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Eaton Vance Michigan Municipal Bond Fund

AMEX:MIW
Snowflake Description

Mediocre balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MIW
AMEX
$19M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Eaton Vance Michigan Municipal Bond Fund is a close-ended fixed income mutual fund launched and managed by Eaton Vance Management. The last earnings update was 206 days ago. More info.


Add to Portfolio Compare Print
  • Eaton Vance Michigan Municipal Bond Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
MIW Share Price and Events
7 Day Returns
-0.4%
AMEX:MIW
-1.8%
US Capital Markets
-1.5%
US Market
1 Year Returns
-7.3%
AMEX:MIW
-13.2%
US Capital Markets
-4.2%
US Market
MIW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Eaton Vance Michigan Municipal Bond Fund (MIW) -0.4% 1.8% -2% -7.3% -6.7% 7.6%
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
  • MIW outperformed the Capital Markets industry which returned -13.2% over the past year.
  • MIW underperformed the Market in United States of America which returned -4.2% over the past year.
Price Volatility
MIW
Industry
5yr Volatility vs Market

Value

 Is Eaton Vance Michigan Municipal Bond 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 Eaton Vance Michigan Municipal Bond 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 Eaton Vance Michigan Municipal Bond Fund.

AMEX:MIW 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
= $15.17 * 5%
$0.75
Book Value of Equity per Share Median Book Value from the past 5 years. $15.17
Discount Rate (Cost of Equity) See below 11.4%
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:MIW
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%) (70.86%))
1.203
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.203 * 7.05%)
11.43%

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

The calculations below outline how an intrinsic value for Eaton Vance Michigan Municipal Bond 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:MIW Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5% – 11.43%) * $15.17)
$-0.98
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.98 / (11.43% - 2.95%)
$-11.58
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $15.17 + $-11.58
$3.59
AMEX:MIW Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.59
Current discount Discount to share price of $12.55
= -1 x ($12.55 - $3.59) / $3.59
-249.2%

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

  • The current share price of Eaton Vance Michigan Municipal Bond 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 Eaton Vance Michigan Municipal Bond Fund'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 Bond Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:MIW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-03-31) in USD $0.42
AMEX:MIW Share Price ** AMEX (2018-12-14) in USD $12.55
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 Bond Fund.

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

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

= 12.55 ÷ 0.42

29.64x

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

  • Eaton Vance Michigan Municipal Bond Fund is overvalued based on earnings compared to the US Capital Markets industry average.
  • Eaton Vance Michigan Municipal Bond Fund is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Eaton Vance Michigan Municipal Bond Fund's expected growth come at a high price?
Raw Data
AMEX:MIW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.64x
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 Bond Fund, 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 Bond Fund's assets?
Raw Data
AMEX:MIW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-03-31) in USD $14.91
AMEX:MIW Share Price * AMEX (2018-12-14) in USD $12.55
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:MIW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 12.55 ÷ 14.91

0.84x

* Primary Listing of Eaton Vance Michigan Municipal Bond Fund.

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

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

Future Performance

 How is Eaton Vance Michigan Municipal Bond 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 Eaton Vance Michigan Municipal Bond 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
8.2%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Eaton Vance Michigan Municipal Bond Fund expected to grow at an attractive rate?
  • Unable to compare Eaton Vance Michigan Municipal Bond Fund'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 Bond Fund's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Eaton Vance Michigan Municipal Bond 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:MIW 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:MIW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 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:MIW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
AMEX:MIW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-03-31 1 4 1
2017-12-31 1 2 0
2017-09-30 1 1 0
2017-06-30 2 1 0
2017-03-31 2 1 0
2016-12-31 2 1 1
2016-09-30 2 1 2
2016-06-30 2 2
2016-03-31 2 2
2015-12-31 2 2
2015-09-30 2 1
2015-06-30 2 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Eaton Vance Michigan Municipal Bond Fund is high growth as no earnings estimate data is available.
  • Unable to determine if Eaton Vance Michigan Municipal Bond 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:MIW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 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 Bond Fund Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:MIW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
AMEX:MIW Past Financials Data
Date (Data in USD Millions) EPS *
2018-03-31 0.42
2017-12-31 0.24
2017-09-30 0.06
2017-06-30 0.06
2017-03-31 0.06
2016-12-31 0.86
2016-09-30 1.66
2016-06-30 1.45
2016-03-31 1.25
2015-12-31 1.05
2015-09-30 0.86
2015-06-30 1.38

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

Past Performance

  How has Eaton Vance Michigan Municipal Bond Fund performed over the past 5 years?

  • Eaton Vance Michigan Municipal Bond Fund's last earnings update was 206 days ago.
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 Bond 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.
  • Eaton Vance Michigan Municipal Bond Fund'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 Bond Fund's 1-year earnings growth exceeds its 5-year average (652% vs 0.6%)
  • Eaton Vance Michigan Municipal Bond Fund's earnings growth has exceeded the US Capital Markets industry average in the past year (652% vs 34.7%).
Earnings and Revenue History
Eaton Vance Michigan Municipal Bond 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 Eaton Vance Michigan Municipal Bond Fund Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:MIW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-03-31 1.48 0.64 0.35
2017-12-31 1.49 0.36 0.35
2017-09-30 1.49 0.09 0.35
2017-06-30 1.50 0.09 0.35
2017-03-31 1.51 0.08 0.35
2016-12-31 1.52 1.28 0.36
2016-09-30 1.52 2.49 0.36
2016-06-30 1.52 2.18 0.35
2016-03-31 1.52 1.87 0.34
2015-12-31 1.52 1.58 0.33
2015-09-30 1.52 1.29 0.33
2015-06-30 1.53 2.08 0.33
2015-03-31 1.53 2.87 0.34
2014-12-31 1.52 3.27 0.33
2014-09-30 1.51 3.67 0.33
2014-06-30 1.50 1.81 0.33
2014-03-31 1.49 -0.06 0.33
2013-12-31 1.51 -0.85 0.33
2013-09-30 1.53 -1.64 0.34
2013-06-30 1.57 -0.02 0.34
2013-03-31 1.60 1.61 0.34
2012-12-31 1.62 2.23 0.34
2012-09-30 1.65 2.85 0.34
2012-06-30 1.66 3.33 0.34
2012-03-31 1.68 3.80 0.33
2011-12-31 1.69 2.19 0.33

*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 Bond Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Eaton Vance Michigan Municipal Bond Fund used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Eaton Vance Michigan Municipal Bond Fund'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 Bond 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.
Eaton Vance Michigan Municipal Bond Fund has a total score of 3/6, 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 Bond 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 Eaton Vance Michigan Municipal Bond Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Eaton Vance Michigan Municipal Bond Fund is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Eaton Vance Michigan Municipal Bond Fund'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 Bond 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 0.4x 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 Bond Fund Company Filings, last reported 8 months ago.

AMEX:MIW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-03-31 22.37 13.34
2017-12-31 22.37 13.34
2017-09-30 25.82 10.50
2017-06-30 25.82 10.50
2017-03-31 25.40 10.52
2016-12-31 25.40 10.52
2016-09-30 26.64 10.53 0.35
2016-06-30 26.64 10.53 0.35
2016-03-31 26.27 10.53 0.41
2015-12-31 26.27 10.53 0.41
2015-09-30 35.73 0.09
2015-06-30 35.73 0.09
2015-03-31 36.08 0.00 0.19
2014-12-31 36.08 0.00 0.19
2014-09-30 35.82 1.55
2014-06-30 35.82 1.55
2014-03-31 34.55 0.00 0.25
2013-12-31 34.55 0.00 0.25
2013-09-30 33.26 0.38
2013-06-30 33.26 0.38
2013-03-31 35.73 0.00 0.11
2012-12-31 35.73 0.00 0.11
2012-09-30 36.08 0.00 0.41
2012-06-30 36.08 0.00 0.41
2012-03-31 35.40 0.09
2011-12-31 35.40 0.09
  • Eaton Vance Michigan Municipal Bond Fund's level of debt (59.6%) 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 59.6% today).
  • Debt is well covered by operating cash flow (27.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess Eaton Vance Michigan Municipal Bond 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. Eaton Vance Michigan Municipal Bond Fund has a total score of 3/6, 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 Bond 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
4.54%
Current annual income from Eaton Vance Michigan Municipal Bond Fund dividends.
If you bought $2,000 of Eaton Vance Michigan Municipal Bond Fund shares you are expected to receive $91 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 Bond Fund's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.52%).
  • Eaton Vance Michigan Municipal Bond Fund'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:MIW 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:MIW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
AMEX:MIW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-11-01 0.570 4.588
2018-10-01 0.570 4.622
2018-09-04 0.570 4.463
2018-08-01 0.570 4.365
2018-06-01 0.570 4.351
2018-05-01 0.570 4.399
2018-04-02 0.570 4.476
2018-03-02 0.570 4.426
2018-02-01 0.570 4.391
2017-12-01 0.570 4.249
2017-11-02 0.570 4.228
2017-10-02 0.570 4.172
2017-09-01 0.570 4.096
2017-08-01 0.570 4.126
2017-07-03 0.570 4.118
2017-06-01 0.570 4.105
2017-04-03 0.610 4.463
2017-02-01 0.610 4.564
2017-01-03 0.610 4.512
2016-12-01 0.610 4.552
2016-11-01 0.640 4.706
2016-10-04 0.640 4.417
2016-09-01 0.640 4.218
2016-08-01 0.640 4.144
2016-07-01 0.640 4.089
2016-06-01 0.640 4.111
2016-05-02 0.709 4.593
2016-04-01 0.709 4.712
2016-03-01 0.709 4.915
2016-01-04 0.709 5.034
2015-12-01 0.789 5.855
2015-11-03 0.789 5.912
2015-10-01 0.789 5.909
2015-09-01 0.789 6.022
2015-08-03 0.789 5.815
2015-06-01 0.789 5.766
2015-05-01 0.789 5.712
2015-04-02 0.789 5.767
2015-03-02 0.789 5.804
2015-02-02 0.789 5.753
2015-01-02 0.789 5.798
2014-11-03 0.789 6.015
2014-10-01 0.789 6.009
2014-09-02 0.789 5.968
2014-08-04 0.729 5.358
2014-06-30 0.729 5.440
2014-05-30 0.729 5.537
2014-04-30 0.729 5.576
2014-03-31 0.729 5.772
2014-02-28 0.729 5.830
2014-01-31 0.729 5.943
2013-12-31 0.729 6.131
2013-11-29 0.729 6.369
2013-10-31 0.729 6.243
2013-09-30 0.729 6.263
2013-08-30 0.729 6.353
2013-07-31 0.729 6.453
2013-05-31 0.729 5.911
2013-04-30 0.799 5.607
2013-03-28 0.799 5.438
2013-02-28 0.799 5.538
2013-01-31 0.799 5.377
2012-12-31 0.799 5.374
2012-08-31 0.889 5.706
2012-07-31 0.889 5.785
2012-06-29 0.889 5.589
2012-05-31 0.889 5.597
2012-04-30 0.889 5.554
2012-03-30 0.889 5.743
2012-02-29 0.889 5.955
2012-01-31 0.889 5.787
2011-12-30 0.889 6.007
2011-12-01 0.889 6.092
2011-10-31 0.889 6.206
2011-09-30 0.889 6.385
2011-08-31 0.889 6.632
2011-07-29 0.889 6.823
2011-06-30 0.889 6.693
2011-05-31 0.889 6.762
2011-04-29 0.889 6.497
2011-03-31 0.889 6.247
2011-02-28 0.889 6.274
2011-01-31 0.889 6.966
2010-12-31 0.889 7.341
2010-11-30 0.889 7.222
2010-10-29 0.879 6.599
2010-09-30 0.879 6.050
2010-08-31 0.879 6.198
2010-07-30 0.879 6.237
2010-06-30 0.879 6.407
2010-05-28 0.879 6.570
2010-04-30 0.879 6.356
2010-03-31 0.879 6.181
2010-02-26 0.879 6.211
2010-01-29 0.879 6.412
2009-12-31 0.864 6.387
2009-11-30 0.864 6.498
2009-10-30 0.864 6.533
2009-09-30 0.864 6.437
2009-08-31 0.864 6.202
2009-07-31 0.864 6.249
2009-06-30 0.798 6.138
2009-05-29 0.798 6.511
2009-04-30 0.798 6.570
2009-03-31 0.798 6.974
2009-02-27 0.758 7.501
2009-01-30 0.758 7.279
2008-12-31 0.678 6.790
2008-12-18 0.678 7.970

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 Bond Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x 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 Bond Fund'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 Bond Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Eaton Vance Michigan Municipal Bond Fund 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 Bond 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.
  • Eaton Vance Michigan Municipal Bond Fund has no CEO, or we have no data on them.
Management Team Tenure

Average tenure and age of the Eaton Vance Michigan Municipal Bond Fund management team in years:

10.9
Average Tenure
56.5
Average Age
  • The average tenure for the Eaton Vance Michigan Municipal Bond Fund management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Payson Swaffield

TITLE
VP, Chief Income Investment Officer & Portfolio Manager

Westy Saltonstall

TITLE
Management Committee

Paul O'Neil

TITLE
Chief Compliance Officer
AGE
65
TENURE
14.9 yrs

Maureen Gemma

TITLE
Chief Legal Officer
AGE
58
TENURE
10.9 yrs

James Kirchner

TITLE
Treasurer
AGE
51
TENURE
5.9 yrs

Cindy Clemson

TITLE
Portfolio Manager
AGE
55
Board of Directors Tenure

Average tenure and age of the Eaton Vance Michigan Municipal Bond Fund board of directors in years:

11.2
Average Tenure
70
Average Age
  • The average tenure for the Eaton Vance Michigan Municipal Bond Fund board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ralph Verni

TITLE
Chairman
COMPENSATION
$281
AGE
75
TENURE
11.4 yrs

William Park

TITLE
COMPENSATION
$203
AGE
71
TENURE
15.9 yrs

Allen Freedman

TITLE
COMPENSATION
$199
AGE
78
TENURE
11.9 yrs

Helen Peters

TITLE
COMPENSATION
$187
AGE
70
TENURE
10.9 yrs

Harriett Taggart

TITLE
COMPENSATION
$202
AGE
70
TENURE
7.9 yrs

Ronald Pearlman

TITLE
COMPENSATION
$203
AGE
78
TENURE
15.9 yrs

Thomas Faust

TITLE
Interested Trustee
AGE
60
TENURE
11.9 yrs

Scott Eston

TITLE
COMPENSATION
$206
AGE
62
TENURE
7.9 yrs

Cynthia Frost

TITLE
COMPENSATION
$187
AGE
57
TENURE
4.6 yrs

George Gorman

TITLE
COMPENSATION
$187
AGE
66
TENURE
4.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Eaton Vance Michigan Municipal Bond 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. Eaton Vance Michigan Municipal Bond 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.

News

External News
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Company Info

Map
Description

Eaton Vance Michigan Municipal Bond Fund is a close-ended fixed income mutual fund launched and managed by Eaton Vance Management. The fund invests in the fixed income market of United States. It invests primarily in high grade municipal obligations comprising of various industries, such as general obligations, hospital, electric utilities, transportation, water and sewer, public education, and private education. Eaton Vance Michigan Municipal Bond Fund was formed in 2002 and is domiciled in United States.

Details
Name: Eaton Vance Michigan Municipal Bond Fund
MIW
Exchange: AMEX
Founded: 2002
$18,825,815
1,500,065
Website: http://funds.eatonvance.com/Michigan-Municipal-Bond-Fund-MIW.php
Address: Eaton Vance Michigan Municipal Bond Fund
Two International Place,
Suite 1400,
Boston,
Massachusetts, 02110,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX MIW Common Shares NYSE MKT LLC US USD 26. Nov 2002
Number of employees
Current staff
Staff numbers
0
Eaton Vance Michigan Municipal Bond Fund 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 estimates confirmation: 2016/11/25
Last earnings filing: 2018/05/25
Last earnings reported: 2018/03/31
Last annual earnings reported: 2017/09/30


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.