Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pioneer High Income Municipal Fund Class Y (HIMYX)

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

Valuation Snapshot

Stable Growth$1.80 - $2.89$2.29
Multi-Stage$5.08 - $5.59$5.33
Blended Fair Value$3.81
Current Price$5.77
Upside-33.96%
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 Rate5.54%5.54%5.54%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.80$2.29$2.89
Upside / Downside-68.85%-60.32%-49.98%

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 Rate5.54%5.54%5.54%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)22.1922.4222.65
Year 2 PV (M)21.0421.4721.91
Year 3 PV (M)19.9420.5621.18
Year 4 PV (M)18.8919.6720.48
Year 5 PV (M)17.8818.8119.78
PV of Terminal Value (M)746.51785.38825.85
Equity Value (M)846.45888.31931.85
Shares Outstanding (M)166.61166.61166.61
Fair Value$5.08$5.33$5.59
Upside / Downside-11.95%-7.59%-3.06%

High-Yield Dividend Screener

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