Invesco Municipal Trust (VKQ)

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
BPII.JK	505	PT Batavia Prosper	80	42.93	41.68	19.78	19.65	29.40	25.19
DFN.TO	506	Dividend 15 Split	80	6.26	6.26	15.98	15.98	6.79	8.94
FGX.AX	507	Future Generation	79	5.78	3.29	9.53	7.63	6.35	2.79
DSU	508	BlackRock Debt Str	79	3.93	3.28	43.18	43.42	4.88	6.22
SWEF.L	509	Starwood European	79	6.32	6.32	10.71	10.71	5.59	5.37
1140.HK	510	Wealthink AI-Innov	78	11.41	9.40	3.96	3.96	2.65	4.93
EAPCX	511	Parametric Commodi	78	-	-	-	-	1.98	1.81
VKQ	512	Invesco Municipal	77	8.32	8.36	30.89	30.89	-	11.90
ALTEX	513	Firsthand Alternat	77	-	-	2.69	2.46	12.52	11.24
AUI.AX	514	Australian United	77	13.52	12.88	12.17	12.17	12.25	11.61
000532.SZ	515	Zhuhai Huajin Capi	76	22.65	21.79	12.77	12.21	41.62	15.86
0P00000SUJ.F	516	Vanguard U.S. 500	75	-	-	5,188.03	5,188.03	-	-
0P00015M0M.F	517	Vanguard 20+ Year	75	-	-	8,157.70	8,157.70	-	-
LWI.L	518	Lowland Investment	75	7.26	8.02	328.17	328.17	-	8.24
REP.AX	519	RAM Essential Serv	75	-	-	6.21	6.21	2.68	5.05
RMT	520	Royce Micro-Cap Tr	75	4.45	4.37	5.62	3.78	-	2.92

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.32	6.32	11.44	11.44	5.59	5.37
Full Range Median Multiple	6.79	7.17	12.47	12.19	6.35	6.22
Industry Multiple	12.45	11.73	986.89	986.58	11.52	8.48
Market Implied Multiple	8.06	8.10	30.00	30.00	-	11.56
Company (VKQ) Multiple	8.32	8.36	30.89	30.89	-	11.90
(*) Net Income / EBITDA / Revenue	67	67	20	20	-9	52
Winsorized Enterprise Value	N/A	N/A	228	228	-51	278
Full Range Median Enterprise Value	N/A	N/A	249	243	-58	322
(-) Net Debt	58	58	58	58	58	58
Winsorized Equity Value	424	422	170	170	-109	220
Full Range Median Equity Value	455	478	191	185	-116	263
(/) Shares Outstanding	55	55	55	55	55	55
Winsorized Fair Value	$7.65	$7.61	$3.07	$3.07	$-1.96	$3.97
Full Range Median Fair Value	$8.21	$8.64	$3.44	$3.34	$-2.09	$4.76
Current Price	$9.75	$9.75	$9.75	$9.75	$9.75	$9.75
Upside / Downside	-21.56%	-21.94%	-68.51%	-68.51%	-120.14%	-59.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.35	$5.33	$2.15	$2.15	$-1.37	$2.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy