MFS High Income Municipal Trust Common Stock (CXE)

FairStock Score: 46/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Graham-style investor, I start by asking what I own. MFS High Income Municipal Trust is not an operating company; it is a closed-end fund holding municipal bonds, managed by MFS and benchmarked to the Barclays Municipal Bond Index. That means its economics depend on bond income, credit quality, and leverage — not on revenue growth, which is not supplied. On the 2026-06-08 close of $4.10, FairStock calculates a market cap of $117.6 million, a P/B of 0.99, and a P/E of 410. A near-book price is not outrageous for a fund, but a 410 multiple tells me earnings power is almost nil relative to price. FairStock's ROE is 0.06% and ROCE is 2.56%; the debt-to-equity ratio is 0.53, so leverage is meaningful. The 5.92% dividend yield is the main attraction, and a beta of 0.76 suggests the price has moved less than the broad market. Still, Graham's number is $0.97, leaving a margin of safety of -322.68%; the Piotroski score is 1/9, and Altman Z is 0.69. These are weak signals, even acknowledging that fund accounting differs. The shares sit at the top of the 52-week range of $3.61–$4.10, and the FairStock score is 46/100. With no filed results history and no Lynch category, I cannot judge growth. I see a high-yield municipal fund with a possible near-book value, but no margin of safety and no durable moat from the data.

In plain English: MFS High Income Municipal Trust is a closed-end fund that owns municipal bonds and pays a high dividend. The numbers show very low profits relative to its price, weak financial health scores, and a share price near the top of its 52-week range. Based on the data given, the price looks expensive compared with earnings and only roughly fair compared with book value.

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Data as of 2026-06-08 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer