Stock Analyses

OCSAW

Oculis Holding AG

Valuation N/A

Healthcare

Price$3.83

Model IV—

P/IV—

OCSL

Oaktree Specialty Lending Corp

Deeply undervalued

Unknown

Price$12.67

Model IV$37.41

P/IV0.32

Discount 66% Return to IV: +195.3%

Market implies -10.2%/yr vs model +6.0% · below model

OCTV

Octave Intelligence plc

Valuation N/A

Technology

Price$18.54

Model IV—

P/IV—

OCUL

OCULAR THERAPEUTIX, INC

Valuation N/A

Healthcare

Price$10.49

Model IV—

P/IV—

Market implies +55.6%/yr vs model +4.5% · above model

ODC

Oil-Dri Corp of America

Valuation N/A

Consumer Cyclical

Price$86.26

Model IV—

P/IV—

ODD

Oddity Tech Ltd

Valuation N/A

Consumer Defensive

Price$17.95

Model IV—

P/IV—

ODFL

OLD DOMINION FREIGHT LINE, INC.

Deeply overvalued

Industrials

Price$173.00

Model IV$54.73

P/IV4.31

Premium +216% Return to IV: -68.4%

Owner yield 2.4% 10-yr IRR -3.1% · steady

Market implies +18.8%/yr vs model +3.0% · above model

ODTX

Odyssey Therapeutics, Inc.

Valuation N/A

Healthcare

Price$21.99

Model IV—

P/IV—

ODV

Osisko Development Corp.

Valuation N/A

Basic Materials

Price$2.31

Model IV—

P/IV—

ODVWZ

Osisko Development Corp.

Valuation N/A

Basic Materials

Price$0.08

Model IV—

P/IV—

ODYS

Odysight.ai Inc.

Valuation N/A

Technology

Price$3.31

Model IV—

P/IV—

OEC

Orion S.A.

Deeply undervalued

Basic Materials

Price$5.89

Model IV$11.07

P/IV0.69

Discount 47% Return to IV: +87.9%

Market implies -7.2%/yr vs model +4.3% · below model

OESX

ORION ENERGY SYSTEMS, INC.

Valuation N/A

Technology

Price$27.25

Model IV—

P/IV—

Market implies +28.0%/yr vs model +2.0% · above model

OFAL

OFA Group

Valuation N/A

Industrials

Price$0.59

Model IV—

P/IV—

Market implies +54.3%/yr vs model +2.0% · above model

OFG

OFG BANCORP

Deeply undervalued

Financial Services

Price$52.91

Model IV$148.67

P/IV0.31

Discount 64% Return to IV: +181.0%

Market implies +1.5%/yr vs model +20.3% · below model

OFIX

Orthofix Medical Inc.

Deeply undervalued

Healthcare

Price$8.93

Model IV$52.46

P/IV0.18

Discount 83% Return to IV: +487.5%

Market implies -34.7%/yr vs model +15.4% · below model

OFLX

Omega Flex, Inc.

Deeply overvalued

Industrials

Price$25.58

Model IV$10.95

P/IV2.76

Premium +134% Return to IV: -57.2%

Owner yield 7.2% 10-yr IRR 6.0% · steady

Market implies +6.7%/yr vs model -2.9% · above model

OFRM

Once Upon a Farm, PBC

Valuation N/A

Consumer Defensive

Price$16.98

Model IV—

P/IV—

OFS

OFS Capital Corp

Deeply undervalued

Unknown

Price$3.86

Model IV$42.85

P/IV0.08

Discount 91% Return to IV: +1,010.0%

Market implies -41.0%/yr vs model +6.0% · below model

OFSSH

OFS Capital Corp

Deeply undervalued

Unknown

Price$23.81

Model IV$83.10

P/IV0.29

Discount 71% Return to IV: +249.0%

Market implies -11.6%/yr vs model +6.0% · below model

OFSSO

OFS Capital Corp

Deeply undervalued

Unknown

Price$25.46

Model IV$83.10

P/IV0.31

Discount 69% Return to IV: +226.4%

Market implies -10.7%/yr vs model +6.0% · below model

OGC

OceanaGold Corp

Valuation N/A

Basic Materials

Price$30.19

Model IV—

P/IV—

OGCP

Empire State Realty OP, L.P.

Deeply overvalued

Financial Services

Price$4.10

Model IV$2.90

P/IV1.88

Premium +41% Return to IV: -29.2%

OGE

OGE ENERGY CORP.

Deeply overvalued

Utilities

Price$46.55

Model IV$30.58

P/IV1.54

Premium +52% Return to IV: -34.3%

OGEN

ORAGENICS INC

Valuation N/A

Healthcare

Price$0.49

Model IV—

P/IV—

Market implies +48.4%/yr vs model +15.0% · above model

OGI

ORGANIGRAM GLOBAL INC.

Valuation N/A

Healthcare

Price$1.05

Model IV—

P/IV—

OGN

Organon & Co.

Deeply undervalued

Healthcare

Price$13.64

Model IV$25.33

P/IV0.53

Discount 46% Return to IV: +85.7%

Owner yield 17.3% 10-yr IRR 26.3% · steady

Market implies -6.0%/yr vs model +3.0% · below model

OGS

ONE Gas, Inc.

Undervalued

Utilities

Price$77.34

Model IV$92.17

P/IV0.84

Discount 16% Return to IV: +19.2%

OHI

OMEGA HEALTHCARE INVESTORS INC

Undervalued

Financial Services

Price$47.13

Model IV$65.08

P/IV0.72

Discount 28% Return to IV: +38.1%

OI

O-I Glass, Inc. /DE/

Deeply undervalued

Industrials

Price$6.34

Model IV$12.33

P/IV0.71

Discount 49% Return to IV: +94.5%

Owner yield 5.8% 10-yr IRR 8.7% · steady

Market implies -6.9%/yr vs model +4.1% · below model

OIA

Invesco Municipal Income Opportunities Trust

Valuation N/A

Unknown

Price$5.85

Model IV—

P/IV—

OII

OCEANEERING INTERNATIONAL INC

Deeply overvalued

Energy

Price$51.09

Model IV$18.84

P/IV2.03

Premium +171% Return to IV: -63.1%

Owner yield 2.7% 10-yr IRR 1.2% · moderate

Market implies +19.7%/yr vs model +7.5% · above model

OILD

BANK OF MONTREAL /CAN/

Valuation N/A

Financial Services

Price$26.83

Model IV—

P/IV—

OILU

BANK OF MONTREAL /CAN/

Valuation N/A

Financial Services

Price$56.13

Model IV—

P/IV—

OIM

OneIM Acquisition Corp.

Valuation N/A

Financial Services

Price$10.12

Model IV—

P/IV—

OIMAU

OneIM Acquisition Corp.

Valuation N/A

Financial Services

Price$10.21

Model IV—

P/IV—

OIMAW

OneIM Acquisition Corp.

Valuation N/A

Financial Services

Price$0.79

Model IV—

P/IV—

OIO

OIO Group

Deeply overvalued

Utilities

Price$1.99

Model IV$1.33

P/IV1.49

Premium +50% Return to IV: -33.2%

OIOWW

OIO Group

Deeply overvalued

Utilities

Price$0.03

Model IV$0.01

P/IV2.99

Premium +201% Return to IV: -66.8%

OIS

OIL STATES INTERNATIONAL, INC

Deeply undervalued

Industrials

Price$8.69

Model IV$16.52

P/IV0.51

Discount 47% Return to IV: +90.1%

Owner yield 7.1% 10-yr IRR 12.4% · steady

Market implies -5.6%/yr vs model +5.2% · below model

OKE

ONEOK INC /NEW/

Deeply undervalued

Utilities

Price$93.46

Model IV$143.24

P/IV0.59

Discount 35% Return to IV: +53.3%

OKLO

Oklo Inc.

Deeply overvalued

Utilities

Price$36.21

Model IV$17.00

P/IV3.94

Premium +113% Return to IV: -53.1%

OKTA

Okta, Inc.

Deeply overvalued

Technology

Price$166.50

Model IV$57.55

P/IV2.14

Premium +189% Return to IV: -65.4%

Market implies +29.7%/yr vs model +19.3% · above model

OKUR

OnKure Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.93

Model IV—

P/IV—

OKYO

OKYO Pharma Ltd

Valuation N/A

Healthcare

Price$1.40

Model IV—

P/IV—

OLB

OLB GROUP, INC.

Valuation N/A

Technology

Price$0.28

Model IV—

P/IV—

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

OLED

UNIVERSAL DISPLAY CORP PA

Deeply overvalued

Technology

Price$83.56

Model IV$39.52

P/IV2.33

Premium +111% Return to IV: -52.7%

Owner yield 3.9% 10-yr IRR 5.0% · moderate

Market implies +16.0%/yr vs model +6.5% · above model

OLLI

Ollie's Bargain Outlet Holdings, Inc.

Fairly valued

Consumer Cyclical

Price$73.56

Model IV$67.49

P/IV1.21

Premium +9% Return to IV: -8.3%

Owner yield 3.2% 10-yr IRR 5.9% · moderate

Market implies +10.1%/yr vs model +11.2% · in line

OLMA

Olema Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$10.22

Model IV—

P/IV—

OLN

OLIN Corp

Deeply undervalued

Basic Materials

Price$17.20

Model IV$56.47

P/IV0.46

Discount 70% Return to IV: +228.3%

Owner yield 21.9% 10-yr IRR 28.5% · steady

Market implies -21.7%/yr vs model +0.0% · below model

OLOX

OLENOX INDUSTRIES INC.

Valuation N/A

Industrials

Price$0.81

Model IV—

P/IV—

Market implies +19.9%/yr vs model +0.0% · above model

OLP

ONE LIBERTY PROPERTIES INC

Deeply overvalued

Financial Services

Price$23.05

Model IV$17.61

P/IV1.34

Premium +31% Return to IV: -23.6%

OLPX

OLAPLEX HOLDINGS, INC.

Deeply overvalued

Consumer Defensive

Price$2.07

Model IV$1.21

P/IV1.69

Premium +71% Return to IV: -41.6%

Owner yield 9.1% 10-yr IRR 14.4% · steady

Market implies +8.4%/yr vs model +2.9% · above model

OM

Outset Medical, Inc.

Valuation N/A

Healthcare

Price$3.21

Model IV—

P/IV—

OMAB

Central North Airport Group

Valuation N/A

Industrials

Price$98.73

Model IV—

P/IV—

OMC

OMNICOM GROUP INC.

Deeply undervalued

Technology

Price$76.57

Model IV$325.64

P/IV0.22

Discount 76% Return to IV: +325.3%

Owner yield 12.2% 10-yr IRR 24.1% · moderate

Market implies -12.5%/yr vs model +8.3% · below model

OMCL

OMNICELL, INC.

Deeply overvalued

Technology

Price$32.79

Model IV$24.71

P/IV1.79

Premium +33% Return to IV: -24.6%

Owner yield 8.3% 10-yr IRR 14.9% · steady

Market implies +8.5%/yr vs model +5.2% · above model

OMDA

Omada Health, Inc.

Deeply undervalued

Healthcare

Price$19.66

Model IV$54.67

P/IV0.33

Discount 64% Return to IV: +178.1%

Market implies -18.2%/yr vs model +45.6% · below model

OMER

OMEROS CORP

Valuation N/A

Healthcare

Price$18.28

Model IV—

P/IV—

OMEX

ODYSSEY MARINE EXPLORATION INC

Valuation N/A

Industrials

Price$0.72

Model IV—

P/IV—

Market implies +80.0%/yr vs model +2.0% · above model