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Eaton Vance Michigan Municipal Income Trust

AMEX:EMI
Snowflake Description

Unattractive dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EMI
AMEX
$25M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Eaton Vance Michigan Municipal Income Trust is a close ended fixed income mutual fund launched and managed by Eaton Vance Management. The last earnings update was 144 days ago. More info.


Add to Portfolio Compare Print
  • Eaton Vance Michigan Municipal Income Trust is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
EMI Share Price and Events
7 Day Returns
-3%
AMEX:EMI
-1.8%
US Capital Markets
-1.5%
US Market
1 Year Returns
-4%
AMEX:EMI
-13.2%
US Capital Markets
-4.2%
US Market
EMI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Eaton Vance Michigan Municipal Income Trust (EMI) -3% 2.7% -3.1% -4% -3.8% 10.2%
US Capital Markets -1.8% -8.1% -13.6% -13.2% 34.1% 47.4%
US Market -1.5% -5.2% -11.2% -4.2% 27.3% 35.3%
1 Year Return vs Industry and Market
  • EMI outperformed the Capital Markets industry which returned -13.2% over the past year.
Price Volatility
EMI
Industry
5yr Volatility vs Market

Value

 Is Eaton Vance Michigan Municipal Income Trust 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 Eaton Vance Michigan Municipal Income Trust 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 Eaton Vance Michigan Municipal Income Trust.

AMEX:EMI 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
= $14.74 * 4.1%
$0.61
Book Value of Equity per Share Median Book Value from the past 5 years. $14.74
Discount Rate (Cost of Equity) See below 11.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

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:EMI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.771 (1 + (1- 21%) (72.39%))
1.212
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.212 * 7.05%)
11.5%

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

The calculations below outline how an intrinsic value for Eaton Vance Michigan Municipal Income Trust 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:EMI Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.1% – 11.5%) * $14.74)
$-1.09
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-1.09 / (11.5% - 2.95%)
$-12.71
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $14.74 + $-12.71
$2.03
AMEX:EMI Discount to Share Price
Calculation Result
Value per share (USD) From above. $2.03
Current discount Discount to share price of $12.35
= -1 x ($12.35 - $2.03) / $2.03
-508.9%

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

  • The current share price of Eaton Vance Michigan Municipal Income Trust 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 Eaton Vance Michigan Municipal Income Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Eaton Vance Michigan Municipal Income Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:EMI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-05-31) in USD $0.04
AMEX:EMI Share Price ** AMEX (2018-12-14) in USD $12.35
United States of America Capital Markets Industry PE Ratio Median Figure of 68 Publicly-Listed Capital Markets Companies 18.59x
United States of America Market PE Ratio Median Figure of 3,017 Publicly-Listed Companies 16.77x

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

** Primary Listing of Eaton Vance Michigan Municipal Income Trust.

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

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

= 12.35 ÷ 0.04

311.66x

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

  • Eaton Vance Michigan Municipal Income Trust is overvalued based on earnings compared to the US Capital Markets industry average.
  • Eaton Vance Michigan Municipal Income Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Eaton Vance Michigan Municipal Income Trust's expected growth come at a high price?
Raw Data
AMEX:EMI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 311.66x
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 1.65x
United States of America Market PEG Ratio Median Figure of 2,105 Publicly-Listed Companies 1.16x

*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 Eaton Vance Michigan Municipal Income Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Eaton Vance Michigan Municipal Income Trust's assets?
Raw Data
AMEX:EMI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-05-31) in USD $14.63
AMEX:EMI Share Price * AMEX (2018-12-14) in USD $12.35
United States of America Capital Markets Industry PB Ratio Median Figure of 130 Publicly-Listed Capital Markets Companies 4.52x
United States of America Market PB Ratio Median Figure of 5,082 Publicly-Listed Companies 1.7x
AMEX:EMI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 12.35 ÷ 14.63

0.84x

* Primary Listing of Eaton Vance Michigan Municipal Income Trust.

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

  • Eaton Vance Michigan Municipal Income Trust is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Eaton Vance Michigan Municipal Income Trust'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. Eaton Vance Michigan Municipal Income Trust 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.

Future Performance

 How is Eaton Vance Michigan Municipal Income Trust 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 Eaton Vance Michigan Municipal Income Trust 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
8.2%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Eaton Vance Michigan Municipal Income Trust expected to grow at an attractive rate?
  • Unable to compare Eaton Vance Michigan Municipal Income Trust's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Eaton Vance Michigan Municipal Income Trust's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Eaton Vance Michigan Municipal Income Trust's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
AMEX:EMI 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 8.2%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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:EMI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:EMI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-05-31 2 1 0
2018-02-28 2 1 1
2017-11-30 2 0 1
2017-08-31 2 0 1
2017-05-31 2 1 0
2017-02-28 2 1 0
2016-11-30 2 1 1
2016-08-31 2 2
2016-05-31 2 3
2016-02-29 2 2
2015-11-30 2 2
2015-08-31 2 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Eaton Vance Michigan Municipal Income Trust is high growth as no earnings estimate data is available.
  • Unable to determine if Eaton Vance Michigan Municipal Income Trust 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:EMI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Eaton Vance Michigan Municipal Income Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:EMI Past Financials Data
Date (Data in USD Millions) EPS *
2018-05-31 0.04
2018-02-28 0.39
2017-11-30 0.73
2017-08-31 0.42
2017-05-31 0.10
2017-02-28 0.24
2016-11-30 0.39
2016-08-31 1.00
2016-05-31 1.61
2016-02-29 1.18
2015-11-30 0.76
2015-08-31 0.86

*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 Eaton Vance Michigan Municipal Income Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Eaton Vance Michigan Municipal Income Trust'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.
Eaton Vance Michigan Municipal Income Trust 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.

Past Performance

  How has Eaton Vance Michigan Municipal Income Trust 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 Eaton Vance Michigan Municipal Income Trust'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.
  • Eaton Vance Michigan Municipal Income Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Eaton Vance Michigan Municipal Income Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Eaton Vance Michigan Municipal Income Trust's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
Eaton Vance Michigan Municipal Income Trust'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 Eaton Vance Michigan Municipal Income Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:EMI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-05-31 1.95 0.08 0.51
2018-02-28 1.95 0.78 0.52
2017-11-30 1.95 1.48 0.53
2017-08-31 1.97 0.84 0.55
2017-05-31 1.98 0.20 0.57
2017-02-28 2.00 0.49 0.58
2016-11-30 2.02 0.78 0.59
2016-08-31 2.02 2.01 0.57
2016-05-31 2.03 3.24 0.55
2016-02-29 2.05 2.38 0.54
2015-11-30 2.06 1.53 0.53
2015-08-31 2.08 1.73 0.54
2015-05-31 2.10 1.94 0.55
2015-02-28 2.10 3.51 0.55
2014-11-30 2.09 5.08 0.55
2014-08-31 2.08 3.14 0.54
2014-05-31 2.07 1.21 0.54
2014-02-28 2.09 -1.14 0.55
2013-11-30 2.10 -3.48 0.56
2013-08-31 2.12 -1.04 0.57
2013-05-31 2.14 1.40 0.58
2013-02-28 2.16 3.53 0.58
2012-11-30 2.19 5.66 0.58
2012-08-31 2.22 5.53 0.58
2012-05-31 2.25 5.39 0.57
2012-02-29 2.27 4.13 0.56

*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.
  • Eaton Vance Michigan Municipal Income Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Eaton Vance Michigan Municipal Income Trust used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Eaton Vance Michigan Municipal Income Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Eaton Vance Michigan Municipal Income Trust'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.
Eaton Vance Michigan Municipal Income Trust has a total score of 1/6, 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.

Health

 How is Eaton Vance Michigan Municipal Income Trust'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 Eaton Vance Michigan Municipal Income Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Eaton Vance Michigan Municipal Income Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Eaton Vance Michigan Municipal Income Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Eaton Vance Michigan Municipal Income Trust'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 0.1x 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 Eaton Vance Michigan Municipal Income Trust Company Filings, last reported 6 months ago.

AMEX:EMI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-05-31 29.44 18.00 0.41
2018-02-28 29.44 18.00 0.41
2017-11-30 30.36 16.78 0.20
2017-08-31 30.36 16.78 0.20
2017-05-31 30.96 16.82
2017-02-28 30.96 16.82
2016-11-30 29.86 16.85 1.00
2016-08-31 29.86 16.85 1.00
2016-05-31 31.83 16.85 0.33
2016-02-29 31.83 16.85 0.33
2015-11-30 47.18 0.00 1.02
2015-08-31 47.18 0.00 1.02
2015-05-31 47.10 0.00 0.22
2015-02-28 47.10 0.00 0.22
2014-11-30 48.00 0.00 0.40
2014-08-31 48.00 0.00 0.40
2014-05-31 47.68 0.00 0.09
2014-02-28 47.68 0.00 0.09
2013-11-30 44.83 0.00 1.40
2013-08-31 44.83 0.00 1.40
2013-05-31 48.00 0.00 0.40
2013-02-28 48.00 0.00 0.40
2012-11-30 49.89 0.00 0.52
2012-08-31 49.89 0.00 0.52
2012-05-31 48.22 0.00 0.79
2012-02-29 48.22 0.00 0.79
  • Eaton Vance Michigan Municipal Income Trust's level of debt (61.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 61.1% today).
  • Debt is not well covered by operating cash flow (4.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Eaton Vance Michigan Municipal Income Trust'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. Eaton Vance Michigan Municipal Income Trust has a total score of 0/6, 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.

