DDM Analysis: PHT

Valuation Snapshot

Stable Growth	$10.92 - $15.20	$13.06
Multi-Stage	$27.40 - $30.19	$28.77
Blended Fair Value	$20.92
Current Price	$7.74
Upside	170.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.94%	-8.33%	0.66	0.72	0.78	0.83	0.83	0.81	0.78	0.78	0.92	1.33
YoY Growth	-	-	-8.33%	-7.99%	-5.58%	-0.37%	3.09%	3.18%	0.64%	-15.97%	-30.21%	-15.87%
Dividend Yield	-	-	8.53%	9.40%	11.80%	10.21%	8.88%	12.57%	8.66%	8.35%	9.37%	13.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.12
(-) Cash Dividends Paid (M)	34.77
(=) Cash Retained (M)	21.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.22	7.02	4.21
Cash Retained (M)	21.35	21.35	21.35
(-) Cash Required (M)	-11.22	-7.02	-4.21
(=) Excess Retained (M)	10.13	14.34	17.14
(/) Shares Outstanding (M)	29.34	29.34	29.34
(=) Excess Retained per Share	0.35	0.49	0.58
LTM Dividend per Share	1.19	1.19	1.19
(+) Excess Retained per Share	0.35	0.49	0.58
(=) Adjusted Dividend	1.53	1.67	1.77
WACC / Discount Rate	7.24%	7.24%	7.24%
Growth Rate	-5.94%	-4.94%	-3.94%
Fair Value	$10.92	$13.06	$15.20
Upside / Downside	41.09%	68.77%	96.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.12	53.35	50.71	48.21	45.82	43.56	44.87
Payout Ratio	61.96%	67.56%	73.17%	78.78%	84.39%	90.00%	92.50%
Projected Dividends (M)	34.77	36.04	37.11	37.98	38.67	39.20	41.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.24%	7.24%	7.24%
Growth Rate	-5.94%	-4.94%	-3.94%
Year 1 PV (M)	33.26	33.61	33.96
Year 2 PV (M)	31.59	32.27	32.95
Year 3 PV (M)	29.83	30.80	31.78
Year 4 PV (M)	28.03	29.24	30.49
Year 5 PV (M)	26.22	27.64	29.13
PV of Terminal Value (M)	654.98	690.55	727.64
Equity Value (M)	803.92	844.11	885.96
Shares Outstanding (M)	29.34	29.34	29.34
Fair Value	$27.40	$28.77	$30.19
Upside / Downside	253.99%	271.68%	290.11%

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Pioneer High Income Fund, Inc. (PHT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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