Nuveen California Municipal Value Fund Inc T.NCA

Primary Symbol: NCA

Nuveen California Municipal Value Fund, Inc. (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is to seek current income exempt from both regular federal income taxes and California personal income tax. Its secondary investment objective is the enhancement of portfolio value. The Fund invests in municipal securities that are exempt from federal and California state income taxes. The Fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. It also invests in inverse floating rate municipal securities. Its investment adviser is Nuveen Fund Advisors, LLC.

NYSE:NCA - Post by User

Nuveen California Municipal Value Fund Inc > GMP initiates coverage

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Post by truthtotellon Jul 06, 2015 8:25pm

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Post# 23896635

GMP initiates coverage

"Initiating coverage with a BUY rating and C$0.90/sh price target Our target price represents a 0.8x P/NAV8% multiple when using our GMP USD:CAD exchange rate of C$1.00:$0.825. NCA trades at a surprisingly low valuation compared to its unfinanced heap leach developer peer group. On an EV/Annual ounce basis, NCA sits at $146/oz vs $262/oz. Using M&I ounces in the ground, NCA is valued at $7/oz vs. $31/oz. On a P/NAV8% basis, NCAs 0.35x is shy of the 0.42x group average. As management continues to de-risk and optimize the asset, we expect these valuation gaps to close quickly."

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