First Trust Energy Income and Growth Fund (FEN)

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
IGR	59	CBRE Global Real E	131	14.39	16.80	-	-	31.03	21.25
CHW	60	Calamos Global Dyn	130	3.58	3.58	3.92	3.92	-	3.92
JEMI.L	61	JPMorgan Global Em	128	5.31	5.31	5.15	5.15	3.64	5.15
LDP	62	Cohen & Steers Lim	125	3.65	3.65	4.51	4.51	6.53	4.51
VVR	63	Invesco Senior Inc	123	6.20	5.66	11.09	11.09	7.04	6.82
AD-UN.TO	64	Alaris Equity Part	121	6.50	6.50	7.28	7.28	8.81	4.56
HHI.L	65	Henderson High Inc	118	4.01	3.60	13.05	13.05	2.50	3.93
FEN	66	First Trust Energy	117	3.06	3.06	2.69	2.69	1.64	2.69
PFN	67	PIMCO Income Strat	116	3.69	3.31	9.13	9.13	5.60	5.46
DELNX	68	DoubleLine Low Dur	116	-	-	-	-	1.09	1.23
BHBFX	69	Madison Dividend I	115	3.77	3.55	29.62	39.98	42.14	49.52
CCD	70	Calamos Dynamic Co	109	7.49	7.49	7.58	7.58	-	7.58
CCJI.L	71	CC Japan Income &	109	3.59	3.59	3.30	3.30	3.45	3.30
ETJ	72	Eaton Vance Risk-M	106	3.45	3.45	3.10	3.10	6.88	3.45
GIM	73	Templeton Global I	106	-	-	-	-	8.34	6.04
PL8.AX	74	Plato Income Maxim	104	6.96	6.96	18.86	18.86	4.72	5.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	3.77	3.60	6.21	6.21	5.60	4.56
Full Range Median Multiple	4.01	3.65	7.43	7.43	6.53	5.15
Industry Multiple	5.58	5.65	9.72	10.58	10.13	8.83
Market Implied Multiple	3.32	3.32	2.89	2.89	1.76	2.89
Company (FEN) Multiple	3.06	3.06	2.69	2.69	1.64	2.69
(*) Net Income / EBITDA / Revenue	94	94	125	125	204	125
Winsorized Enterprise Value	N/A	N/A	775	775	1,144	568
Full Range Median Enterprise Value	N/A	N/A	927	927	1,336	642
(-) Net Debt	49	49	49	49	49	49
Winsorized Equity Value	353	337	727	727	1,095	520
Full Range Median Equity Value	376	342	878	878	1,287	594
(/) Shares Outstanding	19	19	19	19	19	19
Winsorized Fair Value	$18.16	$17.33	$37.33	$37.33	$56.28	$26.71
Full Range Median Fair Value	$19.32	$17.57	$45.13	$45.13	$66.12	$30.51
Current Price	$16.00	$16.00	$16.00	$16.00	$16.00	$16.00
Upside / Downside	13.48%	8.31%	133.31%	133.31%	251.73%	66.94%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.71	$12.13	$26.13	$26.13	$39.39	$18.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY