Investcorp Credit Management BDC, Inc. (ICMB): fair value, margin of safety and Wheel Score

Is ICMB undervalued?

Investcorp Credit Management BDC, Inc. (ICMB) closed at 0.6592 on 5 Nov 2026. The GLS average fair value - the simple average of the 2 valuation models that produced a positive number - is 9.41, which puts the price 93% below it. 2 of the 2 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.

The average is built from just 2 models (10 Cap, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.

The nightly engine files ICMB under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan. It also carries the Income tag (Income = a dividend yield of 4% or more).

Nine valuation models for ICMB

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

Investcorp Credit Management BDC, Inc. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 1.9/10 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 -4.8%, ROE -14.4%, ROA -4.7% - with debt at 2.01 times equity and a free-cash-flow yield of 122.5%. Debt of 2.01 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.

The dividend yield is high at 21.24% (payout ratio -103%). 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 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 25: Weak

With a Wheel Score of 25 Investcorp Credit Management BDC, Inc. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (99 open interest, 65 a day); and filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 6, no serious red flags - Red Flags score 45 (under 60); and filter 7, a premium worth selling - implied volatility 258% (over 80%); and filter 8, big enough - market cap $10M (under $1.0B); and filter 9, not a penny stock - price 0.66 (under $5); Premium (weak) is its weakest part.

Implied volatility is 258%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is thin - 99 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.

Volume runs at 45k shares a day on a market cap of $10M, with a beta of 0.72 - 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

Investcorp Credit Management BDC, Inc. reports earnings on 11 Nov 2026 - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.

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

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