ET

Eaton Vance Tax-Managed Buy-Write Opp

ETV
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Eaton Vance Tax-Managed Buy-Write Opp AI Insights

Informational only. Not investment advice.
As of 2025-12-09

Snapshot

  • Zero debt with P/B of 0.99 - trading at tangible book value (1.69B equity) despite 99% net income margin TTM[Price to Book Ratio]
  • Gain on Sale of Securities TTM of 137.6M is 33x industry median - capital gains driving 82% of total revenue[Gain on Sale of Security]
  • 7Y avg payout ratio of 122% vs 5Y avg of 32% signals recent distribution policy shift or return of capital[Dividend Payout Ratio Avg 7yr]

Watch Triggers

  • Gain on Sale of Security: Falls below 80M TTM — Would signal 40%+ revenue decline, threatening dividend coverage
  • Price to Book Ratio: Drops below 0.85 — Widening NAV discount may indicate distribution cut expectations
  • Dividend Payout Ratio Avg 5yr: Rises above 100% — Confirms return of capital vs sustainable income

Bull Case

Near-book valuation (P/B 0.99) with zero debt and 12% dividend yield offers asymmetric risk/reward if markets rally

Price to Book RatioDebt to EquityDividends Paid Per Share

Operating expenses just 0.8% of revenue (1.3M on 168M) - extremely efficient closed-end fund structure

Operating ExpenseTotal Revenue

Bear Case

82% of revenue from securities gains (137.6M TTM) - highly volatile income dependent on market conditions

Gain on Sale of SecurityTotal Revenue

7Y payout ratio of 122% indicates historical return of capital - dividend sustainability unclear in down markets

Dividend Payout Ratio Avg 7yrDividends Paid Per Share

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

BearBull
45%

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Forward Thesis

NAV discount likely to narrow if equity markets remain stable, supporting 10%+ total return

3-12mmed
  • P/B at 0.99 vs 1.69B book value
  • Zero leverage amplifies NAV sensitivity
  • 1.19 dividend/share (12% yield) provides downside buffer
Debt to Equity: 0EPS TTM: 1.44 vs dividend 1.19Investments: 1.73B (99.7% of assets)
Valuation Context
Caveats

Public Strategies Rankings

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Fundamental company data provided by Morningstar, updated daily.

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