Pioneer High Income Municipal Fund Class Y (HIMYX)

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
PGP	176	PIMCO Global Stock	30	3.34	3.76	6.37	5.83	2.63	4.57
CIK	177	Credit Suisse Asse	30	4.67	4.22	5.44	5.44	7.11	5.00
PMM	178	Putnam Managed Mun	29	8.04	8.61	110.14	110.14	-	4.74
EVG	179	Eaton Vance Short	29	4.86	3.76	-	-	8.01	7.71
ETAZX	180	Eaton Vance AZ Mun	29	-	-	-	-	6.99	7.02
ETCTX	181	Eaton Vance CT Mun	29	-	-	-	-	6.99	6.71
ETGAX	182	Eaton Vance GA Mun	29	-	-	-	-	6.99	6.71
HIMYX	183	Pioneer High Incom	28	33.40	33.40	332.68	332.68	40.77	41.83
BWG	184	Legg Mason BW Glob	28	4.87	4.87	6.06	6.06	9.66	6.52
EVF	185	Eaton Vance Senior	28	5.57	5.42	15.65	15.65	15.21	6.53
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.87	4.87	6.37	6.06	6.99	6.71
Full Range Median Multiple	5.22	5.15	15.65	15.65	7.11	6.71
Industry Multiple	9.23	10.54	34.34	34.28	8.07	7.84
Market Implied Multiple	32.59	32.59	325.42	325.42	39.88	40.92
Company (HIMYX) Multiple	33.40	33.40	332.68	332.68	40.77	41.83
(*) Net Income / EBITDA / Revenue	29	29	3	3	26	26
Winsorized Enterprise Value	N/A	N/A	20	19	183	172
Full Range Median Enterprise Value	N/A	N/A	50	50	186	172
(-) Net Debt	108	108	108	108	108	108
Winsorized Equity Value	140	140	-88	-89	75	63
Full Range Median Equity Value	150	148	-58	-58	78	63
(/) Shares Outstanding	167	167	167	167	167	167
Winsorized Fair Value	$0.84	$0.84	$-0.53	$-0.53	$0.45	$0.38
Full Range Median Fair Value	$0.90	$0.89	$-0.35	$-0.35	$0.47	$0.38
Current Price	$5.63	$5.63	$5.63	$5.63	$5.63	$5.63
Upside / Downside	-85.05%	-85.05%	-109.35%	-109.45%	-91.98%	-93.24%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$0.59	$0.59	$-0.37	$-0.37	$0.32	$0.27
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy