abrdn National Municipal Income Fund (VFL) Fair Value & Analysis

Financial Services · US · Market cap $127M

A solid business, but screening 33% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case ($10.16). The favourable scenario is already priced in.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range ($4.40 to $10.16) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 27, 2026.

How to read this chart

60‑month range $6.85 – $11.31 · fair‑value band $4.40 – $10.16 · the $11.31 price screens above the $7.63 fair value. Dashed = 300-day average. As of Jul 27, 2026.

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Analysis

abrdn National Municipal Income Fund (VFL) currently trades at $11.31, while our model-based Fair Value estimate is $7.63, implying the stock looks roughly 32.5% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, abrdn National Municipal Income Fund generated revenue of $12.5M at a net margin of 23.4%. Revenue grew 0.5% year over year. It earns a return on equity of 2.1%. The stock trades on a trailing P/E of 43.0. Fundamentals as of Jul 27, 2026

Our scenario range runs from $4.40 (bear case) to $10.16 (bull case); at $11.31, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -33%, VFL screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples ($9.61) versus Asset-Based ($7.58). Highest evidence: P/B Multiple (55).

Key figures & financial health

Quality Score breakdown

About the company

abrdn National Municipal Income Fund is a closed-ended fixed income mutual fund launched and managed by abrdn Inc. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal obligations, the income from which is exempt from federal income taxes.

Full company description

abrdn National Municipal Income Fund is a closed-ended fixed income mutual fund launched and managed by abrdn Inc. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal obligations, the income from which is exempt from federal income taxes. Its investments include airport revenue bonds, escrowed to maturity bonds, hospital revenue bonds, pre-refunded bonds, public power revenue bonds, school district general obligation bonds, and short term investments. The fund benchmarks the performance of its portfolio against the Barclays Municipal Bond Index and Lipper CE General & Insured Municipal Debt Funds (Leveraged) Average. abrdn National Municipal Income Fund was formed on February 26, 1993 and is domiciled in the United States.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

abrdn National Municipal Income Fund reported revenue of −$687K in FY2025 versus −$13.4M in FY2021. Reported net income was −$5.1M in FY2025.

VFL screens 33% overvalued. Compare with Fondul Proprietatea SA →

Peer Group

Asset Management · 971 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Asset Management median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.