Canso Credit Trust - Canso Credit Income Fund (PBY-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
WIA	186	Western Asset Infl	28	10.59	9.16	23.69	23.69	11.81	6.99
BRSA.L	187	BlackRock Sustaina	26	10.33	10.33	-	-	1.71	9.36
MTRAX	188	MainStay Income Bu	26	-	-	-	-	9.03	9.40
PCQ	189	PIMCO California M	26	-	-	24.26	24.26	13.70	18.52
JLS	190	Nuveen Mortgage an	25	4.48	4.48	4.90	4.90	5.11	4.90
MAV	191	Pioneer Municipal	25	35.58	50.79	112.58	112.58	-	12.90
TIBIX	192	Thornburg Investme	25	-	-	-	-	1.40	1.41
PBY-UN.TO	193	Canso Credit Trust	24	6.34	6.34	6.34	6.34	8.04	6.34
PFO	194	Flaherty & Crumrin	24	3.71	3.48	6.95	6.95	7.87	5.84
CXE	195	MFS High Income Mu	23	14.35	16.64	9.70	9.70	10.17	10.99
JHS	196	John Hancock Incom	22	12.08	13.42	7.50	7.50	10.43	5.88
MHI	197	Pioneer Municipal	21	1.94	1.44	4.49	4.49	7.69	-
PZC	198	PIMCO California M	21	8.16	8.16	12.21	12.21	17.50	13.23
0P0001518O.SI	199	PIMCO GIS plc - In	21	10.63	10.63	1,476.98	1,476.98	13.03	12.91
AIHAX	200	Horizon Active Inc	21	-	-	249.69	249.69	2.20	2.33
ATOAX	201	Aberdeen Ultra Sho	21	62.16	39.43	7,422.99	7,422.99	65.48	69.41

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.33	9.16	10.95	10.95	8.45	8.18
Full Range Median Multiple	10.59	10.33	17.95	17.95	9.60	9.38
Industry Multiple	15.82	15.27	779.66	779.66	12.65	13.15
Market Implied Multiple	6.35	6.35	6.35	6.35	8.05	6.35
Company (PBY-UN.TO) Multiple	6.34	6.34	6.34	6.34	8.04	6.34
(*) Net Income / EBITDA / Revenue	17	17	17	17	13	17
Winsorized Enterprise Value	N/A	N/A	183	183	111	137
Full Range Median Enterprise Value	N/A	N/A	300	300	127	157
(-) Net Debt	-	-	-	-	-	-
Winsorized Equity Value	173	153	183	183	111	137
Full Range Median Equity Value	177	173	300	300	127	157
(/) Shares Outstanding	7	7	7	7	7	7
Winsorized Fair Value	$25.94	$22.99	$27.51	$27.51	$16.73	$20.53
Full Range Median Fair Value	$26.58	$25.94	$45.08	$45.08	$19.01	$23.55
Current Price	$15.95	$15.95	$15.95	$15.95	$15.95	$15.95
Upside / Downside	62.61%	44.17%	72.45%	72.45%	4.86%	28.72%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$18.16	$16.10	$19.25	$19.25	$11.71	$14.37
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	Don’t Buy