Pioneer Municipal Highome Opportunities Fund (Pioneer Municipal Highome Opportunities Fund) Net-Net Working Capital : $-1.55 (As of Oct. 2023)

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What is Pioneer Municipal Highome Opportunities Fund Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Pioneer Municipal Highome Opportunities Fund's Net-Net Working Capital for the quarter that ended in Oct. 2023 was $-1.55.

The industry rank for Pioneer Municipal Highome Opportunities Fund's Net-Net Working Capital or its related term are showing as below:

MIO's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Asset Management industry.
Industry Median: 6.415
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Pioneer Municipal Highome Opportunities Fund Net-Net Working Capital Historical Data

The historical data trend for Pioneer Municipal Highome Opportunities Fund's Net-Net Working Capital 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.

Pioneer Municipal Highome Opportunities Fund Net-Net Working Capital Chart

Pioneer Municipal Highome Opportunities Fund Annual Data

Trend

Apr22

Apr23

Net-Net Working Capital

-5.77

Pioneer Municipal Highome Opportunities Fund Quarterly Data
	Oct21	Apr22	Oct22	Apr23	Oct23
Net-Net Working Capital	-1.01	-8.57	-5.56	-5.77	-1.55

Competitive Comparison of Pioneer Municipal Highome Opportunities Fund's Net-Net Working Capital

For the Asset Management subindustry, Pioneer Municipal Highome Opportunities Fund's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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.

Pioneer Municipal Highome Opportunities Fund's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Pioneer Municipal Highome Opportunities Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Pioneer Municipal Highome Opportunities Fund's Price-to-Net-Net-Working-Capital falls into.

Pioneer Municipal Highome Opportunities Fund Net-Net Working Capital Calculation

Pioneer Municipal Highome Opportunities Fund's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Apr. 2023 is calculated as

	Net-Net Working Capital		(A: Apr. 2023 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(0	+	0	+	0.75 * 0	+	0.5 * 0	-	97.4
-	0	-	0)	/	16.8853
=	-5.77

Pioneer Municipal Highome Opportunities Fund's Net-Net Working Capital (NNWC) per share for the quarter that ended in Oct. 2023 is calculated as

	Net-Net Working Capital		(Q: Oct. 2023 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(0.09	+	0	+	0.75 * 0	+	0.5 * 0	-	26.295
-	0	-	0)	/	16.8853
=	-1.55

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Pioneer Municipal Highome Opportunities Fund (NYSE:MIO) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Pioneer Municipal Highome Opportunities Fund Net-Net Working Capital Related Terms

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Pioneer Municipal Highome Opportunities Fund (Pioneer Municipal Highome Opportunities Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Pioneer Municipal High Income Opportunities Fund Inc. (NYSE:MIO) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

60 State Street, Boston, MA, USA, 02109

Website

https://www.amundi.com

Pioneer Municipal High Income Opportunities Fund Inc. is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide holders of the Fund's common stock with a high level of current income exempt from regular federal income tax.

Executives

Yana Karalnik	officer: CHIEF COMPLIANCE OFFICER	60 STATE STREET, BOSTON MA 02109
Marguerite A Piret	other: Trustee	C/O NEWBURY PIRET AND CO., 200 STATE STREET 12TH FLOOR, BOSTON MA 02109
Koenig Anthony J Jr	officer: Treasurer	60 STATE STREET, BOSTON MA 02109
Michael Melnick	officer: Assistant Treasurer	60 STATE STREET, BOSTON MA 02109
David Eurkus	other: Affiliated Person	PIONEER INVESTMENTS, 60 STATE STREET, BOSTON MA 02109
Jonathan Chirunga	other: Affiliated Person	60 STATE STREET, BOSTON MA 02109
Craig C Mackay	other: Trustee	75 WEST 125TH STREET, NEW YORK NY 10027
Christopher J Kelley	officer: Secretary	C/O PIONEER INVESTMENT, 60 STATE ST, BOSTON MA 01109-1820
Luis I Presutti	officer: Assistant Treasurer
Gary Sullivan	officer: Assistant Treasurer	60 STAT STREET, C/OPIONEER INVESTMENT MANAGEMENT INC, BOSTON MA 02109
Amundi Asset Management Us, Inc.	other: Investment Adviser	60 STATE STREET, 5TH FLOOR, BOSTON MA 02109
Thomas J Perna	other: Trustee	89 ROBBINS AVENUE, BERKELEY HEIGHTS NJ 07922
Benjamin M Friedman	other: Trustee	C/O HARVARD UNIVERSITY, CAMBRIDGE MA 02138
Thomas J Reyes	officer: Assistant Secretary	60 STATE STREET, 13TH FLOOR, BOSTON MA 02109
Kenneth Taubes	other: Trustee