DDM Analysis: HIMYX

Valuation Snapshot

Stable Growth	$1.74 - $2.77	$2.21
Multi-Stage	$4.67 - $5.13	$4.90
Blended Fair Value	$3.55
Current Price	$5.77
Upside	-38.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.14%	0.00%	0.14	0.15	0.15	0.14	0.14	0.14	0.16	0.23	0.28	0.28
YoY Growth	-	-	-5.58%	-0.37%	3.09%	3.18%	0.64%	-15.97%	-30.21%	-15.87%	-2.18%	0.00%
Dividend Yield	-	-	2.23%	2.25%	1.97%	2.01%	1.88%	1.90%	2.27%	3.11%	3.90%	3.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28.78
(-) Cash Dividends Paid (M)	23.40
(=) Cash Retained (M)	5.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.76	3.60	2.16
Cash Retained (M)	5.38	5.38	5.38
(-) Cash Required (M)	-5.76	-3.60	-2.16
(=) Excess Retained (M)	-0.38	1.78	3.22
(/) Shares Outstanding (M)	166.61	166.61	166.61
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	5.76%	5.76%	5.76%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.74	$2.21	$2.77
Upside / Downside	-69.76%	-61.65%	-51.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28.78	28.49	28.21	27.93	27.65	27.37	28.19
Payout Ratio	81.31%	83.05%	84.78%	86.52%	88.26%	90.00%	92.50%
Projected Dividends (M)	23.40	23.66	23.92	24.16	24.40	24.63	26.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.76%	5.76%	5.76%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.15	22.37	22.60
Year 2 PV (M)	20.95	21.38	21.81
Year 3 PV (M)	19.81	20.42	21.05
Year 4 PV (M)	18.73	19.50	20.30
Year 5 PV (M)	17.69	18.61	19.57
PV of Terminal Value (M)	678.05	713.36	750.12
Equity Value (M)	777.37	815.65	855.46
Shares Outstanding (M)	166.61	166.61	166.61
Fair Value	$4.67	$4.90	$5.13
Upside / Downside	-19.13%	-15.15%	-11.01%

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300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

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Fundamentals

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Miscellaneous

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Pioneer High Income Municipal Fund Class Y (HIMYX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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