Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BlackRock Corporate High Yield Fund, Inc. (HYT)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$7.92 - $12.13$9.89
Multi-Stage$16.90 - $18.54$17.71
Blended Fair Value$13.80
Current Price$9.81
Upside40.64%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.870.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--8.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)127.09
(-) Cash Dividends Paid (M)125.93
(=) Cash Retained (M)1.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.4215.899.53
Cash Retained (M)1.161.161.16
(-) Cash Required (M)-25.42-15.89-9.53
(=) Excess Retained (M)-24.26-14.73-8.37
(/) Shares Outstanding (M)144.77144.77144.77
(=) Excess Retained per Share-0.17-0.10-0.06
LTM Dividend per Share0.870.870.87
(+) Excess Retained per Share-0.17-0.10-0.06
(=) Adjusted Dividend0.700.770.81
WACC / Discount Rate7.00%7.00%7.00%
Growth Rate-1.72%-0.72%0.28%
Fair Value$7.92$9.89$12.13
Upside / Downside-19.25%0.78%23.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)127.09126.18125.27124.37123.48122.60126.27
Payout Ratio99.09%97.27%95.45%93.63%91.82%90.00%92.50%
Projected Dividends (M)125.93122.73119.57116.46113.38110.34116.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.00%7.00%7.00%
Growth Rate-1.72%-0.72%0.28%
Year 1 PV (M)113.55114.71115.86
Year 2 PV (M)102.35104.45106.56
Year 3 PV (M)92.2395.0797.97
Year 4 PV (M)83.0786.5190.04
Year 5 PV (M)74.8078.6882.72
PV of Terminal Value (M)1,981.242,084.102,191.20
Equity Value (M)2,447.242,563.512,684.36
Shares Outstanding (M)144.77144.77144.77
Fair Value$16.90$17.71$18.54
Upside / Downside72.31%80.50%89.01%

High-Yield Dividend Screener

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