Nuveen California Quality Municipal Income Fund (NAC)

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
JPC	14	Nuveen Preferred &	389	5.90	4.87	13.39	13.39	6.21	12.65
NAD	15	Nuveen Quality Mun	374	22.81	18.55	8.31	8.31	23.60	4.23
NZF	16	Nuveen Municipal C	365	16.24	12.92	22.61	22.61	22.03	-
EIT-UN.TO	17	Canoe EIT Income F	356	3.22	2.66	4.03	4.03	8.39	2.67
RQI	18	Cohen & Steers Qua	354	5.65	5.63	8.33	7.82	19.10	5.73
JFR	19	Nuveen Floating Ra	336	6.15	4.47	11.82	11.82	6.91	5.07
ETG	20	Eaton Vance Tax-Ad	311	8.39	9.58	240.33	240.33	18.19	67.56
NAC	21	Nuveen California	304	8.63	8.25	12.96	9.84	13.09	7.63
SEQI.L	22	Sequoia Economic I	273	5.66	5.66	4.37	4.37	4.28	5.52
TFIF.L	23	TwentyFour Income	262	3.80	2.89	3.72	2.83	4.46	2.83
GDV	24	The Gabelli Divide	256	3.72	3.50	8.61	8.61	41.92	11.58
DNP	25	DNP Select Income	245	3.50	3.29	17.92	17.92	3.88	3.24
MXT.AX	26	Metrics Master Inc	236	6.31	6.31	6.30	6.30	6.38	6.30
JEGI.L	27	JPMorgan European	234	2.93	2.03	2.97	1.06	1.71	2.05
FPF	28	First Trust Interm	230	4.04	4.04	4.99	4.99	-	4.99
PTY	29	PIMCO Corporate &	227	10.69	9.26	-	-	11.60	11.38

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.65	4.47	7.31	7.06	6.65	5.03
Full Range Median Multiple	5.66	4.87	8.32	8.07	7.65	5.30
Industry Multiple	7.27	6.38	25.55	25.31	12.76	10.41
Market Implied Multiple	8.65	8.27	12.97	9.85	13.11	7.64
Company (NAC) Multiple	8.63	8.25	12.96	9.84	13.09	7.63
(*) Net Income / EBITDA / Revenue	232	243	266	350	263	452
Winsorized Enterprise Value	N/A	N/A	1,945	2,474	1,751	2,274
Full Range Median Enterprise Value	N/A	N/A	2,216	2,827	2,016	2,395
(-) Net Debt	1,446	1,446	1,446	1,446	1,446	1,446
Winsorized Equity Value	1,311	1,086	499	1,028	305	827
Full Range Median Equity Value	1,313	1,182	770	1,381	570	949
(/) Shares Outstanding	170	170	170	170	170	170
Winsorized Fair Value	$7.71	$6.39	$2.94	$6.05	$1.79	$4.87
Full Range Median Fair Value	$7.73	$6.96	$4.53	$8.13	$3.35	$5.58
Current Price	$11.81	$11.81	$11.81	$11.81	$11.81	$11.81
Upside / Downside	-34.69%	-45.90%	-75.13%	-48.79%	-84.82%	-58.78%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.40	$4.47	$2.06	$4.23	$1.25	$3.41
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy