DDM Analysis: DFM.AE

Valuation Snapshot

Stable Growth	$2.24 - $4.76	$3.18
Multi-Stage	$1.59 - $1.74	$1.67
Blended Fair Value	$2.42
Current Price	$1.61
Upside	50.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	69.50%	-3.26%	0.03	0.02	0.04	0.05	0.02	0.00	0.03	0.00	0.01	0.07
YoY Growth	-	-	103.29%	-59.50%	-7.27%	86.22%	884.03%	-91.51%	3,903.48%	-92.12%	-86.57%	42.61%
Dividend Yield	-	-	2.63%	1.17%	3.35%	1.90%	2.39%	0.45%	4.08%	0.07%	0.75%	5.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	949.34
(-) Cash Dividends Paid (M)	0.31
(=) Cash Retained (M)	949.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.87	118.67	71.20
Cash Retained (M)	949.03	949.03	949.03
(-) Cash Required (M)	-189.87	-118.67	-71.20
(=) Excess Retained (M)	759.16	830.36	877.83
(/) Shares Outstanding (M)	7,995.76	7,995.76	7,995.76
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.24	$3.18	$4.76
Upside / Downside	38.98%	97.56%	195.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	949.34	1,011.05	1,076.76	1,146.75	1,221.29	1,300.68	1,339.70
Payout Ratio	0.03%	18.03%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.31	182.25	387.84	619.40	879.41	1,170.61	1,239.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	164.16	165.71	167.27
Year 2 PV (M)	314.66	320.66	326.71
Year 3 PV (M)	452.64	465.63	478.87
Year 4 PV (M)	578.86	601.12	624.02
Year 5 PV (M)	694.04	727.57	762.37
PV of Terminal Value (M)	10,528.39	11,036.91	11,564.90
Equity Value (M)	12,732.75	13,317.60	13,924.14
Shares Outstanding (M)	7,995.76	7,995.76	7,995.76
Fair Value	$1.59	$1.67	$1.74
Upside / Downside	-1.09%	3.45%	8.16%

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Dubai Financial Market P.J.S.C. (DFM.AE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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