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In the News
PCQ: One Year Later, A Vastly Different Story Can Be Told
PIMCO California Municipal Income Fund previously traded at a high premium but now has a double-digit discount to NAV, making it a more attractive investment option. The supply of new municipal bonds has decreased, creating a favorable market dynamic for funds like PCQ. California's improving revenue and the expectation of a steepening yield curve in 2024 are positive factors for PCQ's performance.
PCQ: Not Impressed By Recent Momentum, Cautious Outlook Remains
This article evaluates the PIMCO California Municipal Income Fund as a potential investment option at its current market price. Despite recent gains in PCQ, the prudent course here is to remain cautious. California's budget and finances are more sensitive to economic trends, given its tax structure that relies heavily on high net worth individuals.
PIMCO Muni CEFs (Finally) Re-Rate For The New Environment
PIMCO finally did it. They chopped the muni CEF distribution by up to 45%. PCQ was the biggest risk as it was trading at a ridiculous 45% premium to NAV going into the cut.
PIMCO California Muni CEFs Teach A Lesson On Valuation
PIMCO California muni funds teach a lesson on CEF valuation. The most expensive fund declined by the most after the cut.
Weekly Closed-End Fund Roundup: January 8, 2023
21 out of 22 CEF sectors were positive on price and 20 out of 22 sectors were positive on NAV last week. MLPs are the most discounted CEF sector.
Weekly Closed-End Fund Roundup: PIMCO Muni CEF Distribution Cuts (January 1, 2023)
3 out of 23 CEF sectors positive on price and 6 out of 23 sectors positive on NAV last week. PIMCO muni CEFs cut.
PCQ: A Lesson In Managing Distribution Stability Risk
PIMCO greeted the start of the year with massive distribution cuts across their Muni closed-end fund suite. We take another look at PIMCO California Municipal Income Fund, which nearly halved its distribution, to see what carryover lessons this carries for CEF investing.
PCQ: It Looks Like A Sell To Me
Municipal bonds from the state of California generally pique my interest for a number of reasons. Simply, I am bullish on the sector in 2023. Even with that backdrop, PCQ does not entice me. The premium to NAV the fund trades at is astronomical and could set investors up for heavy losses.
Weekly Closed-End Fund Roundup: Tortoise Tender Results, NCZ Resumes Distributions (November 6, 2022)
12 out of 23 CEF sectors positive on price and 6 out of 23 sectors positive on NAV last week. Tortoise offer tender results.
PCQ: 2 Years Later And This Fund Remains Grossly Overpriced
PCQ remains one of the most expensive PIMCO offerings within the CEF family. As has been the case for a while, this is hard to justify. PCQ's sister funds have much smaller premiums to NAV, so one would be hard-pressed to find a buy case for PCQ at these levels.
PCQ Financial details
PCQ Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2023-12-31
Metric | History | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 1.97 | 0.95 | 0.6 | -2.83 | 0.53 | |
Net income per share | 1.96 | 0.94 | 0.59 | -2.84 | 1.12 | |
Operating cash flow per share | 1.41 | 2.48 | 0.52 | 3.6 | 0.58 | |
Free cash flow per share | 1.41 | 2.48 | 0.52 | 3.6 | 0.58 | |
Cash per share | 0.34 | 0.48 | 0.15 | 0.18 | 0.13 | |
Book value per share | 20.75 | 20.76 | 20.83 | 10.31 | 16.45 | |
Tangible book value per share | 20.75 | 20.76 | 20.83 | 10.31 | 16.45 | |
Share holders equity per share | 20.75 | 20.76 | 20.83 | 10.31 | 16.45 | |
Interest debt per share | 4.67 | 2.93 | 3.17 | 0.68 | 1.9 | |
Market cap | 371.36M | 337.92M | 345.14M | 285.83M | 176.9M | |
Enterprise value | 456.29M | 391.74M | 403.46M | 297.52M | 211.4M | |
P/E ratio | 10.12 | 19.17 | 31.68 | -5.31 | 8.31 | |
Price to sales ratio | 10.07 | 18.85 | 30.91 | -5.32 | 17.67 | |
POCF ratio | 14.11 | 7.24 | 35.63 | 4.18 | 16.16 | |
PFCF ratio | 14.11 | 7.24 | 35.63 | 4.18 | 16.16 | |
P/B Ratio | 0.96 | 0.87 | 0.89 | 1.46 | 0.57 | |
PTB ratio | 0.96 | 0.87 | 0.89 | 1.46 | 0.57 | |
EV to sales | 12.38 | 21.85 | 36.13 | -5.54 | 21.11 | |
Enterprise value over EBITDA | 12.09 | 20.68 | 37.03 | -5.64 | 9.24 | |
EV to operating cash flow | 17.33 | 8.39 | 41.65 | 4.35 | 19.31 | |
EV to free cash flow | 17.33 | 8.39 | 41.65 | 4.35 | 19.31 | |
Earnings yield | 0.1 | 0.05 | 0.03 | -0.19 | 0.12 | |
Free cash flow yield | 0.07 | 0.14 | 0.03 | 0.24 | 0.06 | |
Debt to equity | 0.22 | 0.14 | 0.15 | 0.06 | 0.11 | |
Debt to assets | 0.17 | 0.11 | 0.12 | 0.03 | 0.1 | |
Net debt to EBITDA | 2.25 | 2.84 | 5.35 | -0.22 | 1.51 | |
Current ratio | 3.98 | 4.23 | 4.22 | 3.21 | 0 | |
Interest coverage | 15.29 | 14.94 | 17.21 | -47.1 | 14.43 | |
Income quality | 0.72 | 2.65 | 0.89 | -1.27 | 0.51 | |
Dividend Yield | 0.05 | 0.05 | 0.04 | 0.06 | 0.09 | |
Payout ratio | 0.53 | 0.89 | 1.3 | -0.31 | 0.73 | |
Sales general and administrative to revenue | 0 | 0.01 | 0.02 | 0 | 0.02 | |
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 | 30.27 | 20.93 | 16.58 | 25.66 | 20.37 | |
ROIC | 0.08 | 0.04 | -0.01 | -0.32 | 0.07 | |
Return on tangible assets | 0.07 | 0.04 | 0.02 | -0.15 | 0.06 | |
Graham Net | -5.32 | -3.82 | -4.45 | -7.99 | -1.58 | |
Working capital | 4.41M | 3.98M | 3.96M | 3.08M | -818K | |
Tangible asset value | 388.02M | 390.19M | 386.95M | 195.46M | 312.21M | |
Net current asset value | -110.49M | -79.56M | -84.29M | -153.87M | -35.69M | |
Invested capital | 0.22 | 0.14 | 0.15 | 0.06 | 0.11 | |
Average receivables | 6.39M | 5.55M | 5.2M | 4.83M | 4.36M | |
Average payables | 1.48M | 1.35M | 1.23M | 1.31M | 1.11M | |
Average inventory | 6.11M | 6.11M | 0.5 | 0 | 0 | |
Days sales outstanding | 58.28 | 106 | 169.8 | -30.38 | 154.91 | |
Days payables outstanding | 175.32 | 139.67 | 140.53 | 186.93 | 115.59 | |
Days of inventory on hand | 1.45K | 0 | 0 | 0 | 0 | |
Receivables turnover | 6.26 | 3.44 | 2.15 | -12.01 | 2.36 | |
Payables turnover | 2.08 | 2.61 | 2.6 | 1.95 | 3.16 | |
Inventory turnover | 0.25 | 3.22M | 0 | 0 | 0 | |
ROE | 0.09 | 0.05 | 0.03 | -0.28 | 0.07 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
Quarterly Fundamentals Overview
Last date of statement is 2023-12-31 for Q4
Metric | History | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 0.2 | 0.11 | 0.19 | 0.35 | 0.18 | |
Net income per share | -0.09 | -0.07 | 0.17 | 0.52 | 0.6 | |
Operating cash flow per share | 0.86 | 0.02 | 0.21 | 0.29 | 0.29 | |
Free cash flow per share | 0.86 | 0.02 | 0.21 | 0.29 | 0.29 | |
