Definitive Analysis
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Definitive Analysis

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

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

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
Upside306.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.27%6.81%0.050.040.040.040.030.030.030.030.030.03
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.177.614.57
Cash Retained (M)11.2811.2811.28
(-) Cash Required (M)-12.17-7.61-4.57
(=) Excess Retained (M)-0.893.676.72
(/) Shares Outstanding (M)556.57556.57556.57
(=) Excess Retained per Share0.000.010.01
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.000.010.01
(=) Adjusted Dividend0.090.100.10
WACC / Discount Rate9.43%9.43%9.43%
Growth Rate4.27%5.27%6.27%
Fair Value$1.77$2.42$3.40
Upside / Downside244.05%371.26%562.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)60.8764.0867.4671.0174.7678.7081.06
Payout Ratio81.46%83.17%84.88%86.59%88.29%90.00%92.50%
Projected Dividends (M)49.5953.3057.2661.4966.0170.8374.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.43%9.43%9.43%
Growth Rate4.27%5.27%6.27%
Year 1 PV (M)48.2448.7049.17
Year 2 PV (M)46.9147.8148.73
Year 3 PV (M)45.6046.9248.27
Year 4 PV (M)44.3046.0347.80
Year 5 PV (M)43.0345.1447.32
PV of Terminal Value (M)708.39743.01778.98
Equity Value (M)936.47977.611,020.27
Shares Outstanding (M)556.57556.57556.57
Fair Value$1.68$1.76$1.83
Upside / Downside227.35%241.73%256.64%

High-Yield Dividend Screener

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