EX

Eaton Vance Tax-Mgd Glbl Div Eq Inc

EXG
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Eaton Vance Tax-Mgd Glbl Div Eq Inc AI Insights

Informational only. Not investment advice.
As of 2026-01-16

Snapshot

  • Net margin 99.5% TTM - nearly all revenue flows to bottom line due to closed-end fund structure with minimal operating costs (2.1M expenses on 420M revenue)[Net Margin]
  • Trading at 0.98x book value (P/B TTM) - rare discount to NAV for a fund with 14.4% ROE and zero debt[P/B Ratio]
  • Revenue down 29% YoY (TTM) driven by 226M gain on security sales - lumpy realized gains mask underlying dividend income[Total Revenue 1Y Growth]

Watch Triggers

  • P/B Ratio: Discount widens below 0.90x — Signals market pricing in distribution cut or NAV erosion
  • Dividends Paid Per Share: Quarterly distribution reduced from current $0.197 level — Distribution cuts typically trigger 15-25% price declines in CEFs
  • Gain on Sale of Security: Falls below 100M annually — Would pressure distribution coverage without realized gains supplement

Bull Case

Zero leverage (0% debt/equity) with 14.4% ROE TTM - pure equity exposure without balance sheet risk; 8.3% dividend yield (0.79/share TTM) sustainable from investment income

Debt to EquityROEDividends Paid Per Share

P/E 7.0x vs industry median 11.9x with 5Y EPS CAGR of 60% - valuation doesn't reflect long-term compounding despite volatile annual returns

P/E RatioEPS Growth 5Y

Bear Case

EPS down 29% YoY (TTM) with revenue decline of 29% - realized gains highly volatile and 2025 may not repeat 226M security sale windfall

EPS Growth 1YGain on Sale of Security

Minimal cash (134K TTM) limits flexibility; fund relies entirely on portfolio income and sales - no buffer for distribution coverage in down markets

Cash and EquivalentsDividends 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

Discount to NAV likely to persist or widen absent catalyst for closed-end fund structure

1-3ymed
  • CEF discounts structural in rising rate environments
  • No share buyback program to close discount
  • Limited institutional interest in small-cap CEFs
P/B 0.98x vs equity of 2.99B (TTM)Zero debt provides no leverage catalystVolume 1.5M vs median 199K - adequate liquidity
Valuation Context
Caveats

Public Strategies Rankings

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