DDM Analysis: NCYF.L

Valuation Snapshot

Stable Growth	$1.77 - $3.40	$2.42
Multi-Stage	$1.68 - $1.83	$1.76
Blended Fair Value	$2.09
Current Price	$0.51
Upside	306.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.27%	6.81%	0.05	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03
YoY Growth	-	-	7.79%	8.55%	7.60%	5.03%	2.50%	4.89%	7.31%	5.78%	1.98%	17.42%
Dividend Yield	-	-	8.99%	8.31%	8.48%	7.17%	6.33%	7.09%	5.33%	4.92%	4.55%	4.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.87
(-) Cash Dividends Paid (M)	49.59
(=) Cash Retained (M)	11.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.17	7.61	4.57
Cash Retained (M)	11.28	11.28	11.28
(-) Cash Required (M)	-12.17	-7.61	-4.57
(=) Excess Retained (M)	-0.89	3.67	6.72
(/) Shares Outstanding (M)	556.57	556.57	556.57
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	4.27%	5.27%	6.27%
Fair Value	$1.77	$2.42	$3.40
Upside / Downside	244.05%	371.26%	562.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.87	64.08	67.46	71.01	74.76	78.70	81.06
Payout Ratio	81.46%	83.17%	84.88%	86.59%	88.29%	90.00%	92.50%
Projected Dividends (M)	49.59	53.30	57.26	61.49	66.01	70.83	74.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	4.27%	5.27%	6.27%
Year 1 PV (M)	48.24	48.70	49.17
Year 2 PV (M)	46.91	47.81	48.73
Year 3 PV (M)	45.60	46.92	48.27
Year 4 PV (M)	44.30	46.03	47.80
Year 5 PV (M)	43.03	45.14	47.32
PV of Terminal Value (M)	708.39	743.01	778.98
Equity Value (M)	936.47	977.61	1,020.27
Shares Outstanding (M)	556.57	556.57	556.57
Fair Value	$1.68	$1.76	$1.83
Upside / Downside	227.35%	241.73%	256.64%

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CQS New City High Yield Fund Limited (NCYF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener