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In the News
The Month In Closed-End Funds: December 2023
For the second consecutive month, both equity (+3.42% on a NAV basis) and fixed income (+3.14%) CEFs on average posted plus-side returns. At month end, 9% of all CEFs traded at a premium to their NAV, with 9% of equity CEFs and 8% of fixed income CEFs trading in premium territory. Developed Markets CEFs (+6.45%), for the second straight month, outpaced the other classifications in the equity CEF universe for December.
NBB: Yield Is Low Versus Alternatives And Bonds Are Overpriced
The Nuveen Taxable Municipal Income Fund has a lower current yield compared to other comparable closed-end fixed-income funds. The NBB closed-end fund's price performance has been worse than the ICE BofAML US Taxable Municipal Securities Index over the past five years. The NBB fund's use of leverage and exposure to states with strained finances pose risks for investors.
NBB: A Few Reasons Why I'm More Bullish Going Forward (Rating Upgrade)
Nuveen Taxable Municipal Income Fund is currently undervalued with a discount to NAV of almost 9%. Taxable munis offer higher income compared to tax-exempt munis, making them attractive for investors in lower tax brackets. NBB has maintained its distribution in the short-term, providing reassurance to investors despite the challenges posed by the inverted yield curve.
NBB: Still A Reasonable Option In 2023, But Income Cuts Hurt (Rating Downgrade)
NBB has had a pretty strong 2023 so far and is in positive territory since my last bullish review. The fund did see an income cut in January, which was not a great sign. Then this month, we were hit with another cut announcement. This makes me less bullish on the fund.
How This Income Method Could Lead To Financial Freedom
We will go over our thesis as to how a diversified income method with low volatility could make you financially independent. We regularly write about multi-basket income strategies with an in-built hedging mechanism to keep the drawdowns to a minimum. They provide not only consistent income but also long-term growth with 30% less volatility.
CEF Weekly Review: Key CEF Lessons Of 2022
We review closed-end fund market valuation and performance through the second week of January and highlight recent market action. CEFs continue to power ahead, stringing together two strong weeks in a row.
The 8% Income Portfolio: 2022 Year-End Review
Presenting our 2022 year-end review of our 8% Income Portfolio. This high-income portfolio earned over $29,000 in distributions (including year-end special distributions) amounting to over 14% yield-on-cost basis.
BBN Vs. NBB: Comparing Taxable CEFs From Different Managers
The BlackRock Taxable Municipal Bond Trust benchmarks against the Bloomberg Taxable Municipal Bond USD index. The Nuveen Taxable Municipal Income Fund benchmarks against the same benchmark. I wasn't able to find information on the benchmark, but not critical since both are actively managed.
NBB: Hard Not To Like This Taxable Muni Fund At This Price
The municipal bond sector has been hit very hard in 2022. While this is unnerving, I believe it offers long-term investors an opportunity for buys. NBB in particular looks attractive because it has a discount to NAV nearing 8%, and it is relatively cheaper than its chief CEF rival.
NBB: Mixed Outlook For The Year Ahead
Taxable munis continue to take on a more important role within the broader muni sector, so having some exposure helps to round out a portfolio.
