BlackRock Credit Allocation Income Trust (BTZ)

Industry: Asset Management - Income Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
RNP	49	Cohen & Steers REI	141	5.09	5.09	12.96	12.96	13.01	7.48
ACV	50	Virtus Diversified	140	3.25	3.25	4.66	4.66	5.08	2.45
NML	51	Neuberger Berman M	140	2.45	2.45	2.47	2.47	-	2.47
HFEL.L	52	Henderson Far East	139	4.69	4.69	4.40	4.40	2.62	2.00
NIE	53	Virtus Equity & Co	137	3.59	3.62	3.59	3.37	4.64	2.23
FFC	54	Flaherty & Crumrin	136	3.64	3.41	8.43	8.43	7.62	5.23
FCTFX	55	Fidelity Californi	135	-	-	-	-	26.26	26.86
BTZ	56	BlackRock Credit A	132	8.04	9.03	25.76	29.28	17.63	12.79
GGN	57	GAMCO Global Gold,	132	3.19	3.19	3.28	3.28	1.35	1.58
PCN	58	PIMCO Corporate &	131	5.65	5.18	-	-	12.13	6.74
IGR	59	CBRE Global Real E	131	14.39	16.80	-	-	31.03	21.25
CHW	60	Calamos Global Dyn	130	3.58	3.58	3.92	3.92	-	3.92
JEMI.L	61	JPMorgan Global Em	128	5.31	5.31	5.15	5.15	3.64	5.15
LDP	62	Cohen & Steers Lim	125	3.65	3.65	4.51	4.51	6.53	4.51
VVR	63	Invesco Senior Inc	123	6.20	5.66	11.09	11.09	7.04	6.82
AD-UN.TO	64	Alaris Equity Part	121	6.50	6.50	7.28	7.28	8.81	4.56

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	3.64	3.63	4.45	4.45	6.53	4.51
Full Range Median Multiple	4.17	4.17	4.58	4.58	7.04	4.56
Industry Multiple	5.08	5.17	5.98	5.96	9.98	6.88
Market Implied Multiple	7.85	8.81	25.37	28.84	17.36	12.59
Company (BTZ) Multiple	8.04	9.03	25.76	29.28	17.63	12.79
(*) Net Income / EBITDA / Revenue	127	113	62	55	91	125
Winsorized Enterprise Value	N/A	N/A	277	243	593	564
Full Range Median Enterprise Value	N/A	N/A	285	250	639	570
(-) Net Debt	581	581	581	581	581	581
Winsorized Equity Value	462	410	-304	-338	12	-17
Full Range Median Equity Value	529	471	-296	-331	58	-11
(/) Shares Outstanding	93	93	93	93	93	93
Winsorized Fair Value	$4.95	$4.40	$-3.26	$-3.62	$0.13	$-0.18
Full Range Median Fair Value	$5.67	$5.04	$-3.18	$-3.54	$0.62	$-0.12
Current Price	$10.66	$10.66	$10.66	$10.66	$10.66	$10.66
Upside / Downside	-53.57%	-58.77%	-130.60%	-133.95%	-98.80%	-101.72%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.46	$3.08	$-2.28	$-2.53	$0.09	$-0.13
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy