Stock Analyses

LIEN

Chicago Atlantic BDC, Inc.

Valuation N/A

Unknown

Price$10.18

Model IV—

P/IV—

LIF

Life360, Inc.

Overvalued

Technology

Price$42.18

Model IV$32.87

P/IV1.29

Premium +28% Return to IV: -22.1%

Market implies +9.4%/yr vs model +44.4% · below model

LIFE

Ethos Technologies Inc.

Deeply overvalued

Financial Services

Price$40.25

Model IV$11.23

P/IV1.68

Premium +259% Return to IV: -72.1%

Market implies +37.1%/yr vs model +25.0% · above model

LII

LENNOX INTERNATIONAL INC

Deeply overvalued

Industrials

Price$359.23

Model IV$268.71

P/IV1.87

Premium +34% Return to IV: -25.2%

Owner yield 5.0% 10-yr IRR 8.9% · moderate

Market implies +9.9%/yr vs model +7.1% · in line

LILA

Liberty Latin America Ltd.

Valuation N/A

Communication Services

Price$8.81

Model IV—

P/IV—

LILAK

Liberty Latin America Ltd.

Deeply undervalued

Communication Services

Price$8.73

Model IV$23.16

P/IV0.35

Discount 62% Return to IV: +165.3%

Owner yield 16.0% 10-yr IRR 28.2% · moderate

Market implies -8.6%/yr vs model +6.8% · below model

LIMN

Liminatus Pharma, Inc.

Valuation N/A

Healthcare

Price$3.47

Model IV—

P/IV—

LIMNW

Liminatus Pharma, Inc.

Valuation N/A

Healthcare

Price$0.04

Model IV—

P/IV—

LIN

LINDE PLC

Deeply overvalued

Basic Materials

Price$460.40

Model IV$174.78

P/IV2.67

Premium +163% Return to IV: -62.0%

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

Market implies +15.8%/yr vs model +3.3% · above model

LINC

LINCOLN EDUCATIONAL SERVICES CORP

Valuation N/A

Consumer Defensive

Price$25.02

Model IV—

P/IV—

LIND

LINDBLAD EXPEDITIONS HOLDINGS, INC.

Fairly valued

Industrials

Price$25.67

Model IV$25.36

P/IV0.90

Premium +1% Return to IV: -1.2%

Market implies +18.3%/yr vs model +25.0% · below model

LINE

Lineage, Inc.

Deeply overvalued

Financial Services

Price$37.75

Model IV$33.93

P/IV1.31

Premium +11% Return to IV: -10.1%

LINK

INTERLINK ELECTRONICS INC

Deeply overvalued

Technology

Price$5.61

Model IV$1.38

P/IV3.90

Premium +307% Return to IV: -75.5%

Market implies +19.6%/yr vs model +12.3% · above model

LION

Lionsgate Studios Corp.

Deeply undervalued

Communication Services

Price$11.27

Model IV$33.18

P/IV0.43

Discount 66% Return to IV: +194.4%

Market implies -19.2%/yr vs model +15.0% · below model

LIQT

LIQTECH INTERNATIONAL INC

Deeply overvalued

Industrials

Price$0.71

Model IV$0.50

P/IV2.19

Premium +42% Return to IV: -29.6%

Market implies -3.5%/yr vs model +2.0% · below model

LITB

LightInTheBox Holding Co., Ltd.

Deeply overvalued

Consumer Cyclical

Price$3.15

Model IV$1.00

P/IV3.34

Premium +214% Return to IV: -68.1%

Market implies +12.2%/yr vs model +2.0% · above model

LITE

Lumentum Holdings Inc.

Valuation N/A

Technology

Price$930.91

Model IV—

P/IV—

Market implies +85.9%/yr vs model +2.0% · above model

LITS

Lite Strategy, Inc.

Valuation N/A

Healthcare

Price$1.11

Model IV—

P/IV—

Market implies -22.3%/yr vs model +15.0% · below model

LIVE

LIVE VENTURES Inc

Deeply undervalued

Consumer Cyclical

Price$8.08

Model IV$80.07

P/IV0.13

Discount 90% Return to IV: +891.0%

Owner yield 43.9% 10-yr IRR 64.6% · moderate

Market implies -31.3%/yr vs model +11.5% · below model

LIVN

LivaNova PLC

Deeply overvalued

Healthcare

Price$78.18

Model IV$44.42

P/IV1.66

Premium +76% Return to IV: -43.2%

Owner yield 2.7% 10-yr IRR 2.0% · moderate

Market implies +14.5%/yr vs model +8.3% · above model

LIXT

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

Valuation N/A

Healthcare

Price$3.66

Model IV—

P/IV—

LKFN

LAKELAND FINANCIAL CORP

Deeply overvalued

Financial Services

Price$60.76

Model IV$45.02

P/IV1.35

Premium +35% Return to IV: -25.9%

LKFT

Lakefront Biotherapeutics NV

Valuation N/A

Healthcare

Price$26.81

Model IV—

P/IV—

LKQ

LKQ CORP

Deeply undervalued

Industrials

Price$24.11

Model IV$53.63

P/IV0.51

Discount 55% Return to IV: +122.4%

Owner yield 14.2% 10-yr IRR 22.3% · steady

Market implies -8.6%/yr vs model +3.0% · below model

LKSP

Lake Superior Acquisition Corp

Valuation N/A

Financial Services

Price$10.22

Model IV—

P/IV—

LKSPR

Lake Superior Acquisition Corp

Valuation N/A

Financial Services

Price$1.20

Model IV—

P/IV—

LLY

ELI LILLY & Co

Deeply overvalued

Healthcare

Price$1,152.93

Model IV$748.36

P/IV1.60

Premium +54% Return to IV: -35.1%

Market implies +20.3%/yr vs model +19.2% · in line

LLYVA

Liberty Live Holdings, Inc.

Valuation N/A

Communication Services

Price$93.98

Model IV—

P/IV—

Market implies +29.9%/yr vs model +12.2% · above model

LLYVK

Liberty Live Holdings, Inc.

Valuation N/A

Communication Services

Price$97.36

Model IV—

P/IV—

Market implies +30.4%/yr vs model +12.2% · above model

LMAT

LEMAITRE VASCULAR INC

Fairly valued

Healthcare

Price$80.59

Model IV$92.60

P/IV1.02

Discount 13% Return to IV: +14.9%

Owner yield 2.6% 10-yr IRR 3.7% · moderate

Market implies +7.5%/yr vs model +11.9% · below model

LMB

Limbach Holdings, Inc.

Overvalued

Industrials

Price$50.50

Model IV$40.99

P/IV1.89

Premium +23% Return to IV: -18.8%

Owner yield 6.9% 10-yr IRR 13.3% · moderate

Market implies +7.6%/yr vs model +6.8% · in line

LMFA

LM FUNDING AMERICA, INC.

Deeply undervalued

Financial Services

Price$1.76

Model IV$1.37

P/IV0.19

Premium +28% Return to IV: -22.0%

Market implies +7.2%/yr vs model +50.0% · below model

LMND

Lemonade, Inc.

Valuation N/A

Financial Services

Price$50.03

Model IV—

P/IV—

LMNR

Limoneira CO

Deeply overvalued

Basic Materials

Price$13.38

Model IV$5.72

P/IV2.22

Premium +134% Return to IV: -57.2%

Market implies +11.8%/yr vs model +3.0% · above model

LMRI

Lumexa Imaging Holdings, Inc.

Valuation N/A

Healthcare

Price$11.49

Model IV—

P/IV—

LMT

LOCKHEED MARTIN CORP

Overvalued

Consumer Cyclical

Price$533.38

Model IV$442.64

P/IV1.21

Premium +20% Return to IV: -17.0%

Owner yield 4.7% 10-yr IRR 6.0% · steady

Market implies +6.2%/yr vs model +4.4% · in line

LNAI

Lunai Bioworks Inc.

Valuation N/A

Healthcare

Price$2.38

Model IV—

P/IV—

LNC

LINCOLN NATIONAL CORP

Deeply undervalued

Financial Services

Price$43.44

Model IV$104.44

P/IV0.34

Discount 58% Return to IV: +140.4%

LND

BrasilAgro - Brazilian Agricultural Real Estate Co

Valuation N/A

Basic Materials

Price$3.71

Model IV—

P/IV—

LNG

Cheniere Energy, Inc.

Deeply overvalued

Utilities

Price$270.98

Model IV$71.05

P/IV3.16

Premium +281% Return to IV: -73.8%

LNKS

Linkers Industries Ltd

Valuation N/A

Technology

Price$1.00

Model IV—

P/IV—

LNN

LINDSAY CORP

Fairly valued

Industrials

Price$118.81

Model IV$138.77

P/IV0.79

Discount 14% Return to IV: +16.8%

Owner yield 6.6% 10-yr IRR 10.9% · steady

Market implies +0.9%/yr vs model +4.5% · below model

LNSR

LENSAR, Inc.

Deeply undervalued

Healthcare

Price$7.60

Model IV$10.20

P/IV0.57

Discount 25% Return to IV: +34.2%

Market implies -12.1%/yr vs model +15.0% · below model

LNT

ALLIANT ENERGY CORP

Fairly valued

Utilities

Price$65.61

Model IV$70.14

P/IV1.02

Discount 6% Return to IV: +6.9%

LNTH

Lantheus Holdings, Inc.

Deeply undervalued

Healthcare

Price$100.73

Model IV$222.68

P/IV0.45

Discount 55% Return to IV: +121.1%

Owner yield 3.2% 10-yr IRR 8.5% · grower

Market implies +8.1%/yr vs model +25.0% · below model

LNZA

LanzaTech Global, Inc.

Valuation N/A

Basic Materials

Price$6.06

Model IV—

P/IV—

Market implies +67.9%/yr vs model +8.0% · above model

LNZAW

LanzaTech Global, Inc.

Valuation N/A

Basic Materials

Price$0.02

Model IV—

P/IV—

Market implies -25.0%/yr vs model +8.0% · below model

LOAN

MANHATTAN BRIDGE CAPITAL, INC

Undervalued

Financial Services

Price$4.05

Model IV$5.31

P/IV0.79

Discount 24% Return to IV: +31.1%

LOAR

Loar Holdings Inc.

Valuation N/A

Industrials

Price$66.51

Model IV—

P/IV—

LOB

Live Oak Bancshares, Inc.

Deeply overvalued

Financial Services

Price$39.40

Model IV$21.41

P/IV1.78

Premium +84% Return to IV: -45.7%

LOBO

LOBO TECHNOLOGIES LTD.

Deeply undervalued

Consumer Cyclical

Price$0.52

Model IV$3.77

P/IV0.21

Discount 86% Return to IV: +618.5%

Market implies -46.1%/yr vs model +13.2% · below model

LOCL

Local Bounti Corporation/DE

Valuation N/A

Basic Materials

Price$1.30

Model IV—

P/IV—

Market implies +33.4%/yr vs model +5.0% · above model

LOCO

El Pollo Loco Holdings, Inc.

Fairly valued

Consumer Cyclical

Price$15.18

Model IV$13.10

P/IV1.13

Premium +16% Return to IV: -13.7%

Owner yield 5.4% 10-yr IRR 10.5% · moderate

Market implies +7.3%/yr vs model +7.7% · in line

LODE

Comstock Inc.

Valuation N/A

Basic Materials

Price$2.82

Model IV—

P/IV—

Market implies +56.9%/yr vs model +8.0% · above model

LOGI

LOGITECH INTERNATIONAL S.A.

Deeply overvalued

Technology

Price$102.70

Model IV$84.71

P/IV1.44

Premium +21% Return to IV: -17.5%

Owner yield 6.2% 10-yr IRR 11.5% · moderate

Market implies +8.1%/yr vs model +6.4% · in line

LOKV

Live Oak Acquisition Corp. V

Valuation N/A

Consumer Cyclical

Price$11.52

Model IV—

P/IV—

LOKVU

LOKVU

Valuation N/A

Price$11.99

Model IV—

P/IV—

LOKVW

LOKVW

Valuation N/A

Price$1.86

Model IV—

P/IV—

LOMA

Loma Negra Compania Industrial Argentina Sociedad Anonima

Valuation N/A

Industrials

Price$9.75

Model IV—

P/IV—

LONA

LeonaBio, Inc.

Valuation N/A

Healthcare

Price$6.92

Model IV—

P/IV—