First Trust Senior Floating Rate Income Fund II (FCT)

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
NXP	116	Nuveen Select Tax-	61	9.04	7.62	27.13	27.13	10.20	15.33
AAIF.L	117	abrdn Asian Income	60	5.15	5.15	4.99	4.99	14.63	4.99
IVH	118	Ivy Funds - Delawa	59	-	-	-	-	6.31	5.81
SMIF.L	119	TwentyFour Select	58	3.66	3.66	3.50	3.50	5.70	3.50
CVCG.L	120	CVC Income & Growt	58	0.31	0.31	0.28	0.28	1.82	3.06
HFRO	121	Highland Funds I -	58	-	-	-	-	-	-
HFRO-PA	122	Highland Funds I -	58	-	-	-	-	-	-
FCT	123	First Trust Senior	57	4.85	4.64	-	-	6.78	6.12
RCS	124	PIMCO Strategic In	57	5.28	5.50	19.13	19.13	7.69	8.41
PIC-A.TO	125	Premium Income Cor	57	2.86	3.02	220.83	262.71	10.17	8.67
NAN	126	Nuveen New York Qu	56	28.42	34.78	87.59	87.59	-	22.67
FRA	127	BlackRock Floating	56	11.51	13.21	25.29	33.98	15.10	11.46
JGH	128	Nuveen Global High	55	3.65	3.65	4.42	4.42	6.69	4.42
KTF	129	DWS Municipal Inco	54	46.21	66.91	-	-	7.79	8.46
EFT	130	Eaton Vance Floati	54	8.53	7.56	-	-	9.29	8.91
AIF	131	Apollo Tactical In	52	3.18	3.18	13.80	13.80	4.79	24.04

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.40	4.40	13.80	13.80	7.19	8.41
Full Range Median Multiple	5.21	5.32	16.46	16.46	7.74	8.46
Industry Multiple	10.65	12.88	40.70	45.75	8.35	9.98
Market Implied Multiple	4.93	4.72	-	-	6.88	6.21
Company (FCT) Multiple	4.85	4.64	-	-	6.78	6.12
(*) Net Income / EBITDA / Revenue	53	56	-	-	46	51
Winsorized Enterprise Value	N/A	N/A	-	-	329	427
Full Range Median Enterprise Value	N/A	N/A	-	-	354	429
(-) Net Debt	53	53	53	53	53	53
Winsorized Equity Value	234	244	-53	-53	276	374
Full Range Median Equity Value	277	296	-53	-53	301	376
(/) Shares Outstanding	26	26	26	26	26	26
Winsorized Fair Value	$8.99	$9.40	$-2.04	$-2.04	$10.63	$14.39
Full Range Median Fair Value	$10.65	$11.37	$-2.04	$-2.04	$11.60	$14.48
Current Price	$10.08	$10.08	$10.08	$10.08	$10.08	$10.08
Upside / Downside	-10.78%	-6.74%	-120.22%	-120.22%	5.46%	42.71%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.30	$6.58	$-1.43	$-1.43	$7.44	$10.07
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy