Invesco High Income 2024 Target Term Fund (IHTA)

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
IHTA	1	Invesco High Incom	-4	2.58	2.58	-	-	-	-
FAKTX	1	American Funds 201	177,494	-	-	1.00	1.04	2.02	2.47
FAOTX	2	American Funds 202	177,494	-	-	1.00	1.04	2.02	2.47
FOGRX	3	Tributary Growth O	177,494	10.30	10.30	4.74	4.74	9.56	11.48
MZCSX	4	Muzinich Dynamic I	177,494	-	-	1.00	1.00	2.02	2.42
C-PN	5	Citigroup Capital	168,347	12.58	12.02	24.23	23.03	26.03	26.17
JSEAX	6	JPMorgan Internati	163,748	1.11	0.93	-	-	1.45	1.23
JMUEX	7	JPMorgan U.S. Equi	149,985	0.59	0.59	-	-	1.44	1.58
JTSSX	8	JPMorgan SmartReti	149,985	0.05	0.05	-	-	1.06	1.07
JUESX	9	JPMorgan U.S. Equi	149,985	-	-	-	-	1.03	1.03
JUEZX	10	JPMorgan U.S. Equi	149,985	-	-	-	-	1.03	1.12
SMTAX	11	JPMorgan SmartReti	149,985	0.08	0.07	-	-	1.08	1.09
PPIPX	12	T. Rowe Price Spec	122,317	-	-	3.59	3.82	5.77	5.99
RRTBX	13	T. Rowe Price Reti	122,317	-	-	3.50	3.73	6.10	5.92
TRFOX	14	T. Rowe Price Targ	122,317	-	-	3.50	3.50	6.10	5.69
TRHRX	15	T. Rowe Price Targ	122,317	-	-	3.50	3.73	6.10	5.92
WTIF.SG	16	WisdomTree Japan E	106,361	30.70	32.89	7.82	8.11	11.90	15.82

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	0.59	0.59	3.50	3.73	2.02	2.42
Full Range Median Multiple	1.11	0.93	3.50	3.73	2.02	2.47
Industry Multiple	7.92	8.12	5.39	5.37	5.29	5.72
Market Implied Multiple	2.60	2.60	-	-	-	-
Company (IHTA) Multiple	2.58	2.58	-	-	-	-
(*) Net Income / EBITDA / Revenue	26	26	-3	-3	-2	-3
Winsorized Enterprise Value	N/A	N/A	-10	-11	-3	-7
Full Range Median Enterprise Value	N/A	N/A	-10	-11	-3	-7
(-) Net Debt	-43	-43	-43	-43	-43	-43
Winsorized Equity Value	15	15	33	32	40	36
Full Range Median Equity Value	28	24	33	32	40	36
(/) Shares Outstanding	9	9	9	9	9	9
Winsorized Fair Value	$1.73	$1.73	$3.77	$3.69	$4.58	$4.13
Full Range Median Fair Value	$3.22	$2.70	$3.77	$3.69	$4.58	$4.11
Current Price	$7.54	$7.54	$7.54	$7.54	$7.54	$7.54
Upside / Downside	-77.09%	-77.09%	-50.01%	-51.03%	-39.27%	-45.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.21	$1.21	$2.64	$2.58	$3.21	$2.89
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy