AMEX:HNW

Stock Analysis Report

Pioneer Diversified High Income Trust

Executive Summary

Pioneer Diversified High Income Trust is a closed ended fixed income mutual fund launched and managed by Pioneer Investment Management, Inc.

Rewards


Snowflake Analysis

Share Price & News

How has Pioneer Diversified High Income Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.7%

HNW

-8.0%

US Capital Markets

-7.4%

US Market


1 Year Return

8.3%

HNW

8.3%

US Capital Markets

10.5%

US Market

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

Return vs Market: HNW underperformed the US Market which returned 10.5% over the past year.


Shareholder returns

HNWIndustryMarket
7 Day-1.7%-8.0%-7.4%
30 Day-1.0%-4.0%-3.6%
90 Day3.3%-2.1%-0.6%
1 Year17.4%8.3%10.4%8.3%12.8%10.5%
3 Year16.6%-8.4%27.5%20.4%37.4%28.6%
5 Year34.4%-14.0%70.2%54.4%61.3%43.6%

Price Volatility Vs. Market

How volatile is Pioneer Diversified High Income Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Pioneer Diversified High Income Trust undervalued compared to its fair value and its price relative to the market?

23.2x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HNW ($15.05) is trading above our estimate of fair value ($5.88)

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


Price To Earnings Ratio

PE vs Industry: HNW is good value based on its PE Ratio (23.2x) compared to the Capital Markets industry average (32.3x).

PE vs Market: HNW is poor value based on its PE Ratio (23.2x) compared to the US market (17.2x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: HNW is good value based on its PB Ratio (0.9x) compared to the US Capital Markets industry average (6.6x).

Future Growth

How is Pioneer Diversified High Income Trust 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 Pioneer Diversified High 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 SimplyWall St do have past financial data.

Past Performance

How has Pioneer Diversified High Income Trust performed over the past 5 years?

4.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HNW has a large one-off loss of $4.1M impacting its October 31 2019 financial results.

Growing Profit Margin: HNW's current net profit margins (40%) are higher than last year (10.6%).


Past Earnings Growth Analysis

Earnings Trend: HNW's earnings have grown by 4.8% per year over the past 5 years.

Accelerating Growth: HNW's earnings growth over the past year (249.2%) exceeds its 5-year average (4.8% per year).

Earnings vs Industry: HNW earnings growth over the past year (249.2%) exceeded the Capital Markets industry 8.4%.


Return on Equity

High ROE: HNW's Return on Equity (4.1%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Pioneer Diversified High Income Trust'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: HNW has a low level of unsold assets or inventory.

Debt Coverage by Assets: HNW's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

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

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

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

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

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

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

Dividend

What is Pioneer Diversified High Income Trust's current dividend yield, its reliability and sustainability?

7.57%

Current Dividend Yield


Dividend Yield vs Market

company7.6%marketbottom25%1.5%markettop25%3.9%industryaverage2.1%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: HNW's dividend (7.57%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: HNW's dividend (7.57%) is in the top 25% of dividend payers in the US market (3.9%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (175.8%), HNW's dividend payments are not 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?

12.1yrs

Average board tenure


CEO

Pioneer Diversified High Income Trust has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Marguerite Piret
Independent Trustee13.1yrsUS$1.00kno data
David Bock
Independent Trustee13.1yrsUS$1.00kno data
Thomas Perna
Chairman7.8yrsUS$1.00kno data
Marc Mayer
Independent Trustee6.1yrsno datano data
Margaret B. Graham
Independent Trustee13.1yrsUS$1.00kno data
Kenneth Taubes
Interested Trustee6.1yrsno datano data
Benjamin Friedman
Independent Trustee12.1yrsUS$1.00kno data

12.1yrs

Average Tenure

71yo

Average Age

Experienced Board: HNW's board of directors are seasoned and experienced ( 12.1 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

Pioneer Diversified High Income Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Pioneer Diversified High Income Trust
  • Ticker: HNW
  • Exchange: AMEX
  • Founded: 2007
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: US$126.825m
  • Shares outstanding: 8.33m
  • Website: https://null

Location

  • Pioneer Diversified High Income Trust
  • 60 State Street
  • Boston
  • Massachusetts
  • 02109-1800
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HNWAMEX (NYSE MKT LLC)YesCommon SharesUSUSDMay 2007

Biography

Pioneer Diversified High Income Trust is a closed ended fixed income mutual fund launched and managed by Pioneer Investment Management, Inc. It invests in the fixed income markets across the globe. The fund seeks to invest in higher yielding asset classes, including high yield bonds, leveraged bank loans, and event-linked bonds .It employs a combination of fundamental and quantitative analysis to create its portfolio. The fund benchmarks the performance of its portfolio against a composite benchmark comprising of 50% Bank of America Merrill Lynch Global High Yield, Emerging Markets Plus Index and 50% the Credit Suisse Leveraged Loan Index. Pioneer Diversified High Income Trust was formed on January 30, 2007 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 00:49
End of Day Share Price2020/02/25 00:00
Earnings2019/10/31
Annual Earnings2019/04/30


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.