DDM Analysis: EMDV.TA

Valuation Snapshot

Stable Growth	$92.46 - $277.67	$260.22
Multi-Stage	$38.03 - $41.60	$39.79
Blended Fair Value	$150.00
Current Price	$26.49
Upside	466.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.32%	0.00%	0.57	0.65	0.28	0.37	0.28	0.33	0.52	0.91	0.00	0.25
YoY Growth	-	-	-13.11%	131.65%	-23.30%	33.77%	-17.20%	-35.86%	-43.14%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.97%	2.68%	1.35%	1.84%	1.12%	3.01%	2.27%	3.13%	0.00%	1.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.09
(-) Cash Dividends Paid (M)	17.70
(=) Cash Retained (M)	21.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.82	4.89	2.93
Cash Retained (M)	21.39	21.39	21.39
(-) Cash Required (M)	-7.82	-4.89	-2.93
(=) Excess Retained (M)	13.57	16.50	18.45
(/) Shares Outstanding (M)	27.99	27.99	27.99
(=) Excess Retained per Share	0.48	0.59	0.66
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	0.48	0.59	0.66
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$92.46	$260.22	$277.67
Upside / Downside	249.05%	882.33%	948.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.09	41.63	44.33	47.21	50.28	53.55	55.16
Payout Ratio	45.28%	54.23%	63.17%	72.11%	81.06%	90.00%	92.50%
Projected Dividends (M)	17.70	22.57	28.01	34.05	40.76	48.20	51.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	20.94	21.14	21.34
Year 2 PV (M)	24.11	24.56	25.03
Year 3 PV (M)	27.19	27.97	28.76
Year 4 PV (M)	30.20	31.36	32.55
Year 5 PV (M)	33.13	34.73	36.39
PV of Terminal Value (M)	929.12	973.99	1,020.59
Equity Value (M)	1,064.68	1,113.75	1,164.66
Shares Outstanding (M)	27.99	27.99	27.99
Fair Value	$38.03	$39.79	$41.60
Upside / Downside	43.57%	50.19%	57.05%

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Emilia Development (O.F.G) Ltd. (EMDV.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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