Delaware Investments National Municipal Income Fund is a closed-ended fixed income mutual fund launched by Delaware Management Holdings, Inc.
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.
7 Day Return
US Capital Markets
1 Year Return
US Capital Markets
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.
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
Is Delaware Investments National Municipal Income Fund undervalued compared to its fair value and its price relative to the market?
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).
How is Delaware Investments National Municipal Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
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.
How has Delaware Investments National Municipal Income Fund performed over the past 5 years?
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
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
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.
What is Delaware Investments National Municipal Income Fund's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
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.
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Delaware Investments National Municipal Income Fund has no CEO, or we have no data on them.
|Independent Director||7.1yrs||no data||no data|
|Independent Director||19.1yrs||US$3.89k||no data|
|Independent Director||20.8yrs||US$3.67k||no data|
|Independent Director||14.9yrs||US$3.70k||no data|
|Independent Director||14.9yrs||US$3.55k||no data|
|Independent Director||14.9yrs||US$3.93k||no data|
Experienced Board: VFL's board of directors are seasoned and experienced ( 14.9 years average tenure).
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.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Delaware Investments National Municipal Income Fund's company bio, employee growth, exchange listings and data sources
- Name: Delaware Investments National Municipal Income Fund
- Ticker: VFL
- Exchange: AMEX
- Founded: 1993
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Market Cap: US$63.053m
- Shares outstanding: 4.53m
- Website: https://www.delawareinvestments.com/closed-end/products/delaware-investments-national-municipal-income-fund.aspx
- Delaware Investments National Municipal Income Fund
- 2005 Market Street
- One Commerce Square
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|VFL||AMEX (NYSE MKT LLC)||Yes||Common Shares||US||USD||Feb 1993|
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
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/25 00:34|
|End of Day Share Price||2020/02/24 00:00|
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.