Stock fact sheet · data as of
Western Asset Managed Municipals Fund (SHMMX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Speculative / Distressed
Is SHMMX undervalued?
At 13.94 (close of 16 Oct 2026), SHMMX trades 19% over the GLS average fair value of 11.70. 1 of the 2 models land above the price and 1 below. A negative margin of safety costs Value points in the Wheel Score (5 of 25 here) - the models see no discount, which does not make the business a poor one, only the price a full one.
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 SHMMX 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 SHMMX
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 | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 15.71 | +13% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 7.69 | -45% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -1.88 | -113% | 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
Western Asset Managed Municipals Fund scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 4.3/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -0.5%, ROE -0.5%, ROA -0.3% - with debt at 0.02 times equity and a free-cash-flow yield of 1.6%.
The dividend yield is 3.75% at a payout ratio of -1295%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | -0.5% |
|---|---|---|---|
| GLS Moat | 4.3 / 10 | ROE | -0.5% |
| Debt / equity | 0.02 | ROA | -0.3% |
| Free-cash-flow yield | 1.6% | Payout ratio | -1295% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 36: No options
No options are listed on Western Asset Managed Municipals Fund in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 36) and the stock is left out of every options screen; 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 $2.3B, with a beta of 1.00; the Stability part of the Wheel Score gives that 9 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 5 / 25 | -19% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 6 / 15 | moat 4.3/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 9 / 20 | 0k shares/day, $2.3B cap, beta 1.00 |
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 SHMMX in the nightly calendar.
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 Western Asset Managed Municipals Fund 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.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| SMMCX Western Asset Managed Municipals Fund Class C | 13.95 | 11.10 | -26% | 31No options | $2.3B |
| SMMOX Western Asset Managed Municipals Fund | 13.92 | 11.82 | -18% | 34No options | $2.2B |
| CIPMX Champlain Mid Cap Fund Advisor Class | 21.43 | 23,427.40 | +100% | 39No options | $2.3B |
| ARTOX American Century One Choice in Retirement Portfolio Investor Class | 12.94 | 3.77 | -244% | 19No options | $2.2B |
| GEMAX Goldman Sachs Emerging Markets Fund Class A | 33.13 | 992.32 | +97% | 39No options | $2.3B |
| APAM Artisan Partners Asset Management Inc. | 32.76 | 49.27 | +34% | 79Good | $2.3B |
| CEMDX Cullen Emerging Markets High Dividend Fd Retail Cl | 18.55 | 472.53 | +96% | 39No options | $2.3B |
| NVG Nuveen AMT-Free Municipal Credit Income Fund | 10.83 | 18.12 | +40% | 39No options | $2.3B |
| DBC Invesco DB Commodity Index Tracking Fund | 33.30 | 33.25 | -0% | 58Fair | $2.3B |
| KYN Kayne Anderson Energy Infrastructure Fund Inc. | 13.94 | 30.91 | +55% | 70Good | $2.4B |
| FBTAX Fidelity Advisor Biotechnology Fund Class A | 45.43 | 27.33 | -66% | 39No options | $2.4B |
| OXLCM Oxford Lane Capital Corp. | 24.98 | 69.99 | +64% | 39No options | $2.4B |
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Start free See the Sunday ScanQuestions about SHMMX
Is SHMMX undervalued right now?
No: at 13.94 the stock trades 19% above the GLS average fair value of 11.70 (data as of 16 Oct 2026). The margin of safety is negative.
What is the Wheel Score of SHMMX and what does it mean?
SHMMX has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for SHMMX?
11.70 per share as of 16 Oct 2026 - the simple average of the 2 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 Western Asset Managed Municipals Fund report earnings next?
No upcoming earnings date is recorded for SHMMX in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does SHMMX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on SHMMX, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.