Definitive Analysis
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Definitive Analysis

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The New America High Income Fund Inc. (HYB)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$6.43 - $9.24$7.81
Multi-Stage$14.72 - $16.19$15.44
Blended Fair Value$11.62
Current Price$7.33
Upside58.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-5.70%-6.31%0.280.390.370.350.390.380.430.430.480.49
YoY Growth---27.37%5.88%3.65%-10.28%4.27%-12.86%0.57%-10.01%-2.70%-8.91%
Dividend Yield--3.99%5.87%3.92%4.06%4.31%4.99%4.60%4.65%6.24%5.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)38.31
(-) Cash Dividends Paid (M)24.30
(=) Cash Retained (M)14.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.664.792.87
Cash Retained (M)14.0214.0214.02
(-) Cash Required (M)-7.66-4.79-2.87
(=) Excess Retained (M)6.359.2311.14
(/) Shares Outstanding (M)40.9140.9140.91
(=) Excess Retained per Share0.160.230.27
LTM Dividend per Share0.590.590.59
(+) Excess Retained per Share0.160.230.27
(=) Adjusted Dividend0.750.820.87
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate-3.92%-2.92%-1.92%
Fair Value$6.43$7.81$9.24
Upside / Downside-12.25%6.49%26.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)38.3137.1936.1035.0534.0233.0334.02
Payout Ratio63.42%68.74%74.05%79.37%84.68%90.00%92.50%
Projected Dividends (M)24.3025.5626.7427.8228.8129.7231.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate-3.92%-2.92%-1.92%
Year 1 PV (M)23.5923.8324.08
Year 2 PV (M)22.7623.2423.72
Year 3 PV (M)21.8522.5423.24
Year 4 PV (M)20.8821.7622.67
Year 5 PV (M)19.8720.9322.03
PV of Terminal Value (M)493.08519.28546.59
Equity Value (M)602.03631.58662.33
Shares Outstanding (M)40.9140.9140.91
Fair Value$14.72$15.44$16.19
Upside / Downside100.78%110.64%120.89%

High-Yield Dividend Screener

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