DDM Analysis: EMAARDEV.AE

Valuation Snapshot

Stable Growth	$305.61 - $500.87	$469.39
Multi-Stage	$80.64 - $88.32	$84.41
Blended Fair Value	$276.90
Current Price	$13.45
Upside	1,958.76%
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	$305.61	$469.39	$500.87
Upside / Downside	2,172.19%	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)	3,962.27	3,999.83	4,037.38
Year 2 PV (M)	5,188.15	5,286.97	5,386.72
Year 3 PV (M)	6,397.80	6,581.46	6,768.60
Year 4 PV (M)	7,591.38	7,883.33	8,183.61
Year 5 PV (M)	8,769.06	9,192.61	9,632.37
PV of Terminal Value (M)	290,498.86	304,530.07	319,098.28
Equity Value (M)	322,407.53	337,474.26	353,106.96
Shares Outstanding (M)	3,997.89	3,997.89	3,997.89
Fair Value	$80.64	$84.41	$88.32
Upside / Downside	499.59%	527.61%	556.68%

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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

High-Yield Dividend Screener