Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings.

NCZ — Fair Value Analysis

Virtus Convertible & Income Fund II

Current: $14.32Price below range

Fair Value Range

Bear Case (25th pct.)

$40.10

180.0% vs price

Base Case (Median)

$41.59

190.4% vs price

Bull Case (75th pct.)

$45.40

217.0% vs price

$40.10$41.59$45.40

◇ = Current price | | Bear | Base | Bull

Method Breakdown

Method	Est. Value	vs Price	Weight
DCF (Discounted Cash Flow)	$49.21	243.6%	High (40%)
PE Comparable	$38.61	169.6%	Medium (25%)
Graham Number	$41.59	190.4%	High (80%)

Interpretation

Based on 3 out of 8 methods, NCZ appears undervalued at the current price of $14.32. The base case fair value of $41.59 implies 190.4% upside.

Bear/base/bull cases represent the 25th, 50th, and 75th percentile of available method estimates. This is not financial advice. Valuation is inherently uncertain.