Dividends

 What is Eaton Vance Michigan Municipal Income Trust'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 Eaton Vance Michigan Municipal Income Trust dividends.
If you bought $2,000 of Eaton Vance Michigan Municipal Income Trust 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?
  • Eaton Vance Michigan Municipal Income Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.52%).
  • Eaton Vance Michigan Municipal Income Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.77%).
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:EMI 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 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1983 Stocks 2.6%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

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

AMEX:EMI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-11-01 0.469 3.854
2018-10-01 0.469 3.902
2018-09-04 0.469 3.695
2018-08-01 0.469 3.640
2018-06-01 0.469 3.632
2018-05-01 0.469 3.692
2018-04-02 0.469 3.845
2018-03-01 0.469 3.819
2018-02-01 0.469 3.792
2017-12-01 0.469 3.664
2017-11-01 0.469 3.612
2017-10-02 0.469 3.552
2017-09-01 0.469 3.513
2017-08-01 0.469 3.476
2017-07-03 0.469 3.393
2017-06-01 0.469 3.525
2017-04-03 0.509 3.878
2017-02-03 0.509 3.882
2017-01-03 0.509 3.890
2016-12-01 0.509 3.967
2016-11-02 0.539 4.134
2016-10-04 0.539 3.947
2016-09-01 0.539 3.814
2016-08-02 0.599 4.152
2016-07-05 0.599 4.141
2016-06-02 0.599 4.180
2016-05-02 0.599 4.244
2016-04-01 0.599 4.296
2016-03-01 0.709 5.198
2016-01-04 0.709 5.361
2015-12-01 0.709 5.506
2015-11-02 0.709 5.551
2015-10-01 0.709 5.645
2015-09-01 0.709 5.693
2015-08-04 0.709 5.659
2015-06-01 0.709 5.705
2015-05-01 0.709 5.537
2015-04-02 0.709 5.464
2015-03-02 0.709 5.503
2015-02-02 0.709 5.469
2015-01-02 0.709 5.477
2014-11-03 0.709 5.651
2014-10-01 0.709 5.663
2014-09-02 0.709 5.706
2014-08-01 0.709 5.722
2014-06-30 0.709 5.737
2014-05-30 0.709 5.697
2014-04-30 0.709 5.684
2014-03-31 0.709 5.888
2014-03-03 0.709 5.965
2014-01-31 0.709 6.111
2013-12-31 0.709 6.216
2013-11-29 0.709 6.474
2013-10-31 0.709 6.425
2013-09-30 0.709 6.388
2013-08-30 0.749 6.820
2013-07-31 0.749 6.875
2013-06-28 0.749 6.447
2013-05-31 0.749 6.003
2013-04-30 0.749 5.514
2013-03-28 0.749 5.475
2013-03-01 0.769 5.631
2013-01-31 0.769 5.430
2012-12-31 0.769 5.400
2012-09-28 0.769 5.422
2012-07-31 0.769 5.587
2012-06-29 0.769 5.603
2012-06-01 0.769 5.692
2012-04-30 0.769 5.678
2012-03-30 0.769 5.723
2012-02-29 0.769 5.725
2012-01-31 0.769 5.631
2011-12-30 0.769 5.832
2011-11-30 0.819 6.453
2011-10-31 0.819 6.583
2011-09-30 0.819 6.699
2011-09-02 0.819 6.711
2011-08-01 0.819 6.855
2011-06-30 0.819 6.827
2011-05-31 0.819 6.812
2011-03-31 0.859 7.358
2011-02-28 0.859 7.515
2011-01-31 0.859 7.535
2010-12-31 0.859 7.558
2010-11-30 0.859 7.452
2010-10-29 0.859 7.032
2010-10-01 0.859 6.562
2010-08-31 0.859 6.525
2010-08-02 0.859 6.543
2010-06-30 0.859 6.804
2010-05-28 0.859 6.811
2010-04-30 0.859 6.756
2010-03-31 0.859 6.819
2010-02-26 0.859 6.969
2009-12-31 0.859 7.056
2009-11-30 0.859 7.294
2009-10-30 0.859 7.291
2009-09-30 0.859 6.989
2009-08-31 0.859 7.013
2009-07-31 0.859 7.501
2009-06-30 0.781 7.208
2009-06-01 0.781 7.373
2009-05-29 0.781 7.126
2009-04-30 0.781 7.132
2009-03-31 0.781 7.038
2009-02-27 0.731 7.370
2009-01-30 0.731 7.553
2008-12-31 0.621 6.836
2008-12-18 0.621 8.162

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Eaton Vance Michigan Municipal Income Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.1x coverage).
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 Eaton Vance Michigan Municipal Income Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Eaton Vance Michigan Municipal Income Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Eaton Vance Michigan Municipal Income Trust has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Eaton Vance Michigan Municipal Income Trust'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.
  • Eaton Vance Michigan Municipal Income Trust has no CEO, or we have no data on them.
Management Team

Payson Swaffield

TITLE
VP, Chief Income Investment Officer & Portfolio Manager

Westy Saltonstall

TITLE
Member of Management Board

Paul O'Neil

TITLE
Chief Compliance Officer
AGE
65

Maureen Gemma

TITLE
Chief Legal Officer
AGE
58

James Kirchner

TITLE
Treasurer
AGE
51

Cindy Clemson

TITLE
Portfolio Manager
AGE
55
Board of Directors Tenure

Average tenure and age of the Eaton Vance Michigan Municipal Income Trust board of directors in years:

7.3
Average Tenure
66
Average Age
  • The tenure for the Eaton Vance Michigan Municipal Income Trust board of directors is about average.
Board of Directors

Ralph Verni

TITLE
Chairman
COMPENSATION
$385
AGE
75
TENURE
11.4 yrs

William Park

TITLE
Noninterested Trustee
COMPENSATION
$378
AGE
71
TENURE
15.9 yrs

Helen Peters

TITLE
Noninterested Trustee
COMPENSATION
$296
AGE
70
TENURE
10.9 yrs

Harriett Taggart

TITLE
Noninterested Trustee
COMPENSATION
$296
AGE
70
TENURE
7.3 yrs

Scott Eston

TITLE
Noninterested Trustee
COMPENSATION
$259
AGE
62
TENURE
7.3 yrs

Thomas Faust

TITLE
Interested Trustee
AGE
60
TENURE
11.9 yrs

Valerie Mosley

TITLE
Noninterested Trustee
COMPENSATION
$271
AGE
58
TENURE
4.9 yrs

Cynthia Frost

TITLE
Noninterested Trustee
COMPENSATION
$271
AGE
57
TENURE
4.6 yrs

George Gorman

TITLE
Noninterested Trustee
COMPENSATION
$296
AGE
66
TENURE
4.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Eaton Vance Michigan Municipal Income Trust'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. Eaton Vance Michigan Municipal Income Trust 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.

News

External News
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Simply Wall St News

Company Info

Map
Description

Eaton Vance Michigan Municipal Income Trust is a close ended fixed income mutual fund launched and managed by Eaton Vance Management. It invests in the fixed income markets. The fund invests primarily in debt securities issued by various industries, such as education, electric utilities, general obligations, healthcare, hospital, and transportation. Eaton Vance Michigan Municipal Income Trust was formed in 1998 and is domiciled in United States.

Details
Name: Eaton Vance Michigan Municipal Income Trust
EMI
Exchange: AMEX
Founded: 1998
$24,860,463
2,012,993
Website: http://funds.eatonvance.com/Michigan-Municipal-Income-Trust-EMI.php
Address: Eaton Vance Michigan Municipal Income Trust
Two International Place,
Suite 1400,
Boston,
Massachusetts, 02110,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX EMI Common Shares NYSE MKT LLC US USD 27. Jan 1999
Number of employees
Current staff
Staff numbers
0
Eaton Vance Michigan Municipal Income Trust employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/12/17 23:47
End of day share price update: 2018/12/14 00:00
Last earnings filing: 2018/07/26
Last earnings reported: 2018/05/31
Last annual earnings reported: 2017/11/30


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.