Stock Analyses

ADMA

ADMA BIOLOGICS, INC.

Deeply undervalued

Healthcare

Price$9.11

Model IV$17.37

P/IV0.46

Discount 48% Return to IV: +90.7%

Market implies -11.2%/yr vs model +50.0% · below model

ADNT

Adient plc

Undervalued

Consumer Cyclical

Price$17.68

Model IV$23.88

P/IV0.96

Discount 26% Return to IV: +35.1%

Owner yield 20.4% 10-yr IRR 30.3% · steady

Market implies -2.7%/yr vs model +3.5% · below model

ADP

AUTOMATIC DATA PROCESSING INC

Undervalued

Technology

Price$271.22

Model IV$373.08

P/IV0.59

Discount 27% Return to IV: +37.6%

Market implies +4.3%/yr vs model +10.5% · below model

ADPT

Adaptive Biotechnologies Corp

Valuation N/A

Healthcare

Price$28.61

Model IV—

P/IV—

Market implies +43.2%/yr vs model +15.7% · above model

ADSE

Ads-Tec Energy Public Ltd Co

Valuation N/A

Technology

Price$11.60

Model IV—

P/IV—

ADSEW

Ads-Tec Energy Public Ltd Co

Valuation N/A

Technology

Price$0.30

Model IV—

P/IV—

Market implies -50.0%/yr vs model +21.8% · below model

ADSK

Autodesk, Inc.

Fairly valued

Technology

Price$216.95

Model IV$229.20

P/IV1.01

Discount 5% Return to IV: +5.6%

Owner yield 3.8% 10-yr IRR 9.9% · grower

Market implies +10.8%/yr vs model +13.7% · in line

ADT

ADT Inc.

Valuation N/A

Technology

Price$6.90

Model IV—

P/IV—

ADTN

ADTRAN Holdings, Inc.

Deeply undervalued

Technology

Price$7.20

Model IV$18.93

P/IV0.87

Discount 62% Return to IV: +162.9%

Market implies -3.2%/yr vs model +16.1% · below model

ADTX

Aditxt, Inc.

Valuation N/A

Healthcare

Price$0.00

Model IV—

P/IV—

ADUR

ADURO CLEAN TECHNOLOGIES INC.

Valuation N/A

Basic Materials

Price$12.59

Model IV—

P/IV—

ADUS

Addus HomeCare Corp

Undervalued

Healthcare

Price$117.07

Model IV$155.68

P/IV0.59

Discount 25% Return to IV: +33.0%

Owner yield 4.9% 10-yr IRR 12.6% · grower

Market implies +5.0%/yr vs model +12.3% · below model

ADV

Advantage Solutions Inc.

Valuation N/A

Technology

Price$32.48

Model IV—

P/IV—

Owner yield 1.1% 10-yr IRR -11.1% · steady

Market implies +43.4%/yr vs model +3.3% · above model

ADVB

Advanced Biomed Inc.

Valuation N/A

Healthcare

Price$6.54

Model IV—

P/IV—

ADX

ADAMS DIVERSIFIED EQUITY FUND, INC.

Valuation N/A

Unknown

Price$25.70

Model IV—

P/IV—

ADXN

Addex Therapeutics Ltd.

Valuation N/A

Healthcare

Price$3.40

Model IV—

P/IV—

AEAQ

Activate Energy Acquisition Corp.

Valuation N/A

Financial Services

Price$10.08

Model IV—

P/IV—

AEAQU

Activate Energy Acquisition Corp.

Valuation N/A

Financial Services

Price$10.19

Model IV—

P/IV—

AEAQW

Activate Energy Acquisition Corp.

Valuation N/A

Financial Services

Price$0.29

Model IV—

P/IV—

AEBI

Aebi Schmidt Holding AG

Deeply undervalued

Industrials

Price$11.99

Model IV$27.00

P/IV0.46

Discount 56% Return to IV: +125.2%

Market implies -9.9%/yr vs model +22.6% · below model

AEC

ANFIELD ENERGY INC.

Valuation N/A

Basic Materials

Price$3.60

Model IV—

P/IV—

AEE

AMEREN CORP

Fairly valued

Utilities

Price$102.23

Model IV$97.92

P/IV1.10

Premium +4% Return to IV: -4.2%

AEF

abrdn Emerging Markets ex-China Fund, Inc.

Valuation N/A

Unknown

Price$9.79

Model IV—

P/IV—

AEFC

AEGON LTD.

Valuation N/A

Financial Services

Price$17.94

Model IV—

P/IV—

AEG

AEGON LTD.

Valuation N/A

Financial Services

Price$9.04

Model IV—

P/IV—

AEHL

Antelope Enterprise Holdings Ltd

Valuation N/A

Communication Services

Price$8.41

Model IV—

P/IV—

AEHR

AEHR TEST SYSTEMS

Valuation N/A

Healthcare

Price$93.49

Model IV—

P/IV—

Market implies +58.4%/yr vs model +37.3% · above model

AEI

Alset Inc.

Valuation N/A

Real Estate

Price$0.81

Model IV—

P/IV—

Market implies +27.7%/yr vs model +2.0% · above model

AEIS

ADVANCED ENERGY INDUSTRIES INC

Valuation N/A

Technology

Price$262.20

Model IV—

P/IV—

Market implies +27.8%/yr vs model +5.4% · above model

AEM

AGNICO EAGLE MINES LTD

Valuation N/A

Basic Materials

Price$199.49

Model IV—

P/IV—

Owner yield 2.4% 10-yr IRR 0.3% · moderate

Market implies +33.5%/yr vs model +8.0% · above model

AEMD

AETHLON MEDICAL INC

Valuation N/A

Healthcare

Price$6.31

Model IV—

P/IV—

Market implies +34.0%/yr vs model +15.0% · above model

AENT

ALLIANCE ENTERTAINMENT HOLDING CORP

Valuation N/A

Industrials

Price$5.03

Model IV—

P/IV—

Market implies +100.3%/yr vs model +2.0% · above model

AENTW

ALLIANCE ENTERTAINMENT HOLDING CORP

Valuation N/A

Industrials

Price$0.20

Model IV—

P/IV—

Market implies -50.0%/yr vs model +6.0% · below model

AEO

AMERICAN EAGLE OUTFITTERS INC

Deeply overvalued

Consumer Cyclical

Price$15.06

Model IV$10.66

P/IV1.48

Premium +41% Return to IV: -29.2%

Owner yield 10.8% 10-yr IRR 21.7% · moderate

Market implies +11.9%/yr vs model +8.1% · above model

AEON

AEON Biopharma, Inc.

Valuation N/A

Healthcare

Price$0.24

Model IV—

P/IV—

AEP

AMERICAN ELECTRIC POWER CO INC

Fairly valued

Utilities

Price$120.00

Model IV$129.67

P/IV0.98

Discount 7% Return to IV: +8.1%

AER

AerCap Holdings N.V.

Deeply undervalued

Technology

Price$141.64

Model IV$744.46

P/IV0.19

Discount 81% Return to IV: +425.6%

Market implies -13.4%/yr vs model +12.7% · below model

AERO

Grupo Aeromexico, S.A.B. de C.V.

Valuation N/A

Industrials

Price$15.42

Model IV—

P/IV—

AERT

Aeries Technology, Inc.

Valuation N/A

Industrials

Price$7.08

Model IV—

P/IV—

Market implies +28.9%/yr vs model +15.0% · above model

AERTW

Aeries Technology, Inc.

Valuation N/A

Industrials

Price$0.02

Model IV—

P/IV—

Market implies -50.0%/yr vs model +8.6% · below model

AES

AES CORP

Fairly valued

Utilities

Price$14.83

Model IV$16.04

P/IV0.91

Discount 8% Return to IV: +8.2%

AESI

Atlas Energy Solutions Inc.

Fairly valued

Energy

Price$13.55

Model IV$13.72

P/IV1.22

Discount 1% Return to IV: +1.3%

Market implies +6.2%/yr vs model +8.0% · in line

AESP

Aeon Acquisition I Corp.

Valuation N/A

Financial Services

Price$9.97

Model IV—

P/IV—

AEVA

Aeva Technologies, Inc.

Valuation N/A

Consumer Cyclical

Price$14.80

Model IV—

P/IV—

Market implies +90.4%/yr vs model +8.0% · above model

AEXA

American Exceptionalism Acquisition Corp. A

Valuation N/A

Financial Services

Price$11.11

Model IV—

P/IV—

AEYE

AUDIOEYE INC

Deeply overvalued

Technology

Price$7.34

Model IV$4.42

P/IV1.74

Premium +66% Return to IV: -39.8%

Market implies +10.3%/yr vs model +13.3% · in line

AFB

ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND

Valuation N/A

Unknown

Price$10.10

Model IV—

P/IV—

AFBI

Affinity Bancshares, Inc.

Deeply overvalued

Financial Services

Price$23.00

Model IV$14.14

P/IV1.59

Premium +63% Return to IV: -38.5%

AFCG

Advanced Flower Capital Inc.

Deeply overvalued

Unknown

Price$3.43

Model IV$0.92

P/IV4.06

Premium +274% Return to IV: -73.2%

Market implies +10.1%/yr vs model -7.5% · above model

AFG

AMERICAN FINANCIAL GROUP INC

Fairly valued

Financial Services

Price$142.31

Model IV$138.79

P/IV0.94

Premium +3% Return to IV: -2.5%

AFGB

American Financial Group, Inc. — 5.875% Subordinated Debentures due March 30, 2059

Limited data

Financial Services

Price$20.69

Model IV—

P/IV—

AFGC

AMERICAN FINANCIAL GROUP INC

Deeply undervalued

Financial Services

Price$18.73

Model IV$129.07

P/IV0.14

Discount 85% Return to IV: +589.1%

AFGD

AMERICAN FINANCIAL GROUP INC

Deeply undervalued

Financial Services

Price$21.57

Model IV$129.07

P/IV0.15

Discount 83% Return to IV: +498.4%

AFGE

AMERICAN FINANCIAL GROUP INC

Deeply undervalued

Financial Services

Price$16.80

Model IV$129.07

P/IV0.13

Discount 87% Return to IV: +668.3%

AFJK

Aimei Health Technology Co., Ltd.

Valuation N/A

Financial Services

Price$12.10

Model IV—

P/IV—

AFJKR

Aimei Health Technology Co., Ltd.

Valuation N/A

Financial Services

Price$0.12

Model IV—

P/IV—

AFJKU

Aimei Health Technology Co., Ltd.

Valuation N/A

Financial Services

Price$13.00

Model IV—

P/IV—

AFL

AFLAC INC

Fairly valued

Financial Services

Price$116.33

Model IV$132.56

P/IV0.85

Discount 12% Return to IV: +14.0%

AFRI

Forafric Global PLC

Valuation N/A

Consumer Defensive

Price$11.15

Model IV—

P/IV—

Market implies +1.0%/yr vs model +2.0% · in line

AFRIW

Forafric Global PLC

Deeply undervalued

Consumer Defensive

Price$1.23

Model IV$2.09

P/IV0.54

Discount 41% Return to IV: +70.1%

Market implies -9.8%/yr vs model +2.0% · below model