NYSE:NKX

Stock Analysis Report

Nuveen California AMT-Free Quality Municipal Income Fund

Executive Summary

Nuveen California AMT-Free Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc.

Rewards


Snowflake Analysis

Share Price & News

How has Nuveen California AMT-Free Quality Municipal Income Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NKX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.2%

NKX

-8.0%

US Capital Markets

-7.4%

US Market


1 Year Return

18.5%

NKX

8.3%

US Capital Markets

10.5%

US Market

Return vs Industry: NKX exceeded the US Capital Markets industry which returned 8.3% over the past year.

Return vs Market: NKX exceeded the US Market which returned 10.5% over the past year.


Shareholder returns

NKXIndustryMarket
7 Day0.2%-8.0%-7.4%
30 Day0.8%-4.0%-3.6%
90 Day6.7%-2.1%-0.6%
1 Year23.5%18.5%10.4%8.3%12.8%10.5%
3 Year25.8%9.3%27.5%20.4%37.4%28.6%
5 Year39.6%8.2%70.2%54.4%61.3%43.6%

Price Volatility Vs. Market

How volatile is Nuveen California AMT-Free Quality Municipal Income Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Nuveen California AMT-Free Quality Municipal Income Fund undervalued compared to its fair value and its price relative to the market?

7.9x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: NKX ($15.97) is trading above our estimate of fair value ($1.96)

Significantly Below Fair Value: NKX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: NKX is good value based on its PE Ratio (7.9x) compared to the Capital Markets industry average (32.3x).

PE vs Market: NKX is good value based on its PE Ratio (7.9x) compared to the US market (17.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate NKX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: NKX is good value based on its PB Ratio (1x) compared to the US Capital Markets industry average (6.6x).

Future Growth

How is Nuveen California AMT-Free Quality Municipal Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

8.5%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Nuveen California AMT-Free Quality Municipal Income Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has Nuveen California AMT-Free Quality Municipal Income Fund performed over the past 5 years?

-29.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NKX has a large one-off gain of $65.6M impacting its August 31 2019 financial results.

Growing Profit Margin: NKX's current net profit margins are higher than last year (7.5%).


Past Earnings Growth Analysis

Earnings Trend: NKX's earnings have declined by -29.5% per year over the past 5 years.

Accelerating Growth: NKX's earnings growth over the past year (2458.9%) exceeds its 5-year average (-29.5% per year).

Earnings vs Industry: NKX earnings growth over the past year (2458.9%) exceeded the Capital Markets industry 8.4%.


Return on Equity

High ROE: NKX's Return on Equity (12.1%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Nuveen California AMT-Free Quality Municipal Income Fund's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NKX has a low level of unsold assets or inventory.

Debt Coverage by Assets: NKX's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: NKX's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if NKX has a sufficient allowance for bad loans.

Low Risk Liabilities: NKX reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if NKX has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NKX has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if NKX has an appropriate level of bad loans.

Dividend

What is Nuveen California AMT-Free Quality Municipal Income Fund's current dividend yield, its reliability and sustainability?

3.87%

Current Dividend Yield


Dividend Yield vs Market

company3.9%marketbottom25%1.5%markettop25%3.9%industryaverage2.1%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: NKX's dividend (3.87%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: NKX's dividend (3.87%) is low compared to the top 25% of dividend payers in the US market (3.9%).


Stability and Growth of Payments

Stable Dividend: NKX's dividend payments have been volatile in the past 10 years.

Growing Dividend: NKX's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.6%), NKX's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Management

How experienced are the management team and are they aligned to shareholders interests?

14.1yrs

Average board tenure


CEO

Nuveen California AMT-Free Quality Municipal Income Fund has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
David Kundert
Independent Trustee15.1yrsUS$2.48kno data
William Schneider
Independent Chairman of the Board6.6yrsUS$2.82kno data
Robert Bremner
Independent Trustee24.1yrsUS$2.62kno data
Judith Stockdale
Independent Trustee23.1yrsUS$2.31kno data
Jack Evans
Independent Trustee21.1yrsUS$2.24kno data
Virginia Stringer
Independent Trustee9.1yrsUS$2.10kno data
William Hunter
Independent Trustee16.1yrsUS$2.05kno data
Terence Toth
Independent Trustee11.7yrsUS$2.50kno data
John Nelson
Independent Trustee6.4yrsUS$690.00no data
Carole Stone
Independent Trustee13.1yrsUS$2.37kno data

14.1yrs

Average Tenure

72yo

Average Age

Experienced Board: NKX's board of directors are seasoned and experienced ( 14.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Nuveen California AMT-Free Quality Municipal Income Fund's company bio, employee growth, exchange listings and data sources


Key Information


Location

  • Nuveen California AMT-Free Quality Municipal Income Fund
  • 333 West Wacker Drive
  • Chicago
  • Illinois
  • 60606
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NKXNYSE (New York Stock Exchange)YesCommon SharesUSUSDNov 2002

Biography

Nuveen California AMT-Free Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Asset Management, LLC and Nuveen Fund Advisors LLC. It invests in the fixed income markets of California, United States. The fund primarily invests in undervalued municipal securities and other related investments the income which are exempt from regular federal and California income taxes and are rated Baa, BBB or higher with an average maturity of 20.17 years. It employs fundamental analysis with a bottom-up approach to create its portfolio. The fund benchmarks the performance of its portfolio against the Standard & Poor’s (S&P) California Municipal Bond Index and the S&P National Municipal Bond Index. It was formerly known as Nuveen California AMT-Free Municipal Income Fund. Nuveen California AMT-Free Quality Municipal Income Fund was formed on November 21, 2002 and is domiciled in the United States. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 00:19
End of Day Share Price2020/02/25 00:00
Earnings2019/08/31
Annual Earnings2019/02/28


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.