DDM Analysis: EMAAR.AE

Valuation Snapshot

Stable Growth	$209.40 - $342.96	$321.40
Multi-Stage	$57.26 - $62.60	$59.88
Blended Fair Value	$190.64
Current Price	$13.60
Upside	1,301.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.12%	-1.52%	0.82	0.33	0.21	0.23	0.10	0.26	0.51	0.17	0.16	0.27
YoY Growth	-	-	150.76%	58.68%	-9.71%	124.20%	-60.39%	-49.73%	204.22%	6.87%	-41.22%	-72.01%
Dividend Yield	-	-	6.17%	3.93%	3.70%	3.82%	2.89%	11.63%	10.75%	2.89%	2.16%	4.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,253.39
(-) Cash Dividends Paid (M)	13,248.46
(=) Cash Retained (M)	2,004.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,050.68	1,906.67	1,144.00
Cash Retained (M)	2,004.93	2,004.93	2,004.93
(-) Cash Required (M)	-3,050.68	-1,906.67	-1,144.00
(=) Excess Retained (M)	-1,045.74	98.26	860.93
(/) Shares Outstanding (M)	8,845.16	8,845.16	8,845.16
(=) Excess Retained per Share	-0.12	0.01	0.10
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	-0.12	0.01	0.10
(=) Adjusted Dividend	1.38	1.51	1.60
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$209.40	$321.40	$342.96
Upside / Downside	1,439.69%	2,263.25%	2,421.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,253.39	16,244.86	17,300.78	18,425.33	19,622.97	20,898.46	21,525.42
Payout Ratio	86.86%	87.48%	88.11%	88.74%	89.37%	90.00%	92.50%
Projected Dividends (M)	13,248.46	14,211.76	15,244.32	16,351.06	17,537.28	18,808.62	19,911.01

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)	13,257.03	13,382.69	13,508.35
Year 2 PV (M)	13,264.93	13,517.59	13,772.63
Year 3 PV (M)	13,272.15	13,653.15	14,041.37
Year 4 PV (M)	13,278.72	13,789.38	14,314.63
Year 5 PV (M)	13,284.63	13,926.28	14,592.49
PV of Terminal Value (M)	440,154.31	461,413.93	483,487.20
Equity Value (M)	506,511.77	529,683.01	553,716.67
Shares Outstanding (M)	8,845.16	8,845.16	8,845.16
Fair Value	$57.26	$59.88	$62.60
Upside / Downside	321.06%	340.32%	360.30%

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Emaar Properties PJSC (EMAAR.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener