Delaware Investments Natl Muniome Intrinsic Value: Projected FCF

: $18.14 (As of Today)

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Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.

As of today (2022-05-19), Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF is $18.14. The stock price of Delaware Investments Natl Muniome is $11.13. Therefore, Delaware Investments Natl Muniome's Price-to-Intrinsic-Value-Projected-FCF of today is 0.6.

The historical rank and industry rank for Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF or its related term are showing as below:

VFL' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.61 Med: 0.8 Max: 0.88
Current: 0.61

During the past 11 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Delaware Investments Natl Muniome was 0.88. The lowest was 0.61. And the median was 0.80.

VFL's Price-to-Intrinsic-Value-Projected-FCF is ranked better than
73.1% of 788 companies
in the Asset Management industry
Industry Median: 0.99 vs VFL: 0.61

Delaware Investments Natl Muniome Intrinsic Value: Projected FCF Historical Data

The historical data trend for Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Delaware Investments Natl Muniome Annual Data

Trend

Mar12

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Intrinsic Value: Projected FCF

15.37

16.20

16.98

15.19

18.14

Delaware Investments Natl Muniome Semi-Annual Data
	Mar12	Sep12	Mar13	Sep13	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21
Intrinsic Value: Projected FCF																-	15.19	-	18.14	-

Competitive Comparison

For the Asset Management subindustry, Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF, along with its competitors' market caps and Intrinsic Value: Projected FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

Delaware Investments Natl Muniome Intrinsic Value: Projected FCF Distribution

For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF distribution charts can be found below:

* The bar in red indicates where Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF falls into.

Delaware Investments Natl Muniome Intrinsic Value: Projected FCF Calculation

Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.

The details of how we calculate the intrinsic value of stocks are described in detail here.

This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.

Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + 0.8 * Total Stockholders Equity (most recent) ) / Shares Outstanding (Diluted Average)

In the case of negative Total Stockholders Equity, the following formula is used (see Explanation section below for the reason):

Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + Total Stockholders Equity (most recent) / 0.8 ) / Shares Outstanding (Diluted Average)

Add all the Free Cash Flow together and divide 6 will get Delaware Investments Natl Muniome's Free Cash Flow(6 year avg) = $2.96.

Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF for today is calculated as

Intrinsic Value: Projected FCF	=	(Growth Multiple	*	Free Cash Flow (6 year avg)	+	Total Stockholders Equity (Mar21)	*	0.8)	/	Shares Outstanding (Diluted Average)
	=	(9.5203515959648	*	2.9571428571429	+	67.182	*	0.8)	/	4.514
	=	18.14

Delaware Investments Natl Muniome (AMEX:VFL) Intrinsic Value: Projected FCF Explanation

The growth multiple is capped between 8.35 and 17.74.

Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.

Delaware Investments Natl Muniome's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as

Price-to-Intrinsic-Value-Projected-FCF	=	Share Price	/	Intrinsic Value: Projected FCF
	=	11.13	/	18.143252042423
	=	0.61

Delaware Investments Natl Muniome Intrinsic Value: Projected FCF Related Terms

Thank you for viewing the detailed overview of Delaware Investments Natl Muniome's Intrinsic Value: Projected FCF provided by GuruFocus.com. Please click on the following links to see related term pages.

Delaware Investments Natl Muniome Business Description

Industry

Financial Services » Asset Management NAICS : 523920 SIC : 6799

Comparable Companies

ASX:PAI NYSE:MQT HKSE:00245 NYSE:SCD NEOE:NETZ ASX:EZL LSE:JSGI NGM:ARBO A NYSE:FIF NYSE:MUE

Traded in Other Exchanges

N/A

Address

610 Market Street, Philadelphia, PA, USA, 19106

Website

https://www.delawarefunds.com

Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund seeks to provide current income exempt from regular federal income tax consistent with the preservation of capital.

Executives

Wells Fargo Bank N A	10 percent owner	101 NORTH PHILLIPS AVENUE SIOUX FALLS SD 57104
Toronto Dominion Holdings Usa Inc	10 percent owner	40 WALL STREET NEW YORK NY 10003
Toronto Dominion Bank	10 percent owner	66 WELLINGTON STREET WEST 15TH FLOOR, TD TOWER TORONTO, ONTARIO A6 M5K 1A2
Toronto Dominion Investments, Inc.	10 percent owner	909 FANIN SUITE 1950 HOUSTON TX 77010
Td Group Us Holdings Llc	10 percent owner	251 LITTLE FALLS DRIVE WILMINGTON DE 19808
Van Roden Jake	officer: SVP/Portfolio Manager	2005 MARKET STREET PHILADELPHIA PA 19103
Wood Christianna	director	330 OLD Y ROAD GOLDEN CO 80401
Abernathy Jerome	director	2005 MARKET STREET PHILADELPHIA PA 19103
Lytle Shawn	director, officer: Trustee	C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Borowiec Ann Dully	director, officer: Board Member	C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Chow Joseph W	director	STATE STREET CORP 225 FRANKLIN ST BOSTON MA 02110
Whitford Thomas K	director	249 FIFTH AVE P1-POPP-30-1 PITTSBURGH PA 15222
Gizzi Gregory A.	officer: VP/Portfolio Manager	C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Sevilla-sacasa Frances Aldrich	director	3 GREENWAY PLAZA SUITE 1300 HOUSTON TX 77046
Zecher Richard	director	2 SUTTON PLACE SOUTH, 19A NEW YORK NY 10022

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