AMEX:VFL

Stock Analysis Report

Delaware Investments National Municipal Income Fund

Executive Summary

Delaware Investments National Municipal Income Fund is a closed-ended fixed income mutual fund launched by Delaware Management Holdings, Inc.

Rewards


Snowflake Analysis

Share Price & News

How has Delaware Investments National Municipal Income Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0.1%

VFL

-4.2%

US Capital Markets

-4.2%

US Market


1 Year Return

13.3%

VFL

12.0%

US Capital Markets

14.0%

US Market

Return vs Industry: VFL exceeded the US Capital Markets industry which returned 12% over the past year.

Return vs Market: VFL matched the US Market which returned 14% over the past year.


Shareholder returns

VFLIndustryMarket
7 Day0.1%-4.2%-4.2%
30 Day2.2%-2.1%-1.8%
90 Day5.7%1.1%2.6%
1 Year19.1%13.3%14.3%12.0%16.3%14.0%
3 Year23.3%6.7%35.2%27.6%43.2%34.0%
5 Year37.4%6.7%74.5%58.3%65.9%47.6%

Price Volatility Vs. Market

How volatile is Delaware Investments National Municipal Income Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Delaware Investments National Municipal Income Fund undervalued compared to its fair value and its price relative to the market?

9.74x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VFL ($13.92) is trading above our estimate of fair value ($2.22)

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


Price To Earnings Ratio

PE vs Industry: VFL is good value based on its PE Ratio (9.7x) compared to the Capital Markets industry average (33.4x).

PE vs Market: VFL is good value based on its PE Ratio (9.7x) compared to the US market (17.7x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

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

Future Growth

How is Delaware Investments National Municipal Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

8.7%

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 Delaware Investments National Municipal Income Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

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

Past Performance

How has Delaware Investments National Municipal Income Fund performed over the past 5 years?

-27.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VFL has a large one-off gain of $3.9M impacting its September 30 2019 financial results.

Growing Profit Margin: VFL's current net profit margins are higher than last year (4.8%).


Past Earnings Growth Analysis

Earnings Trend: VFL's earnings have declined by -27.1% per year over the past 5 years.

Accelerating Growth: VFL's earnings growth over the past year (3092.8%) exceeds its 5-year average (-27.1% per year).

Earnings vs Industry: VFL earnings growth over the past year (3092.8%) exceeded the Capital Markets industry 8.4%.


Return on Equity

High ROE: VFL's Return on Equity (9.6%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Delaware Investments National Municipal Income Fund's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

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

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


Financial Institutions Analysis

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

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

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

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

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

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

Dividend

What is Delaware Investments National Municipal Income Fund's current dividend yield, its reliability and sustainability?

3.66%

Current Dividend Yield


Dividend Yield vs Market

company3.7%marketbottom25%1.5%markettop25%3.8%industryaverage2.0%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: VFL's dividend (3.66%) is higher than the bottom 25% of dividend payers in the US market (1.48%).

High Dividend: VFL's dividend (3.66%) is low compared to the top 25% of dividend payers in the US market (3.77%).


Stability and Growth of Payments

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

Growing Dividend: VFL's dividend payments have not increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.4%), VFL's dividend payments are well covered by earnings.


Future Payout to Shareholders

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

Management

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

14.9yrs

Average board tenure


CEO

Delaware Investments National Municipal Income Fund has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Thomas Whitford
Independent Director7.1yrsno datano data
John Fry
Independent Director19.1yrsUS$3.89kno data
Janet Yeomans
Independent Director20.8yrsUS$3.67kno data
Joseph Zecher
Independent Director14.9yrsUS$3.70kno data
Lucinda Landreth
Independent Director14.9yrsUS$3.55kno data
Thomas Bennett
Independent Director14.9yrsUS$3.93kno data

14.9yrs

Average Tenure

71yo

Average Age

Experienced Board: VFL's board of directors are seasoned and experienced ( 14.9 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

Delaware Investments National Municipal Income Fund's company bio, employee growth, exchange listings and data sources


Key Information


Location

  • Delaware Investments National Municipal Income Fund
  • 2005 Market Street
  • One Commerce Square
  • Philadelphia
  • Pennsylvania
  • 19103-7094
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VFLAMEX (NYSE MKT LLC)YesCommon SharesUSUSDFeb 1993

Biography

Delaware Investments National Municipal Income Fund is a closed-ended fixed income mutual fund launched by Delaware Management Holdings, Inc. The fund is managed by Delaware Management Business Trust. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal obligations, the income from which is exempt from federal income taxes. Its investments include airport revenue bonds, escrowed to maturity bonds, hospital revenue bonds, pre-refunded bonds, public power revenue bonds, school district general obligation bonds, and short term investments. The fund benchmarks the performance of its portfolio against the Barclays Municipal Bond Index and Lipper CE General & Insured Municipal Debt Funds (Leveraged) Average. Delaware Investments National Municipal Income Fund was formed on February 26, 1993 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 Analysis2020/02/25 00:34
End of Day Share Price2020/02/24 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


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.