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Credit Suisse Asset Management Income Fund, Inc. (CIK)

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

Valuation Snapshot

Stable Growth$4.58 - $6.59$5.56
Multi-Stage$8.00 - $8.75$8.37
Blended Fair Value$6.96
Current Price$2.96
Upside135.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.32%0.00%0.270.260.260.260.260.260.260.260.000.00
YoY Growth--1.55%0.16%0.74%-0.82%0.00%1.12%1.16%0.00%0.00%0.00%
Dividend Yield--9.26%8.42%10.44%7.61%8.36%8.17%9.40%7.82%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34.73
(-) Cash Dividends Paid (M)28.76
(=) Cash Retained (M)5.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.954.342.60
Cash Retained (M)5.975.975.97
(-) Cash Required (M)-6.95-4.34-2.60
(=) Excess Retained (M)-0.981.633.36
(/) Shares Outstanding (M)53.6553.6553.65
(=) Excess Retained per Share-0.020.030.06
LTM Dividend per Share0.540.540.54
(+) Excess Retained per Share-0.020.030.06
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.58$5.56$6.59
Upside / Downside54.72%87.91%122.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34.7334.3834.0433.7033.3633.0234.02
Payout Ratio82.82%84.25%85.69%87.13%88.56%90.00%92.50%
Projected Dividends (M)28.7628.9729.1729.3629.5429.7231.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)26.2926.5526.82
Year 2 PV (M)24.0224.5125.01
Year 3 PV (M)21.9422.6223.31
Year 4 PV (M)20.0420.8721.72
Year 5 PV (M)18.2919.2520.24
PV of Terminal Value (M)318.52335.11352.38
Equity Value (M)429.10448.91469.49
Shares Outstanding (M)53.6553.6553.65
Fair Value$8.00$8.37$8.75
Upside / Downside170.18%182.66%195.61%

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