Stock Analyses

VCEL

Vericel Corp

Deeply overvalued

Healthcare

Price$39.60

Model IV$10.16

P/IV3.28

Premium +290% Return to IV: -74.3%

Market implies +17.2%/yr vs model +15.9% · in line

VCIG

VCI Global Ltd

Undervalued

Industrials

Price$1.72

Model IV$2.27

P/IV0.14

Discount 24% Return to IV: +32.1%

Market implies -2.3%/yr vs model +50.0% · below model

VCTR

Victory Capital Holdings, Inc.

Undervalued

Financial Services

Price$110.30

Model IV$111.98

P/IV0.76

Discount 2% Return to IV: +1.5%

Owner yield 4.8% 10-yr IRR 12.1% · grower

Market implies +9.4%/yr vs model +12.2% · in line

VCV

Invesco California Value Municipal Income Trust

Valuation N/A

Unknown

Price$9.93

Model IV—

P/IV—

VCX

Fundrise Innovation Fund, LLC

Valuation N/A

Unknown

Price$33.50

Model IV—

P/IV—

VCYT

VERACYTE, INC.

Deeply overvalued

Healthcare

Price$40.87

Model IV$26.84

P/IV1.73

Premium +52% Return to IV: -34.3%

Owner yield 2.3% 10-yr IRR 4.4% · grower

Market implies +21.2%/yr vs model +19.7% · in line

VECA

Vernal Capital Acquisition Corp.

Valuation N/A

Financial Services

Price$10.02

Model IV—

P/IV—

VECO

VEECO INSTRUMENTS INC

Valuation N/A

Industrials

Price$44.83

Model IV—

P/IV—

Market implies +31.7%/yr vs model +3.3% · above model

VEEA

VEEA INC.

Valuation N/A

Technology

Price$1.56

Model IV—

P/IV—

Market implies +90.9%/yr vs model +15.0% · above model

VEEE

Twin Vee PowerCats, Co.

Deeply overvalued

Consumer Cyclical

Price$9.36

Model IV$3.18

P/IV2.26

Premium +194% Return to IV: -66.0%

Market implies +4.8%/yr vs model +2.0% · in line

VEEV

VEEVA SYSTEMS INC

Deeply overvalued

Technology

Price$260.21

Model IV$181.15

P/IV0.96

Premium +44% Return to IV: -30.4%

Market implies +16.0%/yr vs model +13.8% · in line

VEL

Velocity Financial, Inc.

Deeply undervalued

Financial Services

Price$17.97

Model IV$28.17

P/IV0.63

Discount 36% Return to IV: +56.8%

Owner yield 4.2% 10-yr IRR 12.3% · grower

Market implies +11.7%/yr vs model +25.0% · below model

VELO

Velo3D, Inc.

Valuation N/A

Industrials

Price$10.53

Model IV—

P/IV—

Market implies +115.7%/yr vs model +13.8% · above model

VENU

Venu Holding Corp

Valuation N/A

Communication Services

Price$1.74

Model IV—

P/IV—

Market implies +14.8%/yr vs model +19.2% · below model

VEON

VEON Ltd.

Deeply undervalued

Communication Services

Price$68.82

Model IV$116.10

P/IV0.59

Discount 41% Return to IV: +68.7%

Owner yield 11.4% 10-yr IRR 18.4% · steady

Market implies -4.4%/yr vs model +3.3% · below model

VERA

Vera Therapeutics, Inc.

Valuation N/A

Healthcare

Price$35.05

Model IV—

P/IV—

VERI

Veritone, Inc.

Valuation N/A

Technology

Price$1.15

Model IV—

P/IV—

Market implies +24.0%/yr vs model +2.0% · above model

VERU

VERU INC.

Valuation N/A

Healthcare

Price$2.44

Model IV—

P/IV—

Market implies +10.6%/yr vs model +15.0% · below model

VERX

Vertex, Inc.

Valuation N/A

Technology

Price$12.26

Model IV—

P/IV—

VET

VERMILION ENERGY INC.

Valuation N/A

Energy

Price$13.23

Model IV—

P/IV—

VFC

V F CORP

Deeply overvalued

Consumer Cyclical

Price$13.17

Model IV$10.13

P/IV1.70

Premium +30% Return to IV: -23.1%

Market implies +2.0%/yr vs model -1.2% · above model

VFF

Village Farms International, Inc.

Valuation N/A

Basic Materials

Price$2.88

Model IV—

P/IV—

Owner yield 4.9% 10-yr IRR 3.3% · steady

Market implies +37.8%/yr vs model +0.0% · above model

VFL

VFL

Valuation N/A

Price$11.31

Model IV—

P/IV—

VFS

VinFast Auto Ltd.

Valuation N/A

Consumer Cyclical

Price$3.21

Model IV—

P/IV—

Market implies +44.9%/yr vs model +8.0% · above model

VG

Venture Global, Inc.

Deeply overvalued

Utilities

Price$15.80

Model IV$6.13

P/IV1.97

Premium +158% Return to IV: -61.2%

VGAS

Verde Clean Fuels, Inc.

Valuation N/A

Basic Materials

Price$1.41

Model IV—

P/IV—

Market implies +44.5%/yr vs model +5.0% · above model

VGI

Virtus Global Multi-Sector Income Fund

Valuation N/A

Unknown

Price$7.18

Model IV—

P/IV—

VGM

Invesco Trust for Investment Grade Municipals

Valuation N/A

Unknown

Price$9.85

Model IV—

P/IV—

VGNT

Versigent PLC

Valuation N/A

Consumer Cyclical

Price$45.19

Model IV—

P/IV—

VGZ

VISTA GOLD CORP

Valuation N/A

Basic Materials

Price$2.17

Model IV—

P/IV—

Market implies +49.6%/yr vs model +5.0% · above model

VHC

VirnetX Holding Corp

Deeply overvalued

Financial Services

Price$11.50

Model IV$3.88

P/IV4.50

Premium +197% Return to IV: -66.3%

VHCP

Vine Hill Capital Investment Corp. II

Valuation N/A

Financial Services

Price$10.07

Model IV—

P/IV—

VHI

VALHI INC /DE/

Deeply overvalued

Basic Materials

Price$18.26

Model IV$4.17

P/IV3.41

Premium +338% Return to IV: -77.2%

Market implies +17.8%/yr vs model +0.0% · above model

VHUB

VenHub Global, Inc.

Valuation N/A

Industrials

Price$0.85

Model IV—

P/IV—

Market implies +69.1%/yr vs model +15.0% · above model

VIA

Via Transportation, Inc.

Deeply undervalued

Technology

Price$25.76

Model IV$53.63

P/IV0.28

Discount 52% Return to IV: +108.2%

Market implies -12.1%/yr vs model +32.1% · below model

VIASP

Via Renewables, Inc.

Deeply undervalued

Utilities

Price$25.62

Model IV$39.29

P/IV0.65

Discount 35% Return to IV: +53.3%

VIAV

VIAVI SOLUTIONS INC.

Valuation N/A

Technology

Price$38.75

Model IV—

P/IV—

Market implies +32.1%/yr vs model +2.0% · above model

VICI

VICI PROPERTIES INC.

Deeply undervalued

Financial Services

Price$23.72

Model IV$46.56

P/IV0.61

Discount 49% Return to IV: +96.3%

VICR

VICOR CORP

Valuation N/A

Technology

Price$197.91

Model IV—

P/IV—

Owner yield 0.7% 10-yr IRR -14.0% · steady

Market implies +40.4%/yr vs model +5.8% · above model

VIDA

VIDA Global Inc.

Valuation N/A

Technology

Price$2.13

Model IV—

P/IV—

VIK

Viking Holdings Ltd

Valuation N/A

Industrials

Price$86.42

Model IV—

P/IV—

VINP

Vinci Compass Investments Ltd.

Valuation N/A

Financial Services

Price$9.44

Model IV—

P/IV—

VIOT

Viomi Technology Co., Ltd

Deeply overvalued

Technology

Price$1.40

Model IV$0.33

P/IV2.91

Premium +322% Return to IV: -76.3%

Owner yield 9.1% 10-yr IRR 7.6% · steady

Market implies +9.2%/yr vs model -9.0% · above model

VIPS

Vipshop Holdings Ltd

Deeply undervalued

Consumer Cyclical

Price$12.47

Model IV$68.36

P/IV0.21

Discount 82% Return to IV: +448.2%

Market implies -25.1%/yr vs model +3.1% · below model

VIR

Vir Biotechnology, Inc.

Valuation N/A

Healthcare

Price$10.62

Model IV—

P/IV—

Market implies +82.0%/yr vs model +2.0% · above model

VIRC

VIRCO MFG CORPORATION

Deeply undervalued

Consumer Cyclical

Price$6.10

Model IV$8.98

P/IV0.67

Discount 32% Return to IV: +47.1%

Market implies -10.4%/yr vs model +2.0% · below model

VIRT

Virtu Financial, Inc.

Deeply undervalued

Financial Services

Price$59.93

Model IV$115.39

P/IV0.43

Discount 48% Return to IV: +92.5%

Market implies -2.6%/yr vs model +7.0% · below model

VISN

Vistance Networks, Inc.

Deeply overvalued

Technology

Price$6.48

Model IV$3.58

P/IV3.48

Premium +81% Return to IV: -44.8%

Owner yield 16.5% 10-yr IRR 17.5% · steady

Market implies +1.2%/yr vs model -10.0% · above model

VIST

Vista Energy, S.A.B. de C.V.

Deeply undervalued

Energy

Price$76.27

Model IV$114.83

P/IV0.58

Discount 34% Return to IV: +50.6%

Market implies -5.9%/yr vs model +50.0% · below model

VITL

Vital Farms, Inc.

Deeply undervalued

Consumer Defensive

Price$9.74

Model IV$78.27

P/IV0.13

Discount 88% Return to IV: +703.6%

Market implies -43.7%/yr vs model +30.6% · below model

VIV

TELEFONICA BRASIL S.A.

Valuation N/A

Communication Services

Price$11.85

Model IV—

P/IV—

VIVK

Vivakor, Inc.

Valuation N/A

Utilities

Price$0.79

Model IV—

P/IV—

VIVO

VivoPower PLC

Valuation N/A

Utilities

Price$3.99

Model IV—

P/IV—

VIVS

VivoSim Labs, INC.

Valuation N/A

Healthcare

Price$0.28

Model IV—

P/IV—

Market implies -7.8%/yr vs model +15.0% · below model

VIXM

ProShares Trust II

Fairly valued

Financial Services

Price$13.34

Model IV$12.62

P/IV1.14

Premium +6% Return to IV: -5.4%

VIXY

ProShares Trust II

Deeply overvalued

Financial Services

Price$17.30

Model IV$12.62

P/IV1.62

Premium +37% Return to IV: -27.1%

VKI

Invesco Advantage Municipal Income Trust II

Valuation N/A

Unknown

Price$8.54

Model IV—

P/IV—

VKQ

Invesco Municipal Trust

Valuation N/A

Unknown

Price$9.39

Model IV—

P/IV—

VKTX

Viking Therapeutics, Inc.

Valuation N/A

Healthcare

Price$31.98

Model IV—

P/IV—

VLGEA

VILLAGE SUPER MARKET INC

Valuation N/A

Consumer Defensive

Price$43.23

Model IV—

P/IV—

Owner yield 20.2% 10-yr IRR 30.6% · steady

Market implies -16.1%/yr vs model +3.9% · below model