Stock Analyses

EG

EVEREST GROUP, LTD.

Undervalued

Financial Services

Price$374.85

Model IV$448.63

P/IV0.72

Discount 16% Return to IV: +19.7%

EGAN

EGAIN Corp

Valuation N/A

Technology

Price$5.20

Model IV—

P/IV—

Owner yield 4.8% 10-yr IRR 9.7% · moderate

Market implies +29.3%/yr vs model +9.0% · above model

EGBN

EAGLE BANCORP INC

Fairly valued

Financial Services

Price$27.98

Model IV$29.23

P/IV0.93

Discount 4% Return to IV: +4.5%

EGG

ENIGMATIG LTD

Valuation N/A

Industrials

Price$2.86

Model IV—

P/IV—

Market implies +51.4%/yr vs model +2.0% · above model

EGHA

EGH Acquisition Corp.

Valuation N/A

Financial Services

Price$10.39

Model IV—

P/IV—

EGHAR

EGH Acquisition Corp.

Valuation N/A

Financial Services

Price$0.32

Model IV—

P/IV—

EGHAU

EGH Acquisition Corp.

Valuation N/A

Financial Services

Price$10.66

Model IV—

P/IV—

EGHT

8X8 INC /DE/

Fairly valued

Technology

Price$1.84

Model IV$2.25

P/IV0.92

Discount 18% Return to IV: +22.4%

Owner yield 24.1% 10-yr IRR 37.3% · moderate

Market implies +0.2%/yr vs model +6.1% · below model

EGO

ELDORADO GOLD CORP /FI

Valuation N/A

Basic Materials

Price$43.75

Model IV—

P/IV—

EGP

EASTGROUP PROPERTIES INC

Deeply overvalued

Financial Services

Price$198.12

Model IV$108.19

P/IV1.87

Premium +83% Return to IV: -45.4%

EGY

VAALCO ENERGY INC /DE/

Deeply undervalued

Energy

Price$6.32

Model IV$25.19

P/IV0.21

Discount 75% Return to IV: +298.6%

Market implies -12.5%/yr vs model +8.0% · below model

EH

EHang Holdings Ltd

Valuation N/A

Industrials

Price$4.53

Model IV—

P/IV—

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

EHC

Encompass Health Corp

Fairly valued

Healthcare

Price$122.00

Model IV$134.43

P/IV0.79

Discount 9% Return to IV: +10.2%

Owner yield 2.9% 10-yr IRR 3.9% · moderate

Market implies +6.8%/yr vs model +10.2% · below model

EHGO

EShallGo Inc.

Deeply overvalued

Technology

Price$1.07

Model IV$0.64

P/IV2.59

Premium +68% Return to IV: -40.4%

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

EHI

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

Valuation N/A

Unknown

Price$5.61

Model IV—

P/IV—

EHLD

Euroholdings Ltd.

Overvalued

Industrials

Price$14.13

Model IV$11.85

P/IV0.73

Premium +19% Return to IV: -16.1%

Market implies -12.0%/yr vs model -10.0% · in line

EHTH

eHealth, Inc.

Valuation N/A

Financial Services

Price$0.93

Model IV—

P/IV—

Market implies -36.7%/yr vs model +2.0% · below model

EIC

Eagle Point Income Co Inc.

Valuation N/A

Unknown

Price$9.89

Model IV—

P/IV—

EICA

Eagle Point Income Co Inc.

Valuation N/A

Unknown

Price$24.92

Model IV—

P/IV—

EIG

Employers Holdings, Inc.

Fairly valued

Financial Services

Price$49.66

Model IV$42.85

P/IV1.02

Premium +16% Return to IV: -13.7%

EIIA

Eagle Point Institutional Income Fund

Valuation N/A

Unknown

Price$25.10

Model IV—

P/IV—

EIKN

Eikon Therapeutics, Inc.

Valuation N/A

Healthcare

Price$8.94

Model IV—

P/IV—

EIM

Eaton Vance Municipal Bond Fund

Valuation N/A

Unknown

Price$9.33

Model IV—

P/IV—

EIX

EDISON INTERNATIONAL

Deeply undervalued

Utilities

Price$55.31

Model IV$109.77

P/IV0.64

Discount 50% Return to IV: +98.5%

EJH

E-Home Household Service Holdings Ltd

Valuation N/A

Industrials

Price$1.22

Model IV—

P/IV—

Market implies -50.0%/yr vs model +2.0% · below model

EL

ESTEE LAUDER COMPANIES INC

Valuation N/A

Consumer Defensive

Price$93.43

Model IV—

P/IV—

Owner yield 2.8% 10-yr IRR -1.7% · steady

Market implies +33.6%/yr vs model +2.6% · above model

ELA

Envela Corp

Deeply overvalued

Consumer Cyclical

Price$13.46

Model IV$12.53

P/IV2.03

Premium +7% Return to IV: -6.9%

Market implies -0.7%/yr vs model +14.4% · below model

ELAB

PMGC Holdings Inc.

Deeply overvalued

Healthcare

Price$4.62

Model IV$2.02

P/IV0.88

Premium +129% Return to IV: -56.3%

ELAN

Elanco Animal Health Inc

Deeply overvalued

Healthcare

Price$23.17

Model IV$5.01

P/IV4.76

Premium +362% Return to IV: -78.4%

Owner yield 2.3% 10-yr IRR -3.4% · steady

Market implies +24.4%/yr vs model +3.0% · above model

ELBM

Electra Battery Materials Corp

Valuation N/A

Basic Materials

Price$0.52

Model IV—

P/IV—

ELC

ENTERGY LOUISIANA, LLC

Valuation N/A

Utilities

Price$19.31

Model IV—

P/IV—

ELDN

Eledon Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$2.78

Model IV—

P/IV—

ELE

Elemental Royalty Corp

Valuation N/A

Basic Materials

Price$21.43

Model IV—

P/IV—

ELF

e.l.f. Beauty, Inc.

Deeply overvalued

Consumer Defensive

Price$96.91

Model IV$29.31

P/IV1.91

Premium +231% Return to IV: -69.8%

Owner yield 2.1% 10-yr IRR 3.7% · grower

Market implies +36.8%/yr vs model +25.0% · above model

ELLA

Ellington Credit Co

Deeply overvalued

Financial Services

Price$25.42

Model IV$14.40

P/IV1.78

Premium +77% Return to IV: -43.4%

ELLO

Ellomay Capital Ltd.

Deeply overvalued

Utilities

Price$20.89

Model IV$12.68

P/IV1.89

Premium +65% Return to IV: -39.3%

ELMD

Electromed, Inc.

Deeply overvalued

Healthcare

Price$27.25

Model IV$24.49

P/IV1.54

Premium +11% Return to IV: -10.1%

Owner yield 2.7% 10-yr IRR 5.8% · grower

Market implies +11.8%/yr vs model +14.0% · in line

ELME

Elme Communities

Deeply undervalued

Financial Services

Price$1.66

Model IV$8.59

P/IV0.24

Discount 81% Return to IV: +417.7%

ELMT

Elmet Group Co.

Valuation N/A

Industrials

Price$16.19

Model IV—

P/IV—

ELOG

Eastern International Ltd.

Valuation N/A

Industrials

Price$0.60

Model IV—

P/IV—

ELPC

ENERGY CO OF PARANA

Deeply overvalued

Utilities

Price$12.48

Model IV$5.15

P/IV2.22

Premium +142% Return to IV: -58.7%

ELPW

Elong Power Holding Ltd.

Valuation N/A

Technology

Price$2.74

Model IV—

P/IV—

Market implies +45.1%/yr vs model +2.0% · above model

ELS

EQUITY LIFESTYLE PROPERTIES INC

Deeply overvalued

Financial Services

Price$60.08

Model IV$24.99

P/IV2.50

Premium +140% Return to IV: -58.4%

ELSE

ELECTRO SENSORS INC

Deeply overvalued

Healthcare

Price$7.74

Model IV$3.91

P/IV1.97

Premium +98% Return to IV: -49.5%

Owner yield 1.2% 10-yr IRR -9.1% · steady

Market implies +9.8%/yr vs model +5.9% · above model

ELTK

ELTEK LTD

Deeply undervalued

Technology

Price$8.15

Model IV$24.91

P/IV0.37

Discount 67% Return to IV: +205.7%

Market implies -24.8%/yr vs model +11.2% · below model

ELTX

Elicio Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.99

Model IV—

P/IV—

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

ELUT

ELUTIA INC.

Deeply overvalued

Healthcare

Price$0.81

Model IV$0.35

P/IV3.33

Premium +132% Return to IV: -57.0%

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

ELV

Elevance Health, Inc.

Fairly valued

Financial Services

Price$410.95

Model IV$357.76

P/IV1.10

Premium +15% Return to IV: -12.9%

ELVA

Electrovaya Inc.

Valuation N/A

Technology

Price$6.43

Model IV—

P/IV—

ELVN

Enliven Therapeutics, Inc.

Valuation N/A

Healthcare

Price$54.32

Model IV—

P/IV—

ELVR

Elevra Lithium Ltd

Valuation N/A

Basic Materials

Price$50.82

Model IV—

P/IV—

Market implies +95.8%/yr

ELWT

Elauwit Connection, Inc.

Deeply undervalued

Communication Services

Price$7.40

Model IV$56.38

P/IV0.13

Discount 87% Return to IV: +662.0%

Market implies -45.7%/yr vs model +50.0% · below model

EMA

EMERA INC

Deeply overvalued

Utilities

Price$49.01

Model IV$37.67

P/IV1.38

Premium +30% Return to IV: -23.1%

EMAT

Evolution Metals & Technologies Corp.

Valuation N/A

Technology

Price$3.08

Model IV—

P/IV—

EMBC

Embecta Corp.

Deeply undervalued

Healthcare

Price$4.94

Model IV$34.60

P/IV0.10

Discount 86% Return to IV: +600.5%

Owner yield 27.9% 10-yr IRR 37.9% · steady

Market implies -30.4%/yr vs model +3.0% · below model

EMBJ

EMBRAER S.A.

Valuation N/A

Industrials

Price$75.49

Model IV—

P/IV—

EMD

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Valuation N/A

Unknown

Price$10.17

Model IV—

P/IV—

EME

EMCOR Group, Inc.

Deeply overvalued

Industrials

Price$750.09

Model IV$362.02

P/IV2.34

Premium +107% Return to IV: -51.7%

Owner yield 1.6% 10-yr IRR -4.7% · moderate

Market implies +16.0%/yr vs model +7.6% · above model

EMF

TEMPLETON EMERGING MARKETS FUND

Valuation N/A

Unknown

Price$22.60

Model IV—

P/IV—

EMIS

Emmis Acquisition Corp.

Valuation N/A

Financial Services

Price$10.25

Model IV—

P/IV—