Virtus Diversified Income & Convertible Fund (ACV)

Industry: Asset Management - Income Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AVK	43	Advent Convertible	148	5.24	1.17	6.17	6.17	6.33	1.22
CHI	44	Calamos Convertibl	147	6.44	6.44	6.74	6.74	-	6.74
XFLT	45	XAI Octagon Floati	146	6.86	6.86	6.29	6.29	6.27	6.29
RA	46	Brookfield Real As	144	4.78	4.78	5.58	5.58	6.27	5.58
NAIT.L	47	The North American	143	4.79	3.57	9.74	9.74	-	3.67
EOI	48	Eaton Vance Enhanc	142	2.57	1.93	2.56	2.56	1.74	1.32
RNP	49	Cohen & Steers REI	141	5.09	5.09	12.96	12.96	13.01	7.48
ACV	50	Virtus Diversified	140	3.25	3.25	4.66	4.66	5.08	2.45
NML	51	Neuberger Berman M	140	2.45	2.45	2.47	2.47	-	2.47
HFEL.L	52	Henderson Far East	139	4.69	4.69	4.40	4.40	2.62	2.00
NIE	53	Virtus Equity & Co	137	3.59	3.62	3.59	3.37	4.64	2.23
FFC	54	Flaherty & Crumrin	136	3.64	3.41	8.43	8.43	7.62	5.23
FCTFX	55	Fidelity Californi	135	-	-	-	-	26.26	26.86
BTZ	56	BlackRock Credit A	132	8.04	9.03	25.76	29.28	17.63	12.79
GGN	57	GAMCO Global Gold,	132	3.19	3.19	3.28	3.28	1.35	1.58
PCN	58	PIMCO Corporate &	131	5.65	5.18	-	-	12.13	6.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.74	3.59	5.58	5.58	6.27	3.67
Full Range Median Multiple	4.78	4.16	6.17	6.17	6.30	5.23
Industry Multiple	4.79	4.39	7.54	7.79	8.82	6.15
Market Implied Multiple	3.92	3.92	5.33	5.33	5.81	2.81
Company (ACV) Multiple	3.25	3.25	4.66	4.66	5.08	2.45
(*) Net Income / EBITDA / Revenue	72	72	72	72	66	136
Winsorized Enterprise Value	N/A	N/A	399	399	412	498
Full Range Median Enterprise Value	N/A	N/A	442	442	414	711
(-) Net Debt	98	98	98	98	98	98
Winsorized Equity Value	343	260	301	301	313	400
Full Range Median Equity Value	346	301	343	343	316	612
(/) Shares Outstanding	10	10	10	10	10	10
Winsorized Fair Value	$33.05	$25.06	$29.02	$29.02	$30.20	$38.58
Full Range Median Fair Value	$33.37	$28.99	$33.09	$33.09	$30.41	$59.02
Current Price	$27.31	$27.31	$27.31	$27.31	$27.31	$27.31
Upside / Downside	21.00%	-8.23%	6.26%	6.26%	10.59%	41.25%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$23.13	$17.54	$20.31	$20.31	$21.14	$27.00
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy