The New America High Income Fund Inc. (HYB)

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
BHI.L	158	BMO UK High Income	38	3.66	3.14	3.73	3.28	0.58	3.28
AFB	159	AllianceBernstein	37	54.31	78.72	-	-	7.10	7.48
BNY	160	BlackRock New York	37	-	-	-	-	12.89	16.77
MMT	161	MFS Multimarket In	36	6.11	6.03	10.71	10.71	12.45	8.03
TSI	162	TCW Strategic Inco	36	5.50	5.36	7.60	7.60	8.14	5.64
PPT	163	Putnam Premier Inc	36	8.75	8.79	14.54	14.54	11.12	10.09
BFK	164	BlackRock Municipa	36	86.34	140.85	-	-	24.06	26.86
HYB	165	The New America Hi	36	4.47	4.95	15.25	16.18	11.75	9.01
JRS	166	Nuveen Real Estate	35	6.31	7.02	5.96	5.96	14.61	13.38
BGT	167	BlackRock Floating	34	13.10	14.34	-	-	12.88	12.06
JAGI.L	168	JPMorgan Asia Grow	34	16.13	18.34	-	-	-	14.88
EDF	169	Virtus Stone Harbo	34	2.96	2.96	2.88	2.88	5.05	3.45
MFM	170	MFS Municipal Inco	33	14.31	16.23	11.32	11.32	-	6.36
PFD	171	Flaherty & Crumrin	33	3.75	3.46	10.37	10.37	7.93	5.76
NFRAX	172	Nuveen Floating Ra	32	-	-	-	-	8.02	10.58
ECF	173	Ellsworth Growth a	32	4.28	4.24	4.28	4.12	4.53	2.81

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.11	6.03	5.96	5.96	8.02	7.48
Full Range Median Multiple	6.31	7.02	7.60	7.60	8.14	8.03
Industry Multiple	17.35	23.81	7.93	7.87	9.95	9.83
Market Implied Multiple	5.00	5.54	16.48	17.48	12.70	9.74
Company (HYB) Multiple	4.47	4.95	15.25	16.18	11.75	9.01
(*) Net Income / EBITDA / Revenue	38	35	17	16	21	28
Winsorized Enterprise Value	N/A	N/A	98	93	172	209
Full Range Median Enterprise Value	N/A	N/A	125	118	174	224
(-) Net Debt	80	80	80	80	80	80
Winsorized Equity Value	234	209	18	12	92	129
Full Range Median Equity Value	242	243	45	38	94	144
(/) Shares Outstanding	23	23	23	23	23	23
Winsorized Fair Value	$10.01	$8.93	$0.77	$0.53	$3.92	$5.50
Full Range Median Fair Value	$10.33	$10.39	$1.93	$1.62	$4.03	$6.15
Current Price	$8.20	$8.20	$8.20	$8.20	$8.20	$8.20
Upside / Downside	22.07%	8.87%	-90.59%	-93.53%	-52.21%	-32.92%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.01	$6.25	$0.54	$0.37	$2.74	$3.85
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy