Worth new timer (5)
I believe the answer is:
merit
'worth' is the definition.
(I know that merit is a type of worth)
'new timer' is the wordplay.
'new' is an anagram indicator.
'timer' is an anagram of 'MERIT'.
(Other definitions for merit that I've seen before include "of a high order?" , "Value" , "Excellence that deserves to be honoured" , "Earn" , "distinction" .)