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Pioneer High Income Municipal Fund Class Y (HIMYX)

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

Valuation Snapshot

Stable Growth$1.22 - $1.76$1.48
Multi-Stage$2.12 - $2.32$2.22
Blended Fair Value$1.85
Current Price$5.77
Upside-67.90%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.14%0.00%0.140.150.150.140.140.140.160.230.280.28
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.763.602.16
Cash Retained (M)5.385.385.38
(-) Cash Required (M)-5.76-3.60-2.16
(=) Excess Retained (M)-0.381.783.22
(/) Shares Outstanding (M)166.61166.61166.61
(=) Excess Retained per Share0.000.010.02
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.000.010.02
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.22$1.48$1.76
Upside / Downside-78.85%-74.32%-69.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28.7828.4928.2127.9327.6527.3728.19
Payout Ratio81.31%83.05%84.78%86.52%88.26%90.00%92.50%
Projected Dividends (M)23.4023.6623.9224.1624.4024.6326.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)21.4721.6921.91
Year 2 PV (M)19.6920.0920.50
Year 3 PV (M)18.0518.6119.18
Year 4 PV (M)16.5417.2217.93
Year 5 PV (M)15.1515.9416.76
PV of Terminal Value (M)262.98276.68290.94
Equity Value (M)353.88370.23387.21
Shares Outstanding (M)166.61166.61166.61
Fair Value$2.12$2.22$2.32
Upside / Downside-63.19%-61.49%-59.72%

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