DDM Analysis: DMF

Valuation Snapshot

Stable Growth	$12.40 - $18.94	$15.46
Multi-Stage	$29.77 - $32.82	$31.26
Blended Fair Value	$23.36
Current Price	$7.31
Upside	219.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.48%	-11.19%	0.19	0.00	0.35	0.38	0.42	0.42	0.44	0.49	0.53	0.63
YoY Growth	-	-	0.00%	-100.00%	-7.93%	-8.18%	-0.45%	-5.41%	-9.76%	-6.78%	-16.11%	0.02%
Dividend Yield	-	-	2.63%	0.00%	5.88%	3.98%	4.84%	4.49%	5.67%	5.39%	5.49%	6.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28.99
(-) Cash Dividends Paid (M)	8.59
(=) Cash Retained (M)	20.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.80	3.62	2.17
Cash Retained (M)	20.40	20.40	20.40
(-) Cash Required (M)	-5.80	-3.62	-2.17
(=) Excess Retained (M)	14.60	16.78	18.23
(/) Shares Outstanding (M)	20.76	20.76	20.76
(=) Excess Retained per Share	0.70	0.81	0.88
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.70	0.81	0.88
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	6.29%	6.29%	6.29%
Growth Rate	-2.50%	-1.50%	-0.50%
Fair Value	$12.40	$15.46	$18.94
Upside / Downside	69.64%	111.51%	159.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28.99	28.56	28.13	27.71	27.29	26.88	27.69
Payout Ratio	29.64%	41.71%	53.78%	65.86%	77.93%	90.00%	92.50%
Projected Dividends (M)	8.59	11.91	15.13	18.25	21.27	24.20	25.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.29%	6.29%	6.29%
Growth Rate	-2.50%	-1.50%	-0.50%
Year 1 PV (M)	11.09	11.21	11.32
Year 2 PV (M)	13.12	13.39	13.67
Year 3 PV (M)	14.74	15.20	15.67
Year 4 PV (M)	16.00	16.67	17.35
Year 5 PV (M)	16.95	17.84	18.76
PV of Terminal Value (M)	546.03	574.62	604.38
Equity Value (M)	617.94	648.92	681.15
Shares Outstanding (M)	20.76	20.76	20.76
Fair Value	$29.77	$31.26	$32.82
Upside / Downside	307.25%	327.66%	348.91%

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BNY Mellon Municipal Income, Inc. (DMF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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