Eaton Vance National Municipal Opportunities Trust (EOT)

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
FCSS.L	726	Fidelity China Spe	27	1.06	1.06	7.47	7.47	1.99	8.29
BSV.L	727	British Smaller Co	27	13.01	11.86	11.23	11.23	10.68	10.24
VTN	728	Invesco Trust for	27	7.03	7.00	33.75	33.75	-	11.91
RMPL-P	729	RiverNorth Special	26	4.47	4.47	4.15	4.15	9.70	4.15
RSF	730	RiverNorth Capital	26	4.47	4.47	4.15	4.15	9.70	4.15
MCNVX	731	MainStay MacKay Co	26	72.44	75.95	-	-	78.53	81.74
MCSVX	732	MainStay MacKay Co	26	25.09	26.31	-	-	33.10	34.45
EOT	733	Eaton Vance Nation	26	9.87	9.87	7.67	7.67	12.84	7.67
STAEX	734	Allspring Discover	26	44.82	63.89	-	-	7.67	8.54
PMO	735	Putnam Municipal O	26	9.39	9.39	9.40	9.40	-	9.40
PVN.L	736	ProVen VCT plc	26	15.83	14.43	-	-	8.36	11.08
9602.SR	737	Yaqeen Capital Co.	26	11.44	11.44	-	-	7.45	8.37
NCA	738	Nuveen California	26	10.48	10.39	29.29	29.29	20.49	13.68
MTU.L	739	Montanaro UK Small	26	8.57	8.87	-	-	3.10	8.62
PFX	740	PhenixFIN Corporat	25	15.56	15.56	43.01	43.01	-	43.01
PFXNZ	741	PhenixFIN Corporat	25	15.56	15.56	43.01	43.01	-	43.01

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.48	10.39	9.40	9.40	8.36	9.40
Full Range Median Multiple	11.44	11.44	11.23	11.23	9.70	10.24
Industry Multiple	17.28	18.71	20.61	20.61	17.34	20.04
Market Implied Multiple	10.36	10.36	8.00	8.00	13.40	8.00
Company (EOT) Multiple	9.87	9.87	7.67	7.67	12.84	7.67
(*) Net Income / EBITDA / Revenue	26	26	39	39	23	39
Winsorized Enterprise Value	N/A	N/A	368	368	195	368
Full Range Median Enterprise Value	N/A	N/A	439	439	227	400
(-) Net Debt	40	40	40	40	40	40
Winsorized Equity Value	276	274	328	328	155	328
Full Range Median Equity Value	301	301	399	399	187	360
(/) Shares Outstanding	16	16	16	16	16	16
Winsorized Fair Value	$17.67	$17.52	$20.97	$20.97	$9.94	$20.97
Full Range Median Fair Value	$19.29	$19.29	$25.54	$25.54	$11.94	$23.06
Current Price	$17.47	$17.47	$17.47	$17.47	$17.47	$17.47
Upside / Downside	1.14%	0.26%	20.04%	20.04%	-43.08%	20.04%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.37	$12.26	$14.68	$14.68	$6.96	$14.68
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy