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Pioneer High Income Fund, Inc. (PHT)

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

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
Upside170.23%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-3.94%-8.33%0.660.720.780.830.830.810.780.780.921.33
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.227.024.21
Cash Retained (M)21.3521.3521.35
(-) Cash Required (M)-11.22-7.02-4.21
(=) Excess Retained (M)10.1314.3417.14
(/) Shares Outstanding (M)29.3429.3429.34
(=) Excess Retained per Share0.350.490.58
LTM Dividend per Share1.191.191.19
(+) Excess Retained per Share0.350.490.58
(=) Adjusted Dividend1.531.671.77
WACC / Discount Rate7.24%7.24%7.24%
Growth Rate-5.94%-4.94%-3.94%
Fair Value$10.92$13.06$15.20
Upside / Downside41.09%68.77%96.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)56.1253.3550.7148.2145.8243.5644.87
Payout Ratio61.96%67.56%73.17%78.78%84.39%90.00%92.50%
Projected Dividends (M)34.7736.0437.1137.9838.6739.2041.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.24%7.24%7.24%
Growth Rate-5.94%-4.94%-3.94%
Year 1 PV (M)33.2633.6133.96
Year 2 PV (M)31.5932.2732.95
Year 3 PV (M)29.8330.8031.78
Year 4 PV (M)28.0329.2430.49
Year 5 PV (M)26.2227.6429.13
PV of Terminal Value (M)654.98690.55727.64
Equity Value (M)803.92844.11885.96
Shares Outstanding (M)29.3429.3429.34
Fair Value$27.40$28.77$30.19
Upside / Downside253.99%271.68%290.11%

High-Yield Dividend Screener

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