Corgi NYC Based ETF (NYNY): fair value, margin of safety and Wheel Score

Is NYNY undervalued?

Corgi NYC Based ETF (NYNY) closed at 26.72 on 16 Oct 2026. The GLS average fair value - the simple average of the 1 valuation models that produced a positive number - is 31.67, so the price sits 16% below it. 1 of the 1 models value the shares above the current price. A margin of safety between 10% and 30% is where most of the Sunday Scan candidates come from.

Only 1 of the nine models produced a value (10 Cap); 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.

The nightly engine files NYNY under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.

Nine valuation models for NYNY

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 - NYNY passes 5 of the nine Piotroski tests, which falls one point short of the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 2.6 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.

Returns on capital are thin or negative - ROIC -18.4%, ROE -65.5%, ROA -16.4% - with debt at 2.57 times equity and negative free cash flow. Debt of 2.57 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.

Corgi NYC Based ETF pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Gaming 76%, Food and Beverage 13%, Room 5% (quarter Q2 FY2019).

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

Wheel Score 45: Weak

NYNY scores 45 out of 100 on the Wheel Score, in the Weak band (under 50), capped at 45 because the engine files it as Speculative / Distressed. Value 19/25, Health 11/20, Moat 4/15, Premium 15/20, Stability 6/20. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.

Implied volatility is 30% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (15 of 20 points). Chain open interest is thin - 0 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 0k shares a day on a market cap of $802K, with a beta of 0.31 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for NYNY in the nightly calendar.

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

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