Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ): fair value, margin of safety and Wheel Score

Is CPZ undervalued?

At 12.80 (close of 5 Nov 2026), CPZ trades 53% over the GLS average fair value of 8.35, with 2 of 7 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.

There is a wide gap between EPV (0.8068) and DDM (24.72). 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.

Ranked against every other company we cover, neither cheapness nor growth clearly wins for CPZ, so the nightly engine files it under Blend (value score 53, growth score 53, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).

Nine valuation models for CPZ

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.

Quality and financial health

Calamos Long/Short Equity & Dynamic Income Term Trust scores only 4 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. A GLS Moat score of 4.6/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.

Returns on capital are thin or negative - ROIC 4.3%, ROE 5.9%, ROA 2.9% - with debt at 0.37 times equity and negative free cash flow.

The dividend yield is high at 13.13% (payout ratio 2314%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.

Institutional ownership scores 4/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 16: No options

No options are listed on Calamos Long/Short Equity & Dynamic Income Term Trust in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 16, 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 52k shares a day on a market cap of $251M, with a beta of 0.66 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.

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 CPZ in the nightly calendar. The shares go ex-dividend on 13 Nov 2026 (0.1400 per share), so a covered call sold before then carries a small early-assignment risk around that date.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Asset Management

The 12 companies below are the closest to Calamos Long/Short Equity & Dynamic Income Term Trust by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

⚖ Compare CPZ with 7 of them   All Financial Services stocks →