Stock Analyses

BHFAM

Brighthouse Financial, Inc.

Deeply undervalued

Financial Services

Price$9.85

Model IV$102.12

P/IV0.11

Discount 90% Return to IV: +936.8%

BHFAN

Brighthouse Financial, Inc.

Deeply undervalued

Financial Services

Price$11.29

Model IV$102.12

P/IV0.12

Discount 89% Return to IV: +804.5%

BHFAO

Brighthouse Financial, Inc.

Deeply undervalued

Financial Services

Price$14.08

Model IV$102.12

P/IV0.15

Discount 86% Return to IV: +625.3%

BHFAP

Brighthouse Financial, Inc.

Deeply undervalued

Financial Services

Price$13.71

Model IV$102.12

P/IV0.15

Discount 87% Return to IV: +644.9%

BHK

BLACKROCK CORE BOND TRUST

Valuation N/A

Unknown

Price$8.55

Model IV—

P/IV—

BHM

Bluerock Homes Trust, Inc.

Deeply overvalued

Financial Services

Price$8.02

Model IV$4.30

P/IV2.32

Premium +87% Return to IV: -46.4%

BHP

BHP Group Ltd

Deeply overvalued

Basic Materials

Price$86.27

Model IV$44.70

P/IV1.95

Premium +93% Return to IV: -48.2%

Owner yield 5.0% 10-yr IRR 3.4% · steady

Market implies +8.1%/yr vs model +0.0% · above model

BHR

Braemar Hotels & Resorts Inc.

Deeply overvalued

Financial Services

Price$1.79

Model IV$0.99

P/IV2.49

Premium +81% Return to IV: -44.7%

BHRB

Burke & Herbert Financial Services Corp.

Deeply overvalued

Financial Services

Price$69.90

Model IV$53.36

P/IV1.19

Premium +31% Return to IV: -23.7%

BHST

BIOHARVEST SCIENCES INC.

Deeply undervalued

Healthcare

Price$1.63

Model IV$9.07

P/IV0.43

Discount 82% Return to IV: +456.4%

Market implies -32.8%/yr vs model +50.0% · below model

BHV

BLACKROCK VIRGINIA MUNICIPAL BOND TRUST

Valuation N/A

Unknown

Price$12.49

Model IV—

P/IV—

BHVN

Biohaven Ltd.

Valuation N/A

Healthcare

Price$13.62

Model IV—

P/IV—

BHYP

Bitwise Hyperliquid ETF

Valuation N/A

Financial Services

Price$52.07

Model IV—

P/IV—

BIAF

bioAffinity Technologies, Inc.

Valuation N/A

Industrials

Price$9.43

Model IV—

P/IV—

Market implies +84.8%/yr vs model +15.0% · above model

BIAFW

bioAffinity Technologies, Inc.

Valuation N/A

Industrials

Price$0.30

Model IV—

P/IV—

Market implies +26.6%/yr vs model +15.0% · above model

BIDU

Baidu, Inc.

Valuation N/A

Technology

Price$89.93

Model IV—

P/IV—

BIIB

BIOGEN INC.

Fairly valued

Healthcare

Price$215.50

Model IV$249.04

P/IV0.79

Discount 13% Return to IV: +15.6%

Owner yield 6.4% 10-yr IRR 9.1% · steady

Market implies +0.8%/yr vs model +3.0% · in line

BIII

Black Spade Acquisition III Co

Valuation N/A

Financial Services

Price$10.06

Model IV—

P/IV—

BILI

Bilibili Inc.

Valuation N/A

Technology

Price$14.90

Model IV—

P/IV—

BILL

BILL Holdings, Inc.

Deeply overvalued

Technology

Price$47.57

Model IV$29.00

P/IV1.28

Premium +64% Return to IV: -39.0%

Market implies +26.5%/yr vs model +25.0% · in line

BIO

BIO-RAD LABORATORIES, INC.

Deeply overvalued

Healthcare

Price$376.41

Model IV$254.24

P/IV1.23

Premium +48% Return to IV: -32.5%

Owner yield 2.9% 10-yr IRR 0.6% · steady

Market implies +9.7%/yr vs model +5.5% · above model

BIOA

BioAge Labs, Inc.

Valuation N/A

Healthcare

Price$8.06

Model IV—

P/IV—

Market implies +47.9%/yr vs model +15.0% · above model

BIOX

Bioceres Crop Solutions Corp.

Valuation N/A

Basic Materials

Price$0.36

Model IV—

P/IV—

BIP

Brookfield Infrastructure Partners L.P.

Valuation N/A

Industrials

Price$36.07

Model IV—

P/IV—

BIPC

Brookfield Infrastructure Corp

Deeply overvalued

Utilities

Price$36.39

Model IV$21.73

P/IV1.91

Premium +67% Return to IV: -40.3%

BIPH

Brookfield Infrastructure Partners L.P.

Valuation N/A

Industrials

Price$15.50

Model IV—

P/IV—

BIPI

Brookfield Infrastructure Partners L.P.

Valuation N/A

Industrials

Price$16.22

Model IV—

P/IV—

BIPJ

Brookfield Infrastructure Partners L.P.

Valuation N/A

Industrials

Price$23.63

Model IV—

P/IV—

BIRD

Allbirds, Inc.

Valuation N/A

Consumer Cyclical

Price$2.30

Model IV—

P/IV—

Market implies +16.5%/yr vs model +2.0% · above model

BIRK

Birkenstock Holding plc

Valuation N/A

Consumer Cyclical

Price$30.56

Model IV—

P/IV—

BIT

BlackRock Multi-Sector Income Trust

Valuation N/A

Unknown

Price$11.64

Model IV—

P/IV—

BITB

Bitwise Bitcoin ETF

Valuation N/A

Financial Services

Price$44.10

Model IV—

P/IV—

BITW

Bitwise 10 Crypto Index ETF

Valuation N/A

Financial Services

Price$53.41

Model IV—

P/IV—

BIVI

BIOVIE INC.

Valuation N/A

Healthcare

Price$1.61

Model IV—

P/IV—

BIVIW

BIOVIE INC.

Valuation N/A

Healthcare

Price$0.30

Model IV—

P/IV—

BIXI

Bitcoin Infrastructure Acquisition Corp Ltd

Valuation N/A

Financial Services

Price$10.08

Model IV—

P/IV—

BIXIU

Bitcoin Infrastructure Acquisition Corp Ltd

Valuation N/A

Financial Services

Price$10.23

Model IV—

P/IV—

BIXIW

Bitcoin Infrastructure Acquisition Corp Ltd

Valuation N/A

Financial Services

Price$0.30

Model IV—

P/IV—

BIYA

Baiya International Group Inc.

Valuation N/A

Technology

Price$2.13

Model IV—

P/IV—

Market implies -50.0%/yr vs model +7.8% · below model

BJ

BJ's Wholesale Club Holdings, Inc.

Deeply overvalued

Consumer Cyclical

Price$92.03

Model IV$61.79

P/IV1.50

Premium +49% Return to IV: -32.9%

Owner yield 2.5% 10-yr IRR 0.6% · moderate

Market implies +11.5%/yr vs model +8.1% · above model

BJDX

Bluejay Diagnostics, Inc.

Valuation N/A

Healthcare

Price$0.92

Model IV—

P/IV—

Market implies +2.3%/yr vs model +15.0% · below model

BJRI

BJs RESTAURANTS INC

Deeply overvalued

Consumer Cyclical

Price$59.54

Model IV$23.10

P/IV2.04

Premium +158% Return to IV: -61.2%

Owner yield 0.9% 10-yr IRR -8.9% · moderate

Market implies +19.8%/yr vs model +9.4% · above model

BK

BK

Valuation N/A

Price$143.98

Model IV—

P/IV—

BKD

Brookdale Senior Living Inc.

Deeply undervalued

Healthcare

Price$11.45

Model IV$31.15

P/IV0.41

Discount 63% Return to IV: +172.1%

Market implies -19.9%/yr vs model +3.7% · below model

BKE

BUCKLE INC

Deeply undervalued

Consumer Cyclical

Price$40.29

Model IV$61.11

P/IV0.75

Discount 34% Return to IV: +51.7%

Owner yield 10.2% 10-yr IRR 16.3% · steady

Market implies -3.0%/yr vs model +3.0% · below model

BKH

BLACK HILLS CORP /SD/

Undervalued

Utilities

Price$70.45

Model IV$93.84

P/IV0.78

Discount 25% Return to IV: +33.2%

BKHA

Black Hawk Acquisition Corp

Valuation N/A

Healthcare

Price$11.99

Model IV—

P/IV—

BKHAR

Black Hawk Acquisition Corp

Valuation N/A

Healthcare

Price$1.47

Model IV—

P/IV—

BKHAU

Black Hawk Acquisition Corp

Valuation N/A

Healthcare

Price$11.90

Model IV—

P/IV—

BKKT

Bakkt, Inc.

Valuation N/A

Financial Services

Price$8.61

Model IV—

P/IV—

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

BKNG

Booking Holdings Inc.

Valuation N/A

Industrials

Price$167.90

Model IV—

P/IV—

Market implies -50.0%/yr vs model +23.4% · below model

BKR

Baker Hughes Co

Overvalued

Industrials

Price$57.25

Model IV$48.76

P/IV1.31

Premium +17% Return to IV: -14.8%

Owner yield 3.8% 10-yr IRR 5.3% · moderate

Market implies +8.1%/yr vs model +7.3% · in line

BKSY

BlackSky Technology Inc.

Valuation N/A

Technology

Price$21.67

Model IV—

P/IV—

Market implies +26.9%/yr vs model +33.0% · below model

BKT

BLACKROCK INCOME TRUST, INC.

Valuation N/A

Unknown

Price$9.74

Model IV—

P/IV—

BKTI

BK Technologies Corp

Undervalued

Technology

Price$73.44

Model IV$99.06

P/IV0.83

Discount 26% Return to IV: +34.9%

Market implies +7.1%/yr vs model +15.8% · below model

BKU

BankUnited, Inc.

Overvalued

Financial Services

Price$44.77

Model IV$36.84

P/IV1.26

Premium +22% Return to IV: -17.7%

BKV

BKV Corp

Deeply overvalued

Energy

Price$22.97

Model IV$9.93

P/IV2.67

Premium +131% Return to IV: -56.8%

Market implies +8.2%/yr vs model +0.0% · above model

BL

BLACKLINE, INC.

Fairly valued

Technology

Price$28.14

Model IV$28.67

P/IV1.03

Discount 2% Return to IV: +1.9%

Owner yield 8.5% 10-yr IRR 21.6% · grower

Market implies +9.3%/yr vs model +12.9% · below model

BLBD

Blue Bird Corp

Overvalued

Consumer Cyclical

Price$60.43

Model IV$46.79

P/IV1.45

Premium +29% Return to IV: -22.6%

Owner yield 6.1% 10-yr IRR 12.3% · moderate

Market implies +10.0%/yr vs model +8.0% · in line

BLCO

Bausch & Lomb Corp

Deeply overvalued

Healthcare

Price$16.85

Model IV$5.44

P/IV2.88

Premium +210% Return to IV: -67.7%

Market implies +22.0%/yr vs model +8.0% · above model