DDM Analysis: BTZ

Valuation Snapshot

Stable Growth	$10.55 - $15.56	$12.95
Multi-Stage	$24.83 - $27.28	$26.03
Blended Fair Value	$19.49
Current Price	$10.92
Upside	78.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.92%	-1.06%	1.01	1.01	1.01	1.00	1.02	0.92	0.92	0.97	1.07	1.12
YoY Growth	-	-	-0.18%	-0.02%	0.48%	-1.37%	11.19%	-0.24%	-5.62%	-9.26%	-4.28%	-0.07%
Dividend Yield	-	-	9.39%	9.52%	9.80%	7.99%	6.93%	6.55%	7.65%	7.50%	8.21%	9.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.78
(-) Cash Dividends Paid (M)	117.59
(=) Cash Retained (M)	9.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.36	15.85	9.51
Cash Retained (M)	9.19	9.19	9.19
(-) Cash Required (M)	-25.36	-15.85	-9.51
(=) Excess Retained (M)	-16.17	-6.66	-0.32
(/) Shares Outstanding (M)	93.32	93.32	93.32
(=) Excess Retained per Share	-0.17	-0.07	0.00
LTM Dividend per Share	1.26	1.26	1.26
(+) Excess Retained per Share	-0.17	-0.07	0.00
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	-3.06%	-2.06%	-1.06%
Fair Value	$10.55	$12.95	$15.56
Upside / Downside	-3.42%	18.59%	42.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.78	124.17	121.61	119.10	116.65	114.24	117.67
Payout Ratio	92.75%	92.20%	91.65%	91.10%	90.55%	90.00%	92.50%
Projected Dividends (M)	117.59	114.49	111.46	108.50	105.62	102.82	108.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	-3.06%	-2.06%	-1.06%
Year 1 PV (M)	105.97	107.07	108.16
Year 2 PV (M)	95.50	97.48	99.48
Year 3 PV (M)	86.06	88.75	91.49
Year 4 PV (M)	77.55	80.79	84.15
Year 5 PV (M)	69.87	73.55	77.38
PV of Terminal Value (M)	1,882.62	1,981.75	2,085.01
Equity Value (M)	2,317.57	2,429.39	2,545.67
Shares Outstanding (M)	93.32	93.32	93.32
Fair Value	$24.83	$26.03	$27.28
Upside / Downside	127.41%	138.38%	149.80%

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BlackRock Credit Allocation Income Trust (BTZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener