Stock Analyses

BNO

United States Brent Oil Fund, LP

Valuation N/A

Financial Services

Price$61.37

Model IV—

P/IV—

BNR

Burning Rock Biotech Ltd

Valuation N/A

Healthcare

Price$12.28

Model IV—

P/IV—

BNRG

Brenmiller Energy Ltd.

Valuation N/A

Industrials

Price$3.16

Model IV—

P/IV—

Market implies +28.8%/yr vs model +2.0% · above model

BNS

BANK OF NOVA SCOTIA

Valuation N/A

Financial Services

Price$93.45

Model IV—

P/IV—

BNT

Brookfield Wealth Solutions Ltd.

Deeply undervalued

Financial Services

Price$38.19

Model IV$68.85

P/IV0.66

Discount 45% Return to IV: +80.3%

BNTC

Benitec Biopharma Inc.

Valuation N/A

Healthcare

Price$12.08

Model IV—

P/IV—

Market implies +147.0%/yr

BNTX

BioNTech SE

Valuation N/A

Healthcare

Price$96.73

Model IV—

P/IV—

BNY

Bank of New York Mellon Corp

Deeply overvalued

Financial Services

Price$162.66

Model IV$59.86

P/IV2.33

Premium +172% Return to IV: -63.2%

BNZI

Banzai International, Inc.

Deeply undervalued

Technology

Price$1.70

Model IV$6.99

P/IV0.56

Discount 76% Return to IV: +311.2%

Market implies -31.6%/yr vs model +15.0% · below model

BNZIW

BNZIW

Valuation N/A

Price$0.01

Model IV—

P/IV—

BOBS

Bob's Discount Furniture, Inc.

Valuation N/A

Consumer Cyclical

Price$15.85

Model IV—

P/IV—

BOC

BOSTON OMAHA Corp

Fairly valued

Real Estate

Price$13.64

Model IV$13.45

P/IV0.96

Premium +1% Return to IV: -1.4%

Market implies -8.6%/yr vs model +19.0% · below model

BODI

Beachbody Company, Inc.

Undervalued

Consumer Cyclical

Price$5.23

Model IV$7.14

P/IV1.53

Discount 27% Return to IV: +36.5%

Market implies -18.0%/yr vs model -10.0% · below model

BOE

BlackRock Enhanced Global Dividend Trust

Valuation N/A

Unknown

Price$12.18

Model IV—

P/IV—

BOF

BranchOut Food Inc.

Deeply overvalued

Consumer Defensive

Price$3.86

Model IV$1.60

P/IV2.16

Premium +142% Return to IV: -58.6%

Market implies +14.8%/yr vs model +50.0% · below model

BOH

BANK OF HAWAII CORP

Deeply overvalued

Financial Services

Price$75.80

Model IV$58.91

P/IV1.30

Premium +29% Return to IV: -22.3%

BOIL

ProShares Trust II

Deeply overvalued

Financial Services

Price$19.26

Model IV$12.62

P/IV2.38

Premium +53% Return to IV: -34.5%

BOKF

BOK FINANCIAL CORP

Overvalued

Financial Services

Price$135.69

Model IV$103.78

P/IV1.23

Premium +31% Return to IV: -23.5%

BOLD

Boundless Bio, Inc.

Valuation N/A

Healthcare

Price$2.81

Model IV—

P/IV—

BOLT

Bolt Biotherapeutics, Inc.

Deeply undervalued

Healthcare

Price$3.95

Model IV$28.19

P/IV0.19

Discount 86% Return to IV: +613.7%

Market implies -42.8%/yr vs model +50.0% · below model

BON

Bon Natural Life Ltd

Deeply undervalued

Healthcare

Price$1.11

Model IV$9.71

P/IV0.13

Discount 89% Return to IV: +775.0%

Market implies -50.0%/yr vs model +2.0% · below model

BOOM

DMC Global Inc.

Deeply undervalued

Basic Materials

Price$6.36

Model IV$21.08

P/IV0.32

Discount 70% Return to IV: +231.4%

Owner yield 30.6% 10-yr IRR 46.4% · moderate

Market implies -13.9%/yr vs model +8.0% · below model

BOOT

Boot Barn Holdings, Inc.

Deeply overvalued

Consumer Cyclical

Price$144.39

Model IV$60.35

P/IV2.81

Premium +139% Return to IV: -58.2%

Owner yield 1.8% 10-yr IRR -1.5% · moderate

Market implies +20.4%/yr vs model +10.1% · above model

BORR

Borr Drilling Ltd

Deeply overvalued

Energy

Price$4.27

Model IV$2.42

P/IV2.08

Premium +77% Return to IV: -43.4%

Market implies +13.7%/yr vs model +8.0% · above model

BOSC

BOS BETTER ONLINE SOLUTIONS LTD

Deeply undervalued

Technology

Price$4.66

Model IV$14.96

P/IV0.27

Discount 69% Return to IV: +220.9%

Owner yield 7.8% 10-yr IRR 18.7% · moderate

Market implies -10.4%/yr vs model +11.1% · below model

BOT

RoboStrategy, Inc.

Valuation N/A

Unknown

Price$26.85

Model IV—

P/IV—

BOTJ

BANK OF THE JAMES FINANCIAL GROUP INC

Fairly valued

Financial Services

Price$27.47

Model IV$21.41

P/IV1.07

Premium +28% Return to IV: -22.1%

BOW

Bowhead Specialty Holdings Inc.

Deeply overvalued

Financial Services

Price$33.67

Model IV$17.31

P/IV1.54

Premium +95% Return to IV: -48.6%

BOX

BOX INC

Deeply overvalued

Technology

Price$34.80

Model IV$22.48

P/IV1.20

Premium +55% Return to IV: -35.4%

Owner yield 6.4% 10-yr IRR 14.8% · moderate

Market implies +13.9%/yr vs model +10.1% · above model

BOXL

Boxlight Corp

Valuation N/A

Consumer Defensive

Price$5.69

Model IV—

P/IV—

Market implies -38.6%/yr vs model +2.0% · below model

BP

BP PLC

Valuation N/A

Energy

Price$45.93

Model IV—

P/IV—

BPAC

Blueport Acquisition Ltd

Valuation N/A

Financial Services

Price$10.19

Model IV—

P/IV—

BPACR

Blueport Acquisition Ltd

Valuation N/A

Financial Services

Price$0.13

Model IV—

P/IV—

BPACU

Blueport Acquisition Ltd

Valuation N/A

Financial Services

Price$10.30

Model IV—

P/IV—

BPOP

POPULAR, INC.

Fairly valued

Financial Services

Price$163.71

Model IV$135.12

P/IV1.10

Premium +21% Return to IV: -17.5%

BPOPM

POPULAR, INC.

Deeply undervalued

Financial Services

Price$25.20

Model IV$138.77

P/IV0.18

Discount 82% Return to IV: +450.7%

BPRE

Bluerock Private Real Estate Fund

Valuation N/A

Unknown

Price$12.15

Model IV—

P/IV—

BPRN

Princeton Bancorp, Inc.

Valuation N/A

Financial Services

Price$43.60

Model IV—

P/IV—

BPYPM

Brookfield Property Partners L.P.

Valuation N/A

Real Estate

Price$16.73

Model IV—

P/IV—

BPYPN

Brookfield Property Partners L.P.

Valuation N/A

Real Estate

Price$13.55

Model IV—

P/IV—

BPYPO

Brookfield Property Partners L.P.

Valuation N/A

Real Estate

Price$15.05

Model IV—

P/IV—

BPYPP

Brookfield Property Partners L.P.

Valuation N/A

Real Estate

Price$15.80

Model IV—

P/IV—

BQ

Boqii Holding Ltd

Valuation N/A

Consumer Cyclical

Price$0.85

Model IV—

P/IV—

Market implies -50.0%/yr vs model +2.0% · below model

BR

BROADRIDGE FINANCIAL SOLUTIONS, INC.

Deeply undervalued

Technology

Price$163.13

Model IV$274.10

P/IV0.56

Discount 40% Return to IV: +68.0%

Owner yield 5.0% 10-yr IRR 10.8% · moderate

Market implies +1.0%/yr vs model +9.5% · below model

BRAG

Bragg Gaming Group Inc.

Valuation N/A

Technology

Price$1.34

Model IV—

P/IV—

BRAI

Braiin Ltd

Valuation N/A

Technology

Price$5.44

Model IV—

P/IV—

BRBI

BRBI BR Partners S.A.

Valuation N/A

Financial Services

Price$11.20

Model IV—

P/IV—

BRBR

BELLRING BRANDS, INC.

Deeply undervalued

Consumer Defensive

Price$9.14

Model IV$71.33

P/IV0.12

Discount 87% Return to IV: +680.4%

Owner yield 18.9% 10-yr IRR 38.4% · grower

Market implies -16.8%/yr vs model +13.2% · below model

BRBS

BLUE RIDGE BANKSHARES, INC.

Deeply overvalued

Financial Services

Price$4.09

Model IV$2.02

P/IV1.63

Premium +102% Return to IV: -50.5%

BRC

BRADY CORP

Fairly valued

Consumer Cyclical

Price$86.44

Model IV$76.09

P/IV1.19

Premium +14% Return to IV: -12.0%

Owner yield 3.9% 10-yr IRR 5.3% · moderate

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

BRCB

Black Rock Coffee Bar, Inc.

Deeply overvalued

Consumer Cyclical

Price$8.48

Model IV$4.05

P/IV2.05

Premium +109% Return to IV: -52.2%

Market implies +13.3%/yr vs model +22.7% · below model

BRCC

BRC Inc.

Deeply undervalued

Consumer Defensive

Price$8.56

Model IV$3.26

P/IV0.39

Premium +162% Return to IV: -61.9%

Market implies +10.1%/yr vs model +14.3% · below model

BREZU

BREZU

Valuation N/A

Price$10.11

Model IV—

P/IV—

BRFH

BARFRESH FOOD GROUP INC.

Deeply overvalued

Consumer Defensive

Price$1.24

Model IV$1.21

P/IV1.90

Premium +3% Return to IV: -2.6%

Market implies -10.0%/yr vs model +20.7% · below model

BRIA

BrilliA Inc

Valuation N/A

Consumer Cyclical

Price$1.44

Model IV—

P/IV—

BRID

BRIDGFORD FOODS CORP

Deeply undervalued

Consumer Defensive

Price$5.98

Model IV$24.60

P/IV0.32

Discount 76% Return to IV: +311.4%

Market implies -31.3%/yr vs model +2.0% · below model

BRK-A

BERKSHIRE HATHAWAY INC

Valuation N/A

Financial Services

Price$763,600.00

Model IV—

P/IV—

BRK-B

BERKSHIRE HATHAWAY INC

Valuation N/A

Financial Services

Price$509.77

Model IV—

P/IV—

BRKR

BRUKER CORP

Deeply undervalued

Healthcare

Price$53.43

Model IV$35.96

P/IV0.51

Premium +49% Return to IV: -32.7%

Market implies +6.2%/yr vs model +9.2% · below model

BRKRP

BRUKER CORP

Valuation N/A

Healthcare

Price$399.57

Model IV—

P/IV—

Market implies +30.3%/yr vs model +9.2% · above model