Company Valuation: Putnam Master Intermediate Income Trust

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 212.9 210.8 168.3 147.7 163.9 165.8
Change - -0.97% -20.15% -12.28% 10.97% 1.15%
Enterprise Value (EV) 1 212.9 210.8 168.3 147.4 163.8 164.6
Change - -1% -20.16% -12.39% 11.09% 0.49%
P/E -23x 66x -10.8x 55.2x 7.52x 15.3x
PBR 0.96x 1x 0.92x 0.91x 0.97x 0.99x
PEG - -0x 0x -0x 0x -0.3x
Capitalization / Revenue 18.3x 17.6x 14.7x 15.5x 14.4x 15.7x
EV / Revenue 18.3x 17.6x 14.7x 15.4x 14.4x 15.5x
EV / EBITDA - - - - - -
EV / EBIT 22.9x 21.7x 17.9x 19.2x 16.9x 18.5x
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.36 0.28 0.264 0.264 0.264 0.264
Rate of return 8.76% 6.88% 8.12% 8.74% 7.79% 7.67%
EPS 2 -0.179 0.0617 -0.302 0.0548 0.4507 0.2247
Distribution rate -201% 454% -87.4% 482% 58.6% 117%
Net sales 1 11.65 11.96 11.42 9.547 11.37 10.59
EBITDA - - - - - -
EBIT 1 9.288 9.697 9.394 7.674 9.683 8.902
Net income 1 -9.168 3.156 -15.17 2.659 21.72 10.83
Net Debt 1 -0.004189 -0.0517 -0.0713 -0.2511 -0.1028 -1.184
Reference price 2 4.110 4.070 3.250 3.020 3.390 3.440
Nbr of stocks (in thousands) 51,796 51,795 51,795 48,896 48,338 48,184
Announcement Date 11/23/20 A 11/24/21 A 11/28/22 A 11/27/23 A 11/22/24 A 12/1/25 A
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 153M
20.72x7.15x13.71x4.18% 97.24B
26.87x8.59x13.37x0.81% 87.1B
21.61x6.23x14.43x4.19% 29.17B
11.52x4.49x8.88x5.59% 19.45B
17.08x1.87x7.15x3.99% 17.17B
12.59x4.17x11.81x3.12% 16.13B
11.56x9.05x - 10.65% 12.95B
36.62x20.51x29.6x2.17% 12.35B
Average 19.82x 7.76x 14.14x 4.34% 32.41B
Weighted average by Cap. 21.63x 7.48x 13.53x 3.4%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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