.	2.50%	$899.87	27.57%
138490.KS	Kolon Plastics, Inc.	2.50%	$200.40	17.45%
2612.T	Kadoya Sesame Mills Incorporated	2.50%	$99.85	34.73%
603112.SS	Shanxi Huaxiang Group Co., Ltd.	2.50%	$0.43	43.19%
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EMCOR Group, Inc. (EME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener