John Hancock Investors Trust (JHI)

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
BURE.ST	706	Bure Equity AB (pu	29	-	-	-	-	-	-
ETIGX	707	Parametric Tax-Man	29	8.65	8.00	9.05	8.30	197.54	203.80
FUND	708	Sprott Focus Trust	29	7.54	7.54	7.52	7.52	7.06	7.52
GIF.L	709	Gulf Investment Fu	29	360.19	448.83	357.31	444.53	2,836.41	426.51
EGATIF.BK	710	Electricity Genera	29	11.54	11.54	13.83	13.83	14.39	13.83
BGCG.L	711	Baillie Gifford Ch	29	9.05	7.80	3.95	3.95	1.87	7.68
CHIB.L	712	CT UK High Income	29	3.20	3.20	3.49	3.49	3.60	3.49
JHI	713	John Hancock Inves	29	5.50	4.90	-	-	7.41	7.40
EHT	714	Eaton Vance 2021 T	29	29.37	19.89	-	-	15.94	15.30
1328.HK	715	Goldstream Investm	29	4.22	3.85	2.51	2.32	2.46	2.22
NBH	716	Neuberger Berman M	28	15.81	15.81	14.15	14.15	-	14.15
1973.HK	717	Tian Tu Capital Co	28	-	-	23.98	44.00	20.86	2.01
LPC.V	718	Lorne Park Capital	28	37.47	28.43	16.01	12.33	68.52	20.03
254A.T	719	Ai Fusion Capital	28	39.57	39.57	8.72	8.72	-	10.67
GAM	720	General American I	28	6.72	6.72	176.00	176.00	294.62	238.44
CDM.AX	721	Cadence Capital Li	28	8.88	9.47	11.06	11.06	1.80	5.95

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.88	8.00	9.05	8.72	10.72	9.17
Full Range Median Multiple	9.05	9.47	11.06	11.06	15.16	12.25
Industry Multiple	41.71	46.97	49.81	57.71	288.76	69.40
Market Implied Multiple	5.74	5.11	-	-	7.59	7.58
Company (JHI) Multiple	5.50	4.90	-	-	7.41	7.40
(*) Net Income / EBITDA / Revenue	21	24	-	-	27	27
Winsorized Enterprise Value	N/A	N/A	-	-	292	250
Full Range Median Enterprise Value	N/A	N/A	-	-	414	334
(-) Net Debt	87	87	87	87	87	87
Winsorized Equity Value	186	188	-87	-87	206	163
Full Range Median Equity Value	189	223	-87	-87	327	247
(/) Shares Outstanding	9	9	9	9	9	9
Winsorized Fair Value	$21.24	$21.50	$-9.94	$-9.94	$23.51	$18.70
Full Range Median Fair Value	$21.65	$25.46	$-9.94	$-9.94	$37.36	$28.30
Current Price	$13.73	$13.73	$13.73	$13.73	$13.73	$13.73
Upside / Downside	54.71%	56.62%	-172.37%	-172.37%	71.22%	36.17%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.87	$15.05	$-6.96	$-6.96	$16.46	$13.09
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	Don’t Buy