Stock Analyses

CDRE

Cadre Holdings, Inc.

Deeply overvalued

Healthcare

Price$28.58

Model IV$16.24

P/IV1.92

Premium +76% Return to IV: -43.2%

Owner yield 4.0% 10-yr IRR 7.8% · moderate

Market implies +14.9%/yr vs model +9.5% · above model

CDRO

Codere Online Luxembourg, S.A.

Valuation N/A

Communication Services

Price$9.32

Model IV—

P/IV—

CDROW

Codere Online Luxembourg, S.A.

Valuation N/A

Communication Services

Price$0.58

Model IV—

P/IV—

Market implies -50.0%/yr vs model +28.2% · below model

CDT

CDT Equity Inc.

Valuation N/A

Healthcare

Price$0.25

Model IV—

P/IV—

CDTG

CDT Environmental Technology Investment Holdings Ltd

Valuation N/A

Utilities

Price$1.41

Model IV—

P/IV—

CDTTW

CDT Equity Inc.

Valuation N/A

Healthcare

Price$0.01

Model IV—

P/IV—

CDW

CDW Corp

Fairly valued

Consumer Cyclical

Price$146.19

Model IV$130.96

P/IV0.96

Premium +12% Return to IV: -10.4%

Owner yield 6.4% 10-yr IRR 10.9% · steady

Market implies +5.9%/yr vs model +5.2% · in line

CDXS

CODEXIS, INC.

Valuation N/A

Basic Materials

Price$1.47

Model IV—

P/IV—

Market implies +46.9%/yr vs model +0.0% · above model

CDZI

CADIZ INC

Valuation N/A

Utilities

Price$3.65

Model IV—

P/IV—

CDZIP

CADIZ INC

Valuation N/A

Utilities

Price$22.20

Model IV—

P/IV—

CE

Celanese Corp

Deeply undervalued

Basic Materials

Price$46.09

Model IV$173.44

P/IV0.31

Discount 73% Return to IV: +276.3%

Owner yield 17.6% 10-yr IRR 27.1% · steady

Market implies -16.4%/yr vs model +3.5% · below model

CECO

CECO ENVIRONMENTAL CORP

Deeply overvalued

Industrials

Price$78.34

Model IV$36.31

P/IV2.06

Premium +116% Return to IV: -53.7%

Market implies +11.8%/yr vs model +24.3% · below model

CEE

CENTRAL & EASTERN EUROPE FUND, INC.

Valuation N/A

Unknown

Price$20.00

Model IV—

P/IV—

CEF

Sprott Physical Gold & Silver Trust

Valuation N/A

Financial Services

Price$44.15

Model IV—

P/IV—

CEFD

UBS AG

Valuation N/A

Financial Services

Price$18.55

Model IV—

P/IV—

CEG

Constellation Energy Corp

Valuation N/A

Utilities

Price$254.71

Model IV—

P/IV—

CELC

Celcuity Inc.

Valuation N/A

Healthcare

Price$83.45

Model IV—

P/IV—

CELH

Celsius Holdings, Inc.

Undervalued

Consumer Defensive

Price$28.45

Model IV$37.68

P/IV0.88

Discount 24% Return to IV: +32.4%

Owner yield 3.2% 10-yr IRR 8.6% · grower

Market implies +15.0%/yr vs model +25.0% · below model

CELU

Celularity Inc

Deeply overvalued

Healthcare

Price$1.41

Model IV$0.63

P/IV1.60

Premium +124% Return to IV: -55.3%

Market implies +6.3%/yr vs model +5.6% · in line

CELUW

CELUW

Valuation N/A

Price$0.00

Model IV—

P/IV—

CELZ

CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.

Valuation N/A

Healthcare

Price$0.96

Model IV—

P/IV—

Market implies +92.0%/yr vs model +2.0% · above model

CENN

Cenntro Inc.

Valuation N/A

Consumer Cyclical

Price$4.50

Model IV—

P/IV—

Market implies +65.2%/yr vs model +8.0% · above model

CENT

CENTRAL GARDEN & PET CO

Deeply undervalued

Consumer Defensive

Price$40.19

Model IV$85.17

P/IV0.45

Discount 53% Return to IV: +111.9%

Owner yield 12.6% 10-yr IRR 20.0% · steady

Market implies -7.0%/yr vs model +3.0% · below model

CENTA

CENTRAL GARDEN & PET CO

Deeply undervalued

Consumer Defensive

Price$34.61

Model IV$86.01

P/IV0.40

Discount 60% Return to IV: +148.5%

Owner yield 14.7% 10-yr IRR 22.9% · steady

Market implies -9.1%/yr vs model +3.0% · below model

CENX

CENTURY ALUMINUM CO

Valuation N/A

Basic Materials

Price$44.05

Model IV—

P/IV—

Market implies +58.5%/yr vs model +3.9% · above model

CEPF

Cantor Equity Partners IV, Inc.

Valuation N/A

Financial Services

Price$10.36

Model IV—

P/IV—

CEPO

Cantor Equity Partners I, Inc.

Valuation N/A

Financial Services

Price$10.76

Model IV—

P/IV—

Market implies +55.3%/yr vs model +8.0% · above model

CEPS

Cantor Equity Partners VI, Inc.

Valuation N/A

Financial Services

Price$10.35

Model IV—

P/IV—

CEPT

Cantor Equity Partners II, Inc.

Valuation N/A

Financial Services

Price$11.78

Model IV—

P/IV—

CEPU

CENTRAL PUERTO S.A.

Deeply overvalued

Utilities

Price$14.13

Model IV$5.30

P/IV2.97

Premium +167% Return to IV: -62.5%

CEPV

Cantor Equity Partners V, Inc.

Valuation N/A

Financial Services

Price$10.39

Model IV—

P/IV—

CERS

CERUS CORP

Deeply overvalued

Healthcare

Price$2.49

Model IV$1.07

P/IV2.84

Premium +133% Return to IV: -57.0%

Market implies +14.4%/yr vs model +10.0% · above model

CERT

Certara, Inc.

Overvalued

Technology

Price$8.40

Model IV$6.76

P/IV0.86

Premium +24% Return to IV: -19.5%

Owner yield 6.3% 10-yr IRR 15.0% · moderate

Market implies +10.5%/yr vs model +10.6% · in line

CET

CENTRAL SECURITIES CORP

Valuation N/A

Unknown

Price$56.00

Model IV—

P/IV—

CETX

CEMTREX INC

Valuation N/A

Industrials

Price$2.43

Model IV—

P/IV—

Market implies -50.0%/yr vs model +15.4% · below model

CETY

Clean Energy Technologies, Inc.

Deeply overvalued

Utilities

Price$1.03

Model IV$0.21

P/IV3.50

Premium +390% Return to IV: -79.6%

CEV

Eaton Vance California Municipal Income Trust

Valuation N/A

Unknown

Price$10.25

Model IV—

P/IV—

CEVA

CEVA INC

Valuation N/A

Technology

Price$29.01

Model IV—

P/IV—

Market implies +57.8%/yr vs model +2.0% · above model

CF

CF Industries Holdings, Inc.

Deeply undervalued

Basic Materials

Price$127.70

Model IV$273.72

P/IV0.40

Discount 53% Return to IV: +114.3%

Owner yield 9.4% 10-yr IRR 14.9% · steady

Market implies -7.2%/yr vs model +3.0% · below model

CFBK

CF BANKSHARES INC.

Fairly valued

Financial Services

Price$35.18

Model IV$31.56

P/IV0.90

Premium +11% Return to IV: -10.3%

CFFI

C & F FINANCIAL CORP

Undervalued

Financial Services

Price$95.00

Model IV$87.23

P/IV0.85

Premium +9% Return to IV: -8.2%

CFFN

Capitol Federal Financial, Inc.

Deeply overvalued

Financial Services

Price$8.82

Model IV$5.97

P/IV1.30

Premium +48% Return to IV: -32.3%

CFG

CITIZENS FINANCIAL GROUP INC/RI

Deeply overvalued

Financial Services

Price$67.04

Model IV$47.88

P/IV1.30

Premium +40% Return to IV: -28.6%

CFND

C1 Fund Inc.

Valuation N/A

Unknown

Price$3.18

Model IV—

P/IV—

CFR

CULLEN/FROST BANKERS, INC.

Overvalued

Financial Services

Price$163.39

Model IV$128.63

P/IV1.05

Premium +27% Return to IV: -21.3%

CG

Carlyle Group Inc.

Valuation N/A

Financial Services

Price$42.34

Model IV—

P/IV—

Market implies +59.5%/yr vs model +2.0% · above model

CGABL

Carlyle Group Inc.

Deeply overvalued

Financial Services

Price$15.89

Model IV$11.24

P/IV1.47

Premium +41% Return to IV: -29.3%

Market implies -1.3%/yr vs model +2.0% · below model

CGAU

Centerra Gold Inc.

Valuation N/A

Basic Materials

Price$22.63

Model IV—

P/IV—

CGBD

Carlyle Secured Lending, Inc.

Valuation N/A

Unknown

Price$11.37

Model IV—

P/IV—

CGC

Canopy Growth Corp

Valuation N/A

Healthcare

Price$0.94

Model IV—

P/IV—

CGCT

Cartesian Growth Corp III

Valuation N/A

Technology

Price$5.00

Model IV—

P/IV—

CGCTU

CGCTU

Valuation N/A

Price$12.01

Model IV—

P/IV—

CGCTW

CGCTW

Valuation N/A

Price$0.75

Model IV—

P/IV—

CGEM

Cullinan Therapeutics, Inc.

Valuation N/A

Healthcare

Price$20.59

Model IV—

P/IV—

Market implies +58.0%/yr vs model +15.0% · above model

CGEN

COMPUGEN LTD

Deeply undervalued

Healthcare

Price$2.47

Model IV$8.67

P/IV0.30

Discount 72% Return to IV: +251.0%

Market implies -1.7%/yr vs model +25.0% · below model

CGNT

Cognyte Software Ltd.

Valuation N/A

Technology

Price$8.02

Model IV—

P/IV—

Owner yield 5.3% 10-yr IRR 6.6% · steady

Market implies +28.2%/yr vs model +3.0% · above model

CGNX

COGNEX CORP

Deeply overvalued

Healthcare

Price$64.22

Model IV$14.01

P/IV4.70

Premium +358% Return to IV: -78.2%

Owner yield 1.4% 10-yr IRR -7.9% · steady

Market implies +25.5%/yr vs model +4.5% · above model

CGO

CALAMOS GLOBAL TOTAL RETURN FUND

Valuation N/A

Unknown

Price$13.15

Model IV—

P/IV—

CGON

CG Oncology, Inc.

Valuation N/A

Healthcare

Price$72.35

Model IV—

P/IV—

Market implies +78.2%/yr vs model +50.0% · above model

CGTL

Creative Global Technology Holdings Ltd

Valuation N/A

Industrials

Price$3.86

Model IV—

P/IV—

Market implies +31.1%/yr vs model +2.0% · above model