Stock Analyses

AEE

AMEREN CORP

Fairly valued

Utilities

Price$102.23

Model IV$97.92

P/IV1.10

Premium +4% Return to IV: -4.2%

AEP

AMERICAN ELECTRIC POWER CO INC

Fairly valued

Utilities

Price$120.00

Model IV$129.67

P/IV0.98

Discount 7% Return to IV: +8.1%

AES

AES CORP

Fairly valued

Utilities

Price$14.83

Model IV$16.04

P/IV0.91

Discount 8% Return to IV: +8.2%

AM

Antero Midstream Corp

Deeply overvalued

Utilities

Price$21.19

Model IV$15.82

P/IV1.33

Premium +34% Return to IV: -25.3%

AQN

ALGONQUIN POWER & UTILITIES CORP.

Deeply overvalued

Utilities

Price$5.35

Model IV$4.08

P/IV1.44

Premium +31% Return to IV: -23.7%

AQNB

ALGONQUIN POWER & UTILITIES CORP.

Valuation N/A

Utilities

Price$26.25

Model IV—

P/IV—

AROC

Archrock, Inc.

Deeply overvalued

Utilities

Price$32.77

Model IV$18.65

P/IV1.80

Premium +76% Return to IV: -43.1%

ARTNA

ARTESIAN RESOURCES CORP

Undervalued

Utilities

Price$35.85

Model IV$39.68

P/IV0.82

Discount 10% Return to IV: +10.7%

ATO

ATMOS ENERGY CORP

Deeply overvalued

Utilities

Price$160.30

Model IV$119.70

P/IV1.41

Premium +34% Return to IV: -25.3%

AVA

AVISTA CORP

Deeply undervalued

Utilities

Price$36.79

Model IV$68.09

P/IV0.61

Discount 46% Return to IV: +85.1%

AWK

American Water Works Company, Inc.

Overvalued

Utilities

Price$135.90

Model IV$112.67

P/IV1.09

Premium +21% Return to IV: -17.1%

AWR

AMERICAN STATES WATER CO

Deeply overvalued

Utilities

Price$86.45

Model IV$58.50

P/IV1.48

Premium +48% Return to IV: -32.3%

AWX

AVALON HOLDINGS CORP

Deeply overvalued

Utilities

Price$2.66

Model IV$1.38

P/IV1.84

Premium +93% Return to IV: -48.1%

AXIA

AXIA Energia S.A.

Valuation N/A

Utilities

Price$9.53

Model IV—

P/IV—

BEP

Brookfield Renewable Partners L.P.

Deeply overvalued

Utilities

Price$30.39

Model IV$17.29

P/IV2.15

Premium +76% Return to IV: -43.1%

BEPC

Brookfield Renewable Corp

Deeply overvalued

Utilities

Price$30.77

Model IV$17.23

P/IV2.32

Premium +79% Return to IV: -44.0%

BEPH

Brookfield Renewable Partners L.P.

Deeply overvalued

Utilities

Price$14.90

Model IV$10.42

P/IV1.41

Premium +43% Return to IV: -30.1%

BEPI

Brookfield Renewable Partners L.P.

Deeply overvalued

Utilities

Price$15.75

Model IV$13.57

P/IV1.38

Premium +16% Return to IV: -13.8%

BEPJ

Brookfield Renewable Partners L.P.

Overvalued

Utilities

Price$22.45

Model IV$18.18

P/IV1.38

Premium +23% Return to IV: -19.0%

BESS

Bimergen Energy Corp

Deeply overvalued

Utilities

Price$3.02

Model IV$1.65

P/IV2.31

Premium +83% Return to IV: -45.4%

BIPC

Brookfield Infrastructure Corp

Deeply overvalued

Utilities

Price$37.01

Model IV$21.73

P/IV1.91

Premium +70% Return to IV: -41.3%

BKH

BLACK HILLS CORP /SD/

Undervalued

Utilities

Price$71.30

Model IV$93.84

P/IV0.78

Discount 24% Return to IV: +31.6%

CDTG

CDT Environmental Technology Investment Holdings Ltd

Valuation N/A

Utilities

Price$1.41

Model IV—

P/IV—

CDZI

CADIZ INC

Valuation N/A

Utilities

Price$3.65

Model IV—

P/IV—

CDZIP

CADIZ INC

Valuation N/A

Utilities

Price$22.20

Model IV—

P/IV—

CEG

Constellation Energy Corp

Valuation N/A

Utilities

Price$254.71

Model IV—

P/IV—

CEPU

CENTRAL PUERTO S.A.

Deeply overvalued

Utilities

Price$14.13

Model IV$5.30

P/IV2.97

Premium +167% Return to IV: -62.5%

CETY

Clean Energy Technologies, Inc.

Deeply overvalued

Utilities

Price$1.03

Model IV$0.21

P/IV3.50

Premium +390% Return to IV: -79.6%

CIG

ENERGY CO OF MINAS GERAIS

Deeply overvalued

Utilities

Price$2.15

Model IV$0.99

P/IV2.18

Premium +118% Return to IV: -54.1%

CLH

CLEAN HARBORS INC

Deeply overvalued

Utilities

Price$322.82

Model IV$158.11

P/IV1.78

Premium +104% Return to IV: -51.0%

CLNE

Clean Energy Fuels Corp.

Deeply overvalued

Utilities

Price$1.63

Model IV$1.09

P/IV1.87

Premium +50% Return to IV: -33.2%

CMS

CMS ENERGY CORP

Overvalued

Utilities

Price$65.34

Model IV$52.40

P/IV1.38

Premium +25% Return to IV: -19.8%

CMSA

CMS ENERGY CORP

Overvalued

Utilities

Price$19.38

Model IV$15.53

P/IV1.38

Premium +25% Return to IV: -19.9%

CMSC

CMS ENERGY CORP

Deeply overvalued

Utilities

Price$20.45

Model IV$16.42

P/IV1.38

Premium +25% Return to IV: -19.7%

CMSD

CMS ENERGY CORP

Deeply overvalued

Utilities

Price$20.32

Model IV$16.56

P/IV1.38

Premium +23% Return to IV: -18.5%

CNP

CENTERPOINT ENERGY INC

Overvalued

Utilities

Price$38.22

Model IV$30.38

P/IV1.39

Premium +26% Return to IV: -20.5%

CPK

CHESAPEAKE UTILITIES CORP

Deeply overvalued

Utilities

Price$129.82

Model IV$89.70

P/IV1.37

Premium +45% Return to IV: -30.9%

CQP

Cheniere Energy Partners, L.P.

Deeply overvalued

Utilities

Price$67.74

Model IV$42.66

P/IV1.38

Premium +59% Return to IV: -37.0%

CTRI

Centuri Holdings, Inc.

Deeply overvalued

Utilities

Price$20.16

Model IV$10.29

P/IV2.99

Premium +96% Return to IV: -49.0%

CWCO

Consolidated Water Co. Ltd.

Deeply overvalued

Utilities

Price$28.16

Model IV$10.49

P/IV2.88

Premium +168% Return to IV: -62.7%

CWEN

Clearway Energy, Inc.

Deeply overvalued

Utilities

Price$31.14

Model IV$22.47

P/IV1.83

Premium +39% Return to IV: -27.8%

CWST

CASELLA WASTE SYSTEMS INC

Deeply overvalued

Utilities

Price$89.91

Model IV$53.47

P/IV1.54

Premium +68% Return to IV: -40.5%

CWT

CALIFORNIA WATER SERVICE GROUP

Fairly valued

Utilities

Price$48.22

Model IV$42.99

P/IV1.05

Premium +12% Return to IV: -10.8%

D

DOMINION ENERGY, INC

Fairly valued

Utilities

Price$63.58

Model IV$62.33

P/IV1.07

Premium +2% Return to IV: -2.0%

DTB

DTE ENERGY CO

Deeply undervalued

Utilities

Price$15.70

Model IV$91.72

P/IV0.18

Discount 83% Return to IV: +484.2%

DTE

DTE ENERGY CO

Deeply overvalued

Utilities

Price$128.52

Model IV$91.72

P/IV1.56

Premium +40% Return to IV: -28.6%

DTG

DTE ENERGY CO

Valuation N/A

Utilities

Price$15.94

Model IV—

P/IV—

DTK

DTE ENERGY CO

Deeply undervalued

Utilities

Price$22.10

Model IV$91.72

P/IV0.45

Discount 76% Return to IV: +315.0%

DTM

DT Midstream, Inc.

Overvalued

Utilities

Price$128.86

Model IV$109.71

P/IV1.28

Premium +17% Return to IV: -14.9%

DTW

DTE ENERGY CO

Deeply undervalued

Utilities

Price$19.15

Model IV$91.72

P/IV0.23

Discount 79% Return to IV: +379.0%

DUK

Duke Energy CORP

Deeply overvalued

Utilities

Price$117.53

Model IV$88.63

P/IV1.38

Premium +33% Return to IV: -24.6%

DUKB

Duke Energy CORP

Overvalued

Utilities

Price$21.34

Model IV$17.22

P/IV1.38

Premium +24% Return to IV: -19.3%

DXST

Decent Holding Inc.

Deeply overvalued

Utilities

Price$2.50

Model IV$0.50

P/IV3.10

Premium +398% Return to IV: -79.9%

EAI

ENTERGY ARKANSAS, LLC

Valuation N/A

Utilities

Price$19.49

Model IV—

P/IV—

ED

CONSOLIDATED EDISON INC

Deeply overvalued

Utilities

Price$105.43

Model IV$80.39

P/IV1.31

Premium +31% Return to IV: -23.8%

EDN

EDENOR

Deeply overvalued

Utilities

Price$24.48

Model IV$7.64

P/IV3.62

Premium +220% Return to IV: -68.8%

EE

Excelerate Energy, Inc.

Deeply overvalued

Utilities

Price$35.95

Model IV$7.46

P/IV4.42

Premium +382% Return to IV: -79.3%

EIX

EDISON INTERNATIONAL

Deeply undervalued

Utilities

Price$55.31

Model IV$109.77

P/IV0.64

Discount 50% Return to IV: +98.5%

ELC

ENTERGY LOUISIANA, LLC

Valuation N/A

Utilities

Price$19.31

Model IV—

P/IV—

ELLO

Ellomay Capital Ltd.

Deeply overvalued

Utilities

Price$20.89

Model IV$12.68

P/IV1.89

Premium +65% Return to IV: -39.3%