Miller/Howard High Income Equity Fund
Financial ratios & Valuation

Historical Multiples (2017 – 2023)

2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
7.93-132.7915.27-2.142.2621.4090.0012.286.56
Price/Sales ratio
7.54-1.07K14.08-2.202.2318.4333.0818.365.94
Price/Book Value ratio
1.051.001.110.860.950.930.921.100.98
Price/Cash Flow ratio
9.70194.97-26.5011.71-27.9811.203.1921.91-7.39
Price/Free Cash Flow ratio
9.70194.97-26.5011.71-27.9811.203.1921.91-7.39
Price/Earnings Growth ratio
N/A1.26-0.010.00-0.00-0.23-1.17-0.11-0.00
Dividend Yield
10.48%11.56%10.73%13.37%5.73%5.71%6.38%3.90%9.55%
Profitability Indicator Ratios
Gross Profit Margin
88.45%1675.87%83.26%104.46%96.83%70.77%53.64%81.96%100.65%
Operating Profit Margin
97.89%321.98%92.23%102.62%98.41%94.66%63.12%151.99%97.43%
Pretax Profit Margin
95.01%812.45%92.23%102.62%98.41%86.12%36.75%149.5%97.43%
Net Profit Margin
95.01%812.45%92.23%102.62%98.41%86.12%36.75%149.5%97.43%
Effective Tax Rate
-0.23%12.88%-10.78%98.59%100.54%109.69%N/A125.42%43.90%
Return on Assets
9.36%-0.51%4.80%-29.01%30.10%2.92%0.91%7.98%-12.10%
Return On Equity
13.23%-0.75%7.32%-40.09%41.92%4.34%1.02%9.40%-16.38%
Return on Capital Employed
9.64%-0.20%4.80%-29.31%30.40%3.21%1.57%8.12%-12.25%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/A
Quick Ratio
-20.230.7344.761.460.04N/AN/AN/A0.75
Cash ratio
2.91N/AN/AN/A0.06N/AN/AN/A0.03
Days of Sales Outstanding
15.27-9.72K119.12-19.8040.43203.5156.4624.8949.66
Days of Inventory outstanding
277.73N/AN/AN/A1.28K2.21K1.18KN/A643.24
Operating Cycle
293.00-9.72K119.12-19.801.32K2.41K1.24K24.8949.66
Days of Payables Outstanding
6.28844.1715.90303.56373.23N/AN/AN/A338.40
Cash Conversion Cycle
286.72-10.56K103.22-323.37953.682.41K1.24K24.89-110.07
Debt Ratios
Debt Ratio
0.150.150.130.18N/A0.14N/AN/A0.09
Debt Equity Ratio
0.220.220.200.24N/A0.21N/AN/A0.12
Long-term Debt to Capitalization
0.180.180.160.19N/A0.17N/AN/A0.09
Total Debt to Capitalization
0.180.180.160.19N/A0.17N/AN/A0.09
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/A69.42N/A
Cash Flow to Debt Ratio
0.480.02-0.210.29N/A0.37N/AN/A0.14
Company Equity Multiplier
1.411.461.521.381.391.481.111.121.38
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.77-5.53-0.53-0.18-0.071.6410.350.83-0.35
Free Cash Flow / Operating Cash Flow Ratio
111111111
Cash Flow Coverage Ratio
0.480.02-0.210.29N/A0.37N/AN/A0.14
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
83.23%-1535.14%163.95%-28.72%13.02%122.36%574.35%59.86%67.61%