BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (DCF)

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
FMN	214	Federated Hermes P	19	11.54	12.41	-	-	11.08	8.35
ETX	215	Eaton Vance Munici	19	13.31	13.31	12.42	12.42	15.03	12.42
GNT	216	GAMCO Natural Reso	19	3.23	3.23	3.23	3.23	1.19	3.23
SABA	217	Saba Capital Incom	19	4.30	4.02	-	-	14.27	22.10
NXJ	218	Nuveen New Jersey	19	137.99	214.91	-	-	-	67.44
RMM	219	Rivernorth Managed	18	-	-	-	-	29.78	71.26
BGI-UN.TO	220	Brookfield Global	18	2.90	2.90	3.14	3.14	2.59	3.14
DCF	221	BNY Mellon Alcentr	18	3.92	3.92	3.26	3.26	3.26	3.26
PGOO.L	222	ProVen Growth & In	17	29.22	31.53	-	-	-	23.97
PIM	223	Putnam Master Inte	17	5.09	3.71	6.95	6.95	5.10	5.78
HIE	224	Miller/Howard High	17	8.88	8.88	8.10	8.10	2.13	8.14
CBH	225	Virtus Convertible	17	-	-	0.14	0.14	1.13	1.32
IGV.L	226	The Income & Growt	17	19.07	22.22	-	-	-	21.63
SHRS.L	227	Shires Income Plc	17	1.36	0.97	10.80	10.80	10.37	12.61
MID-UN.TO	228	MINT Income Fund	16	4.12	3.46	-	-	-	3.43
ARMZX	229	Western Asset Ultr	16	-	-	-	-	32.98	35.35

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.70	3.86	3.23	3.23	5.10	8.35
Full Range Median Multiple	6.99	6.45	6.95	6.95	10.37	12.42
Industry Multiple	20.08	26.80	6.40	6.40	11.42	20.01
Market Implied Multiple	3.99	3.99	3.31	3.31	3.31	3.31
Company (DCF) Multiple	3.92	3.92	3.26	3.26	3.26	3.26
(*) Net Income / EBITDA / Revenue	35	35	41	41	41	41
Winsorized Enterprise Value	N/A	N/A	133	133	210	345
Full Range Median Enterprise Value	N/A	N/A	287	287	428	513
(-) Net Debt	-2	-2	-2	-2	-2	-2
Winsorized Equity Value	163	134	135	135	212	347
Full Range Median Equity Value	243	224	289	289	430	515
(/) Shares Outstanding	15	15	15	15	15	15
Winsorized Fair Value	$10.89	$8.95	$9.03	$9.03	$14.14	$23.12
Full Range Median Fair Value	$16.19	$14.95	$19.25	$19.25	$28.64	$34.30
Current Price	$9.24	$9.24	$9.24	$9.24	$9.24	$9.24
Upside / Downside	17.84%	-3.10%	-2.27%	-2.27%	53.02%	150.22%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.62	$6.27	$6.32	$6.32	$9.90	$16.18
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY