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MFS California Municipal Fund

AMEX:CCA
Snowflake Description

Second-rate dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CCA
AMEX
$32M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

MFS California Municipal Fund is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The last earnings update was 92 days ago. More info.


Add to Portfolio Compare Print
  • MFS California Municipal Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
CCA Share Price and Events
7 Day Returns
1.7%
AMEX:CCA
-0.2%
US Capital Markets
-0.1%
US Market
1 Year Returns
11.6%
AMEX:CCA
-6.8%
US Capital Markets
7.6%
US Market
CCA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
MFS California Municipal Fund (CCA) 1.7% 0.9% 7.5% 11.6% -11% 6.9%
US Capital Markets -0.2% 7.5% 4.2% -6.8% 53.7% 71.5%
US Market -0.1% 3.7% 10.2% 7.6% 38.1% 46.4%
1 Year Return vs Industry and Market
  • CCA outperformed the Capital Markets industry which returned -6.8% over the past year.
  • CCA outperformed the Market in United States of America which returned 7.6% over the past year.

CCA Value

 Is MFS California Municipal Fund undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of MFS California Municipal Fund to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for MFS California Municipal Fund.

AMEX:CCA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $12.44 * 4%
$0.50
Book Value of Equity per Share Median Book Value from the past 5 years. $12.44
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AMEX:CCA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.727 (1 + (1- 21%) (76.03%))
1.109
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.109 * 5.96%)
9.34%

Discounted Cash Flow Calculation for AMEX:CCA using Excess Returns Model Model

The calculations below outline how an intrinsic value for MFS California Municipal Fund is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

AMEX:CCA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4% – 9.34%) * $12.44)
$-0.66
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.66 / (9.34% - 2.73%)
$-10.01
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $12.44 + $-10.01
$2.43
AMEX:CCA Discount to Share Price
Calculation Result
Value per share (USD) From above. $2.43
Current discount Discount to share price of $11.53
= -1 x ($11.53 - $2.43) / $2.43
-375%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of MFS California Municipal Fund is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for MFS California Municipal Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are MFS California Municipal Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:CCA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-11-30) in USD $-0.09
AMEX:CCA Share Price ** AMEX (2019-04-23) in USD $11.53
United States of America Capital Markets Industry PE Ratio Median Figure of 87 Publicly-Listed Capital Markets Companies 30.49x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of MFS California Municipal Fund.

AMEX:CCA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AMEX:CCA Share Price ÷ EPS (both in USD)

= 11.53 ÷ -0.09

-123.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MFS California Municipal Fund is loss making, we can't compare its value to the US Capital Markets industry average.
  • MFS California Municipal Fund is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does MFS California Municipal Fund's expected growth come at a high price?
Raw Data
AMEX:CCA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -123.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Capital Markets Industry PEG Ratio Median Figure of 34 Publicly-Listed Capital Markets Companies 2.66x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for MFS California Municipal Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on MFS California Municipal Fund's assets?
Raw Data
AMEX:CCA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-11-30) in USD $11.88
AMEX:CCA Share Price * AMEX (2019-04-23) in USD $11.53
United States of America Capital Markets Industry PB Ratio Median Figure of 169 Publicly-Listed Capital Markets Companies 7.74x
United States of America Market PB Ratio Median Figure of 5,185 Publicly-Listed Companies 1.92x
AMEX:CCA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AMEX:CCA Share Price ÷ Book Value per Share (both in USD)

= 11.53 ÷ 11.88

0.97x

* Primary Listing of MFS California Municipal Fund.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MFS California Municipal Fund is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess MFS California Municipal Fund's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. MFS California Municipal Fund has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CCA Future Performance

 How is MFS California Municipal Fund expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 MFS California Municipal 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.9%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is MFS California Municipal Fund expected to grow at an attractive rate?
  • Unable to compare MFS California Municipal Fund's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare MFS California Municipal Fund's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare MFS California Municipal Fund's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
AMEX:CCA Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AMEX:CCA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AMEX:CCA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-11-30 3 1 0
2018-08-31 3 1 0
2018-05-31 3 1 0
2018-02-28 3 1 2
2017-11-30 3 2 3
2017-08-31 3 2 1
2017-05-31 3 2 0
2017-02-28 3 2 0
2016-11-30 3 2 0
2016-08-31 3 2 2
2016-05-31 3 2 4
2016-02-29 3 2 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if MFS California Municipal Fund is high growth as no earnings estimate data is available.
  • Unable to determine if MFS California Municipal Fund is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AMEX:CCA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from MFS California Municipal Fund Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:CCA Past Financials Data
Date (Data in USD Millions) EPS *
2018-11-30 -0.09
2018-08-31 0.03
2018-05-31 0.16
2018-02-28 0.56
2017-11-30 0.95
2017-08-31 0.50
2017-05-31 0.05
2017-02-28 0.02
2016-11-30 0.00
2016-08-31 0.64
2016-05-31 1.28
2016-02-29 0.99

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if MFS California Municipal Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess MFS California Municipal Fund's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
MFS California Municipal Fund has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CCA Past Performance

  How has MFS California Municipal Fund performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare MFS California Municipal Fund's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • MFS California Municipal Fund does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare MFS California Municipal Fund's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare MFS California Municipal Fund's 1-year growth to the US Capital Markets industry average as it is not currently profitable.
Earnings and Revenue History
MFS California Municipal Fund's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from MFS California Municipal Fund Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:CCA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-11-30 2.53 -0.26 0.46
2018-08-31 2.54 0.09 0.47
2018-05-31 2.56 0.44 0.47
2018-02-28 2.55 1.55 0.47
2017-11-30 2.54 2.66 0.47
2017-08-31 2.55 1.39 0.47
2017-05-31 2.56 0.13 0.46
2017-02-28 2.59 0.06 0.47
2016-11-30 2.62 -0.01 0.49
2016-08-31 2.61 1.77 0.50
2016-05-31 2.60 3.56 0.51
2016-02-29 2.64 2.76 0.50
2015-11-30 2.68 1.96 0.49
2015-08-31 2.68 1.91 0.49
2015-05-31 2.68 1.87 0.49
2015-02-28 2.63 3.51 0.49
2014-11-30 2.59 5.16 0.48
2014-08-31 2.60 3.33 0.48
2014-05-31 2.62 1.50 0.47
2014-02-28 2.63 -0.77 0.48
2013-11-30 2.65 -3.04 0.48
2013-08-31 2.64 -0.38 0.48
2013-05-31 2.63 2.28 0.49
2013-02-28 2.61 4.76 0.48
2012-11-30 2.59 7.23 0.46
2012-08-31 2.59 7.04 0.45
2012-05-31 2.60 6.84 0.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if MFS California Municipal Fund has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • MFS California Municipal Fund used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • It is difficult to establish if MFS California Municipal Fund improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess MFS California Municipal Fund's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
MFS California Municipal Fund has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CCA Health

 How is MFS California Municipal Fund's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up MFS California Municipal Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • MFS California Municipal Fund is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • MFS California Municipal Fund's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of MFS California Municipal Fund's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from MFS California Municipal Fund Company Filings, last reported 4 months ago.

AMEX:CCA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-11-30 33.09 24.43
2018-08-31 33.09 24.43
2018-05-31 34.12 24.41
2018-02-28 34.12 24.41
2017-11-30 34.66 24.40
2017-08-31 34.66 24.40
2017-05-31 35.11 24.38
2017-02-28 35.11 24.38
2016-11-30 33.54 24.37
2016-08-31 33.54 24.37
2016-05-31 36.57 24.36
2016-02-29 36.57 24.36
2015-11-30 35.20 24.43
2015-08-31 35.20 24.43
2015-05-31 34.72 24.43
2015-02-28 34.72 24.43
2014-11-30 34.97 24.43
2014-08-31 34.97 24.43
2014-05-31 34.58 24.43
2014-02-28 34.58 24.43
2013-11-30 31.55 24.43
2013-08-31 31.55 24.43
2013-05-31 34.84 24.43
2013-02-28 34.84 24.43
2012-11-30 36.31 24.43
2012-08-31 36.31 24.43
2012-05-31 57.58 0.00 0.00
  • MFS California Municipal Fund's level of debt (73.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (77.3% vs 73.8% today).
  • Debt is not well covered by operating cash flow (5.4%, less than 20% of total debt).
  • MFS California Municipal Fund is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess MFS California Municipal Fund's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. MFS California Municipal Fund has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CCA Dividends

 What is MFS California Municipal Fund's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.8%
Current annual income from MFS California Municipal Fund dividends.
If you bought $2,000 of MFS California Municipal Fund shares you are expected to receive $76 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • MFS California Municipal Fund's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • MFS California Municipal Fund's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AMEX:CCA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AMEX:CCA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-01 0.438 3.814
2019-03-01 0.443 3.931
2019-02-01 0.449 4.062
2019-01-02 0.456 4.332
2018-12-03 0.464 4.649
2018-11-01 0.472 4.770
2018-10-01 0.480 4.831
2018-09-04 0.489 4.785
2018-08-01 0.495 4.787
2018-07-02 0.500 4.865
2018-06-01 0.507 4.909
2018-05-01 0.514 4.965
2018-04-02 0.522 5.006
2018-03-01 0.529 5.014
2018-02-01 0.492 4.567
2018-01-02 0.504 4.476
2017-12-01 0.516 4.463
2017-11-01 0.516 4.363
2017-10-02 0.528 4.414
2017-09-01 0.528 4.292
2017-08-01 0.534 4.453
2017-07-03 0.552 4.711
2017-06-01 0.552 4.719
2017-05-01 0.564 4.872
2017-04-03 0.564 4.888
2017-03-01 0.576 5.041
2017-02-01 0.564 4.885
2017-01-03 0.564 4.846
2016-12-01 0.564 4.997
2016-11-01 0.558 4.767
2016-10-03 0.570 4.305
2016-09-01 0.570 4.104
2016-08-01 0.582 4.164
2016-07-01 0.594 4.292
2016-06-01 0.594 4.440
2016-05-02 0.600 4.603
2016-04-01 0.606 4.742
2016-03-01 0.612 5.038
2016-02-01 0.600 4.944
2016-01-04 0.600 5.083
2015-12-01 0.612 5.232
2015-11-02 0.612 5.347
2015-10-01 0.612 5.483
2015-09-01 0.612 5.609
2015-08-03 0.612 5.599
2015-07-01 0.624 5.751
2015-06-01 0.636 5.803
2015-05-01 0.636 5.567
2015-04-02 0.624 5.331
2015-03-02 0.624 5.430
2015-02-02 0.612 5.361
2014-12-01 0.612 5.482
2014-11-03 0.612 5.612
2014-10-01 0.612 5.635
2014-09-02 0.612 5.646
2014-08-01 0.612 5.627
2014-07-01 0.624 5.711
2014-06-02 0.624 5.648
2014-05-01 0.636 5.766
2014-04-01 0.636 5.938
2014-03-03 0.636 6.037
2014-02-03 0.636 6.064
2014-01-02 0.636 6.175
2013-12-02 0.636 6.465
2013-11-01 0.636 6.355
2013-10-01 0.636 6.219
2013-09-03 0.636 6.306
2013-08-01 0.636 6.420
2013-07-01 0.624 6.020
2013-06-03 0.612 5.590
2013-05-01 0.600 5.089
2013-04-01 0.600 4.988
2013-03-01 0.600 5.023
2013-02-01 0.600 4.882
2013-01-02 0.600 4.858
2012-12-03 0.600 4.888
2012-11-01 0.600 4.813
2012-10-01 0.600 4.854
2012-09-04 0.732 5.967
2012-08-01 0.732 6.082
2012-07-02 0.732 6.070
2012-06-01 0.744 6.335
2012-05-01 0.744 6.254
2012-04-02 0.744 6.422
2012-03-01 0.744 6.571
2012-02-01 0.744 6.354
2012-01-03 0.744 6.510
2011-12-01 0.744 6.739
2011-11-01 0.768 7.070
2011-10-03 0.780 7.303
2011-09-01 0.780 7.281
2011-08-01 0.780 7.402
2011-07-01 0.780 7.439
2011-06-01 0.780 7.491
2011-05-02 0.780 7.689
2011-04-01 0.780 7.708
2011-03-01 0.816 7.888
2011-02-01 0.816 7.995
2011-01-03 0.816 8.185
2010-12-01 0.816 8.154
2010-11-01 0.816 7.463
2010-10-01 0.816 6.754
2010-09-01 0.816 6.697
2010-08-02 0.816 6.709
2010-07-01 0.816 6.739
2010-06-01 0.816 6.759
2010-05-03 0.816 6.898
2010-04-01 0.816 7.093
2010-03-01 0.816 7.331
2010-02-01 0.816 7.337
2010-01-04 0.816 7.299
2009-12-01 0.816 7.478
2009-11-02 0.804 7.221
2009-10-01 0.792 6.985
2009-09-01 0.792 6.851
2009-08-03 0.792 7.588
2009-07-02 0.780 7.925
2009-06-01 0.756 7.913
2009-05-01 0.756 7.471
2009-04-27 0.744 7.476

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of MFS California Municipal Fund's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess MFS California Municipal Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can MFS California Municipal Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. MFS California Municipal Fund has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CCA Management

 What is the CEO of MFS California Municipal Fund's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • MFS California Municipal Fund has no CEO, or we have no data on them.
Management Team

Robin Stelmach

TITLE
President and Trustee
AGE
57
TENURE
4.5 yrs

David DiLorenzo

TITLE
Treasurer
AGE
49

Susan Newton

TITLE
Assistant Secretary and Assistant Clerk
AGE
68

Christopher Bohane

TITLE
Assistant Secretary and Assistant Clerk
AGE
44

Ethan Corey

TITLE
Assistant Secretary and Assistant Clerk
AGE
54

Brian Langenfeld

TITLE
Assistant Secretary and Assistant Clerk
AGE
45

Susan Pereira

TITLE
Assistant Clerk and Assistant Secretary
AGE
47

Frank Tarantino

TITLE
Independent Senior Officer
AGE
74
TENURE
4.5 yrs

Richard Weitzel

TITLE
Assistant Secretary and Assistant Clerk
AGE
48

Thomas Connors

TITLE
Assistant Clerk and Assistant Secretary
AGE
58
Board of Directors Tenure

Average tenure and age of the MFS California Municipal Fund board of directors in years:

13.3
Average Tenure
69
Average Age
  • The average tenure for the MFS California Municipal Fund board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Dave Gunning

TITLE
Chairman
COMPENSATION
$1K
AGE
75

Robin Stelmach

TITLE
President and Trustee
AGE
57
TENURE
5.3 yrs

Rob Manning

TITLE
Interested Trustee
AGE
54
TENURE
15.2 yrs

Robert Butler

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
76
TENURE
13.3 yrs

William Gutow

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
76
TENURE
25.3 yrs

Michael Hegarty

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
74
TENURE
14.3 yrs

Robert Uek

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
77
TENURE
13.3 yrs

Laurie Thomsen

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
61
TENURE
14.1 yrs

Maureen Ford Goldfarb

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
62
TENURE
10.3 yrs

John Kavanaugh

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
64
TENURE
10.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
23. Jan 19 Buy Saba Capital Management, L.P. Company 28. Dec 18 16. Jan 19 248,344 $10.49 $2,572,355
24. Jan 19 Buy Saba Capital Management, L.P. Company 22. Jan 19 22. Jan 19 4,532 $10.52 $47,677
22. Jan 19 Buy Saba Capital Management, L.P. Company 17. Jan 19 18. Jan 19 49,694 $10.50 $521,679
X
Management checks
We assess MFS California Municipal Fund's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. MFS California Municipal Fund has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CCA News

Simply Wall St News

CCA Company Info

Description

MFS California Municipal Fund is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in debt securities the interest on which in the opinion of issuer counsel is exempt from federal regular income tax and California personal income tax. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index. It was formerly known as the MFS California Insured Municipal Fund. MFS California Municipal Fund was formed on October 29, 1999 and is domiciled in United States.

Details
Name: MFS California Municipal Fund
CCA
Exchange: AMEX
Founded: 1999
$32,125,750
2,786,275
Website: http://www.mfs.com/wps/portal/mfs/us-advisor-pub/products/closed-end/!ut/p/a1/04_Sj9CPykssy0xPLMnMz0vMAfGjzOL9A40C_c09jAwM3I1MDYz8PAzdTDwMDC28jYEKIpEVuPtYOBoYufi7hXmbBRi4WxoSp98AB3A0IKTfSz8qPSc_CejUcGf9qKyKLIPKdJChjnlJxhbp-lFFqWmpRalFehn5xSX6EeXl5Xq5acV6yfm5-gW5oRFVnsWOABRZsF8!/dl5/d5/L2dBISEvZ0FBIS9nQSEh/?productLineId=197&shareId=11&viewMode=profile&productId=4029
Address: MFS California Municipal Fund
111 Huntington Avenue,
Boston,
Massachusetts, 02199-7618,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX CCA Common Shares NYSE MKT LLC US USD 27. Oct 1999
Number of employees
Current staff
Staff numbers
0
MFS California Municipal Fund employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 00:08
End of day share price update: 2019/04/23 00:00
Last earnings filing: 2019/01/22
Last earnings reported: 2018/11/30
Last annual earnings reported: 2018/11/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.