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Pioneer Municipal High Income Fund, Inc. (MHI)

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

Valuation Snapshot

Stable Growth$26.63 - $38.34$32.34
Multi-Stage$42.28 - $46.49$44.35
Blended Fair Value$38.34
Current Price$9.12
Upside320.45%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.290.390.380.470.460.000.000.000.000.00
YoY Growth---25.26%0.62%-17.95%2.63%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.17%4.55%4.40%4.89%3.62%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)107.13
(-) Cash Dividends Paid (M)14.68
(=) Cash Retained (M)92.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21.4313.398.03
Cash Retained (M)92.4592.4592.45
(-) Cash Required (M)-21.43-13.39-8.03
(=) Excess Retained (M)71.0279.0684.41
(/) Shares Outstanding (M)28.4628.4628.46
(=) Excess Retained per Share2.502.782.97
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share2.502.782.97
(=) Adjusted Dividend3.013.293.48
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$26.63$32.34$38.34
Upside / Downside192.00%254.64%320.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)107.13106.06104.99103.94102.91101.88104.93
Payout Ratio13.70%28.96%44.22%59.48%74.74%90.00%92.50%
Projected Dividends (M)14.6830.7146.4361.8376.9191.6997.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)27.8728.1628.44
Year 2 PV (M)38.2439.0239.81
Year 3 PV (M)46.2147.6449.09
Year 4 PV (M)52.1654.3356.56
Year 5 PV (M)56.4359.3762.43
PV of Terminal Value (M)982.601,033.771,087.05
Equity Value (M)1,203.521,262.281,323.38
Shares Outstanding (M)28.4628.4628.46
Fair Value$42.28$44.35$46.49
Upside / Downside363.62%386.25%409.79%

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