Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nuveen Taxable Municipal Income Fund (NBB)

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

Valuation Snapshot

Stable Growth$21.85 - $33.79$27.39
Multi-Stage$51.32 - $56.40$53.81
Blended Fair Value$40.60
Current Price$16.22
Upside150.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-0.26%0.00%1.091.321.161.191.021.101.191.111.161.22
YoY Growth---17.34%13.72%-2.59%16.31%-7.33%-7.07%6.83%-4.39%-4.49%0.00%
Dividend Yield--6.80%8.66%7.19%5.96%4.53%5.77%5.78%5.35%5.57%5.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)69.03
(-) Cash Dividends Paid (M)58.70
(=) Cash Retained (M)10.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.818.635.18
Cash Retained (M)10.3210.3210.32
(-) Cash Required (M)-13.81-8.63-5.18
(=) Excess Retained (M)-3.481.705.15
(/) Shares Outstanding (M)29.3929.3929.39
(=) Excess Retained per Share-0.120.060.18
LTM Dividend per Share2.002.002.00
(+) Excess Retained per Share-0.120.060.18
(=) Adjusted Dividend1.882.052.17
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate-2.00%-1.00%0.00%
Fair Value$21.85$27.39$33.79
Upside / Downside34.68%68.85%108.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)69.0368.3467.6566.9866.3165.6567.61
Payout Ratio85.04%86.03%87.03%88.02%89.01%90.00%92.50%
Projected Dividends (M)58.7058.7958.8858.9559.0259.0862.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)54.6955.2455.80
Year 2 PV (M)50.9451.9853.04
Year 3 PV (M)47.4448.9050.40
Year 4 PV (M)44.1746.0047.89
Year 5 PV (M)41.1343.2745.50
PV of Terminal Value (M)1,270.221,336.361,405.23
Equity Value (M)1,508.571,581.761,657.86
Shares Outstanding (M)29.3929.3929.39
Fair Value$51.32$53.81$56.40
Upside / Downside216.41%231.76%247.72%

High-Yield Dividend Screener

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