Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Emaar Development PJSC (EMAARDEV.AE)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$425.13 - $500.87$469.39
Multi-Stage$117.62 - $128.93$123.17
Blended Fair Value$296.28
Current Price$13.45
Upside2,102.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.89%0.00%0.520.520.150.330.230.260.291.030.030.00
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,013.771,258.61755.16
Cash Retained (M)7,348.857,348.857,348.85
(-) Cash Required (M)-2,013.77-1,258.61-755.16
(=) Excess Retained (M)5,335.086,090.246,593.68
(/) Shares Outstanding (M)3,997.893,997.893,997.89
(=) Excess Retained per Share1.331.521.65
LTM Dividend per Share0.680.680.68
(+) Excess Retained per Share1.331.521.65
(=) Adjusted Dividend2.012.202.33
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate5.50%6.50%7.50%
Fair Value$425.13$469.39$500.87
Upside / Downside3,060.82%3,389.91%3,623.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)10,068.8510,723.3211,420.3412,162.6612,953.2313,795.1914,209.05
Payout Ratio27.01%39.61%52.21%64.81%77.40%90.00%92.50%
Projected Dividends (M)2,720.004,247.645,962.387,882.0810,026.1612,415.6713,143.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,998.904,036.804,074.71
Year 2 PV (M)5,284.525,385.185,486.78
Year 3 PV (M)6,576.896,765.696,958.06
Year 4 PV (M)7,876.038,178.928,490.46
Year 5 PV (M)9,181.979,625.4610,085.92
PV of Terminal Value (M)437,296.52458,418.11480,348.06
Equity Value (M)470,214.82492,410.14515,444.00
Shares Outstanding (M)3,997.893,997.893,997.89
Fair Value$117.62$123.17$128.93
Upside / Downside774.47%815.74%858.58%

High-Yield Dividend Screener

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