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Definitive Analysis

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BlackRock Corporate High Yield Fund, Inc. (HYT)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$7.53 - $11.37$9.35
Multi-Stage$15.24 - $16.70$15.95
Blended Fair Value$12.65
Current Price$9.81
Upside28.95%
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 Rate7.44%7.44%7.44%
Growth Rate-1.72%-0.72%0.28%
Fair Value$7.53$9.35$11.37
Upside / Downside-23.19%-4.74%15.93%

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 Rate7.44%7.44%7.44%
Growth Rate-1.72%-0.72%0.28%
Year 1 PV (M)113.08114.23115.38
Year 2 PV (M)101.50103.58105.68
Year 3 PV (M)91.0893.8996.76
Year 4 PV (M)81.7085.0888.56
Year 5 PV (M)73.2677.0681.02
PV of Terminal Value (M)1,745.241,835.851,930.19
Equity Value (M)2,205.862,309.692,417.58
Shares Outstanding (M)144.77144.77144.77
Fair Value$15.24$15.95$16.70
Upside / Downside55.32%62.63%70.23%

High-Yield Dividend Screener

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