Stock Analyses

CME

CME GROUP INC.

Undervalued

Financial Services

Price$276.01

Model IV$356.44

P/IV0.77

Discount 23% Return to IV: +29.1%

Market implies +3.8%/yr vs model +8.4% · below model

CMG

CHIPOTLE MEXICAN GRILL INC

Deeply overvalued

Consumer Cyclical

Price$33.43

Model IV$20.39

P/IV1.56

Premium +64% Return to IV: -39.0%

Owner yield 3.1% 10-yr IRR 5.4% · moderate

Market implies +15.4%/yr vs model +10.9% · above model

CMI

CUMMINS INC

Deeply overvalued

Industrials

Price$532.23

Model IV$249.65

P/IV2.59

Premium +113% Return to IV: -53.1%

Owner yield 2.5% 10-yr IRR 1.4% · moderate

Market implies +18.4%/yr vs model +9.2% · above model

CMII

Columbus Circle Capital Corp II

Valuation N/A

Financial Services

Price$10.05

Model IV—

P/IV—

CMIIU

Inflection Point Acquisition Corp. VII

Valuation N/A

Technology

Price$10.95

Model IV—

P/IV—

CMIIW

Inflection Point Acquisition Corp. VII

Valuation N/A

Technology

Price$0.72

Model IV—

P/IV—

CMMB

Chemomab Therapeutics Ltd.

Valuation N/A

Healthcare

Price$2.58

Model IV—

P/IV—

CMND

Clearmind Medicine Inc.

Valuation N/A

Healthcare

Price$0.97

Model IV—

P/IV—

CMP

COMPASS MINERALS INTERNATIONAL INC

Deeply overvalued

Basic Materials

Price$24.80

Model IV$11.43

P/IV2.79

Premium +117% Return to IV: -53.9%

Market implies +12.8%/yr vs model +3.0% · above model

CMPR

CIMPRESS plc

Fairly valued

Communication Services

Price$84.77

Model IV$96.77

P/IV1.02

Discount 12% Return to IV: +14.2%

Owner yield 8.9% 10-yr IRR 17.9% · moderate

Market implies +4.3%/yr vs model +7.5% · below model

CMPS

COMPASS Pathways plc

Valuation N/A

Healthcare

Price$14.54

Model IV—

P/IV—

CMPX

Compass Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.00

Model IV—

P/IV—

Market implies +82.9%/yr vs model +15.0% · above model

CMRC

Commerce.com, Inc.

Deeply undervalued

Technology

Price$3.64

Model IV$6.84

P/IV0.46

Discount 47% Return to IV: +88.0%

Market implies -10.6%/yr vs model +11.7% · below model

CMRE

Costamare Inc.

Deeply undervalued

Industrials

Price$15.13

Model IV$66.53

P/IV0.23

Discount 77% Return to IV: +339.7%

Market implies -19.0%/yr vs model +4.2% · below model

CMS

CMS ENERGY CORP

Overvalued

Utilities

Price$65.34

Model IV$52.40

P/IV1.38

Premium +25% Return to IV: -19.8%

CMSA

CMS ENERGY CORP

Overvalued

Utilities

Price$19.38

Model IV$15.53

P/IV1.38

Premium +25% Return to IV: -19.9%

CMSC

CMS ENERGY CORP

Deeply overvalued

Utilities

Price$20.45

Model IV$16.42

P/IV1.38

Premium +25% Return to IV: -19.7%

CMSD

CMS ENERGY CORP

Deeply overvalued

Utilities

Price$20.32

Model IV$16.56

P/IV1.38

Premium +23% Return to IV: -18.5%

CMT

CORE MOLDING TECHNOLOGIES INC

Deeply undervalued

Consumer Cyclical

Price$23.75

Model IV$91.45

P/IV0.26

Discount 74% Return to IV: +285.1%

Owner yield 9.4% 10-yr IRR 25.3% · grower

Market implies -1.4%/yr vs model +22.2% · below model

CMTG

Claros Mortgage Trust, Inc.

Valuation N/A

Real Estate

Price$1.49

Model IV—

P/IV—

Market implies +27.1%/yr vs model +2.0% · above model

CMTL

COMTECH TELECOMMUNICATIONS CORP /DE/

Deeply undervalued

Technology

Price$1.51

Model IV$10.49

P/IV0.54

Discount 86% Return to IV: +594.6%

Market implies -37.1%/yr vs model +2.0% · below model

CMTV

COMMUNITY BANCORP /VT

Overvalued

Financial Services

Price$40.49

Model IV$31.37

P/IV1.15

Premium +29% Return to IV: -22.5%

CMU

MFS HIGH YIELD MUNICIPAL TRUST

Valuation N/A

Unknown

Price$3.73

Model IV—

P/IV—

CNA

CNA FINANCIAL CORP

Undervalued

Financial Services

Price$47.67

Model IV$54.85

P/IV0.77

Discount 13% Return to IV: +15.1%

CNC

CENTENE CORP

Deeply overvalued

Financial Services

Price$65.11

Model IV$32.02

P/IV1.86

Premium +103% Return to IV: -50.8%

CNCK

Coincheck Group N.V.

Valuation N/A

Financial Services

Price$1.92

Model IV—

P/IV—

CNCKW

Coincheck Group N.V.

Valuation N/A

Financial Services

Price$0.31

Model IV—

P/IV—

Market implies -50.0%/yr vs model +37.6% · below model

CNDT

CONDUENT Inc

Valuation N/A

Technology

Price$1.57

Model IV—

P/IV—

Market implies -1.8%/yr vs model +0.0% · in line

CNET

ZW Data Action Technologies Inc.

Overvalued

Technology

Price$1.23

Model IV$0.95

P/IV0.70

Premium +29% Return to IV: -22.6%

Market implies +0.4%/yr vs model +2.0% · in line

CNEY

CN ENERGY GROUP. INC.

Valuation N/A

Basic Materials

Price$0.54

Model IV—

P/IV—

Market implies +14.8%/yr vs model +8.0% · above model

CNF

CNFinance Holdings Ltd.

Valuation N/A

Financial Services

Price$1.95

Model IV—

P/IV—

CNH

CNH Industrial N.V.

Fairly valued

Industrials

Price$14.00

Model IV$14.47

P/IV0.71

Discount 3% Return to IV: +3.4%

Market implies +0.5%/yr vs model +1.3% · in line

CNI

CANADIAN NATIONAL RAILWAY CO

Valuation N/A

Industrials

Price$122.09

Model IV—

P/IV—

CNK

Cinemark Holdings, Inc.

Deeply undervalued

Communication Services

Price$35.08

Model IV$147.53

P/IV0.25

Discount 76% Return to IV: +320.6%

Market implies -28.3%/yr vs model +19.8% · below model

CNL

Collective Mining Ltd.

Valuation N/A

Basic Materials

Price$12.87

Model IV—

P/IV—

CNM

Core & Main, Inc.

Deeply overvalued

Industrials

Price$40.62

Model IV$69.09

P/IV1.54

Discount 41% Return to IV: +70.1%

Owner yield 9.2% 10-yr IRR 23.7% · grower

Market implies +3.3%/yr vs model +13.6% · below model

CNMD

CONMED Corp

Undervalued

Healthcare

Price$46.95

Model IV$65.94

P/IV0.54

Discount 29% Return to IV: +40.4%

Owner yield 9.4% 10-yr IRR 20.5% · moderate

Market implies +2.2%/yr vs model +9.4% · below model

CNNE

Cannae Holdings, Inc.

Deeply overvalued

Consumer Cyclical

Price$15.41

Model IV$3.20

P/IV4.64

Premium +382% Return to IV: -79.2%

Market implies +19.8%/yr vs model +2.0% · above model

CNO

CNO Financial Group, Inc.

Fairly valued

Financial Services

Price$54.94

Model IV$49.21

P/IV0.93

Premium +12% Return to IV: -10.4%

CNOB

ConnectOne Bancorp, Inc.

Overvalued

Financial Services

Price$31.86

Model IV$26.67

P/IV1.13

Premium +19% Return to IV: -16.3%

CNOBP

ConnectOne Bancorp, Inc.

Fairly valued

Financial Services

Price$25.35

Model IV$28.90

P/IV0.86

Discount 12% Return to IV: +14.0%

CNP

CENTERPOINT ENERGY INC

Overvalued

Utilities

Price$38.22

Model IV$30.38

P/IV1.39

Premium +26% Return to IV: -20.5%

CNQ

CANADIAN NATURAL RESOURCES LTD

Valuation N/A

Energy

Price$50.32

Model IV—

P/IV—

CNR

Core Natural Resources, Inc.

Deeply undervalued

Energy

Price$96.30

Model IV$162.22

P/IV0.55

Discount 41% Return to IV: +68.5%

Owner yield 6.8% 10-yr IRR 14.1% · moderate

Market implies -0.3%/yr vs model +8.0% · below model

CNS

COHEN & STEERS, INC.

Valuation N/A

Financial Services

Price$72.34

Model IV—

P/IV—

Market implies +38.5%/yr vs model +2.0% · above model

CNSP

CNS Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$5.84

Model IV—

P/IV—

CNTA

Centessa Pharmaceuticals plc

Valuation N/A

Healthcare

Price$40.50

Model IV—

P/IV—

Market implies +83.7%/yr vs model +15.0% · above model

CNTB

Connect Biopharma Holdings Ltd

Valuation N/A

Healthcare

Price$2.04

Model IV—

P/IV—

Market implies +63.9%/yr vs model +15.0% · above model

CNTN

Canton Strategic Holdings, Inc.

Valuation N/A

Healthcare

Price$2.11

Model IV—

P/IV—

CNTX

Context Therapeutics Inc.

Valuation N/A

Healthcare

Price$0.35

Model IV—

P/IV—

CNTY

CENTURY CASINOS INC /CO/

Valuation N/A

Consumer Cyclical

Price$1.13

Model IV—

P/IV—

Market implies -50.0%/yr vs model +10.2% · below model

CNVS

Cineverse Corp.

Deeply undervalued

Communication Services

Price$2.21

Model IV$23.45

P/IV0.10

Discount 91% Return to IV: +961.2%

Market implies -22.4%/yr vs model +24.3% · below model

CNX

CNX Resources Corp

Deeply undervalued

Energy

Price$35.39

Model IV$56.46

P/IV0.60

Discount 37% Return to IV: +59.5%

Owner yield 5.5% 10-yr IRR 11.0% · moderate

Market implies 0.0%/yr vs model +8.0% · below model

CNXC

Concentrix Corp

Deeply undervalued

Technology

Price$28.24

Model IV$151.92

P/IV0.19

Discount 81% Return to IV: +437.9%

Owner yield 28.1% 10-yr IRR 50.7% · grower

Market implies -15.3%/yr vs model +14.2% · below model

CNXN

PC CONNECTION INC

Deeply overvalued

Industrials

Price$85.75

Model IV$28.26

P/IV2.46

Premium +203% Return to IV: -67.0%

Owner yield 6.3% 10-yr IRR 9.4% · steady

Market implies +17.1%/yr vs model +3.7% · above model

CNXU

Conexeu Sciences Inc.

Valuation N/A

Healthcare

Price$4.46

Model IV—

P/IV—

COAG

Hemab Therapeutics Holdings, Inc.

Valuation N/A

Healthcare

Price$39.40

Model IV—

P/IV—

COCH

Envoy Medical, Inc.

Valuation N/A

Healthcare

Price$0.74

Model IV—

P/IV—

Market implies +46.9%/yr vs model +15.0% · above model

COCHW

Envoy Medical, Inc.

Valuation N/A

Healthcare

Price$0.05

Model IV—

P/IV—

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

COCO

Vita Coco Company, Inc.

Deeply overvalued

Consumer Defensive

Price$55.78

Model IV$21.16

P/IV3.55

Premium +164% Return to IV: -62.1%

Market implies +6.3%/yr vs model +12.6% · below model