Credit Suisse Asset Management Income Fund, Inc. (CIK)

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
MFM	170	MFS Municipal Inco	33	14.31	16.23	11.32	11.32	-	6.36
PFD	171	Flaherty & Crumrin	33	3.75	3.46	10.37	10.37	7.93	5.76
NFRAX	172	Nuveen Floating Ra	32	-	-	-	-	8.02	10.58
ECF	173	Ellsworth Growth a	32	4.28	4.24	4.28	4.12	4.53	2.81
FPXTX	174	Fidelity Pennsylva	31	-	-	-	-	14.29	14.74
PCK	175	PIMCO California M	31	7.73	7.95	7.57	7.57	16.57	19.81
PGP	176	PIMCO Global Stock	30	3.34	3.76	6.37	5.83	2.63	4.57
CIK	177	Credit Suisse Asse	30	4.67	4.22	5.44	5.44	7.11	5.00
PMM	178	Putnam Managed Mun	29	8.04	8.61	110.14	110.14	-	4.74
EVG	179	Eaton Vance Short	29	4.86	3.76	-	-	8.01	7.71
ETAZX	180	Eaton Vance AZ Mun	29	-	-	-	-	6.99	7.02
ETCTX	181	Eaton Vance CT Mun	29	-	-	-	-	6.99	6.71
ETGAX	182	Eaton Vance GA Mun	29	-	-	-	-	6.99	6.71
HIMYX	183	Pioneer High Incom	28	33.40	33.40	332.68	332.68	40.77	41.83
BWG	184	Legg Mason BW Glob	28	4.87	4.87	6.06	6.06	9.66	6.52
EVF	185	Eaton Vance Senior	28	5.57	5.42	15.65	15.65	15.21	6.53

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.87	4.87	7.57	7.57	7.93	6.53
Full Range Median Multiple	5.22	5.15	10.37	10.37	8.01	6.71
Industry Multiple	9.02	9.17	56.05	55.97	11.43	10.16
Market Implied Multiple	4.50	4.07	5.30	5.30	6.92	4.86
Company (CIK) Multiple	4.67	4.22	5.44	5.44	7.11	5.00
(*) Net Income / EBITDA / Revenue	35	38	41	41	32	45
Winsorized Enterprise Value	N/A	N/A	313	313	251	294
Full Range Median Enterprise Value	N/A	N/A	429	429	254	302
(-) Net Debt	63	63	63	63	63	63
Winsorized Equity Value	169	187	250	250	188	231
Full Range Median Equity Value	181	198	366	366	191	239
(/) Shares Outstanding	55	55	55	55	55	55
Winsorized Fair Value	$3.09	$3.42	$4.57	$4.57	$3.44	$4.22
Full Range Median Fair Value	$3.31	$3.61	$6.68	$6.68	$3.48	$4.37
Current Price	$2.85	$2.85	$2.85	$2.85	$2.85	$2.85
Upside / Downside	8.31%	19.83%	60.23%	60.23%	20.53%	48.13%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.16	$2.39	$3.20	$3.20	$2.40	$2.96
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	BUY