International Paper Company PFD $4 (INPAP): fair value, margin of safety and Wheel Score

Is INPAP undervalued?

INPAP closed at 72.00 on 5 Nov 2026, more than 30% above the GLS average fair value of 26.37. Only 0 of the 2 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the "below fair value" Wheel Trade Filter keeps names like this under 70.

Only 2 of the nine models produced a value (DCF, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.

INPAP 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 INPAP

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

Financial health is average - INPAP passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. There is no GLS Moat score for INPAP: 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 thin or negative - ROIC -13.7%, ROE -23.7%, ROA -9.3% - with debt at 0.73 times equity and a free-cash-flow yield of 0.4%.

The dividend yield is high at 5.19% (payout ratio -28%). 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. Revenue comes mainly from Packaging Solutions North America 63%, Packaging Solutions EMEA 26%, Global Cellulose Fibers 11% (quarter Q1 FY2025).

Institutional ownership scores 5/10, insider activity 6/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 15: No options

INPAP has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (15 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 0k shares a day on a market cap of $24.0B, with a beta of 0.58 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.

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 INPAP in the nightly calendar. The shares go ex-dividend on 16 Nov 2026 (1.00 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.

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