Stock Analyses

AMZN

AMAZON COM INC

Valuation N/A

Consumer Cyclical

Price$258.45

Model IV—

P/IV—

Market implies +39.6%/yr

ANET

Arista Networks, Inc.

Deeply overvalued

Technology

Price$205.42

Model IV$62.15

P/IV2.57

Premium +231% Return to IV: -69.7%

Owner yield 1.3% 10-yr IRR -2.4% · grower

Market implies +33.6%/yr vs model +20.0% · above model

AON

Aon plc

Deeply undervalued

Financial Services

Price$290.82

Model IV$424.70

P/IV0.74

Discount 32% Return to IV: +46.0%

Owner yield 4.9% 10-yr IRR 10.5% · moderate

Market implies +3.0%/yr vs model +9.7% · below model

APA

APA Corp

Deeply undervalued

Energy

Price$43.81

Model IV$170.09

P/IV0.21

Discount 74% Return to IV: +288.2%

Market implies -14.7%/yr vs model +3.5% · below model

APD

Air Products & Chemicals, Inc.

Deeply overvalued

Basic Materials

Price$279.46

Model IV$82.59

P/IV3.53

Premium +238% Return to IV: -70.4%

Market implies +20.2%/yr vs model +4.2% · above model

APG

APi Group Corp

Fairly valued

Technology

Price$37.46

Model IV$37.65

P/IV1.10

Discount 1% Return to IV: +0.5%

Owner yield 3.5% 10-yr IRR 9.9% · grower

Market implies +13.1%/yr vs model +16.9% · below model

APGE

Apogee Therapeutics, Inc.

Valuation N/A

Healthcare

Price$135.07

Model IV—

P/IV—

APH

AMPHENOL CORP /DE/

Fairly valued

Technology

Price$80.72

Model IV$74.05

P/IV2.01

Premium +9% Return to IV: -8.3%

Owner yield 2.8% 10-yr IRR 7.1% · grower

Market implies +15.4%/yr vs model +18.1% · in line

APO

Apollo Global Management, Inc.

Deeply undervalued

Financial Services

Price$127.91

Model IV$428.25

P/IV0.30

Discount 70% Return to IV: +234.8%

Market implies +2.1%/yr vs model +25.0% · below model

APOS

Apollo Global Management, Inc.

Valuation N/A

Financial Services

Price$25.43

Model IV—

P/IV—

Market implies -28.5%/yr vs model +25.0% · below model

APP

AppLovin Corp

Deeply overvalued

Technology

Price$330.17

Model IV$179.74

P/IV3.41

Premium +84% Return to IV: -45.6%

Owner yield 2.1% 10-yr IRR 3.5% · grower

Market implies +22.2%/yr vs model +16.5% · above model

AQNB

ALGONQUIN POWER & UTILITIES CORP.

Valuation N/A

Utilities

Price$26.28

Model IV—

P/IV—

AR

ANTERO RESOURCES Corp

Fairly valued

Energy

Price$33.96

Model IV$33.27

P/IV1.07

Premium +2% Return to IV: -2.0%

Market implies -2.9%/yr vs model +0.0% · in line

ARBK

Argo Blockchain Plc

Valuation N/A

Financial Services

Price$2.61

Model IV—

P/IV—

ARCC

ARES CAPITAL CORP

Valuation N/A

Unknown

Price$19.44

Model IV—

P/IV—

ARES

Ares Management Corp

Deeply overvalued

Financial Services

Price$126.67

Model IV$63.59

P/IV2.02

Premium +99% Return to IV: -49.8%

Market implies +16.2%/yr vs model +7.6% · above model

ARGX

ARGENX SE

Valuation N/A

Healthcare

Price$988.20

Model IV—

P/IV—

ARM

ARM HOLDINGS PLC /UK

Valuation N/A

Technology

Price$322.90

Model IV—

P/IV—

Market implies +76.8%/yr vs model +8.0% · above model

ARMK

Aramark

Deeply overvalued

Consumer Cyclical

Price$56.48

Model IV$32.00

P/IV1.67

Premium +77% Return to IV: -43.3%

Owner yield 1.9% 10-yr IRR -0.9% · moderate

Market implies +15.7%/yr vs model +10.3% · above model

ARW

ARROW ELECTRONICS, INC.

Deeply overvalued

Industrials

Price$219.10

Model IV$53.94

P/IV3.98

Premium +306% Return to IV: -75.4%

Owner yield 4.7% 10-yr IRR 2.7% · steady

Market implies +18.5%/yr vs model +0.0% · above model

ARXS

Arxis, Inc.

Valuation N/A

Industrials

Price$51.21

Model IV—

P/IV—

AS

Amer Sports, Inc.

Valuation N/A

Consumer Cyclical

Price$27.45

Model IV—

P/IV—

ASML

ASML HOLDING NV

Deeply overvalued

Industrials

Price$1,711.32

Model IV$433.47

P/IV3.92

Premium +295% Return to IV: -74.7%

Owner yield 1.3% 10-yr IRR -4.5% · moderate

Market implies +29.8%/yr vs model +11.5% · above model

ASND

Ascendis Pharma A/S

Valuation N/A

Healthcare

Price$237.59

Model IV—

P/IV—

ASTS

AST SpaceMobile, Inc.

Valuation N/A

Communication Services

Price$61.89

Model IV—

P/IV—

Market implies +74.4%/yr vs model +50.0% · above model

ASX

ASE Technology Holding Co., Ltd.

Valuation N/A

Technology

Price$43.73

Model IV—

P/IV—

ATI

ATI INC

Valuation N/A

Basic Materials

Price$189.16

Model IV—

P/IV—

Owner yield 0.5% 10-yr IRR -17.3% · steady

Market implies +47.2%/yr vs model +5.8% · above model

ATO

ATMOS ENERGY CORP

Deeply overvalued

Utilities

Price$158.27

Model IV$119.70

P/IV1.41

Premium +32% Return to IV: -24.4%

AU

AngloGold Ashanti PLC

Deeply overvalued

Basic Materials

Price$101.93

Model IV$19.45

P/IV5.37

Premium +424% Return to IV: -80.9%

Owner yield 2.7% 10-yr IRR 1.5% · moderate

Market implies +30.7%/yr vs model +8.0% · above model

AUR

Aurora Innovation, Inc.

Valuation N/A

Technology

Price$6.51

Model IV—

P/IV—

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

AVGO

Broadcom Inc.

Valuation N/A

Technology

Price$362.66

Model IV—

P/IV—

Market implies +32.9%/yr vs model +23.5% · above model

AVTR

Avantor, Inc.

Deeply overvalued

Healthcare

Price$15.10

Model IV$7.83

P/IV1.16

Premium +93% Return to IV: -48.1%

Owner yield 6.2% 10-yr IRR 8.7% · steady

Market implies +11.9%/yr vs model +3.0% · above model

AVY

Avery Dennison Corp

Valuation N/A

Basic Materials

Price$169.33

Model IV—

P/IV—

Owner yield 5.0% 10-yr IRR 5.9% · steady

Market implies +5.1%/yr vs model +3.0% · in line

AWK

American Water Works Company, Inc.

Overvalued

Utilities

Price$133.97

Model IV$112.67

P/IV1.09

Premium +19% Return to IV: -15.9%

AXON

AXON ENTERPRISE, INC.

Valuation N/A

Industrials

Price$452.06

Model IV—

P/IV—

Market implies +26.4%/yr vs model +34.0% · below model

AXP

AMERICAN EXPRESS CO

Deeply undervalued

Financial Services

Price$313.59

Model IV$512.26

P/IV0.62

Discount 39% Return to IV: +63.4%

Owner yield 6.9% 10-yr IRR 18.2% · grower

Market implies +3.4%/yr vs model +12.9% · below model

AXSM

Axsome Therapeutics, Inc.

Valuation N/A

Healthcare

Price$205.49

Model IV—

P/IV—

Market implies +17.8%/yr vs model +15.0% · in line

AZN

ASTRAZENECA PLC

Valuation N/A

Healthcare

Price$168.10

Model IV—

P/IV—

AZO

AUTOZONE INC

Undervalued

Consumer Cyclical

Price$2,803.25

Model IV$3,531.48

P/IV0.83

Discount 21% Return to IV: +26.0%

Owner yield 4.0% 10-yr IRR 9.0% · moderate

Market implies +6.5%/yr vs model +11.1% · below model

B

BARRICK MINING CORP

Deeply overvalued

Basic Materials

Price$42.69

Model IV$10.05

P/IV4.35

Premium +325% Return to IV: -76.5%

Owner yield 1.8% 10-yr IRR -3.2% · moderate

Market implies +27.1%/yr vs model +7.8% · above model

BA

BOEING CO

Valuation N/A

Industrials

Price$201.15

Model IV—

P/IV—

Market implies +50.5%/yr vs model +8.0% · above model

BABA

Alibaba Group Holding Ltd

Valuation N/A

Technology

Price$115.75

Model IV—

P/IV—

Market implies +31.8%/yr vs model +2.5% · above model

BAC

BANK OF AMERICA CORP /DE/

Deeply overvalued

Financial Services

Price$57.96

Model IV$44.34

P/IV1.40

Premium +31% Return to IV: -23.5%

BALL

BALL Corp

Undervalued

Industrials

Price$59.71

Model IV$75.23

P/IV0.73

Discount 21% Return to IV: +26.0%

Market implies +2.9%/yr vs model +7.0% · below model

BAM

Brookfield Asset Management Ltd.

Valuation N/A

Financial Services

Price$46.22

Model IV—

P/IV—

BAP

CREDICORP LTD

Valuation N/A

Financial Services

Price$389.97

Model IV—

P/IV—

BAX

BAXTER INTERNATIONAL INC

Deeply overvalued

Healthcare

Price$22.93

Model IV$5.14

P/IV3.65

Premium +346% Return to IV: -77.6%

Owner yield 6.2% 10-yr IRR 8.8% · steady

Market implies +23.6%/yr vs model +3.0% · above model

BBD

BANK BRADESCO

Valuation N/A

Financial Services

Price$3.52

Model IV—

P/IV—

BBDO

BANK BRADESCO

Valuation N/A

Financial Services

Price$3.24

Model IV—

P/IV—

BBIO

BridgeBio Pharma, Inc.

Deeply overvalued

Healthcare

Price$66.58

Model IV$17.72

P/IV3.74

Premium +276% Return to IV: -73.4%

Market implies +18.1%/yr vs model +50.0% · below model

BBVA

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Valuation N/A

Financial Services

Price$28.91

Model IV—

P/IV—

BBY

BEST BUY CO INC

Deeply overvalued

Consumer Cyclical

Price$93.22

Model IV$65.74

P/IV0.17

Premium +42% Return to IV: -29.5%

Owner yield 5.6% 10-yr IRR 7.0% · steady

Market implies +7.2%/yr vs model +2.7% · above model

BCE

BCE INC

Undervalued

Communication Services

Price$21.99

Model IV$25.92

P/IV0.88

Discount 15% Return to IV: +17.9%

Owner yield 11.6% 10-yr IRR 15.6% · steady

Market implies -4.7%/yr vs model -0.3% · below model

BCH

BANK OF CHILE

Valuation N/A

Financial Services

Price$41.62

Model IV—

P/IV—

BCS

BARCLAYS PLC

Valuation N/A

Financial Services

Price$25.30

Model IV—

P/IV—

BDRX

Biodexa Pharmaceuticals Plc

Valuation N/A

Healthcare

Price$0.68

Model IV—

P/IV—

Market implies +150.0%/yr vs model +15.0% · above model

BDX

BECTON DICKINSON & CO

Valuation N/A

Healthcare

Price$180.70

Model IV—

P/IV—

Owner yield 5.1% 10-yr IRR 7.7% · steady

Market implies +3.5%/yr vs model +5.4% · in line

BE

Bloom Energy Corp

Valuation N/A

Technology

Price$272.89

Model IV—

P/IV—

Market implies +49.2%/yr vs model +21.9% · above model

BEKE

KE Holdings Inc.

Deeply overvalued

Real Estate

Price$16.57

Model IV$4.21

P/IV3.95

Premium +294% Return to IV: -74.6%

Owner yield 1.4% 10-yr IRR -8.7% · steady

Market implies +21.1%/yr vs model +3.0% · above model

BEN

FRANKLIN RESOURCES INC

Deeply overvalued

Financial Services

Price$33.64

Model IV$16.10

P/IV1.93

Premium +109% Return to IV: -52.1%

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

Market implies +13.2%/yr vs model +3.1% · above model