DDM Analysis: EME

Valuation Snapshot

Stable Growth	$548.86 - $1,360.24	$821.48
Multi-Stage	$374.02 - $409.08	$391.23
Blended Fair Value	$606.36
Current Price	$649.54
Upside	-6.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.30%	7.38%	0.95	0.72	0.60	0.62	0.39	0.39	0.41	0.42	0.43	0.44
YoY Growth	-	-	32.74%	20.22%	-3.47%	59.35%	-1.54%	-3.70%	-1.74%	-2.48%	-3.19%	-5.63%
Dividend Yield	-	-	0.26%	0.20%	0.37%	0.55%	0.35%	0.64%	0.55%	0.53%	0.68%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,130.37
(-) Cash Dividends Paid (M)	45.33
(=) Cash Retained (M)	1,085.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	226.07	141.30	84.78
Cash Retained (M)	1,085.04	1,085.04	1,085.04
(-) Cash Required (M)	-226.07	-141.30	-84.78
(=) Excess Retained (M)	858.96	943.74	1,000.26
(/) Shares Outstanding (M)	45.59	45.59	45.59
(=) Excess Retained per Share	18.84	20.70	21.94
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	18.84	20.70	21.94
(=) Adjusted Dividend	19.83	21.69	22.93
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$548.86	$821.48	$1,360.24
Upside / Downside	-15.50%	26.47%	109.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,130.37	1,203.85	1,282.10	1,365.43	1,454.18	1,548.71	1,595.17
Payout Ratio	4.01%	21.21%	38.41%	55.60%	72.80%	90.00%	92.50%
Projected Dividends (M)	45.33	255.31	492.40	759.24	1,058.68	1,393.84	1,475.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	231.37	233.56	235.76
Year 2 PV (M)	404.38	412.08	419.86
Year 3 PV (M)	565.04	581.26	597.79
Year 4 PV (M)	714.00	741.46	769.70
Year 5 PV (M)	851.88	893.03	935.75
PV of Terminal Value (M)	14,286.42	14,976.46	15,692.90
Equity Value (M)	17,053.08	17,837.84	18,651.75
Shares Outstanding (M)	45.59	45.59	45.59
Fair Value	$374.02	$391.23	$409.08
Upside / Downside	-42.42%	-39.77%	-37.02%

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8848.T	Leopalace21 Corporation	1.26%	$8.31	27.11%
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CAST.ST	Castellum AB (publ)	1.26%	$1.33	21.53%
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HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
JCI	Johnson Controls International plc	1.26%	$1.54	56.71%
KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
SAREGAMA.BO	Saregama India Limited	1.26%	$4.51	42.77%
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0QLU.L	Basler Kantonalbank	1.25%	$1.11	12.42%
145720.KS	Dentium Co. Ltd.	1.25%	$599.51	9.81%
204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
ENTER.AT	Entersoft S.A.	1.25%	$0.10	20.30%
ETN	Eaton Corporation plc	1.25%	$4.08	40.54%
IRFC.BO	Indian Railway Finance Corporation Limited	1.25%	$1.60	30.59%
LVC.WA	LiveChat Software S.A.	1.25%	$1.46	20.71%
ORSTED.CO	Ørsted A/S	1.25%	$1.60	10.19%
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002346.SZ	Shanghai Zhezhong Group Co.,Ltd	1.24%	$0.25	18.48%
002748.SZ	Jiangxi Selon Industrial Co., Ltd.	1.24%	$0.16	89.09%
1976.T	MEISEI INDUSTRIAL Co.,Ltd.	1.24%	$21.03	12.53%
300763.SZ	Ginlong Technologies Co., Ltd.	1.24%	$0.88	39.17%
600871.SS	Sinopec Oilfield Service Corporation	1.24%	$0.03	81.02%
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MTHH.CO	MT Højgaard Holding A/S	1.24%	$6.49	19.74%
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WRT1V.HE	Wärtsilä Oyj Abp	1.24%	$0.38	40.46%
041830.KQ	InBody Co.,Ltd	1.23%	$400.00	16.47%
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4148.TW	All Cosmos Bio-Tech Holding Corporation	1.23%	$0.48	23.21%
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Sector

EMCOR Group, Inc. (EME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener