Stock Analyses

MDT

Medtronic plc

Undervalued

Healthcare

Price$92.13

Model IV$108.65

P/IV0.68

Discount 15% Return to IV: +17.9%

Owner yield 4.2% 10-yr IRR 5.8% · moderate

Market implies +3.1%/yr vs model +6.1% · below model

MDU

MDU RESOURCES GROUP INC

Deeply overvalued

Basic Materials

Price$19.20

Model IV$11.76

P/IV1.79

Premium +63% Return to IV: -38.8%

Market implies +3.5%/yr vs model +0.0% · above model

MDV

MODIV INDUSTRIAL, INC.

Deeply overvalued

Financial Services

Price$18.13

Model IV$8.13

P/IV2.23

Premium +123% Return to IV: -55.2%

MDWD

MediWound Ltd.

Valuation N/A

Healthcare

Price$13.47

Model IV—

P/IV—

MDXG

MIMEDX GROUP, INC.

Deeply undervalued

Healthcare

Price$4.72

Model IV$9.10

P/IV0.40

Discount 48% Return to IV: +92.7%

Owner yield 7.8% 10-yr IRR 20.6% · grower

Market implies +0.9%/yr vs model +13.3% · below model

MDXH

MDxHealth SA

Valuation N/A

Healthcare

Price$0.70

Model IV—

P/IV—

MEC

Mayville Engineering Company, Inc.

Overvalued

Industrials

Price$18.09

Model IV$15.57

P/IV1.72

Premium +16% Return to IV: -13.9%

Owner yield 11.6% 10-yr IRR 20.3% · steady

Market implies +5.4%/yr vs model +5.1% · in line

MED

MEDIFAST INC

Deeply undervalued

Consumer Defensive

Price$12.04

Model IV$22.81

P/IV0.55

Discount 47% Return to IV: +89.4%

Market implies -15.0%/yr vs model +2.0% · below model

MEDP

Medpace Holdings, Inc.

Undervalued

Industrials

Price$595.41

Model IV$767.78

P/IV0.58

Discount 22% Return to IV: +28.9%

Owner yield 3.1% 10-yr IRR 8.5% · grower

Market implies +12.7%/yr vs model +21.2% · below model

MEGI

NYLI CBRE Global Infrastructure Megatrends Term Fund

Valuation N/A

Unknown

Price$14.57

Model IV—

P/IV—

MEGL

Magic Empire Global Ltd

Deeply overvalued

Financial Services

Price$1.18

Model IV$0.32

P/IV3.72

Premium +266% Return to IV: -72.7%

Market implies +9.4%/yr vs model +15.0% · below model

MEHA

Functional Brands Inc.

Valuation N/A

Healthcare

Price$0.00

Model IV—

P/IV—

Market implies +0.0%/yr vs model +2.0% · in line

MEI

METHODE ELECTRONICS INC

Deeply undervalued

Technology

Price$13.62

Model IV$23.97

P/IV0.48

Discount 43% Return to IV: +76.0%

Market implies -5.1%/yr vs model +2.0% · below model

MELI

MERCADOLIBRE INC

Deeply undervalued

Technology

Price$1,897.37

Model IV$5,908.70

P/IV0.29

Discount 68% Return to IV: +211.4%

Owner yield 7.8% 10-yr IRR 22.0% · grower

Market implies +3.1%/yr vs model +25.0% · below model

MENS

Jyong Biotech Ltd.

Valuation N/A

Healthcare

Price$1.99

Model IV—

P/IV—

MEOH

METHANEX CORP

Valuation N/A

Basic Materials

Price$62.90

Model IV—

P/IV—

MERC

MERCER INTERNATIONAL INC.

Valuation N/A

Basic Materials

Price$0.39

Model IV—

P/IV—

Market implies -50.0%/yr vs model +3.0% · below model

MESH

Meshflow Acquisition Corp

Valuation N/A

Financial Services

Price$10.08

Model IV—

P/IV—

MESHU

Meshflow Acquisition Corp

Valuation N/A

Financial Services

Price$10.21

Model IV—

P/IV—

MESHW

Meshflow Acquisition Corp

Valuation N/A

Financial Services

Price$0.26

Model IV—

P/IV—

MESO

MESOBLAST LTD

Valuation N/A

Healthcare

Price$15.48

Model IV—

P/IV—

MET

METLIFE INC

Deeply overvalued

Financial Services

Price$97.04

Model IV$60.87

P/IV1.36

Premium +59% Return to IV: -37.3%

META

Meta Platforms, Inc.

Deeply overvalued

Technology

Price$665.75

Model IV$263.70

P/IV2.40

Premium +152% Return to IV: -60.4%

Owner yield 2.8% 10-yr IRR 7.1% · grower

Market implies +25.9%/yr vs model +16.2% · above model

METC

Ramaco Resources, Inc.

Valuation N/A

Energy

Price$11.19

Model IV—

P/IV—

METCB

Ramaco Resources, Inc.

Valuation N/A

Energy

Price$5.44

Model IV—

P/IV—

METCI

Ramaco Resources, Inc.

Valuation N/A

Energy

Price$25.39

Model IV—

P/IV—

METCZ

Ramaco Resources, Inc.

Valuation N/A

Energy

Price$25.50

Model IV—

P/IV—

MEVO

M Evo Global Acquisition Corp II

Valuation N/A

Financial Services

Price$10.02

Model IV—

P/IV—

MEVOU

M Evo Global Acquisition Corp II

Valuation N/A

Financial Services

Price$10.19

Model IV—

P/IV—

MEVOW

M Evo Global Acquisition Corp II

Valuation N/A

Financial Services

Price$0.37

Model IV—

P/IV—

MFA

MFA FINANCIAL, INC.

Deeply undervalued

Financial Services

Price$8.56

Model IV$16.06

P/IV0.60

Discount 47% Return to IV: +87.6%

MFAN

MFA FINANCIAL, INC.

Overvalued

Financial Services

Price$25.13

Model IV$21.02

P/IV1.19

Premium +20% Return to IV: -16.4%

MFAO

MFA FINANCIAL, INC.

Overvalued

Financial Services

Price$25.17

Model IV$21.02

P/IV1.20

Premium +20% Return to IV: -16.5%

MFC

MANULIFE FINANCIAL CORP

Valuation N/A

Financial Services

Price$43.49

Model IV—

P/IV—

MFG

MIZUHO FINANCIAL GROUP INC

Valuation N/A

Financial Services

Price$11.45

Model IV—

P/IV—

MFI

mF International Ltd

Valuation N/A

Technology

Price$9.35

Model IV—

P/IV—

Market implies +67.6%/yr vs model +15.0% · above model

MFIC

MidCap Financial Investment Corp

Valuation N/A

Unknown

Price$9.09

Model IV—

P/IV—

MFICL

MidCap Financial Investment Corp

Valuation N/A

Unknown

Price$25.07

Model IV—

P/IV—

MFIN

MEDALLION FINANCIAL CORP

Deeply undervalued

Financial Services

Price$12.05

Model IV$33.04

P/IV0.29

Discount 64% Return to IV: +174.2%

Market implies -22.1%/yr vs model -1.0% · below model

MFM

MFS MUNICIPAL INCOME TRUST

Valuation N/A

Unknown

Price$5.18

Model IV—

P/IV—

MG

Mistras Group, Inc.

Overvalued

Industrials

Price$19.53

Model IV$15.80

P/IV1.11

Premium +24% Return to IV: -19.1%

Market implies +2.2%/yr vs model +2.0% · in line

MGA

MAGNA INTERNATIONAL INC

Fairly valued

Consumer Cyclical

Price$66.13

Model IV$69.82

P/IV0.93

Discount 5% Return to IV: +5.6%

Owner yield 7.8% 10-yr IRR 13.8% · steady

Market implies +3.4%/yr vs model +5.0% · in line

MGEE

MGE ENERGY INC

Overvalued

Utilities

Price$76.48

Model IV$61.82

P/IV1.22

Premium +24% Return to IV: -19.2%

MGF

MFS GOVERNMENT MARKETS INCOME TRUST

Valuation N/A

Unknown

Price$2.77

Model IV—

P/IV—

MGIH

Millennium Group International Holdings Ltd

Deeply undervalued

Communication Services

Price$1.53

Model IV$2.16

P/IV0.67

Discount 29% Return to IV: +41.2%

Market implies -12.1%/yr vs model +2.0% · below model

MGLD

Marygold Companies, Inc.

Valuation N/A

Financial Services

Price$1.06

Model IV—

P/IV—

Market implies +26.2%/yr vs model +2.0% · above model

MGM

MGM Resorts International

Deeply undervalued

Consumer Cyclical

Price$37.81

Model IV$141.38

P/IV0.31

Discount 73% Return to IV: +273.9%

Owner yield 14.1% 10-yr IRR 33.3% · grower

Market implies -5.0%/yr vs model +17.6% · below model

MGN

Megan Holdings Ltd.

Deeply overvalued

Basic Materials

Price$0.13

Model IV$0.07

P/IV2.18

Premium +91% Return to IV: -47.6%

Market implies +9.4%/yr vs model +5.0% · above model

MGNI

MAGNITE, INC.

Deeply overvalued

Technology

Price$23.77

Model IV$10.15

P/IV1.41

Premium +134% Return to IV: -57.3%

Owner yield 5.1% 10-yr IRR 12.4% · moderate

Market implies +21.2%/yr vs model +11.4% · above model

MGNX

MACROGENICS INC

Deeply overvalued

Healthcare

Price$4.00

Model IV$2.64

P/IV1.57

Premium +51% Return to IV: -33.9%

Market implies +3.8%/yr vs model +17.9% · below model

MGPI

MGP INGREDIENTS INC

Deeply undervalued

Consumer Defensive

Price$14.40

Model IV$51.71

P/IV0.34

Discount 72% Return to IV: +259.1%

Owner yield 14.7% 10-yr IRR 22.0% · steady

Market implies -17.0%/yr vs model +2.0% · below model

MGR

AFFILIATED MANAGERS GROUP, INC.

Valuation N/A

Financial Services

Price$19.55

Model IV—

P/IV—

Market implies -50.0%/yr vs model +3.8% · below model

MGRB

AFFILIATED MANAGERS GROUP, INC.

Valuation N/A

Financial Services

Price$16.06

Model IV—

P/IV—

Market implies -50.0%/yr vs model +3.8% · below model

MGRC

MCGRATH RENTCORP

Deeply undervalued

Technology

Price$110.40

Model IV$247.54

P/IV0.44

Discount 55% Return to IV: +124.2%

Market implies +1.3%/yr vs model +14.3% · below model

MGRD

AFFILIATED MANAGERS GROUP, INC.

Valuation N/A

Financial Services

Price$14.48

Model IV—

P/IV—

Market implies -50.0%/yr vs model +3.8% · below model

MGRE

AFFILIATED MANAGERS GROUP, INC.

Deeply undervalued

Financial Services

Price$21.92

Model IV$213.56

P/IV0.10

Discount 90% Return to IV: +874.3%

Market implies -45.6%/yr vs model -0.2% · below model

MGRT

Mega Fortune Co Ltd

Valuation N/A

Technology

Price$120.00

Model IV—

P/IV—

Market implies +16.8%/yr vs model +50.0% · below model

MGRX

MANGOCEUTICALS, INC.

Deeply overvalued

Healthcare

Price$0.42

Model IV$0.13

P/IV3.37

Premium +229% Return to IV: -69.6%

Market implies +18.0%/yr vs model +50.0% · below model

MGTX

MeiraGTx Holdings plc

Valuation N/A

Healthcare

Price$12.76

Model IV—

P/IV—

Market implies +40.8%/yr vs model +21.2% · above model

MGX

Metagenomi Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.16

Model IV—

P/IV—

Market implies +42.8%/yr vs model +2.0% · above model