DDM Analysis: HIMYX

Valuation Snapshot

Stable Growth	$1.85 - $3.01	$2.37
Multi-Stage	$5.57 - $6.13	$5.85
Blended Fair Value	$4.11
Current Price	$5.77
Upside	-28.80%
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	5.31%	5.31%	5.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.85	$2.37	$3.01
Upside / Downside	-67.90%	-58.92%	-47.88%

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	5.31%	5.31%	5.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.24	22.47	22.69
Year 2 PV (M)	21.13	21.56	22.00
Year 3 PV (M)	20.07	20.69	21.32
Year 4 PV (M)	19.05	19.84	20.65
Year 5 PV (M)	18.07	19.02	20.00
PV of Terminal Value (M)	827.30	870.38	915.24
Equity Value (M)	927.86	973.95	1,021.90
Shares Outstanding (M)	166.61	166.61	166.61
Fair Value	$5.57	$5.85	$6.13
Upside / Downside	-3.48%	1.31%	6.30%

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5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
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Financial Statements

Fundamentals

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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

High-Yield Dividend Screener