Definitive Analysis
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Nuveen Missouri Quality Municipal Income Fund (NOM)

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

Valuation Snapshot

Stable Growth$7.35 - $10.57$8.92
Multi-Stage$12.75 - $13.95$13.34
Blended Fair Value$11.13
Current Price$10.68
Upside4.21%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS9.93%1.02%0.780.360.390.510.490.490.520.610.690.70
YoY Growth--117.46%-7.56%-24.51%4.17%1.55%-6.11%-15.66%-10.74%-2.42%-0.04%
Dividend Yield--7.30%3.60%3.93%4.12%3.36%3.37%3.70%4.60%4.24%4.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2.44
(-) Cash Dividends Paid (M)1.93
(=) Cash Retained (M)0.52
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.490.310.18
Cash Retained (M)0.520.520.52
(-) Cash Required (M)-0.49-0.31-0.18
(=) Excess Retained (M)0.030.210.33
(/) Shares Outstanding (M)2.352.352.35
(=) Excess Retained per Share0.010.090.14
LTM Dividend per Share0.820.820.82
(+) Excess Retained per Share0.010.090.14
(=) Adjusted Dividend0.830.910.96
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$7.35$8.92$10.57
Upside / Downside-31.20%-16.46%-0.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2.442.422.402.372.352.322.39
Payout Ratio78.81%81.05%83.29%85.52%87.76%90.00%92.50%
Projected Dividends (M)1.931.962.002.032.062.092.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1.781.801.82
Year 2 PV (M)1.641.681.71
Year 3 PV (M)1.521.561.61
Year 4 PV (M)1.401.451.51
Year 5 PV (M)1.291.351.42
PV of Terminal Value (M)22.3323.5024.71
Equity Value (M)29.9531.3432.78
Shares Outstanding (M)2.352.352.35
Fair Value$12.75$13.34$13.95
Upside / Downside19.35%24.87%30.61%

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