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Nuveen Massachusetts Quality Municipal Income Fund (NMT)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$4.95 - $7.13$6.02
Multi-Stage$8.62 - $9.44$9.02
Blended Fair Value$7.52
Current Price$12.09
Upside-37.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.69%2.37%0.540.240.270.350.360.330.340.420.450.00
YoY Growth--124.87%-10.71%-22.90%-3.01%10.64%-3.85%-19.02%-7.12%0.00%-100.00%
Dividend Yield--4.51%2.29%2.64%2.88%2.44%2.50%2.66%3.33%3.26%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.79
(-) Cash Dividends Paid (M)7.89
(=) Cash Retained (M)1.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.961.220.73
Cash Retained (M)1.901.901.90
(-) Cash Required (M)-1.96-1.22-0.73
(=) Excess Retained (M)-0.060.671.16
(/) Shares Outstanding (M)13.9913.9913.99
(=) Excess Retained per Share0.000.050.08
LTM Dividend per Share0.560.560.56
(+) Excess Retained per Share0.000.050.08
(=) Adjusted Dividend0.560.610.65
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.95$6.02$7.13
Upside / Downside-59.03%-50.24%-41.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.799.699.609.509.409.319.59
Payout Ratio80.62%82.49%84.37%86.25%88.12%90.00%92.50%
Projected Dividends (M)7.898.008.108.198.298.388.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)7.267.337.40
Year 2 PV (M)6.676.806.94
Year 3 PV (M)6.126.316.51
Year 4 PV (M)5.625.856.09
Year 5 PV (M)5.165.435.71
PV of Terminal Value (M)89.8094.4899.35
Equity Value (M)120.63126.20132.00
Shares Outstanding (M)13.9913.9913.99
Fair Value$8.62$9.02$9.44
Upside / Downside-28.67%-25.37%-21.94%

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