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Nuveen Multi-Market Income Fund (JMM)

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

Valuation Snapshot

Stable Growth$5.10 - $7.34$6.19
Multi-Stage$8.65 - $9.47$9.05
Blended Fair Value$7.62
Current Price$6.28
Upside21.34%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-0.42%-2.51%0.340.330.350.360.320.350.360.400.430.48
YoY Growth--4.08%-4.99%-3.52%12.30%-8.61%-2.55%-11.01%-6.35%-9.96%8.33%
Dividend Yield--5.47%5.19%5.99%6.11%4.27%5.03%4.90%5.75%5.69%6.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6.82
(-) Cash Dividends Paid (M)4.16
(=) Cash Retained (M)2.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.360.850.51
Cash Retained (M)2.652.652.65
(-) Cash Required (M)-1.36-0.85-0.51
(=) Excess Retained (M)1.291.802.14
(/) Shares Outstanding (M)9.469.469.46
(=) Excess Retained per Share0.140.190.23
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share0.140.190.23
(=) Adjusted Dividend0.580.630.67
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.10$6.19$7.34
Upside / Downside-18.85%-1.44%16.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6.826.756.686.616.556.486.68
Payout Ratio61.06%66.85%72.64%78.42%84.21%90.00%92.50%
Projected Dividends (M)4.164.514.855.195.515.836.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.094.134.18
Year 2 PV (M)4.004.084.16
Year 3 PV (M)3.884.004.12
Year 4 PV (M)3.743.894.05
Year 5 PV (M)3.593.783.97
PV of Terminal Value (M)62.5165.7669.15
Equity Value (M)81.8085.6489.63
Shares Outstanding (M)9.469.469.46
Fair Value$8.65$9.05$9.47
Upside / Downside37.66%44.12%50.84%

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