Stock Analyses

NHS

Neuberger High Yield Strategies Fund Inc.

Valuation N/A

Unknown

Price$5.85

Model IV—

P/IV—

NHTC

NATURAL HEALTH TRENDS CORP

Overvalued

Consumer Defensive

Price$1.37

Model IV$1.18

P/IV2.34

Premium +16% Return to IV: -14.1%

Market implies -7.4%/yr vs model +2.0% · below model

NI

NISOURCE INC.

Fairly valued

Utilities

Price$40.58

Model IV$38.80

P/IV1.19

Premium +5% Return to IV: -4.4%

NIC

NICOLET BANKSHARES INC

Deeply overvalued

Financial Services

Price$168.02

Model IV$103.98

P/IV1.35

Premium +62% Return to IV: -38.1%

Market implies +15.6%/yr vs model +11.6% · above model

NICE

NICE Ltd.

Deeply undervalued

Technology

Price$104.97

Model IV$299.28

P/IV0.31

Discount 65% Return to IV: +185.1%

Owner yield 10.2% 10-yr IRR 24.9% · grower

Market implies -3.1%/yr vs model +12.9% · below model

NICM

NICOLA MINING INC.

Valuation N/A

Basic Materials

Price$5.99

Model IV—

P/IV—

NIE

Virtus Equity & Convertible Income Fund

Valuation N/A

Unknown

Price$25.16

Model IV—

P/IV—

NIM

NUVEEN SELECT MATURITIES MUNICIPAL FUND

Valuation N/A

Unknown

Price$8.88

Model IV—

P/IV—

NINE

Nine Energy Service, Inc.

Valuation N/A

Energy

Price$10.55

Model IV—

P/IV—

Market implies +28.4%/yr vs model +8.0% · above model

NIO

NIO Inc.

Valuation N/A

Consumer Cyclical

Price$3.66

Model IV—

P/IV—

Market implies +52.9%/yr vs model +8.0% · above model

NIOBW

NIOCORP DEVELOPMENTS LTD

Valuation N/A

Basic Materials

Price$0.77

Model IV—

P/IV—

Market implies +38.3%/yr vs model +5.0% · above model

NIPG

NIP Group Inc.

Valuation N/A

Communication Services

Price$13.80

Model IV—

P/IV—

Market implies +29.7%/yr vs model +13.8% · above model

NIQ

NIQ Global Intelligence plc

Overvalued

Technology

Price$18.19

Model IV$14.61

P/IV0.57

Premium +25% Return to IV: -19.7%

Market implies +12.7%/yr vs model +12.1% · in line

NIU

Niu Technologies

Valuation N/A

Consumer Cyclical

Price$2.07

Model IV—

P/IV—

Market implies +28.3%/yr vs model +3.4% · above model

NIVF

NewGenIvf Group Ltd

Valuation N/A

Healthcare

Price$0.72

Model IV—

P/IV—

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

NIVFW

NewGenIvf Group Ltd

Valuation N/A

Healthcare

Price$0.02

Model IV—

P/IV—

Market implies -50.0%/yr

NIXX

Nixxy, Inc.

Valuation N/A

Technology

Price$0.37

Model IV—

P/IV—

Market implies -50.0%/yr vs model +44.9% · below model

NIXXW

NIXXW

Valuation N/A

Price$0.00

Model IV—

P/IV—

NJR

NEW JERSEY RESOURCES CORP

Fairly valued

Utilities

Price$53.32

Model IV$62.01

P/IV0.89

Discount 14% Return to IV: +16.3%

NKE

NIKE, Inc.

Overvalued

Consumer Cyclical

Price$35.51

Model IV$27.41

P/IV1.69

Premium +30% Return to IV: -22.8%

Owner yield 9.3% 10-yr IRR 16.6% · steady

Market implies +7.9%/yr vs model +5.0% · in line

NKLR

Terra Innovatum Global N.V.

Valuation N/A

Industrials

Price$3.98

Model IV—

P/IV—

NKSH

NATIONAL BANKSHARES INC

Deeply overvalued

Financial Services

Price$42.59

Model IV$29.52

P/IV1.19

Premium +44% Return to IV: -30.7%

NKTR

NEKTAR THERAPEUTICS

Valuation N/A

Healthcare

Price$67.10

Model IV—

P/IV—

Market implies +95.2%/yr vs model +2.0% · above model

NKTX

Nkarta, Inc.

Valuation N/A

Healthcare

Price$2.83

Model IV—

P/IV—

NKX

NUVEEN CALIFORNIA AMT-FREE QUALITY MUNICIPAL INCOME FUND

Valuation N/A

Unknown

Price$11.29

Model IV—

P/IV—

NL

NL INDUSTRIES INC

Deeply overvalued

Basic Materials

Price$6.86

Model IV$5.01

P/IV1.21

Premium +37% Return to IV: -27.0%

Owner yield 2.0% 10-yr IRR -4.9% · steady

Market implies +5.2%/yr vs model +3.6% · in line

NLOP

Net Lease Office Properties

Deeply undervalued

Financial Services

Price$10.48

Model IV$88.77

P/IV0.14

Discount 88% Return to IV: +747.1%

NLY

ANNALY CAPITAL MANAGEMENT INC

Valuation N/A

Financial Services

Price$21.05

Model IV—

P/IV—

NMAI

Nuveen Multi-Asset Income Fund

Valuation N/A

Unknown

Price$14.11

Model IV—

P/IV—

NMAX

Newsmax Inc.

Valuation N/A

Communication Services

Price$10.32

Model IV—

P/IV—

Market implies +32.6%/yr vs model +10.7% · above model

NMCO

Nuveen Municipal Credit Opportunities Fund

Valuation N/A

Unknown

Price$9.70

Model IV—

P/IV—

NMFC

New Mountain Finance Corp

Deeply undervalued

Unknown

Price$6.99

Model IV$43.88

P/IV0.18

Discount 84% Return to IV: +527.7%

Market implies -21.2%/yr vs model +6.0% · below model

NMFCZ

New Mountain Finance Corp

Deeply undervalued

Unknown

Price$25.35

Model IV$56.92

P/IV0.44

Discount 55% Return to IV: +124.5%

Market implies -5.1%/yr vs model +6.0% · below model

NMG

Nouveau Monde Graphite Inc.

Valuation N/A

Basic Materials

Price$1.39

Model IV—

P/IV—

NMI

NUVEEN MUNICIPAL INCOME FUND INC

Valuation N/A

Unknown

Price$10.39

Model IV—

P/IV—

NMIH

NMI Holdings, Inc.

Deeply undervalued

Financial Services

Price$42.90

Model IV$63.88

P/IV0.56

Discount 33% Return to IV: +48.9%

NML

Neuberger Energy Infrastructure & Income Fund Inc.

Valuation N/A

Unknown

Price$10.64

Model IV—

P/IV—

NMM

Navios Maritime Partners L.P.

Deeply undervalued

Industrials

Price$92.96

Model IV$549.77

P/IV0.13

Discount 83% Return to IV: +491.4%

Owner yield 17.1% 10-yr IRR 36.5% · grower

Market implies -13.9%/yr vs model +13.8% · below model

NMP

NMP Acquisition Corp.

Valuation N/A

Financial Services

Price$10.36

Model IV—

P/IV—

NMPAR

NMP Acquisition Corp.

Valuation N/A

Financial Services

Price$0.26

Model IV—

P/IV—

NMPAU

NMP Acquisition Corp.

Valuation N/A

Financial Services

Price$10.35

Model IV—

P/IV—

NMR

NOMURA HOLDINGS INC

Valuation N/A

Financial Services

Price$10.07

Model IV—

P/IV—

NMRA

Neumora Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.73

Model IV—

P/IV—

NMRK

NEWMARK GROUP, INC.

Deeply overvalued

Real Estate

Price$13.94

Model IV$6.50

P/IV2.15

Premium +114% Return to IV: -53.4%

Market implies +13.5%/yr vs model +3.0% · above model

NMS

Nuveen Minnesota Quality Municipal Income Fund

Valuation N/A

Unknown

Price$10.20

Model IV—

P/IV—

NMT

NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND

Valuation N/A

Unknown

Price$11.53

Model IV—

P/IV—

NMTC

NEUROONE MEDICAL TECHNOLOGIES Corp

Undervalued

Healthcare

Price$1.39

Model IV$1.66

P/IV2.14

Discount 16% Return to IV: +19.2%

Market implies -9.6%/yr vs model +50.0% · below model

NMZ

NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND

Valuation N/A

Unknown

Price$9.43

Model IV—

P/IV—

NN

NEXTNAV INC.

Deeply undervalued

Industrials

Price$14.22

Model IV$101.70

P/IV0.20

Discount 86% Return to IV: +615.2%

Market implies -33.5%/yr vs model +50.0% · below model

NNAVW

NEXTNAV INC.

Deeply undervalued

Industrials

Price$5.50

Model IV$68.67

P/IV0.13

Discount 92% Return to IV: +1,148.6%

Market implies -49.1%/yr vs model +50.0% · below model

NNBR

NN INC

Fairly valued

Industrials

Price$3.31

Model IV$3.70

P/IV0.80

Discount 10% Return to IV: +11.7%

Market implies -1.4%/yr vs model +2.0% · below model

NNDM

Nano Dimension Ltd.

Valuation N/A

Technology

Price$1.57

Model IV—

P/IV—

Market implies -50.0%/yr vs model +15.0% · below model

NNE

Nano Nuclear Energy Inc.

Deeply overvalued

Utilities

Price$15.73

Model IV$6.83

P/IV4.23

Premium +130% Return to IV: -56.6%

NNI

NELNET INC

Deeply undervalued

Financial Services

Price$126.07

Model IV$233.95

P/IV0.56

Discount 46% Return to IV: +85.6%

Market implies -3.6%/yr vs model +5.0% · below model

NNN

NNN REIT, INC.

Undervalued

Financial Services

Price$41.55

Model IV$58.66

P/IV0.76

Discount 29% Return to IV: +41.2%

NNNN

Anbio Biotechnology

Valuation N/A

Healthcare

Price$5.25

Model IV—

P/IV—

Market implies +31.1%/yr vs model +2.0% · above model

NNOX

Nano-X Imaging Ltd.

Valuation N/A

Healthcare

Price$0.73

Model IV—

P/IV—

NNVC

NANOVIRICIDES, INC.

Valuation N/A

Healthcare

Price$1.42

Model IV—

P/IV—

NNY

NUVEEN NEW YORK MUNICIPAL VALUE FUND

Valuation N/A

Unknown

Price$7.82

Model IV—

P/IV—

NOA

North American Construction Group Ltd.

Valuation N/A

Energy

Price$12.70

Model IV—

P/IV—