American Funds Retirement Income Portfolio - Moderate Class F-1 (FBFWX)

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
FBFWX	1	American Funds Ret	185,250	15.29	15.29	6.45	5.69	27.62	19.20
JSOAX	2	JP Morgan Strategi	177,494	-	-	1.00	1.04	2.02	2.47
AMECX	3	American Funds The	98,455	7.59	7.01	-	-	6.61	6.21
IFAFX	4	The Income Fund of	98,455	7.56	6.98	-	-	6.59	6.19
0P0000N4FI.L	5	Schroder High Yiel	2,682	-	-	-	-	-	-
ABCVX	6	American Beacon Th	2,446	-	-	-36.48	-36.48	-6.92	-14.49
PDI	7	PIMCO Dynamic Inco	1,512	5.23	5.23	4.44	4.44	5.74	6.24
JGGI.L	8	JPMorgan Global Gr	854	4.92	3.11	45.21	45.21	-	3.03
NEA	9	Nuveen AMT-Free Qu	821	56.83	61.69	70.70	70.70	12.78	12.03
ETY	10	Eaton Vance Tax-Ma	658	7.76	8.71	-	-	-	-
EXG	11	Eaton Vance Tax-Ma	477	4.99	4.99	4.99	4.99	-	4.99
UTG	12	Reaves Utility Inc	460	3.46	2.85	4.04	3.03	1.28	2.60
NVG	13	Nuveen AMT-Free Mu	426	18.77	14.73	25.11	25.11	12.21	-
JPC	14	Nuveen Preferred &	389	5.90	4.87	13.39	13.39	6.21	12.65
NAD	15	Nuveen Quality Mun	374	22.81	18.55	8.31	8.31	23.60	4.23
NZF	16	Nuveen Municipal C	365	16.24	12.92	22.61	22.61	22.03	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.73	6.11	8.31	8.31	6.59	4.99
Full Range Median Multiple	7.57	6.99	10.85	10.85	6.60	5.59
Industry Multiple	13.51	12.64	19.98	19.89	9.91	6.06
Market Implied Multiple	15.87	15.87	6.66	5.87	28.52	19.82
Company (FBFWX) Multiple	15.29	15.29	6.45	5.69	27.62	19.20
(*) Net Income / EBITDA / Revenue	3,151	3,151	8,749	9,924	2,044	2,941
Winsorized Enterprise Value	N/A	N/A	72,741	82,511	13,467	14,672
Full Range Median Enterprise Value	N/A	N/A	94,956	107,710	13,488	16,438
(-) Net Debt	8,294	8,294	8,294	8,294	8,294	8,294
Winsorized Equity Value	21,212	19,238	64,447	74,217	5,173	6,378
Full Range Median Equity Value	23,863	22,035	86,662	99,416	5,194	8,144
(/) Shares Outstanding	3,600	3,600	3,600	3,600	3,600	3,600
Winsorized Fair Value	$5.89	$5.34	$17.90	$20.62	$1.44	$1.77
Full Range Median Fair Value	$6.63	$6.12	$24.07	$27.62	$1.44	$2.26
Current Price	$13.89	$13.89	$13.89	$13.89	$13.89	$13.89
Upside / Downside	-57.58%	-61.53%	28.88%	48.42%	-89.65%	-87.24%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.12	$3.74	$12.53	$14.43	$1.01	$1.24
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy