Stock Analyses

AUNA

AUNA S.A.

Valuation N/A

Healthcare

Price$5.17

Model IV—

P/IV—

AUPH

Aurinia Pharmaceuticals Inc.

Deeply undervalued

Healthcare

Price$16.10

Model IV$42.74

P/IV0.36

Discount 62% Return to IV: +165.5%

Market implies +4.8%/yr vs model +25.0% · below model

AUR

Aurora Innovation, Inc.

Valuation N/A

Technology

Price$6.43

Model IV—

P/IV—

Market implies +150.0%/yr vs model +2.0% · above model

AURA

Aura Biosciences, Inc.

Valuation N/A

Healthcare

Price$7.00

Model IV—

P/IV—

AURE

Aurelion Inc.

Valuation N/A

Financial Services

Price$1.44

Model IV—

P/IV—

Market implies +41.0%/yr vs model +2.0% · above model

AUROW

Aurora Innovation, Inc.

Valuation N/A

Technology

Price$0.07

Model IV—

P/IV—

Market implies +57.2%/yr vs model +2.0% · above model

AUSI

AURA SYSTEMS INC

Valuation N/A

Technology

Price$0.18

Model IV—

P/IV—

Market implies +23.4%/yr vs model +29.1% · below model

AUST

Austin Gold Corp.

Valuation N/A

Basic Materials

Price$1.15

Model IV—

P/IV—

AUTL

Autolus Therapeutics plc

Valuation N/A

Healthcare

Price$1.94

Model IV—

P/IV—

Market implies +34.2%/yr vs model +15.0% · above model

AUUD

AUDDIA INC.

Valuation N/A

Technology

Price$0.98

Model IV—

P/IV—

AVA

AVISTA CORP

Deeply undervalued

Utilities

Price$36.79

Model IV$68.09

P/IV0.61

Discount 46% Return to IV: +85.1%

AVAH

Aveanna Healthcare Holdings, Inc.

Undervalued

Healthcare

Price$14.08

Model IV$9.50

P/IV0.75

Premium +48% Return to IV: -32.5%

Market implies +12.7%/yr vs model +10.6% · in line

AVAL

Grupo Aval Acciones Y Valores S.A.

Valuation N/A

Financial Services

Price$5.35

Model IV—

P/IV—

AVAV

AeroVironment Inc

Valuation N/A

Industrials

Price$146.71

Model IV—

P/IV—

Market implies +24.2%/yr vs model +20.1% · above model

AVB

AVALONBAY COMMUNITIES INC

Deeply undervalued

Financial Services

Price$68.14

Model IV$98.64

P/IV1.85

Discount 31% Return to IV: +44.8%

AVBC

Avidia Bancorp, Inc.

Deeply overvalued

Financial Services

Price$21.77

Model IV$12.86

P/IV1.48

Premium +69% Return to IV: -40.9%

AVBH

Avidbank Holdings, Inc.

Deeply overvalued

Financial Services

Price$31.82

Model IV$19.75

P/IV1.56

Premium +61% Return to IV: -37.9%

AVBP

ArriVent BioPharma, Inc.

Valuation N/A

Healthcare

Price$28.57

Model IV—

P/IV—

AVD

AMERICAN VANGUARD CORP

Deeply overvalued

Basic Materials

Price$2.26

Model IV$1.13

P/IV2.28

Premium +100% Return to IV: -50.0%

Market implies +10.2%/yr vs model +3.0% · above model

AVEX

AEVEX Corp.

Valuation N/A

Industrials

Price$16.08

Model IV—

P/IV—

AVGO

Broadcom Inc.

Valuation N/A

Technology

Price$357.61

Model IV—

P/IV—

Market implies +32.6%/yr vs model +23.5% · above model

AVIR

Atea Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$5.31

Model IV—

P/IV—

Market implies -2.4%/yr vs model +15.0% · below model

AVK

ADVENT CONVERTIBLE & INCOME FUND

Valuation N/A

Unknown

Price$12.23

Model IV—

P/IV—

AVLN

Avalyn Pharma Inc.

Valuation N/A

Healthcare

Price$33.57

Model IV—

P/IV—

AVNS

AVANOS MEDICAL, INC.

Deeply overvalued

Healthcare

Price$24.99

Model IV$9.19

P/IV2.70

Premium +172% Return to IV: -63.2%

Owner yield 4.1% 10-yr IRR 6.3% · moderate

Market implies +19.1%/yr vs model +7.4% · above model

AVNT

AVIENT CORP

Deeply overvalued

Basic Materials

Price$41.41

Model IV$19.94

P/IV1.78

Premium +108% Return to IV: -51.8%

Owner yield 3.6% 10-yr IRR 1.6% · steady

Market implies +12.9%/yr vs model +3.0% · above model

AVNW

AVIAT NETWORKS, INC.

Deeply undervalued

Technology

Price$19.78

Model IV$57.83

P/IV0.31

Discount 66% Return to IV: +192.4%

Market implies -19.3%/yr vs model +12.1% · below model

AVO

Mission Produce, Inc.

Deeply overvalued

Basic Materials

Price$13.01

Model IV$6.71

P/IV1.66

Premium +94% Return to IV: -48.5%

Market implies +13.8%/yr vs model +8.0% · above model

AVPT

AvePoint, Inc.

Deeply overvalued

Technology

Price$12.66

Model IV$5.58

P/IV1.96

Premium +127% Return to IV: -55.9%

Market implies +25.8%/yr vs model +18.7% · above model

AVR

Anteris Technologies Global Corp.

Valuation N/A

Healthcare

Price$8.35

Model IV—

P/IV—

Market implies +117.9%/yr vs model +2.0% · above model

AVT

AVNET INC

Fairly valued

Industrials

Price$99.63

Model IV$94.90

P/IV0.92

Premium +5% Return to IV: -4.7%

Owner yield 0.5% 10-yr IRR -16.0% · moderate

Market implies +6.8%/yr vs model +7.4% · in line

AVTR

Avantor, Inc.

Deeply overvalued

Healthcare

Price$14.81

Model IV$7.83

P/IV1.16

Premium +89% Return to IV: -47.1%

Owner yield 6.3% 10-yr IRR 9.0% · steady

Market implies +11.6%/yr vs model +3.0% · above model

AVTX

Avalo Therapeutics, Inc.

Valuation N/A

Healthcare

Price$16.12

Model IV—

P/IV—

Market implies +142.3%/yr vs model +2.0% · above model

AVX

AVAX ONE TECHNOLOGY LTD.

Valuation N/A

Financial Services

Price$3.93

Model IV—

P/IV—

Market implies +150.0%/yr vs model +27.8% · above model

AVXL

ANAVEX LIFE SCIENCES CORP.

Valuation N/A

Healthcare

Price$2.44

Model IV—

P/IV—

AVY

Avery Dennison Corp

Valuation N/A

Basic Materials

Price$167.71

Model IV—

P/IV—

Owner yield 5.1% 10-yr IRR 6.0% · steady

Market implies +5.0%/yr vs model +3.0% · in line

AWF

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC

Valuation N/A

Unknown

Price$9.96

Model IV—

P/IV—

AWI

ARMSTRONG WORLD INDUSTRIES INC

Fairly valued

Consumer Cyclical

Price$163.87

Model IV$145.87

P/IV1.08

Premium +12% Return to IV: -11.0%

Owner yield 2.7% 10-yr IRR 4.3% · moderate

Market implies +11.1%/yr vs model +11.7% · in line

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%

AWP

abrdn Global Premier Properties Fund

Valuation N/A

Unknown

Price$11.15

Model IV—

P/IV—

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%

AWRE

AWARE INC /MA/

Deeply overvalued

Technology

Price$1.24

Model IV$0.63

P/IV2.41

Premium +97% Return to IV: -49.2%

Market implies +3.9%/yr vs model +2.0% · in line

AWX

AVALON HOLDINGS CORP

Deeply overvalued

Utilities

Price$2.66

Model IV$1.38

P/IV1.84

Premium +93% Return to IV: -48.1%

AX

Axos Financial, Inc.

Overvalued

Financial Services

Price$93.75

Model IV$73.46

P/IV1.18

Premium +28% Return to IV: -21.6%

AXG

Solowin Holdings, Ltd.

Valuation N/A

Financial Services

Price$2.13

Model IV—

P/IV—

Market implies +48.8%/yr vs model +2.0% · above model

AXGN

Axogen, Inc.

Deeply overvalued

Healthcare

Price$42.16

Model IV$11.62

P/IV3.40

Premium +263% Return to IV: -72.4%

Market implies +13.2%/yr vs model +15.3% · in line

AXIA

AXIA Energia S.A.

Valuation N/A

Utilities

Price$9.53

Model IV—

P/IV—

AXIL

Axil Brands, Inc.

Deeply overvalued

Consumer Defensive

Price$6.17

Model IV$1.52

P/IV4.41

Premium +305% Return to IV: -75.3%

Market implies +18.1%/yr vs model +5.0% · above model

AXIN

Axiom Intelligence Acquisition Corp 1

Valuation N/A

Financial Services

Price$10.34

Model IV—

P/IV—

AXINR

Axiom Intelligence Acquisition Corp 1

Valuation N/A

Financial Services

Price$0.34

Model IV—

P/IV—

AXINU

Axiom Intelligence Acquisition Corp 1

Valuation N/A

Financial Services

Price$10.73

Model IV—

P/IV—

AXON

AXON ENTERPRISE, INC.

Valuation N/A

Industrials

Price$447.76

Model IV—

P/IV—

Market implies +26.2%/yr vs model +34.0% · below model

AXP

AMERICAN EXPRESS CO

Deeply undervalued

Financial Services

Price$311.56

Model IV$512.26

P/IV0.62

Discount 39% Return to IV: +64.4%

Owner yield 6.9% 10-yr IRR 18.3% · grower

Market implies +3.3%/yr vs model +12.9% · below model

AXR

AMREP CORP.

Fairly valued

Real Estate

Price$22.94

Model IV$21.81

P/IV1.15

Premium +5% Return to IV: -4.9%

Owner yield 7.1% 10-yr IRR 12.3% · steady

Market implies +2.8%/yr vs model +5.1% · in line

AXS

AXIS CAPITAL HOLDINGS LTD

Fairly valued

Financial Services

Price$98.24

Model IV$107.07

P/IV0.89

Discount 8% Return to IV: +9.0%

AXSM

Axsome Therapeutics, Inc.

Valuation N/A

Healthcare

Price$220.75

Model IV—

P/IV—

Market implies +18.8%/yr vs model +15.0% · above model

AXTA

Axalta Coating Systems Ltd.

Overvalued

Basic Materials

Price$33.29

Model IV$26.35

P/IV1.17

Premium +26% Return to IV: -20.8%

Owner yield 6.1% 10-yr IRR 9.4% · steady

Market implies +6.8%/yr vs model +4.1% · in line

AXTI

AXT INC

Valuation N/A

Technology

Price$64.77

Model IV—

P/IV—

Market implies +87.2%/yr vs model +2.0% · above model

AYA

Aya Gold & Silver Inc.

Valuation N/A

Basic Materials

Price$27.97

Model IV—

P/IV—

AYI

ACUITY INC. (DE)

Fairly valued

Technology

Price$318.96

Model IV$280.34

P/IV1.09

Premium +14% Return to IV: -12.1%

Owner yield 5.3% 10-yr IRR 12.9% · moderate

Market implies +11.2%/yr vs model +11.2% · in line