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Multiples Valuation: Nuveen Minnesota Quality Municipal Income Fund

Nuveen Minnesota Quality Municipal Income Fund (NMS)

Industry: Asset Management - Income Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $22.91 — $87.71
Selected (Average) $35.74
Upside to Live 201.87%
Full Range Fair Value
Range (Low - High) $23.35 — $88.05
Selected (Average) $40.99
Upside to Live 246.18%
Live Price $11.84

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
HCYAX 262 Hilton Tactical In 10 - - - - -0.02 -0.02
LGI 263 Lazard Global Tota 10 5.17 4.32 14.35 14.35 89.17 52.76
BSIF.L 264 Bluefield Solar In 9 - - - - - -
CAHEX 265 Calamos Hedged Equ 9 5.12 4.97 5.22 5.05 357.98 287.29
NOIEX 266 Northern Funds Inc 9 1.60 1.56 1.64 1.58 112.21 90.05
PYVAX 267 Payden Equity Inco 9 - - - - - -
EVY 268 Eaton Vance New Yo 9 7.58 7.58 6.94 6.94 17.16 17.22
NMS 269 Nuveen Minnesota Q 9 3.77 3.77 4.62 4.62 2.96 6.83
MIG5.L 270 Maven Income and G 9 25.85 30.97 17.47 17.47 110.58 26.76
MGF 271 MFS Government Mar 8 18.20 20.10 15.19 15.19 14.61 10.79
FAP.TO 272 abrdn Asia-Pacific 8 10.55 7.87 26.59 26.59 - 14.56
ASIEX 273 Multisector Income 8 23.66 23.66 - - 22.77 23.50
GLU 274 The Gabelli Global 8 5.52 5.19 12.12 12.12 34.51 10.69
ADIG.L 275 abrdn Diversified 8 - - - - 3.13 147.52
AHTFX 276 American Funds Hig 7 - - - - 4.55 4.95
EPDPX 277 EuroPac Internatio 7 96.52 96.52 - - 22.86 28.44

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple7.587.589.539.5322.7720.36
Full Range Median Multiple9.077.7313.2313.2322.8625.13
Industry Multiple19.9820.2712.4412.4171.7759.54
Market Implied Multiple3.923.924.804.803.087.11
Company (NMS) Multiple3.773.774.624.622.966.83
(*) Net Income / EBITDA / Revenue181814142210
Winsorized Enterprise ValueN/AN/A136136509197
Full Range Median Enterprise ValueN/AN/A189189511243
(-) Net Debt000000
Winsorized Equity Value133133136136509197
Full Range Median Equity Value159135189189511243
(/) Shares Outstanding666666
Winsorized Fair Value$22.91$22.91$23.50$23.50$87.71$33.93
Full Range Median Fair Value$27.38$23.35$32.64$32.64$88.05$41.88
Current Price$11.84$11.84$11.84$11.84$11.84$11.84
Upside / Downside93.49%93.49%98.46%98.46%640.78%186.56%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$16.04$16.04$16.45$16.45$61.40$23.75
Buy / Don't BuyBUYBUYBUYBUYBUYBUY