Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

BlackRock Credit Allocation Income Trust (BTZ)

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

Valuation Snapshot

Stable Growth$11.45 - $17.26$14.19
Multi-Stage$30.93 - $34.03$32.45
Blended Fair Value$23.32
Current Price$10.92
Upside113.55%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.92%-1.06%1.011.011.011.001.020.920.920.971.071.12
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.3615.859.51
Cash Retained (M)9.199.199.19
(-) Cash Required (M)-25.36-15.85-9.51
(=) Excess Retained (M)-16.17-6.66-0.32
(/) Shares Outstanding (M)93.3293.3293.32
(=) Excess Retained per Share-0.17-0.070.00
LTM Dividend per Share1.261.261.26
(+) Excess Retained per Share-0.17-0.070.00
(=) Adjusted Dividend1.091.191.26
WACC / Discount Rate6.14%6.14%6.14%
Growth Rate-3.06%-2.06%-1.06%
Fair Value$11.45$14.19$17.26
Upside / Downside4.83%29.96%58.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)126.78124.17121.61119.10116.65114.24117.67
Payout Ratio92.75%92.20%91.65%91.10%90.55%90.00%92.50%
Projected Dividends (M)117.59114.49111.46108.50105.62102.82108.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.14%6.14%6.14%
Growth Rate-3.06%-2.06%-1.06%
Year 1 PV (M)106.76107.86108.96
Year 2 PV (M)96.9298.93100.96
Year 3 PV (M)87.9890.7493.54
Year 4 PV (M)79.8783.2286.67
Year 5 PV (M)72.5076.3280.30
PV of Terminal Value (M)2,442.452,571.052,705.02
Equity Value (M)2,886.483,028.113,175.44
Shares Outstanding (M)93.3293.3293.32
Fair Value$30.93$32.45$34.03
Upside / Downside183.24%197.13%211.59%

High-Yield Dividend Screener

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