Definitive Analysis
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Definitive Analysis

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Western Asset High Income Fund II Inc. (HIX)

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

Valuation Snapshot

Stable Growth$5.73 - $8.62$7.09
Multi-Stage$12.03 - $13.19$12.60
Blended Fair Value$9.85
Current Price$4.08
Upside141.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS1.86%-2.91%0.530.390.360.330.430.480.470.500.600.65
YoY Growth--35.06%6.81%12.09%-24.33%-10.36%2.92%-7.08%-16.54%-7.27%-8.30%
Dividend Yield--12.90%8.98%7.63%6.05%6.07%8.71%6.97%7.66%8.10%9.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)68.10
(-) Cash Dividends Paid (M)65.45
(=) Cash Retained (M)2.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.628.515.11
Cash Retained (M)2.652.652.65
(-) Cash Required (M)-13.62-8.51-5.11
(=) Excess Retained (M)-10.97-5.86-2.46
(/) Shares Outstanding (M)100.60100.60100.60
(=) Excess Retained per Share-0.11-0.06-0.02
LTM Dividend per Share0.650.650.65
(+) Excess Retained per Share-0.11-0.06-0.02
(=) Adjusted Dividend0.540.590.63
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.73$7.09$8.62
Upside / Downside40.36%73.84%111.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)68.1067.4266.7566.0865.4264.7766.71
Payout Ratio96.11%94.89%93.67%92.44%91.22%90.00%92.50%
Projected Dividends (M)65.4563.9862.5261.0959.6858.2961.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)59.0459.6460.24
Year 2 PV (M)53.2454.3355.44
Year 3 PV (M)48.0149.4951.01
Year 4 PV (M)43.2845.0746.92
Year 5 PV (M)39.0141.0443.16
PV of Terminal Value (M)967.561,017.951,070.41
Equity Value (M)1,210.141,267.531,327.18
Shares Outstanding (M)100.60100.60100.60
Fair Value$12.03$12.60$13.19
Upside / Downside194.84%208.82%223.35%

High-Yield Dividend Screener

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