Stock fact sheet · data as of
Calamos Hedged Equity Income Fund Class A (CAHEX): fair value, margin of safety and Wheel Score
Ticker symbol CAHEX · Financial Services · Asset Management - Income · United States · Fund / Note
Is CAHEX undervalued?
Calamos Hedged Equity Income Fund Class A (CAHEX) closed at 20.71 on 5 Nov 2026. The GLS average fair value - the simple average of the 7 valuation models that produced a positive number - is 33.59, which puts the price 38% below it. 4 of the 7 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
There is a wide gap between DDM (0.3721) and Graham Growth (118.65). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
CAHEX looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for CAHEX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 0.7132 | -97% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 31.38 | +52% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 118.65 | +473% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 48.92 | +136% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 4.34 | -79% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 0.3721 | -98% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 30.73 | +48% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -0.0491 | -100% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Calamos Hedged Equity Income Fund Class A scores only 2 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. There is no GLS Moat score for CAHEX: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are high - ROIC 17.5%, ROE 17.5%, ROA 17.3% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is 0.12% with a payout ratio of 0% - a small yield that leaves most of the earnings in the business.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 2 / 9 | ROIC | 17.5% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 17.5% |
| Debt / equity | 0.00 | ROA | 17.3% |
| Free-cash-flow yield | 0.0% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 23: No options
No options are listed on Calamos Hedged Equity Income Fund Class A in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 23, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at - a day on a market cap of $908M, with a beta of 0.54 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 2/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $908M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 38% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Weak | Piotroski 2/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.54, $908M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CAHEX in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Income
The 12 companies below are the closest to Calamos Hedged Equity Income Fund Class A by market cap within the Asset Management - Income industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CHY Calamos Convertible and High Income Fund | 10.97 | 48.90 | +78% | 27No options | $881M |
| PINCX Putnam Income Fund Class A | 4.95 | 3.24 | -53% | 14No options | $868M |
| PTA Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund | 17.34 | 52.79 | +67% | 26No options | $958M |
| FPF First Trust Intermediate Duration Preferred & Income Fund | 15.87 | 41.39 | +62% | 26No options | $966M |
| NXP Nuveen Select Tax-Free Income Portfolio | 13.44 | 13.67 | +2% | 11No options | $847M |
| NRK Nuveen New York AMT-Free Quality Municipal Income Fund | 9.64 | 7.80 | -24% | 13No options | $841M |
| AWF AllianceBernstein Global High Income Fund | 9.74 | 24.47 | +60% | 24No options | $840M |
| PCN PIMCO Corporate & Income Strategy Fund | 11.12 | 9.02 | -23% | 14No options | $831M |
| EVV Eaton Vance Limited Duration Income Fund | 8.68 | 20.11 | +57% | 26No options | $1.0B |
| CII BlackRock Enhanced Capital and Income Fund, Inc. | 23.65 | 142.15 | +83% | 24No options | $1.0B |
| EOI Eaton Vance Enhanced Equity Income Fund | 19.45 | 61.43 | +68% | 25No options | $797M |
| GGN GAMCO Global Gold, Natural Resources & Income Trust | 5.10 | 34.23 | +85% | 31No options | $797M |
⚖ Compare CAHEX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CAHEX
Is CAHEX undervalued right now?
By the GLS models, yes: at 20.71 the stock is 38% below the average fair value of 33.59 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CAHEX and what does it mean?
CAHEX has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for CAHEX?
33.59 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Calamos Hedged Equity Income Fund Class A report earnings next?
No upcoming earnings date is recorded for CAHEX in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CAHEX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CAHEX, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.