Cash per share | 0 | 0.18 | 0 | 0.07 | 0.13 | |
Book value per share | 16.67 | 10.31 | 16.8 | 10.44 | 16.45 | |
Tangible book value per share | 16.67 | 10.31 | 16.8 | 10.44 | 16.45 | |
Share holders equity per share | 16.67 | 10.31 | 16.8 | 10.44 | 16.45 | |
Interest debt per share | 1.28 | 0.65 | 1.28 | 0.65 | 1.86 | |
Market cap | 262.7M | 285.83M | 191.3M | 185.98M | 176.9M | |
Enterprise value | 262.7M | 297.52M | 191.3M | 197.69M | 211.4M | |
P/E ratio | -36.65 | -53.93 | 14.6 | 4.69 | 3.89 | |
Price to sales ratio | 68.78 | 142.84 | 52.49 | 28.23 | 51.64 | |
POCF ratio | 16.03 | 704.02 | 48.45 | 34.11 | 32.18 | |
PFCF ratio | 16.03 | 704.02 | 48.45 | 34.11 | 32.18 | |
P/B Ratio | 0.83 | 1.46 | 0.6 | 0.94 | 0.57 | |
PTB ratio | 0.83 | 1.46 | 0.6 | 0.94 | 0.57 | |
EV to sales | 68.78 | 148.69 | 52.49 | 30.01 | 61.7 | |
Enterprise value over EBITDA | -52.9 | -448.07 | 709.83 | 18.6 | 17.26 | |
EV to operating cash flow | 16.03 | 732.8 | 48.45 | 36.26 | 38.46 | |
EV to free cash flow | 16.03 | 732.8 | 48.45 | 36.26 | 38.46 | |
Earnings yield | -0.01 | 0 | 0.02 | 0.05 | 0.06 | |
Free cash flow yield | 0.06 | 0 | 0.02 | 0.03 | 0.03 | |
Debt to equity | 0.08 | 0.06 | 0.08 | 0.06 | 0.11 | |
Debt to assets | 0.07 | 0.03 | 0.07 | 0.03 | 0.1 | |
Net debt to EBITDA | 0 | -17.6 | 0 | 1.1 | 2.82 | |
Current ratio | 0.6 | 3.21 | 0.45 | 5.44 | 0 | |
Interest coverage | 0 | -1 | 0 | 15.03 | 13.95 | |
Income quality | -24.74 | -0.31 | 0.8 | 0.55 | 0.48 | |
Dividend Yield | 0.02 | 0.03 | 0.02 | 0.04 | 0.04 | |
Payout ratio | -2.64 | -7.13 | 1.21 | 0.8 | 0.68 | |
Sales general and administrative to revenue | 0.17 | 0.32 | 0.18 | 0.1 | 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 | 5.95 | 4.02 | 8.08 | 11.08 | 14.89 | |
ROIC | -0.04 | -0.01 | 0.01 | 0.04 | 0.04 | |
Return on tangible assets | -0.01 | 0 | 0.01 | 0.03 | 0.03 | |
Graham Net | -1.8 | -7.99 | -1.78 | -8.07 | -1.58 | |
Working capital | -5.23M | 3.08M | -6.87M | 3.58M | -818K | |
Tangible asset value | 316.25M | 195.46M | 318.79M | 198.04M | 312.21M | |
Net current asset value | -29.65M | -153.87M | -31.28M | -153.37M | -35.69M | |
Invested capital | 0.08 | 0.06 | 0.08 | 0.06 | 0.11 | |
Average receivables | 5.35M | 4.47M | 4.43M | 4.38M | 0 | |
Average payables | 4.27M | 697K | 697K | 403K | 0 | |
Average inventory | 0 | 0 | 0 | 0 | 0 | |
Days sales outstanding | 105.35 | 201.09 | 108.26 | 59.89 | 111.65 | |
Days payables outstanding | 0 | 97.18 | 0 | 56.81 | 56.37 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 0 | |
Receivables turnover | 0.85 | 0.45 | 0.83 | 1.5 | 0.81 | |
Payables turnover | 0 | 0.93 | 0 | 1.58 | 1.6 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0 | |
ROE | -0.01 | -0.01 | 0.01 | 0.05 | 0.04 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
PCQ Frequently Asked Questions
What is PIMCO California Municipal Income Fund stock symbol ?
PIMCO California Municipal Income Fund is a US stock , located in Newport beach of Ca and trading under the symbol PCQ
What is PIMCO California Municipal Income Fund stock quote today ?
PIMCO California Municipal Income Fund stock price is $9.36 today.
Is PIMCO California Municipal Income Fund stock public?
Yes, PIMCO California Municipal Income Fund is a publicly traded company.