Income Financial Trust

Fair Value Summary

Current Price	$9.28
5Y Range	8.28 – 14.27
5Y Selected	11.27
(-) Safety Margin	84.63%
5Y Buy Price	$2.03
Upside (to Buy Price)	-78.16%
10Y Range	7.89 – 12.94
10Y Selected	10.42
(-) Safety Margin	84.63%
10Y Buy Price	$1.87
Upside (to Buy Price)	-79.82%

Company Predictability & Safety

Metric	Value
Revenue R2 (5Y)	0.6568
Revenue R2 (10Y)	0.0295
Net Income R2 (5Y)	0.4014
Net Income R2 (10Y)	0.0323
EBITDA R2 (5Y)	0.6017
EBITDA R2 (10Y)	0.4260
FCF R2 (5Y)	0.0554
FCF R2 (10Y)	0.4915

Safety Score	0.1798

DA 10-Year Projection

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
% Growth	-14.87%	-12.77%	-10.68%	-8.58%	-6.48%	-4.39%	-2.29%	-0.19%	1.90%	4.00%
Revenue	1.51	1.31	1.17	1.07	1.00	0.96	0.94	0.94	0.95	0.99
EBITDA	2.32	2.02	1.81	1.65	1.54	1.48	1.44	1.44	1.47	1.53
D&A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT	2.32	2.02	1.81	1.65	1.54	1.48	1.44	1.44	1.47	1.53
Pro forma Taxes	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT	2.32	2.02	1.81	1.65	1.54	1.48	1.44	1.44	1.47	1.53
Capital Expenditures	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NWC Investment	-0.03	-0.02	-0.01	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00
(+) D&A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow	2.29	2.00	1.79	1.64	1.54	1.47	1.44	1.44	1.47	1.53
Diluted Shares Outstanding	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75	3,327,046.75

Discounting Periods

Metric	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34
Period Start	6/30/25	1/1/26	1/1/27	1/1/28	1/1/29	1/1/30	1/1/31	1/1/32	1/1/33	1/1/34
Period End	12/31/25	12/31/26	12/31/27	12/31/28	12/31/29	12/31/30	12/31/31	12/31/32	12/31/33	12/31/34
Mid-Point	9/30/25	7/2/26	7/2/27	7/1/28	7/2/29	7/2/30	7/2/31	7/1/32	7/2/33	7/2/34
Time (t)	0.10	0.45	1.45	2.46	3.46	4.46	5.46	6.46	7.46	8.46
Valuation Date	1/17/26

Base Case Projected Flows

WACC: 6.82%Terminal Growth: 2.01%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.91	0.85	0.80	0.75	0.70	0.65	0.61	0.57
PV UFCF	2.28	1.94	1.63	1.39	1.22	1.10	1.00	0.94	0.90	0.87	Raw: 32.60 25.10	Raw: 32.44 17.96

Base Case Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	33.57	31.23
(-) Net Debt	-0.84	-0.84
Equity Value	34.41	32.07
(/) Shares Out	3.33	3.33
Fair Value	$10.34	$9.64
(-) Safety Margin	84.63%	84.63%
Buy Price	$1.59	$1.48
Current Price	$9.28	$9.28
Upside (to Buy Price)	-82.87%	-84.03%

Conservative Projected Flows

WACC: 7.82%Terminal Growth: 1.51%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.90	0.83	0.77	0.71	0.66	0.61	0.57	0.53
PV UFCF	2.27	1.94	1.61	1.36	1.18	1.05	0.95	0.88	0.84	0.81	Raw: 24.73 18.35	Raw: 24.60 12.53

Conservative Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	26.71	25.43
(-) Net Debt	-0.84	-0.84
Equity Value	27.55	26.27
(/) Shares Out	3.33	3.33
Fair Value	$8.28	$7.89
(-) Safety Margin	84.63%	84.63%
Buy Price	$1.27	$1.21
Current Price	$9.28	$9.28
Upside (to Buy Price)	-86.28%	-86.92%

Aggressive Projected Flows

WACC: 5.82%Terminal Growth: 2.51%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.92	0.87	0.82	0.78	0.73	0.69	0.66	0.62
PV UFCF	2.28	1.95	1.65	1.43	1.26	1.14	1.06	1.00	0.96	0.95	Raw: 47.62 38.06	Raw: 47.38 28.53

Aggressive Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	46.63	42.21
(-) Net Debt	-0.84	-0.84
Equity Value	47.47	43.05
(/) Shares Out	3.33	3.33
Fair Value	$14.27	$12.94
(-) Safety Margin	84.63%	84.63%
Buy Price	$2.19	$1.99
Current Price	$9.28	$9.28
Upside (to Buy Price)	-76.37%	-78.57%

Reverse DCF: Market Implied Growth

Current Price$9.28

WACC Used6.8%

IMPLIED REVENUE GROWTH125.34%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	16.15	36.40	82.03	184.85	416.56	938.67	2,115.22	4,766.48	10,740.88	24,203.70
Constant Implied Growth	125.34%	125.34%	125.34%	125.34%	125.34%	125.34%	125.34%	125.34%	125.34%	125.34%
Implied Free Cash Flow	0.00	0.00	0.01	0.02	0.04	0.09	0.21	0.48	1.07	2.42
Discount Factor	0.95	0.85	0.80	0.75	0.70	0.65	0.61	0.57	0.54	0.50
Present Value of Implied FCF	0.00	0.00	0.01	0.01	0.03	0.06	0.13	0.27	0.58	1.21

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2019	2019-12-31	$9.08	0.94%	$14.88	63.87%
2018	2018-12-31	$9.99	-29.00%	$4.58	-54.12%
2012	2012-12-31	$8.52	-17.58%	$0.94	-88.96%
2011	2011-12-31	$7.82	-7.01%	$0.51	-93.52%
2010	2010-12-31	$9.68	18.07%	$0.25	-97.46%
2009	2009-12-31	$9.39	59.18%	$0.20	-97.90%
2008	2008-12-31	$7.44	63.71%	$0.03	-99.65%

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$10.09

Median
$9.57

10th Percentile
$7.83

90th Percentile
$12.80

Fair Value Distribution

$6.53 - $7.46	47
$7.46 - $8.38	157
$8.38 - $9.30	236
$9.30 - $10.22	197
$10.22 - $11.14	135
$11.14 - $12.06	83
$12.06 - $12.98	52
$12.98 - $13.90	29
$13.90 - $14.82	13
$14.82 - $15.74	18
$15.74 - $16.66	11
$16.66 - $17.58	8
$17.58 - $18.50	5
$18.50 - $19.42	2
$19.42 - $20.34	0
$20.34 - $21.26	1
$21.26 - $22.18	2
$22.18 - $23.10	2
$23.10 - $24.02	1
$24.02 - $24.95	1

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