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Eaton Vance National Municipal Opportunities Trust (EOT)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$11.93 - $17.17$14.49
Multi-Stage$20.47 - $22.42$21.43
Blended Fair Value$17.96
Current Price$16.64
Upside7.91%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%-2.22%0.800.750.750.000.000.000.001.111.201.01
YoY Growth--6.96%0.06%0.00%0.00%0.00%0.00%-100.00%-7.84%19.19%0.38%
Dividend Yield--4.82%4.53%4.24%0.00%0.00%0.00%0.00%5.38%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26.34
(-) Cash Dividends Paid (M)18.39
(=) Cash Retained (M)7.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.273.291.98
Cash Retained (M)7.947.947.94
(-) Cash Required (M)-5.27-3.29-1.98
(=) Excess Retained (M)2.684.655.97
(/) Shares Outstanding (M)15.6215.6215.62
(=) Excess Retained per Share0.170.300.38
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share0.170.300.38
(=) Adjusted Dividend1.351.471.56
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.93$14.49$17.17
Upside / Downside-28.32%-12.95%3.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26.3426.0725.8125.5625.3025.0525.80
Payout Ratio69.84%73.87%77.90%81.93%85.97%90.00%92.50%
Projected Dividends (M)18.3919.2620.1120.9421.7522.5423.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.4817.6617.84
Year 2 PV (M)16.5616.9017.24
Year 3 PV (M)15.6516.1316.63
Year 4 PV (M)14.7515.3615.99
Year 5 PV (M)13.8714.6015.35
PV of Terminal Value (M)241.58254.16267.26
Equity Value (M)319.90334.81350.31
Shares Outstanding (M)15.6215.6215.62
Fair Value$20.47$21.43$22.42
Upside / Downside23.04%28.77%34.73%

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