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Nuveen Missouri Quality Municipal Income Fund (NOM)

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

Valuation Snapshot

Stable Growth$7.36 - $10.60$8.94
Multi-Stage$12.78 - $13.99$13.38
Blended Fair Value$11.16
Current Price$10.68
Upside4.47%
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 Rate9.08%9.08%9.08%
Growth Rate-2.00%-1.00%0.00%
Fair Value$7.36$8.94$10.60
Upside / Downside-31.09%-16.31%-0.79%

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 Rate9.08%9.08%9.08%
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)1.401.461.52
Year 5 PV (M)1.291.351.42
PV of Terminal Value (M)22.4223.5924.80
Equity Value (M)30.0431.4332.88
Shares Outstanding (M)2.352.352.35
Fair Value$12.78$13.38$13.99
Upside / Downside19.70%25.24%31.00%

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