Hennessy Advisors, Inc. 4.875% Notes due 2026 (HNNAZ)

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
PHD	660	Pioneer Floating R	36	4.09	4.09	108.23	108.23	6.46	5.82
WED.V	661	The Westaim Corpor	36	-	-	-	-	-	-
VNJTX	662	Vanguard New Jerse	36	-	-	-	-	88.92	91.91
0133.HK	663	China Merchants Ch	36	1.41	1.43	-	-	0.34	1.01
EDD	664	Morgan Stanley Eme	36	6.50	6.50	6.88	6.88	3.31	8.55
VO2.ST	665	Vo2 Cap Holding AB	36	-	-	2.37	1.16	15.65	31.19
HNNA	666	Hennessy Advisors,	36	8.28	7.89	3.57	3.44	4.19	3.73
HNNAZ	667	Hennessy Advisors,	36	8.28	7.89	3.57	3.44	4.19	3.73
FCIRX	668	NYLI PineStone Int	35	-	-	0.00	0.00	-0.01	-0.01
SILVX	669	SGI U.S. Large Cap	35	-	-	0.00	0.00	-0.01	-0.01
TNBIX	670	1290 SmartBeta Equ	35	-	-	0.00	0.00	-0.01	-0.01
EARN	671	Ellington Credit C	35	46.85	64.28	26.66	32.68	8.65	32.68
8783.T	672	abc Co., Ltd.	35	-	-	-	-	3.64	-
HFPC-U.TO	673	Helios Fairfax Par	34	-	-	-	-	4.71	-
FT	674	Franklin Universal	34	4.23	3.90	6.63	6.63	6.41	4.56
SLFR.L	675	SLF Realisation Fu	34	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.16	3.99	5.10	5.03	4.71	5.19
Full Range Median Multiple	5.36	5.30	6.76	6.76	5.56	7.19
Industry Multiple	11.89	14.68	25.72	26.50	14.23	22.43
Market Implied Multiple	19.78	18.86	11.67	11.23	13.69	12.19
Company (HNNAZ) Multiple	8.28	7.89	3.57	3.44	4.19	3.73
(*) Net Income / EBITDA / Revenue	10	10	14	15	12	14
Winsorized Enterprise Value	N/A	N/A	72	74	57	70
Full Range Median Enterprise Value	N/A	N/A	96	99	67	97
(-) Net Debt	-32	-32	-32	-32	-32	-32
Winsorized Equity Value	41	42	104	106	89	102
Full Range Median Equity Value	53	55	127	131	99	129
(/) Shares Outstanding	8	8	8	8	8	8
Winsorized Fair Value	$5.25	$5.29	$13.19	$13.43	$11.24	$12.96
Full Range Median Fair Value	$6.77	$7.01	$16.16	$16.64	$12.54	$16.38
Current Price	$24.97	$24.97	$24.97	$24.97	$24.97	$24.97
Upside / Downside	-78.98%	-78.81%	-47.18%	-46.23%	-54.98%	-48.10%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.67	$3.70	$9.23	$9.40	$7.87	$9.07
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy