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Delaware Investments National Municipal Income Fund

AMEX:VFL
Snowflake Description

Second-rate dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VFL
AMEX
$58M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Delaware Investments National Municipal Income Fund is a closed-ended fixed income mutual fund launched by Delaware Management Holdings, Inc. The last earnings update was 134 days ago. More info.


Add to Portfolio Compare Print
  • Delaware Investments National Municipal Income Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
VFL Share Price and Events
7 Day Returns
-0.3%
AMEX:VFL
1.5%
US Capital Markets
0.2%
US Market
1 Year Returns
2.4%
AMEX:VFL
-7.6%
US Capital Markets
6.3%
US Market
VFL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Delaware Investments National Municipal Income Fund (VFL) -0.3% 1.5% 3.3% 2.4% -10.2% 0.9%
US Capital Markets 1.5% 3.5% 3.5% -7.6% 54.5% 69.4%
US Market 0.2% 2.1% 8.5% 6.3% 37.9% 45.7%
1 Year Return vs Industry and Market
  • VFL outperformed the Capital Markets industry which returned -7.6% over the past year.
  • VFL underperformed the Market in United States of America which returned 6.3% over the past year.

VFL Value

 Is Delaware Investments National Municipal Income 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 Delaware Investments National Municipal Income 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 Delaware Investments National Municipal Income Fund.

AMEX:VFL 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
= $14.66 * 4.3%
$0.63
Book Value of Equity per Share Median Book Value from the past 5 years. $14.66
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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:VFL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.727 (1 + (1- 21%) (52.12%))
1.017
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.017 * 5.96%)
8.79%

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

The calculations below outline how an intrinsic value for Delaware Investments National Municipal Income 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:VFL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.3% – 8.79%) * $14.66)
$-0.66
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.66 / (8.79% - 2.73%)
$-10.88
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $14.66 + $-10.88
$3.77
AMEX:VFL Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.77
Current discount Discount to share price of $12.71
= -1 x ($12.71 - $3.77) / $3.77
-236.9%

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

  • The current share price of Delaware Investments National Municipal Income 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 Delaware Investments National Municipal Income Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Delaware Investments National Municipal Income Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:VFL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in USD $0.04
AMEX:VFL Share Price ** AMEX (2019-04-18) in USD $12.71
United States of America Capital Markets Industry PE Ratio Median Figure of 87 Publicly-Listed Capital Markets Companies 30.77x
United States of America Market PE Ratio Median Figure of 3,081 Publicly-Listed Companies 18.15x

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

** Primary Listing of Delaware Investments National Municipal Income Fund.

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

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

= 12.71 ÷ 0.04

283.82x

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

  • Delaware Investments National Municipal Income Fund is overvalued based on earnings compared to the US Capital Markets industry average.
  • Delaware Investments National Municipal Income Fund is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Delaware Investments National Municipal Income Fund's expected growth come at a high price?
Raw Data
AMEX:VFL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 283.82x
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 2.36x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.57x

*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 Delaware Investments National Municipal Income Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Delaware Investments National Municipal Income Fund's assets?
Raw Data
AMEX:VFL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in USD $14.10
AMEX:VFL Share Price * AMEX (2019-04-18) in USD $12.71
United States of America Capital Markets Industry PB Ratio Median Figure of 167 Publicly-Listed Capital Markets Companies 6.35x
United States of America Market PB Ratio Median Figure of 5,178 Publicly-Listed Companies 1.91x
AMEX:VFL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 12.71 ÷ 14.10

0.9x

* Primary Listing of Delaware Investments National Municipal Income Fund.

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

  • Delaware Investments National Municipal Income Fund is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Delaware Investments National Municipal Income 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. Delaware Investments National Municipal Income 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.

VFL Future Performance

 How is Delaware Investments National Municipal Income 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 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 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
7.1%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Delaware Investments National Municipal Income Fund expected to grow at an attractive rate?
  • Unable to compare Delaware Investments National Municipal Income Fund's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Delaware Investments National Municipal Income Fund's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Delaware Investments National Municipal Income 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:VFL 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 7.1%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*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:VFL 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:VFL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-09-30 4 2 0
2018-06-30 4 2 2
2018-03-31 4 2 3
2017-12-31 4 3 1
2017-09-30 4 3 0
2017-06-30 4 3 0
2017-03-31 4 3 0
2016-12-31 4 3 3
2016-09-30 4 3 6
2016-06-30 4 3 5
2016-03-31 4 4 4
2015-12-31 4 4 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Delaware Investments National Municipal Income Fund is high growth as no earnings estimate data is available.
  • Unable to determine if Delaware Investments National Municipal Income 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:VFL 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 Delaware Investments National Municipal Income Fund Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:VFL Past Financials Data
Date (Data in USD Millions) EPS *
2018-09-30 0.04
2018-06-30 0.34
2018-03-31 0.63
2017-12-31 0.33
2017-09-30 0.02
2017-06-30 0.00
2017-03-31 -0.03
2016-12-31 0.65
2016-09-30 1.33
2016-06-30 1.07
2016-03-31 0.81
2015-12-31 0.82

*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 Delaware Investments National Municipal Income Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Delaware Investments National Municipal Income 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.
Delaware Investments National Municipal Income 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.

VFL Past Performance

  How has Delaware Investments National Municipal Income Fund 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 Delaware Investments National Municipal Income 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.
  • Delaware Investments National Municipal Income Fund's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Delaware Investments National Municipal Income Fund's 1-year earnings growth exceeds its 5-year average (83.2% vs -3%)
  • Delaware Investments National Municipal Income Fund's earnings growth has exceeded the US Capital Markets industry average in the past year (83.2% vs 37.1%).
Earnings and Revenue History
Delaware Investments National Municipal Income 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 Delaware Investments National Municipal Income Fund Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:VFL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 4.21 0.20 0.66
2018-06-30 4.20 1.53 0.65
2018-03-31 4.18 2.85 0.65
2017-12-31 4.17 1.48 0.64
2017-09-30 4.15 0.11 0.64
2017-06-30 4.16 -0.01 0.63
2017-03-31 4.16 -0.14 0.63
2016-12-31 4.18 2.94 0.69
2016-09-30 4.20 6.02 0.74
2016-06-30 4.24 4.83 0.75
2016-03-31 4.29 3.65 0.75
2015-12-31 4.30 3.71 0.72
2015-09-30 4.31 3.78 0.69
2015-06-30 4.29 6.27 0.69
2015-03-31 4.28 8.76 0.68
2014-12-31 4.24 8.93 0.65
2014-09-30 4.20 9.10 0.62
2014-06-30 4.20 3.48 0.61
2014-03-31 4.19 -2.13 0.60
2013-12-31 4.26 -3.62 0.60
2013-09-30 4.32 -4.30 0.60
2013-06-30 4.32 1.63 0.62
2013-03-31 4.33 7.15 0.65
2012-12-31 4.01 8.57 0.62
2012-09-30 3.69 9.58 0.60
2012-06-30 3.31 8.66 0.59

*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.
  • Delaware Investments National Municipal Income Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Delaware Investments National Municipal Income Fund used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Delaware Investments National Municipal Income Fund's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Delaware Investments National Municipal Income 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.
Delaware Investments National Municipal Income Fund has a total score of 2/6, 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.

VFL Health

 How is Delaware Investments National Municipal Income 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 Delaware Investments National Municipal Income Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Delaware Investments National Municipal Income Fund is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Delaware Investments National Municipal Income Fund's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Delaware Investments National Municipal Income 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 0x 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 Delaware Investments National Municipal Income Fund Company Filings, last reported 6 months ago.

AMEX:VFL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 63.87 30.00
2018-06-30 63.87 30.00
2018-03-31 64.92 30.22
2017-12-31 64.92 30.22
2017-09-30 66.39 30.00 0.27
2017-06-30 66.39 30.00 0.27
2017-03-31 64.79 30.00 0.27
2016-12-31 64.79 30.00 0.27
2016-09-30 69.10 30.27
2016-06-30 69.10 30.27
2016-03-31 68.01 30.00 0.13
2015-12-31 68.01 30.00 0.13
2015-09-30 66.37 30.00 0.45
2015-06-30 66.37 30.00 0.45
2015-03-31 67.80 30.01
2014-12-31 67.80 30.01
2014-09-30 66.13 30.20
2014-06-30 66.13 30.20
2014-03-31 62.53 30.00 0.28
2013-12-31 62.53 30.00 0.28
2013-09-30 90.18 0.00 0.14
2013-06-30 90.18 0.00 0.14
2013-03-31 97.88 0.00 0.07
2012-12-31 97.88 0.00 0.07
2012-09-30 97.95 0.00 0.17
2012-06-30 97.95 0.00 0.17
  • Delaware Investments National Municipal Income Fund's level of debt (47%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.4% vs 47% today).
  • Debt is not well covered by operating cash flow (7.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.8x coverage).
X
Financial health checks
We assess Delaware Investments National Municipal Income 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. Delaware Investments National Municipal Income Fund has a total score of 2/6, 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.

VFL Dividends

 What is Delaware Investments National Municipal Income 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
4.72%
Current annual income from Delaware Investments National Municipal Income Fund dividends.
If you bought $2,000 of Delaware Investments National Municipal Income Fund shares you are expected to receive $94 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?
  • Delaware Investments National Municipal Income Fund's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Delaware Investments National Municipal Income Fund's dividend is above the markets top 25% of dividend payers in United States of America (3.62%).
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:VFL 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%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

AMEX:VFL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-02 0.600 4.711
2019-02-05 0.600 4.847
2019-01-02 0.600 4.870
2018-12-04 0.600 5.039
2018-11-05 0.600 5.038
2018-10-02 0.600 4.994
2018-09-04 0.600 4.893
2018-07-02 0.600 4.779
2018-06-05 0.600 4.812
2018-04-03 0.600 4.806
2018-03-01 0.600 4.740
2018-01-30 0.600 4.699
2017-12-05 0.600 4.514
2017-10-30 0.600 4.504
2017-09-05 0.600 4.430
2017-08-01 0.600 4.434
2017-06-30 0.600 4.440
2017-06-06 0.600 4.470
2017-04-03 0.600 4.526
2017-03-06 0.600 4.691
2017-01-30 0.660 5.041
2016-12-29 0.660 5.024
2016-12-02 0.660 5.086
2016-10-28 0.660 4.959
2016-10-04 0.660 4.807
2016-08-03 0.720 5.021
2016-07-05 0.720 4.928
2016-05-31 0.720 4.978
2016-04-04 0.720 5.101
2016-03-01 0.720 5.305
2016-02-02 0.720 5.332
2016-01-05 0.720 5.429
2015-12-01 0.720 5.528
2015-11-02 0.780 6.036
2015-10-02 0.780 6.043
2015-09-01 0.780 6.120
2015-08-03 0.780 6.094
2015-06-02 0.780 6.175
2015-05-04 0.780 6.091
2015-04-01 0.780 5.936
2015-03-02 0.780 5.967
2015-02-02 0.780 5.899
2015-01-02 0.780 5.848
2014-11-03 0.780 6.027
2014-10-02 0.780 6.024
2014-09-02 0.780 6.080
2014-08-01 0.780 6.059
2014-06-30 0.780 6.092
2014-06-02 0.780 6.042
2014-05-02 0.720 5.580
2014-04-01 0.720 5.763
2014-03-03 0.720 5.856
2014-01-31 0.720 5.902
2014-01-03 0.720 5.971
2013-12-02 0.720 6.214
2013-11-04 0.720 6.208
2013-10-01 0.720 6.119
2013-09-03 0.720 6.203
2013-08-02 0.720 6.221
2013-07-01 0.720 5.913
2013-06-03 0.720 5.573
2013-05-02 0.660 4.682
2013-04-02 0.660 4.555
2013-02-26 0.660 4.536
2013-01-29 0.660 4.509
2012-12-28 0.660 4.532
2012-12-03 0.660 4.520
2012-11-02 0.660 4.437
2012-10-02 0.660 4.574
2012-08-31 0.660 4.713
2012-08-02 0.540 3.908
2012-07-02 0.540 3.914
2012-06-04 0.540 3.984
2012-05-01 0.540 3.956
2012-04-02 0.540 4.028
2012-03-02 0.540 4.088
2012-01-31 0.540 4.058
2011-12-30 0.540 4.137
2011-12-02 0.540 4.231
2011-10-31 0.540 4.299
2011-09-30 0.540 4.300
2011-09-02 0.540 4.167
2011-08-02 0.540 4.262
2011-07-05 0.540 4.323
2011-05-31 0.540 4.348
2011-05-02 0.540 4.399
2011-04-05 0.540 4.464
2011-03-01 0.540 4.389
2011-02-01 0.540 4.531
2011-01-03 0.540 4.543
2010-12-03 0.540 4.523
2010-11-02 0.540 4.368
2010-10-04 0.540 4.126
2010-08-31 0.540 4.111
2010-08-02 0.510 3.907
2010-07-02 0.510 4.019
2010-05-28 0.510 4.034
2010-04-01 0.510 4.131
2010-03-02 0.510 4.173
2010-02-02 0.510 4.204
2009-12-31 0.510 4.189
2009-12-01 0.510 4.080
2009-11-02 0.510 4.193
2009-10-05 0.510 4.174
2009-08-31 0.510 4.102
2009-08-03 0.510 4.203
2009-07-06 0.510 4.347
2009-06-02 0.510 4.402
2009-05-01 0.510 4.458
2009-04-20 0.510 4.533

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Delaware Investments National Municipal Income Fund'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 Delaware Investments National Municipal Income Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Delaware Investments National Municipal Income Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Delaware Investments National Municipal Income Fund has a total score of 3/6, see the detailed checks below.


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

VFL Management

 What is the CEO of Delaware Investments National Municipal Income 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.
CEO
Shawn Lytle
AGE 48
CEO Bio

Mr. Shawn Keith Lytle is the President at Delaware Management Holdings, Inc. since June 2015. Mr. Lytle is responsible for all aspects of the firm’s business. He also serves as the President and Chief Executive Officer at Macquarie Investment Management Business Trust. Mr. Lytle serves as Delaware Investments President at Macquarie Group Limited and served as its Interim Head of Equities until March 3, 2017. He served as the Managing Director and Portfolio Manager at UBS Global Asset Management (UK) Limited. Mr. Lytle joined it in December 2002 and served as the Team Manager of the global equity portfolio management team. He was employed at JPMorgan Asset Management for over ten years, where he served as a Portfolio Manager, managing global equity, and global sector portfolios. Mr. Lytle was also employed at Dillon Read Capital Management (UK) Ltd., JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., J.P. Morgan Investment Management Limited, JPMorgan Asset Management (London) Limited, and JPMorgan Asset Management (UK) Limited. He served as the Chairman of UBS Global Asset Management (Canada). Mr. Lytle also serves as the Chairman-Elect of the National Association of Securities Professionals. He serves on the Board of Directors of the Sustainability Accounting Standards Board. Mr. Lytle earned a Bachelor's Degree in Marketing from McDonough School of Business in year 1988-1992.

CEO Compensation
  • Insufficient data for Shawn to compare compensation growth.
  • Insufficient data for Shawn to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team

Shawn Lytle

TITLE
President & CEO
AGE
48

Brian Murray

TITLE
Chief Compliance Officer and Senior VP

John O'Connor

TITLE
Senior Vice President
AGE
60
TENURE
18.3 yrs

David Connor

TITLE
General Counsel
AGE
55
TENURE
18.6 yrs

Christopher Beck

TITLE
Chief Investment Officer of Small-Cap Value and Mid-Cap Value Equity & Senior VP

Thomas Chow

TITLE
Chief Investment Officer of Corporate Credit

Michael Buckley

TITLE
Senior VP & Director of Municipal Research

Paul Grillo

TITLE
Co-Chief Inv Officer of Total Return Fixed Income Strategy & Senior VP
AGE
59

Ty Nutt

TITLE
Senior VP
AGE
66

Bob Zenouzi

TITLE
Senior VP & Chief Investment Officer of Real Estate Securities and Income Solutions
Board of Directors Tenure

Average tenure and age of the Delaware Investments National Municipal Income Fund board of directors in years:

14.1
Average Tenure
65
Average Age
  • The average tenure for the Delaware Investments National Municipal Income Fund board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Patrick Coyne

TITLE
Chairman
AGE
54
TENURE
12.7 yrs

Janet Yeomans

TITLE
Independent Director
COMPENSATION
$4K
AGE
70
TENURE
20 yrs

John Fry

TITLE
Independent Director
COMPENSATION
$4K
AGE
58
TENURE
18.3 yrs

Joseph Zecher

TITLE
Independent Director
COMPENSATION
$4K
AGE
78
TENURE
14.1 yrs

Thomas Bennett

TITLE
Independent Director
COMPENSATION
$4K
AGE
70
TENURE
14.1 yrs

Lucinda Landreth

TITLE
Independent Director
COMPENSATION
$4K
AGE
71
TENURE
14.1 yrs

Frances Sevilla-Sacasa

TITLE
Independent Director
AGE
62
TENURE
7.6 yrs

Joseph Chow

TITLE
Director
AGE
65
TENURE
6.3 yrs

Tom Whitford

TITLE
Independent Director
AGE
62
TENURE
6.3 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 Delaware Investments National Municipal Income 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. Delaware Investments National Municipal Income 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.

VFL News

Simply Wall St News

VFL Company Info

Description

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.

Details
Name: Delaware Investments National Municipal Income Fund
VFL
Exchange: AMEX
Founded: 1993
$57,561,051
4,528,444
Website: http://www.delawareinvestments.com/closed-end/products/delaware-investments-national-municipal-income-fund.aspx
Address: Delaware Investments National Municipal Income Fund
2005 Market Street,
One Commerce Square,
Philadelphia,
Pennsylvania, 19103-7094,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX VFL Common Shares NYSE MKT LLC US USD 19. Feb 1993
Number of employees
Current staff
Staff numbers
0
Delaware Investments National Municipal Income Fund employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 23:47
End of day share price update: 2019/04/18 00:00
Last earnings filing: 2018/12/06
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


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.