Income Financial Trust (INC-UN.TO)

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
ICTVX	286	ICON Utilities and	6	-	-	0.00	0.00	0.00	0.00
DTF	287	DTF Tax-Free Incom	6	46.15	61.14	26.40	26.40	20.99	23.20
NXC	288	Nuveen California	6	28.85	40.11	28.35	33.49	-	331.44
PGZ	289	Principal Real Est	6	3.88	3.88	4.61	4.61	8.67	4.61
BRIG.L	290	BlackRock Income a	6	9.66	11.94	10.78	10.78	8.57	9.18
LZHOX	291	Lazard US Corporat	5	-	-	0.64	0.64	19.93	12.73
FMY	292	First Trust Mortga	5	6.88	5.84	43.38	43.38	23.53	10.63
INC-UN.TO	293	Income Financial T	5	2.47	2.35	3.84	1.40	3.88	2.05
HBLRX	294	The Hartford Balan	5	25,424.26	29,449.71	-	-	2,339.72	2,907.34
PYN	295	PIMCO New York Mun	4	7.50	7.98	3.18	3.18	17.76	6.25
TCF.AX	296	360 Capital Mortga	4	6.80	6.80	6.35	6.35	4.54	6.35
PRTAX	297	T. Rowe Price Tax-	4	686.17	686.17	9,148.26	9,148.26	875.00	855.62
TFILX	298	T. Rowe Price Tax	4	-	-	-0.79	-0.79	-0.08	-0.06
NXN	299	Nuveen New York Se	4	10.04	9.78	9.88	9.88	19.12	-
NOM	300	Nuveen Missouri Qu	3	10.27	8.97	6.07	6.07	3.61	6.04
IAE	301	Voya Asia Pacific	3	2.79	2.79	5.23	5.23	54.76	5.24

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.58	8.47	6.21	6.21	18.44	7.77
Full Range Median Multiple	9.85	9.37	8.12	8.12	19.53	9.91
Industry Multiple	2,186.94	2,524.59	774.43	774.86	283.02	348.22
Market Implied Multiple	2.87	2.73	4.47	1.63	4.51	2.39
Company (INC-UN.TO) Multiple	2.47	2.35	3.84	1.40	3.88	2.05
(*) Net Income / EBITDA / Revenue	8	8	5	14	5	10
Winsorized Enterprise Value	N/A	N/A	32	87	94	74
Full Range Median Enterprise Value	N/A	N/A	42	114	99	95
(-) Net Debt	0	0	0	0	0	0
Winsorized Equity Value	69	72	32	87	94	75
Full Range Median Equity Value	79	79	42	114	99	95
(/) Shares Outstanding	2	2	2	2	2	2
Winsorized Fair Value	$29.35	$30.46	$13.61	$37.04	$39.82	$31.68
Full Range Median Fair Value	$33.69	$33.70	$17.76	$48.39	$42.14	$40.37
Current Price	$9.83	$9.83	$9.83	$9.83	$9.83	$9.83
Upside / Downside	198.53%	209.83%	38.50%	276.76%	305.04%	222.28%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.54	$21.32	$9.53	$25.92	$27.87	$22.18
Buy / Don't Buy	BUY	BUY	Don’t Buy	BUY	BUY	BUY