Invests in a portfolio of long-term investment-grade municipal obligations. Focuses on bonds that are exempt from Federal and California income taxes. Now — the numbers.
This is an established company with proven profits.
Average growth of 67% a year over the last 3 years. Every year shown ended in profit.
The market pays 12× for every dollar of annual profit — cheap, which is either an opportunity or a warning.
No analyst target is on record for this company.
The stock trades 23% below its peak. The market has trimmed its expectations for the company.
The net profit margin is 95% — still a thick cushion, though costs have been eating into it lately.
Over the last 3 years, sales grew about 67% a year on average.
It pays out $0.67 per share each year — regular cash for whoever holds the stock.
Since the drop from its peak, buyer appetite hasn’t come back.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.