DDM Analysis: DHY

Valuation Snapshot

Stable Growth	$3.60 - $5.45	$4.47
Multi-Stage	$7.69 - $8.44	$8.06
Blended Fair Value	$6.27
Current Price	$2.03
Upside	208.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.10%	-3.66%	0.19	0.19	0.19	0.19	0.20	0.23	0.25	0.26	0.27	0.28
YoY Growth	-	-	-0.39%	0.00%	-2.02%	-5.22%	-12.30%	-7.32%	-4.58%	-4.91%	-2.04%	3.06%
Dividend Yield	-	-	8.61%	10.27%	10.45%	7.59%	9.67%	9.02%	10.48%	9.09%	11.13%	11.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.20
(-) Cash Dividends Paid (M)	38.30
(=) Cash Retained (M)	4.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.64	5.40	3.24
Cash Retained (M)	4.89	4.89	4.89
(-) Cash Required (M)	-8.64	-5.40	-3.24
(=) Excess Retained (M)	-3.75	-0.51	1.65
(/) Shares Outstanding (M)	103.55	103.55	103.55
(=) Excess Retained per Share	-0.04	0.00	0.02
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	-0.04	0.00	0.02
(=) Adjusted Dividend	0.33	0.37	0.39
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.60	$4.47	$5.45
Upside / Downside	77.42%	120.29%	168.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.20	42.76	42.34	41.91	41.49	41.08	42.31
Payout Ratio	88.67%	88.94%	89.20%	89.47%	89.73%	90.00%	92.50%
Projected Dividends (M)	38.30	38.03	37.77	37.50	37.23	36.97	39.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.16	35.52	35.88
Year 2 PV (M)	32.27	32.94	33.60
Year 3 PV (M)	29.62	30.54	31.48
Year 4 PV (M)	27.19	28.32	29.48
Year 5 PV (M)	24.96	26.26	27.61
PV of Terminal Value (M)	647.48	681.19	716.30
Equity Value (M)	796.69	834.77	874.35
Shares Outstanding (M)	103.55	103.55	103.55
Fair Value	$7.69	$8.06	$8.44
Upside / Downside	279.02%	297.13%	315.96%

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Credit Suisse High Yield Bond Fund, Inc. (DHY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener