Stock Analyses

E

ENI SPA

Overvalued

Energy

Price$55.40

Model IV$44.25

P/IV1.27

Premium +25% Return to IV: -20.1%

Owner yield 6.9% 10-yr IRR 9.0% · steady

Market implies +4.6%/yr vs model +1.6% · in line

EA

ELECTRONIC ARTS INC.

Fairly valued

Technology

Price$209.70

Model IV$214.75

P/IV0.62

Discount 2% Return to IV: +2.4%

Market implies +6.3%/yr vs model +7.9% · in line

EAD

ALLSPRING INCOME OPPORTUNITIES FUND

Valuation N/A

Unknown

Price$6.26

Model IV—

P/IV—

EAF

GRAFTECH INTERNATIONAL LTD

Deeply overvalued

Technology

Price$6.58

Model IV$6.15

P/IV1.62

Premium +7% Return to IV: -6.5%

Market implies +3.2%/yr vs model +2.0% · in line

EAI

ENTERGY ARKANSAS, LLC

Valuation N/A

Utilities

Price$19.49

Model IV—

P/IV—

EARN

Ellington Credit Co

Deeply undervalued

Financial Services

Price$4.32

Model IV$16.97

P/IV0.28

Discount 75% Return to IV: +292.7%

EAT

BRINKER INTERNATIONAL, INC

Undervalued

Consumer Cyclical

Price$212.49

Model IV$175.99

P/IV0.81

Premium +21% Return to IV: -17.2%

Owner yield 2.4% 10-yr IRR 2.6% · moderate

Market implies +11.5%/yr vs model +11.3% · in line

EBAY

EBAY INC

Deeply overvalued

Technology

Price$111.84

Model IV$53.90

P/IV2.03

Premium +107% Return to IV: -51.8%

Owner yield 3.4% 10-yr IRR 5.1% · moderate

Market implies +17.1%/yr vs model +8.7% · above model

EBC

Eastern Bankshares, Inc.

Deeply overvalued

Financial Services

Price$21.60

Model IV$15.14

P/IV1.30

Premium +43% Return to IV: -29.9%

EBF

ENNIS, INC.

Undervalued

Communication Services

Price$21.28

Model IV$25.85

P/IV0.79

Discount 18% Return to IV: +21.5%

Owner yield 10.0% 10-yr IRR 16.0% · steady

Market implies -0.8%/yr vs model +3.0% · below model

EBMT

Eagle Bancorp Montana, Inc.

Overvalued

Financial Services

Price$22.40

Model IV$18.28

P/IV1.21

Premium +23% Return to IV: -18.4%

EBON

Ebang International Holdings Inc.

Valuation N/A

Financial Services

Price$2.13

Model IV—

P/IV—

Market implies +47.1%/yr vs model +2.0% · above model

EBS

Emergent BioSolutions Inc.

Deeply undervalued

Healthcare

Price$6.38

Model IV$22.34

P/IV0.41

Discount 71% Return to IV: +250.1%

Market implies -21.2%/yr vs model +2.0% · below model

EC

ECOPETROL S.A.

Valuation N/A

Energy

Price$18.26

Model IV—

P/IV—

ECAT

BlackRock ESG Capital Allocation Term Trust

Valuation N/A

Unknown

Price$14.74

Model IV—

P/IV—

ECBK

ECB Bancorp, Inc. /MD/

Deeply overvalued

Financial Services

Price$21.21

Model IV$12.04

P/IV1.52

Premium +76% Return to IV: -43.3%

ECC

Eagle Point Credit Co

Valuation N/A

Unknown

Price$3.65

Model IV—

P/IV—

ECCC

Eagle Point Credit Co

Valuation N/A

Unknown

Price$24.90

Model IV—

P/IV—

ECCU

Eagle Point Credit Co

Valuation N/A

Unknown

Price$25.45

Model IV—

P/IV—

ECCV

Eagle Point Credit Co

Valuation N/A

Unknown

Price$24.15

Model IV—

P/IV—

ECF

ELLSWORTH GROWTH & INCOME FUND LTD

Valuation N/A

Unknown

Price$12.51

Model IV—

P/IV—

ECG

Everus Construction Group, Inc.

Valuation N/A

Industrials

Price$119.42

Model IV—

P/IV—

Owner yield 1.9% 10-yr IRR -1.4% · moderate

Market implies +32.6%/yr vs model +9.9% · above model

ECL

ECOLAB INC.

Deeply overvalued

Consumer Defensive

Price$269.46

Model IV$146.49

P/IV1.75

Premium +84% Return to IV: -45.6%

Owner yield 2.3% 10-yr IRR -1.7% · steady

Market implies +12.5%/yr vs model +5.7% · above model

ECO

Okeanis Eco Tankers Corp.

Valuation N/A

Industrials

Price$79.72

Model IV—

P/IV—

ECOR

electroCore, Inc.

Valuation N/A

Healthcare

Price$9.62

Model IV—

P/IV—

ECPG

ENCORE CAPITAL GROUP INC

Deeply overvalued

Financial Services

Price$98.56

Model IV$49.24

P/IV1.62

Premium +100% Return to IV: -50.0%

Market implies +9.6%/yr vs model +1.1% · above model

ECVT

Ecovyst Inc.

Overvalued

Basic Materials

Price$9.92

Model IV$10.26

P/IV1.29

Discount 3% Return to IV: +3.4%

Owner yield 7.0% 10-yr IRR 11.8% · steady

Market implies +2.4%/yr vs model +4.5% · in line

ECX

ECARX Holdings Inc.

Deeply undervalued

Technology

Price$1.07

Model IV$4.80

P/IV0.25

Discount 78% Return to IV: +348.5%

Market implies -27.0%/yr vs model +15.0% · below model

ECXJ

CXJ GROUP CO., Ltd

Valuation N/A

Consumer Cyclical

Price$1.30

Model IV—

P/IV—

Market implies +39.8%/yr vs model +8.0% · above model

ECXWW

ECARX Holdings Inc.

Valuation N/A

Technology

Price$0.03

Model IV—

P/IV—

Market implies -50.0%/yr

ED

CONSOLIDATED EDISON INC

Deeply overvalued

Utilities

Price$105.43

Model IV$80.39

P/IV1.31

Premium +31% Return to IV: -23.8%

EDAP

EDAP TMS SA

Overvalued

Healthcare

Price$5.43

Model IV$3.55

P/IV1.22

Premium +53% Return to IV: -34.6%

Market implies -0.8%/yr vs model +15.0% · below model

EDBL

Edible Garden AG Inc

Valuation N/A

Basic Materials

Price$1.46

Model IV—

P/IV—

Market implies +47.1%/yr vs model +5.1% · above model

EDBLW

Edible Garden AG Inc

Valuation N/A

Basic Materials

Price$0.06

Model IV—

P/IV—

Market implies -6.3%/yr vs model +5.1% · below model

EDD

Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.

Valuation N/A

Unknown

Price$5.91

Model IV—

P/IV—

EDF

Virtus Stone Harbor Emerging Markets Income Fund

Valuation N/A

Unknown

Price$5.32

Model IV—

P/IV—

EDHL

Everbright Digital Holding Ltd.

Deeply undervalued

Technology

Price$4.42

Model IV$6.08

P/IV0.48

Discount 27% Return to IV: +37.4%

Market implies -12.8%/yr vs model +31.7% · below model

EDIT

Editas Medicine, Inc.

Valuation N/A

Healthcare

Price$2.70

Model IV—

P/IV—

Market implies +46.4%/yr vs model +12.2% · above model

EDN

EDENOR

Deeply overvalued

Utilities

Price$24.48

Model IV$7.64

P/IV3.62

Premium +220% Return to IV: -68.8%

EDRY

EuroDry Ltd.

Deeply undervalued

Industrials

Price$67.12

Model IV$78.91

P/IV0.29

Discount 15% Return to IV: +17.6%

Market implies +2.2%/yr vs model +8.0% · below model

EDSA

Edesa Biotech, Inc.

Valuation N/A

Healthcare

Price$4.23

Model IV—

P/IV—

EDTK

Skillful Craftsman Education Technology Ltd

Valuation N/A

Consumer Defensive

Price$0.93

Model IV—

P/IV—

Market implies +37.7%/yr vs model +2.0% · above model

EDU

New Oriental Education & Technology Group Inc.

Valuation N/A

Consumer Defensive

Price$56.26

Model IV—

P/IV—

Market implies +27.0%/yr vs model +3.5% · above model

EDUC

EDUCATIONAL DEVELOPMENT CORP

Deeply undervalued

Consumer Defensive

Price$1.31

Model IV$2.78

P/IV0.52

Discount 53% Return to IV: +112.4%

Owner yield 36.1% 10-yr IRR 48.5% · steady

Market implies -9.2%/yr vs model +5.0% · below model

EE

Excelerate Energy, Inc.

Deeply overvalued

Utilities

Price$35.95

Model IV$7.46

P/IV4.42

Premium +382% Return to IV: -79.3%

EEA

EUROPEAN EQUITY FUND, INC / MD

Valuation N/A

Unknown

Price$10.91

Model IV—

P/IV—

EEFT

EURONET WORLDWIDE, INC.

Overvalued

Financial Services

Price$72.18

Model IV$62.23

P/IV1.16

Premium +16% Return to IV: -13.8%

EEIQ

EpicQuest Education Group International Ltd

Valuation N/A

Consumer Defensive

Price$3.62

Model IV—

P/IV—

Market implies +13.2%/yr vs model +13.7% · in line

EEX

Emerald Holding, Inc.

Undervalued

Technology

Price$5.04

Model IV$6.18

P/IV0.81

Discount 18% Return to IV: +22.5%

Owner yield 4.2% 10-yr IRR 12.5% · grower

Market implies +15.1%/yr vs model +25.0% · below model

EFC

Ellington Financial Inc.

Valuation N/A

Real Estate

Price$12.89

Model IV—

P/IV—

EFOI

ENERGY FOCUS, INC/DE

Valuation N/A

Technology

Price$2.74

Model IV—

P/IV—

Market implies +41.3%/yr vs model +2.0% · above model

EFOR

Everforth Inc

Deeply undervalued

Technology

Price$31.47

Model IV$85.25

P/IV0.27

Discount 63% Return to IV: +170.9%

Owner yield 26.0% 10-yr IRR 40.8% · moderate

Market implies -9.3%/yr vs model +7.5% · below model

EFR

Eaton Vance Senior Floating-Rate Trust

Valuation N/A

Unknown

Price$10.42

Model IV—

P/IV—

EFSC

ENTERPRISE FINANCIAL SERVICES CORP

Fairly valued

Financial Services

Price$64.14

Model IV$60.64

P/IV1.00

Premium +6% Return to IV: -5.5%

EFSCP

ENTERPRISE FINANCIAL SERVICES CORP

Deeply undervalued

Financial Services

Price$17.59

Model IV$60.73

P/IV0.33

Discount 71% Return to IV: +245.2%

EFSI

EAGLE FINANCIAL SERVICES INC

Fairly valued

Financial Services

Price$45.52

Model IV$35.62

P/IV1.11

Premium +28% Return to IV: -21.8%

EFT

Eaton Vance Floating-Rate Income Trust

Valuation N/A

Unknown

Price$10.59

Model IV—

P/IV—

EFTY

ETOILES CAPITAL GROUP CO., LTD

Valuation N/A

Industrials

Price$15.02

Model IV—

P/IV—

Market implies +22.0%/yr vs model +50.0% · below model

EFX

EQUIFAX INC

Fairly valued

Technology

Price$158.87

Model IV$163.51

P/IV1.01

Discount 3% Return to IV: +2.9%

Market implies +5.7%/yr vs model +7.4% · in line

EFXT

Enerflex Ltd.

Valuation N/A

Industrials

Price$22.92

Model IV—

P/IV—