Western Asset Premier Bond Fund (WEA)

Industry: Asset Management - Bonds 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
JHNBX	14	John Hancock Bond	48	28,074.66	53,144.86	-	-	617.75	629.47
GBAB	15	Guggenheim Taxable	39	4.28	4.28	5.87	5.87	5.02	8.63
DSM	16	BNY Mellon Strateg	35	72.66	114.06	15.18	15.18	10.00	7.81
BHK	17	BlackRock Core Bon	35	15.49	20.68	44.26	67.15	19.69	21.03
EVM	18	Eaton Vance Califo	29	38.52	38.52	-	-	14.12	13.39
DMB	19	BNY Mellon Municip	27	35.20	48.09	-	-	-	68.79
ENX	20	Eaton Vance New Yo	24	68.52	104.64	27.25	27.25	13.04	5.13
WEA	21	Western Asset Prem	23	6.09	5.97	15.88	15.88	7.90	6.73
VBF	22	Invesco Bond Fund	20	6.05	5.84	6.67	4.80	10.04	7.63
DITEX	23	BNY Mellon Interme	20	87.95	73.96	-	-	47.02	43.07
DCIBX	24	DFA CA Intermediat	16	-	-	-	-	10.50	10.55
WMBDX	25	WesMark Government	16	-	-	-	-	25.62	25.73
BFIFX	26	American Funds Inf	16	-	-	-	-	8.82	9.69
EBNEX	27	American Funds Eme	15	-	-	-	-	-	-
PCTIX	28	PIMCO California M	15	-	-	15.57	15.57	2.84	2.86
APOIX	29	American Century S	14	-	-	19.36	19.36	1.80	1.95

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	35.20	38.52	15.18	15.18	10.04	9.16
Full Range Median Multiple	38.52	48.09	15.57	15.57	10.50	10.12
Industry Multiple	3,155.92	5,950.55	19.17	22.17	60.48	61.12
Market Implied Multiple	6.36	6.23	16.34	16.34	8.13	6.92
Company (WEA) Multiple	6.09	5.97	15.88	15.88	7.90	6.73
(*) Net Income / EBITDA / Revenue	21	22	12	12	25	29
Winsorized Enterprise Value	N/A	N/A	185	185	246	264
Full Range Median Enterprise Value	N/A	N/A	190	190	257	291
(-) Net Debt	65	65	65	65	65	65
Winsorized Equity Value	744	831	120	120	181	199
Full Range Median Equity Value	814	1,038	125	125	192	226
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$62.67	$70.04	$10.13	$10.13	$15.26	$16.75
Full Range Median Fair Value	$68.58	$87.45	$10.52	$10.52	$16.22	$19.08
Current Price	$11.32	$11.32	$11.32	$11.32	$11.32	$11.32
Upside / Downside	453.60%	518.75%	-10.56%	-10.56%	34.84%	47.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$43.87	$49.03	$7.09	$7.09	$10.68	$11.73
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	BUY