BNY Mellon Municipal Income, Inc. (DMF) | Investment Case

1. Company Snapshot

1.a. Company Description

BNY Mellon Municipal Income, Inc.is a closed ended fixed income mutual fund launched and managed by BNY Mellon Investment Adviser, Inc.It invests in the fixed income markets of the United States.

The fund primarily invests in municipal obligations that are rated investment grade and have maturities of less than one year.It employs fundamental analysis to create its portfolio.The fund was formerly known as Dreyfus Municipal Income, Inc.

BNY Mellon Municipal Income, Inc.was formed on October 24, 1988 and is domiciled in the United States.

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1.b. Last Insights on DMF

Have nothing to say about that one ...

1.c. Company Highlights

Last Price	6.98
Change Percentage	0.72%
Open	6.98
Previous Close	6.93
Market Cap ( Millions)	145
Volume	311586
Year High	7.75
Year Low	6.72
M A 50	6.96
M A 200	7.15

FCF Yield	0.62%
Dividend Yield	2.75%
ROE	16.79%
Debt / Equity	31.10%
Net Debt / EBIDTA	173.84%
Price To Book	0.89
Price Earnings Ratio	5.66
Price To FCF	161.04
Price To sales	5.51
EV / EBITDA	6.78

2. Transcript Summary

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3. NewsRoom

BNY Mellon Investment Adviser, Inc. Announces Closing of Reorganization of BNY Mellon Municipal Income, Inc. With and Into a BNY Mellon Municipal Open-end Fund

Jun -23

Source: businesswire.com

BNY Mellon Investment Adviser, Inc. Announces Results of the Stockolder Meeting Relating to the Reorganization of BNY Mellon Municipal Income, Inc. With and Into a BNY Mellon Municipal Open-End Fund

Jun -02

Source: businesswire.com

BNY Mellon Municipal Income, Inc. (NYSE: DMF) Announces Distribution

May -23

Source: businesswire.com

BNY Mellon Municipal Income, Inc. (NYSE: DMF) Announces Distribution

Apr -29

Source: businesswire.com

Special Opportunities Fund Announces Results of Annual Meeting of Stockholders of BNY Mellon Municipal Income

Jun -17

Source: businesswire.com

BNY Mellon Municipal Bond Closed-End Funds Declare Distributions

Jan -30

Source: businesswire.com

CEF Weekly Commentary | Swap Some MAIN Bonds?

Jan -19

Source: seekingalpha.com

Olive Garden parent Darden stands by outlook after mixed quarterly results

Sep -22

Source: CNBC

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Investment and Related Activities

Expected Growth: 4.5%

Growing demand for municipal bonds, increasing investor appetite for income generation and diversification, and BNY Mellon's expertise in portfolio management and credit research drive growth in the municipal bond market.

7. Detailed Products

Municipal Bonds

Investment-grade municipal bonds issued by states, cities, and other local governments to finance infrastructure projects and public services.

High-Yield Municipal Bonds

Below-investment-grade municipal bonds offering higher yields to compensate for higher credit risk.

Municipal Bond Funds

Diversified portfolios of municipal bonds actively managed to maximize tax-exempt income and minimize risk.

Exchange-Traded Funds (ETFs)

Tradeable funds tracking municipal bond market indices, offering flexibility and diversification.

Separately Managed Accounts

Customized, individually managed portfolios of municipal bonds tailored to meet specific investor goals and risk tolerance.

Municipal Bond Indexing

Passive investment strategies tracking municipal bond market indices, offering broad diversification and cost efficiency.

8. BNY Mellon Municipal Income, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for BNY Mellon Municipal Income, Inc. is low due to the unique nature of its municipal bond investment products.

Bargaining Power Of Customers

The bargaining power of customers for BNY Mellon Municipal Income, Inc. is medium, as institutional investors and individual investors have some negotiating power over prices and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers for BNY Mellon Municipal Income, Inc. is low, as the company has a diversified portfolio of municipal bonds and is not heavily dependent on a single supplier.

Threat Of New Entrants

The threat of new entrants for BNY Mellon Municipal Income, Inc. is high, as the municipal bond market is attractive to new entrants and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for BNY Mellon Municipal Income, Inc. is high, as the company operates in a highly competitive market with many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	24.96%
Debt Cost	4.50%
Equity Weight	75.04%
Equity Cost	6.51%
WACC	6.01%
Leverage	33.27%

11. Quality Control: BNY Mellon Municipal Income, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Barings

A-Score: 7.3/10

Value: 2.6

Growth: 4.6

Quality: 8.8

Yield: 10.0

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

General American Investors Company

A-Score: 7.2/10

Value: 5.3

Growth: 2.8

Quality: 8.9

Yield: 9.0

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

Sixth Street Specialty Lending

A-Score: 6.9/10

Value: 5.2

Growth: 4.3

Quality: 6.5

Yield: 10.0

Momentum: 6.0

Volatility: 9.7

1-Year Total Return ->

Crescent Capital BDC

A-Score: 6.8/10

Value: 6.3

Growth: 7.4

Quality: 6.3

Yield: 10.0

Momentum: 1.5

Volatility: 9.3

1-Year Total Return ->

Carlyle Secured Lending

A-Score: 6.6/10

Value: 5.7

Growth: 7.1

Quality: 6.1

Yield: 10.0

Momentum: 1.0

Volatility: 9.7

1-Year Total Return ->

BNY Mellon Municipal Income

A-Score: 6.1/10

Value: 5.2

Growth: 4.0

Quality: 8.5

Yield: 5.0

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

27.10%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.01%

BNY Mellon Municipal Income, Inc. - US05589T1043

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on DMF

Have nothing to say about that one ...

1.c. Company Highlights

Expensive

Less Volatile

Average Growth

Average Quality

Stable Momentum

Lower Growth

Better Quality

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Investment and Related Activities

Expected Growth: 4.5%

7. Detailed Products

Municipal Bonds

High-Yield Municipal Bonds

Municipal Bond Funds

Exchange-Traded Funds (ETFs)

Separately Managed Accounts

Municipal Bond Indexing

8. BNY Mellon Municipal Income, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: BNY Mellon Municipal Income, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.98$

Current Price

6.98$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA