DDM Analysis: HYB

Valuation Snapshot

Stable Growth	$6.43 - $9.25	$7.81
Multi-Stage	$14.72 - $16.20	$15.44
Blended Fair Value	$11.63
Current Price	$7.33
Upside	58.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-5.70%	-6.31%	0.28	0.39	0.37	0.35	0.39	0.38	0.43	0.43	0.48	0.49
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.66	4.79	2.87
Cash Retained (M)	14.02	14.02	14.02
(-) Cash Required (M)	-7.66	-4.79	-2.87
(=) Excess Retained (M)	6.35	9.23	11.14
(/) Shares Outstanding (M)	40.91	40.91	40.91
(=) Excess Retained per Share	0.16	0.23	0.27
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.16	0.23	0.27
(=) Adjusted Dividend	0.75	0.82	0.87
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	-3.92%	-2.92%	-1.92%
Fair Value	$6.43	$7.81	$9.25
Upside / Downside	-12.24%	6.50%	26.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.31	37.19	36.10	35.05	34.02	33.03	34.02
Payout Ratio	63.42%	68.74%	74.05%	79.37%	84.68%	90.00%	92.50%
Projected Dividends (M)	24.30	25.56	26.74	27.82	28.81	29.72	31.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	-3.92%	-2.92%	-1.92%
Year 1 PV (M)	23.59	23.83	24.08
Year 2 PV (M)	22.76	23.24	23.72
Year 3 PV (M)	21.85	22.54	23.24
Year 4 PV (M)	20.88	21.76	22.67
Year 5 PV (M)	19.88	20.93	22.03
PV of Terminal Value (M)	493.28	519.49	546.80
Equity Value (M)	602.23	631.79	662.55
Shares Outstanding (M)	40.91	40.91	40.91
Fair Value	$14.72	$15.44	$16.20
Upside / Downside	100.85%	110.71%	120.97%

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The New America High Income Fund Inc. (HYB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener