Royce Value Trust Inc. (RVT)

Industry: Asset Management 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
AUSC.L	465	abrdn UK Smaller C	104	5.10	4.76	7.91	7.91	14.27	4.79
WLE.AX	466	WAM Leaders Limite	104	1.22	1.22	16.11	16.11	12.90	16.11
RICA.L	467	Ruffer Investment	102	-	-	140.86	76.01	191.49	-
ABHYX	468	American Century H	102	-	-	-	-	4.84	4.35
MPCK.DE	469	MPC Münchmeyer Pe	101	4.78	4.78	23.01	23.01	8.74	15.90
PNNT	470	PennantPark Invest	101	13.39	13.39	14.62	14.62	28.80	24.77
5842.T	471	Integral Corporati	100	10.08	10.08	5.86	5.86	7.95	5.92
RVT	472	Royce Value Trust	98	4.37	3.97	4.95	4.52	122.69	8.04
SEAF.ST	473	Seafire AB (publ)	98	-	-	6.53	5.54	9.17	-
NCYF.L	474	CQS New City High	97	5.01	3.81	-	-	8.89	3.86
BOSOX	475	Boston Trust Walde	96	-	-	5.61	5.61	-	-
STWK.ST	476	Stockwik Förvaltn	95	-	-	6.07	5.11	25.86	10.88
DPG	477	Duff & Phelps Util	95	3.58	3.58	4.10	4.10	3.36	4.10
UEM.L	478	Utilico Emerging M	95	6.64	4.10	10.31	5.04	2.00	3.74
EFR	479	Eaton Vance Senior	94	4.87	3.78	4.39	1.74	-	4.55
AOD	480	Abrdn Total Dynami	94	6.22	6.84	16.53	17.72	10.94	8.84

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.01	4.10	6.53	5.61	8.89	4.67
Full Range Median Multiple	5.05	4.43	7.91	5.86	9.17	5.35
Industry Multiple	6.09	5.63	20.15	14.49	25.32	8.98
Market Implied Multiple	5.05	4.59	5.71	5.21	141.41	9.27
Company (RVT) Multiple	4.37	3.97	4.95	4.52	122.69	8.04
(*) Net Income / EBITDA / Revenue	412	454	371	406	15	228
Winsorized Enterprise Value	N/A	N/A	2,420	2,278	133	1,066
Full Range Median Enterprise Value	N/A	N/A	2,931	2,377	137	1,222
(-) Net Debt	35	35	35	35	35	35
Winsorized Equity Value	2,063	1,861	2,385	2,243	98	1,031
Full Range Median Equity Value	2,083	2,010	2,896	2,342	102	1,187
(/) Shares Outstanding	120	120	120	120	120	120
Winsorized Fair Value	$17.25	$15.56	$19.94	$18.75	$0.82	$8.62
Full Range Median Fair Value	$17.42	$16.80	$24.21	$19.58	$0.85	$9.93
Current Price	$17.39	$17.39	$17.39	$17.39	$17.39	$17.39
Upside / Downside	-0.81%	-10.52%	14.65%	7.84%	-95.28%	-50.45%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.07	$10.89	$13.96	$13.13	$0.57	$6.03
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy