Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Eaton Vance Municipal Bond Fund (EIM)

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

Valuation Snapshot

Stable Growth$10.75 - $15.82$13.19
Multi-Stage$19.94 - $21.88$20.89
Blended Fair Value$17.04
Current Price$9.94
Upside71.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-4.85%-4.41%0.560.610.510.670.730.720.690.680.740.84
YoY Growth---7.00%19.45%-24.21%-7.76%0.44%4.39%1.85%-8.15%-11.88%-5.11%
Dividend Yield--5.67%5.63%5.66%6.91%5.42%5.48%5.34%5.96%5.83%6.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)81.89
(-) Cash Dividends Paid (M)52.68
(=) Cash Retained (M)29.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.3810.246.14
Cash Retained (M)29.2129.2129.21
(-) Cash Required (M)-16.38-10.24-6.14
(=) Excess Retained (M)12.8318.9723.07
(/) Shares Outstanding (M)59.0759.0759.07
(=) Excess Retained per Share0.220.320.39
LTM Dividend per Share0.890.890.89
(+) Excess Retained per Share0.220.320.39
(=) Adjusted Dividend1.111.211.28
WACC / Discount Rate8.11%8.11%8.11%
Growth Rate-2.00%-1.00%0.00%
Fair Value$10.75$13.19$15.82
Upside / Downside8.20%32.67%59.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)81.8981.0780.2679.4678.6677.8780.21
Payout Ratio64.33%69.47%74.60%79.73%84.87%90.00%92.50%
Projected Dividends (M)52.6856.3159.8763.3566.7670.0974.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.11%8.11%8.11%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)51.5752.0952.62
Year 2 PV (M)50.2051.2352.27
Year 3 PV (M)48.6450.1451.68
Year 4 PV (M)46.9348.8850.88
Year 5 PV (M)45.1247.4749.91
PV of Terminal Value (M)935.35984.051,034.77
Equity Value (M)1,177.801,233.861,292.13
Shares Outstanding (M)59.0759.0759.07
Fair Value$19.94$20.89$21.88
Upside / Downside100.60%110.15%120.07%

High-Yield Dividend Screener

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