NBB Financial details
NBB Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2023-03-31
Metric | History | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 0.66 | -0.27 | 3.35 | -0.86 | -1.82 | |
Net income per share | 0.63 | -0.28 | 3.34 | -0.87 | -1.83 | |
Operating cash flow per share | 5.03 | -1.02 | -0.52 | -0.52 | 3.33 | |
Free cash flow per share | 5.03 | -1.02 | -0.52 | -0.52 | 3.33 | |
Cash per share | 0 | 0 | 0.23 | 0 | 0 | |
Book value per share | 17.88 | 19.89 | 22.36 | 20 | 17.54 | |
Tangible book value per share | 17.88 | 19.89 | 22.36 | 20 | 17.54 | |
Share holders equity per share | 17.88 | 19.89 | 22.36 | 20 | 17.54 | |
Interest debt per share | 7.18 | 14.81 | 16.91 | 18.28 | 6.89 | |
Market cap | 671.97M | 523.92M | 619.41M | 571.92M | 460.29M | |
Enterprise value | 787.39M | 723.93M | 850.13M | 832.35M | 649.15M | |
P/E ratio | 32.65 | -67.35 | 6.76 | -22.86 | -8.81 | |
Price to sales ratio | 31.01 | -71.3 | 6.74 | -23.17 | -8.87 | |
POCF ratio | 4.09 | -18.72 | -43.39 | -38.2 | 4.85 | |
PFCF ratio | 4.09 | -18.72 | -43.39 | -38.2 | 4.85 | |
P/B Ratio | 1.15 | 0.96 | 1.01 | 1 | 0.92 | |
PTB ratio | 1.15 | 0.96 | 1.01 | 1 | 0.92 | |
EV to sales | 36.33 | -98.52 | 9.25 | -33.72 | -12.51 | |
Enterprise value over EBITDA | 32.33 | -269.98 | 9.28 | -36.24 | -12.42 | |
EV to operating cash flow | 4.79 | -25.86 | -59.56 | -55.6 | 6.83 | |
EV to free cash flow | 4.79 | -25.86 | -59.56 | -55.6 | 6.83 | |
Earnings yield | 0.03 | -0.01 | 0.15 | -0.04 | -0.11 | |
Free cash flow yield | 0.24 | -0.05 | -0.02 | -0.03 | 0.21 | |
Debt to equity | 0.4 | 0.74 | 0.75 | 0.91 | 0.38 | |
Debt to assets | 0.31 | 0.51 | 0.52 | 0.6 | 0.26 | |
Net debt to EBITDA | 4.74 | -74.59 | 2.52 | -11.34 | -3.61 | |
Current ratio | 0.11 | 0.16 | 2.94 | 4.79 | 2.12 | |
Interest coverage | 6.45 | -0.53 | 39.34 | -11.21 | -6.57 | |
Income quality | 7.99 | 3.6 | -0.16 | 0.6 | -1.82 | |
Dividend Yield | 0.05 | 0.06 | 0.05 | 0.06 | 0.07 | |
Payout ratio | 1.7 | -4.17 | 0.33 | -1.4 | -0.65 | |
Sales general and administrative to revenue | 0.02 | -0.05 | 0 | -0.01 | -0.01 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 15.92 | 11.28 | 40.99 | 19.83 | 26.87 | |
ROIC | 0.03 | 0 | 0.09 | -0.02 | -0.08 | |
Return on tangible assets | 0.03 | -0.01 | 0.1 | -0.03 | -0.07 | |
Graham Net | -4.97 | -7.98 | -9.32 | -10.18 | -7.86 | |
Working capital | -106.15M | -173.37M | 10.31M | 11.64M | 7.4M | |
Tangible asset value | 584.1M | 544.17M | 613.16M | 572.09M | 500.78M | |
Net current asset value | -159.24M | -210.18M | -258.18M | -287.59M | -220.82M | |
Invested capital | 0.4 | 0.74 | 0.75 | 0.91 | 0.38 | |
Average receivables | 12.27M | 22.65M | 24M | 15.17M | 14.35M | |
Average payables | 2.8M | 3.99M | 5.19M | 4.19M | 4.83M | |
Average inventory | 0 | 0 | 0 | 0 | 0 | |
Days sales outstanding | 217.47 | -1.61K | 62.02 | -217.51 | -98.39 | |
Days payables outstanding | 204.12 | 323.01 | 339.29 | 182.68 | 0 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 0 | |
Receivables turnover | 1.68 | -0.23 | 5.89 | -1.68 | -3.71 | |
Payables turnover | 1.79 | 1.13 | 1.08 | 2 | 0 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0 | |
ROE | 0.04 | -0.01 | 0.15 | -0.04 | -0.1 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
Quarterly Fundamentals Overview
Last date of statement is 2023-09-30 for Q2
Metric | History | 2021-09-30 | 2022-03-31 | 2022-09-30 | 2023-03-31 | 2023-09-30 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 0.34 | 1.23 | 2.18 | 0 | 1.2 | |
Net income per share | 1.33 | -2.18 | -3 | 0 | -0.61 | |
Operating cash flow per share | 0.38 | 0.93 | 2.14 | 0 | 1.37 | |
Free cash flow per share | 0.38 | 0.93 | 2.14 | 0 | 1.37 | |
Cash per share | 0.46 | 0 | 0.04 | 0 | 0.78 | |
Book value per share | 23.15 | 20 | 16.65 | 0 | 16.01 | |
Tangible book value per share | 23.15 | 20 | 16.65 | 0 | 16.01 | |
Share holders equity per share | 23.15 | 20 | 16.65 | 0 | 16.01 | |
Interest debt per share | 17.89 | 18.24 | 14.1 | 0 | 13.07 | |
Market cap | 643.25M | 571.92M | 453.01M | 0 | 427.11M | |
Enterprise value | 893.96M | 832.35M | 655.13M | 188.86M | 616.17M | |
P/E ratio | 4.31 | -2.29 | -1.31 | 0 | -5.91 | |
Price to sales ratio | 66.92 | 16.22 | 7.18 | 0 | 12.14 | |
POCF ratio | 59.85 | 21.59 | 7.32 | 0 | 10.57 | |
PFCF ratio | 59.85 | 21.59 | 7.32 | 0 | 10.57 | |
P/B Ratio | 0.99 | 1 | 0.94 | 0 | 0.91 | |
PTB ratio | 0.99 | 1 | 0.94 | 0 | 0.91 | |
EV to sales | 93 | 23.6 | 10.39 | 0 | 17.51 | |
Enterprise value over EBITDA | 23.33 | -13.58 | -7.81 | 0 | -51.05 | |
EV to operating cash flow | 83.18 | 31.43 | 10.59 | 0 | 15.25 | |
EV to free cash flow | 83.18 | 31.43 | 10.59 | 0 | 15.25 | |
Earnings yield | 0.06 | -0.11 | -0.19 | 0 | -0.04 | |
Free cash flow yield | 0.02 | 0.05 | 0.14 | 0 | 0.09 | |
Debt to equity | 0.77 | 0.91 | 0.84 | 0.38 | 0.8 | |
Debt to assets | 0.53 | 0.6 | 0.56 | 0.26 | 0.54 | |
Net debt to EBITDA | 6.54 | -4.25 | -2.41 | 0 | -15.66 | |
Current ratio | 1.13 | 4.79 | 4.79 | 2.12 | 5.64 | |
Interest coverage | 39.02 | -57.49 | -30.75 | 0 | -2.02 | |
Income quality | 0.29 | -0.42 | -0.71 | 0 | -2.24 | |
Dividend Yield | 0.03 | 0.03 | 0.04 | 0 | 0.03 | |
Payout ratio | 0.45 | -0.29 | -0.21 | 0 | -0.67 | |
Sales general and administrative to revenue | 0 | 0 | 0 | 0 | 0 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 26.32 | 31.31 | 33.53 | 0 | 14.88 | |
ROIC | 0.03 | -0.06 | -0.09 | 0 | -0.01 | |
Return on tangible assets | 0.04 | -0.07 | -0.12 | 0 | -0.03 | |
Graham Net | -9.88 | -10.18 | -7.97 | 0 | -6.07 | |
Working capital | 1.69M | 11.64M | 12.47M | 7.4M | 10.78M | |
Tangible asset value | 650.11M | 572.09M | 480.83M | 500.78M | 470.72M | |
Net current asset value | -286.61M | -287.59M | -227.12M | -220.82M | -216.09M | |
Invested capital | 0.77 | 0.91 | 0.84 | 0.38 | 0.8 | |
Average receivables | 15.08M | 14.62M | 15.24M | 14.88M | 13.54M | |
Average payables | 9.08M | 7.96M | 3.18M | 4.94M | 4.46M | |
Average inventory | 0 | 0 | 0 | 0 | 17.98M | |
Days sales outstanding | 136.11 | 37.54 | 22.5 | 0 | 33.51 | |
Days payables outstanding | 378.37 | 89.79 | 109.43 | 0 | 84.62 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 1.31K | |
Receivables turnover | 0.66 | 2.4 | 4 | 0 | 2.69 | |
Payables turnover | 0.24 | 1 | 0.82 | 0 | 1.06 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0.07 | |
ROE | 0.06 | -0.11 | -0.18 | 0 | -0.04 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
NBB Frequently Asked Questions
What is Nuveen Taxable Municipal Income Fund stock symbol ?
Nuveen Taxable Municipal Income Fund is a US stock , located in Chicago of Il and trading under the symbol NBB
What is Nuveen Taxable Municipal Income Fund stock quote today ?
Nuveen Taxable Municipal Income Fund stock price is $15.32 today.
Is Nuveen Taxable Municipal Income Fund stock public?
Yes, Nuveen Taxable Municipal Income Fund is a publicly traded company.