DDM Analysis: NMS

Valuation Snapshot

Stable Growth	$29.37 - $46.07	$37.04
Multi-Stage	$71.17 - $78.42	$74.72
Blended Fair Value	$55.88
Current Price	$11.38
Upside	391.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	7.71%	0.00%	0.84	0.48	0.52	0.62	0.60	0.58	0.63	0.73	0.00	0.00
YoY Growth	-	-	74.04%	-7.06%	-16.84%	3.12%	4.49%	-8.01%	-14.37%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.37%	4.46%	4.69%	4.03%	3.71%	4.20%	4.57%	5.40%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17.51
(-) Cash Dividends Paid (M)	6.48
(=) Cash Retained (M)	11.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.50	2.19	1.31
Cash Retained (M)	11.03	11.03	11.03
(-) Cash Required (M)	-3.50	-2.19	-1.31
(=) Excess Retained (M)	7.53	8.84	9.72
(/) Shares Outstanding (M)	5.79	5.79	5.79
(=) Excess Retained per Share	1.30	1.53	1.68
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	1.30	1.53	1.68
(=) Adjusted Dividend	2.42	2.65	2.80
WACC / Discount Rate	6.07%	6.07%	6.07%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.37	$37.04	$46.07
Upside / Downside	158.11%	225.50%	304.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17.51	17.34	17.16	16.99	16.82	16.65	17.15
Payout Ratio	37.02%	47.61%	58.21%	68.81%	79.40%	90.00%	92.50%
Projected Dividends (M)	6.48	8.25	9.99	11.69	13.36	14.99	15.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.07%	6.07%	6.07%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	7.70	7.78	7.86
Year 2 PV (M)	8.70	8.88	9.06
Year 3 PV (M)	9.50	9.80	10.10
Year 4 PV (M)	10.13	10.55	10.98
Year 5 PV (M)	10.61	11.16	11.74
PV of Terminal Value (M)	365.44	384.46	404.28
Equity Value (M)	412.08	432.64	454.02
Shares Outstanding (M)	5.79	5.79	5.79
Fair Value	$71.17	$74.72	$78.42
Upside / Downside	525.43%	556.62%	589.07%

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Financial Statements

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Nuveen Minnesota Quality Municipal Income Fund (NMS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener