DDM Analysis: JMG.L

Valuation Snapshot

Stable Growth	$0.79 - $1.12	$0.96
Multi-Stage	$1.19 - $1.31	$1.25
Blended Fair Value	$1.10
Current Price	$1.16
Upside	-4.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.02	0.01	0.01	0.02	0.02	0.02	0.01	0.01	0.01
YoY Growth	-	-	-100.00%	15.88%	3.08%	-5.75%	-1.48%	-20.57%	58.58%	20.24%	46.93%	8.89%
Dividend Yield	-	-	0.00%	1.61%	1.43%	1.37%	1.14%	1.56%	1.91%	1.46%	1.28%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	134.45
(-) Cash Dividends Paid (M)	33.27
(=) Cash Retained (M)	101.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.89	16.81	10.08
Cash Retained (M)	101.17	101.17	101.17
(-) Cash Required (M)	-26.89	-16.81	-10.08
(=) Excess Retained (M)	74.28	84.37	91.09
(/) Shares Outstanding (M)	1,107.49	1,107.49	1,107.49
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.79	$0.96	$1.12
Upside / Downside	-31.63%	-17.59%	-3.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.45	133.10	131.77	130.45	129.15	127.86	131.69
Payout Ratio	24.75%	37.80%	50.85%	63.90%	76.95%	90.00%	92.50%
Projected Dividends (M)	33.27	50.31	67.00	83.36	99.38	115.07	121.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	45.27	45.74	46.20
Year 2 PV (M)	54.26	55.38	56.50
Year 3 PV (M)	60.75	62.63	64.55
Year 4 PV (M)	65.18	67.88	70.66
Year 5 PV (M)	67.91	71.45	75.13
PV of Terminal Value (M)	1,027.06	1,080.54	1,136.23
Equity Value (M)	1,320.44	1,383.61	1,449.27
Shares Outstanding (M)	1,107.49	1,107.49	1,107.49
Fair Value	$1.19	$1.25	$1.31
Upside / Downside	2.78%	7.70%	12.81%

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JPMorgan Emerging Markets Investment Trust plc (JMG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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