Stock Analyses

IFRX

InflaRx N.V.

Valuation N/A

Healthcare

Price$2.12

Model IV—

P/IV—

IFS

Intercorp Financial Services Inc.

Valuation N/A

Financial Services

Price$54.73

Model IV—

P/IV—

IGA

Voya Global Advantage & Premium Opportunity Fund

Valuation N/A

Unknown

Price$10.42

Model IV—

P/IV—

IGAC

Invest Green Acquisition Corp

Valuation N/A

Financial Services

Price$10.05

Model IV—

P/IV—

IGACR

Invest Green Acquisition Corp

Valuation N/A

Financial Services

Price$0.16

Model IV—

P/IV—

IGC

IGC Pharma, Inc.

Valuation N/A

Healthcare

Price$0.28

Model IV—

P/IV—

Market implies +46.9%/yr vs model +2.0% · above model

IGD

Voya GLOBAL EQUITY DIVIDEND & PREMIUM OPPORTUNITY FUND

Valuation N/A

Unknown

Price$6.33

Model IV—

P/IV—

IGI

Western Asset Investment Grade Opportunity Trust Inc.

Valuation N/A

Unknown

Price$15.67

Model IV—

P/IV—

IGIC

International General Insurance Holdings Ltd.

Deeply undervalued

Financial Services

Price$25.99

Model IV$36.36

P/IV0.67

Discount 29% Return to IV: +39.9%

IGR

CBRE GLOBAL REAL ESTATE INCOME FUND

Valuation N/A

Unknown

Price$12.63

Model IV—

P/IV—

IH

iHuman Inc.

Deeply overvalued

Consumer Defensive

Price$1.21

Model IV$0.73

P/IV2.26

Premium +64% Return to IV: -39.0%

Owner yield 3.8% 10-yr IRR 1.6% · steady

Market implies +7.2%/yr vs model +2.0% · above model

IHD

Voya Emerging Markets High Dividend Equity Fund

Valuation N/A

Unknown

Price$7.67

Model IV—

P/IV—

IHG

INTERCONTINENTAL HOTELS GROUP PLC /NEW/

Valuation N/A

Consumer Cyclical

Price$153.83

Model IV—

P/IV—

IHRT

iHeartMedia, Inc.

Deeply undervalued

Communication Services

Price$2.73

Model IV$6.77

P/IV0.58

Discount 60% Return to IV: +148.0%

Owner yield 7.5% 10-yr IRR 12.3% · steady

Market implies -12.9%/yr vs model +3.9% · below model

IHS

IHS Holding Ltd

Valuation N/A

Communication Services

Price$8.47

Model IV—

P/IV—

IHT

INNSUITES HOSPITALITY TRUST

Valuation N/A

Financial Services

Price$1.30

Model IV—

P/IV—

IIF

MORGAN STANLEY INDIA INVESTMENT FUND, INC.

Valuation N/A

Unknown

Price$22.42

Model IV—

P/IV—

III

Information Services Group Inc.

Deeply overvalued

Industrials

Price$5.38

Model IV$2.47

P/IV1.83

Premium +118% Return to IV: -54.2%

Owner yield 6.3% 10-yr IRR 6.7% · steady

Market implies +9.4%/yr vs model +0.3% · above model

IIIN

INSTEEL INDUSTRIES INC

Fairly valued

Basic Materials

Price$30.61

Model IV$25.25

P/IV1.09

Premium +21% Return to IV: -17.5%

Owner yield 9.4% 10-yr IRR 15.2% · steady

Market implies +4.4%/yr vs model +3.1% · in line

IIIV

i3 Verticals, Inc.

Deeply overvalued

Technology

Price$15.65

Model IV$8.37

P/IV2.43

Premium +87% Return to IV: -46.5%

Market implies +6.8%/yr vs model +2.0% · above model

IIM

Invesco Value Municipal Income Trust

Valuation N/A

Unknown

Price$12.11

Model IV—

P/IV—

IIPR

INNOVATIVE INDUSTRIAL PROPERTIES INC

Deeply undervalued

Real Estate

Price$56.25

Model IV$126.33

P/IV0.46

Discount 55% Return to IV: +124.6%

Market implies -6.7%/yr vs model +6.0% · below model

IKT

Inhibikase Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.34

Model IV—

P/IV—

Market implies +107.3%/yr vs model +2.0% · above model

ILAG

Intelligent Living Application Group Inc.

Valuation N/A

Consumer Cyclical

Price$2.96

Model IV—

P/IV—

Market implies +11.0%/yr vs model +2.0% · above model

ILLR

Triller Group Inc.

Valuation N/A

Financial Services

Price$0.73

Model IV—

P/IV—

Market implies +56.6%/yr vs model +17.2% · above model

ILLRW

Triller Group Inc.

Deeply overvalued

Financial Services

Price$0.06

Model IV$0.02

P/IV2.53

Premium +153% Return to IV: -60.5%

Market implies +15.6%/yr vs model +17.2% · in line

ILLU

Illumination Acquisition Corp. I

Valuation N/A

Financial Services

Price$9.98

Model IV—

P/IV—

ILLUU

Illumination Acquisition Corp. I

Valuation N/A

Financial Services

Price$10.27

Model IV—

P/IV—

ILLUW

Illumination Acquisition Corp. I

Valuation N/A

Financial Services

Price$0.37

Model IV—

P/IV—

ILMN

ILLUMINA, INC.

Valuation N/A

Healthcare

Price$206.45

Model IV—

P/IV—

Market implies +17.7%/yr vs model +3.0% · above model

ILPT

Industrial Logistics Properties Trust

Valuation N/A

Financial Services

Price$7.73

Model IV—

P/IV—

IMA

ImageneBio, Inc.

Valuation N/A

Healthcare

Price$5.00

Model IV—

P/IV—

Market implies +53.3%/yr vs model +2.0% · above model

IMAX

IMAX CORP

Overvalued

Technology

Price$52.09

Model IV$33.32

P/IV1.19

Premium +56% Return to IV: -36.0%

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

Market implies +16.6%/yr vs model +14.0% · in line

IMCC

IM Cannabis Corp.

Valuation N/A

Healthcare

Price$1.75

Model IV—

P/IV—

IMCR

Immunocore Holdings plc

Deeply undervalued

Healthcare

Price$32.60

Model IV$87.31

P/IV0.33

Discount 63% Return to IV: +167.8%

Market implies -19.3%/yr vs model +50.0% · below model

IMDX

Insight Molecular Diagnostics Inc.

Valuation N/A

Healthcare

Price$4.20

Model IV—

P/IV—

Market implies +51.7%/yr vs model +16.5% · above model

IMKTA

INGLES MARKETS INC

Valuation N/A

Consumer Defensive

Price$83.12

Model IV—

P/IV—

IMMP

IMMUTEP Ltd

Valuation N/A

Healthcare

Price$0.33

Model IV—

P/IV—

IMMR

IMMERSION CORP

Valuation N/A

Technology

Price$7.40

Model IV—

P/IV—

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

IMMX

Immix Biopharma, Inc.

Valuation N/A

Healthcare

Price$12.14

Model IV—

P/IV—

IMNM

Immunome Inc.

Valuation N/A

Healthcare

Price$24.67

Model IV—

P/IV—

Market implies +103.6%/yr vs model +15.0% · above model

IMNN

Imunon, Inc.

Valuation N/A

Healthcare

Price$1.47

Model IV—

P/IV—

Market implies +11.3%/yr vs model +15.0% · below model

IMO

IMPERIAL OIL LTD

Valuation N/A

Energy

Price$129.99

Model IV—

P/IV—

IMOS

CHIPMOS TECHNOLOGIES INC

Valuation N/A

Technology

Price$55.33

Model IV—

P/IV—

IMPP

Imperial Petroleum Inc./Marshall Islands

Deeply undervalued

Industrials

Price$5.79

Model IV$99.88

P/IV0.05

Discount 94% Return to IV: +1,625.0%

Market implies -23.8%/yr vs model +25.0% · below model

IMPPP

Imperial Petroleum Inc./Marshall Islands

Deeply undervalued

Industrials

Price$26.10

Model IV$155.33

P/IV0.17

Discount 83% Return to IV: +495.1%

Market implies -4.8%/yr vs model +25.0% · below model

IMRN

Immuron Ltd

Valuation N/A

Healthcare

Price$1.45

Model IV—

P/IV—

IMRX

Immuneering Corp

Valuation N/A

Healthcare

Price$4.27

Model IV—

P/IV—

Market implies +93.3%/yr vs model +15.0% · above model

IMSR

Terrestrial Energy Inc. /DE/

Valuation N/A

Industrials

Price$4.75

Model IV—

P/IV—

Market implies +138.2%/yr vs model +15.0% · above model

IMSRW

Terrestrial Energy Inc. /DE/

Valuation N/A

Industrials

Price$1.71

Model IV—

P/IV—

Market implies +95.5%/yr

IMTE

Integrated Media Technology Ltd

Valuation N/A

Technology

Price$0.46

Model IV—

P/IV—

IMTX

Immatics N.V.

Valuation N/A

Healthcare

Price$8.62

Model IV—

P/IV—

IMUX

IMMUNIC, INC.

Valuation N/A

Healthcare

Price$11.42

Model IV—

P/IV—

IMVT

Immunovant, Inc.

Valuation N/A

Healthcare

Price$37.36

Model IV—

P/IV—

IMXI

International Money Express, Inc.

Deeply undervalued

Technology

Price$14.10

Model IV$55.06

P/IV0.27

Discount 74% Return to IV: +290.5%

Owner yield 13.3% 10-yr IRR 29.9% · grower

Market implies -8.3%/yr vs model +12.7% · below model

INAB

IN8BIO, INC.

Valuation N/A

Healthcare

Price$1.07

Model IV—

P/IV—

INAC

Indigo Acquisition Corp.

Valuation N/A

Financial Services

Price$10.34

Model IV—

P/IV—

INACR

Indigo Acquisition Corp.

Valuation N/A

Financial Services

Price$0.09

Model IV—

P/IV—

INACU

Indigo Acquisition Corp.

Valuation N/A

Financial Services

Price$10.37

Model IV—

P/IV—

INBK

First Internet Bancorp

Valuation N/A

Financial Services

Price$28.00

Model IV—

P/IV—

Market implies +42.8%/yr vs model +15.0% · above model