Stock Analyses

PBI

PITNEY BOWES INC /DE/

Deeply overvalued

Technology

Price$17.06

Model IV$11.84

P/IV1.36

Premium +44% Return to IV: -30.6%

Owner yield 5.4% 10-yr IRR 0.5% · steady

Market implies -1.4%/yr vs model -6.2% · above model

PBM

PSYENCE BIOMEDICAL LTD.

Valuation N/A

Healthcare

Price$6.07

Model IV—

P/IV—

PBMWW

PSYENCE BIOMEDICAL LTD.

Valuation N/A

Healthcare

Price$0.03

Model IV—

P/IV—

PBR

PETROBRAS - PETROLEO BRASILEIRO SA

Deeply undervalued

Energy

Price$21.20

Model IV$277.75

P/IV0.08

Discount 92% Return to IV: +1,210.1%

Market implies -37.0%/yr vs model +8.0% · below model

PBSV

Pharma-Bio Serv, Inc.

Deeply overvalued

Industrials

Price$0.41

Model IV$0.14

P/IV4.00

Premium +204% Return to IV: -67.1%

Market implies +16.4%/yr vs model +2.0% · above model

PBT

PERMIAN BASIN ROYALTY TRUST

Valuation N/A

Financial Services

Price$35.58

Model IV—

P/IV—

PBYI

PUMA BIOTECHNOLOGY, INC.

Undervalued

Healthcare

Price$9.12

Model IV$9.98

P/IV0.72

Discount 9% Return to IV: +9.4%

Owner yield 7.8% 10-yr IRR 12.0% · steady

Market implies +0.4%/yr vs model +3.0% · in line

PC

Premium Catering (Holdings) Ltd

Valuation N/A

Consumer Cyclical

Price$9.40

Model IV—

P/IV—

Market implies +42.6%/yr vs model +15.0% · above model

PCAP

ProCap Acquisition Corp

Valuation N/A

Financial Services

Price$10.37

Model IV—

P/IV—

PCAPU

ProCap Acquisition Corp

Valuation N/A

Financial Services

Price$10.45

Model IV—

P/IV—

PCAPW

ProCap Acquisition Corp

Valuation N/A

Financial Services

Price$0.30

Model IV—

P/IV—

PCAR

PACCAR INC

Overvalued

Consumer Cyclical

Price$116.06

Model IV$100.46

P/IV0.44

Premium +16% Return to IV: -13.4%

Owner yield 6.0% 10-yr IRR 10.4% · steady

Market implies +6.8%/yr vs model +5.8% · in line

PCB

PCB BANCORP

Fairly valued

Financial Services

Price$28.20

Model IV$27.20

P/IV0.90

Premium +4% Return to IV: -3.5%

PCF

HIGH INCOME SECURITIES FUND

Valuation N/A

Unknown

Price$5.48

Model IV—

P/IV—

PCG

PG&E Corp

Overvalued

Utilities

Price$13.20

Model IV$10.63

P/IV1.54

Premium +24% Return to IV: -19.5%

PCLA

PicoCELA Inc.

Valuation N/A

Technology

Price$10.11

Model IV—

P/IV—

PCM

PCM FUND, INC.

Valuation N/A

Unknown

Price$5.10

Model IV—

P/IV—

PCN

PIMCO CORPORATE & INCOME STRATEGY FUND

Valuation N/A

Unknown

Price$11.40

Model IV—

P/IV—

PCOR

PROCORE TECHNOLOGIES, INC.

Fairly valued

Technology

Price$53.26

Model IV$44.38

P/IV1.12

Premium +20% Return to IV: -16.7%

Market implies +1.5%/yr vs model +26.6% · below model

PCQ

PIMCO CALIFORNIA MUNICIPAL INCOME FUND

Valuation N/A

Unknown

Price$8.36

Model IV—

P/IV—

PCRX

Pacira BioSciences, Inc.

Deeply undervalued

Healthcare

Price$25.36

Model IV$60.61

P/IV0.38

Discount 58% Return to IV: +139.0%

Owner yield 13.3% 10-yr IRR 25.9% · moderate

Market implies -5.2%/yr vs model +8.3% · below model

PCSA

Processa Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$1.96

Model IV—

P/IV—

PCSC

Perceptive Capital Solutions Corp

Valuation N/A

Healthcare

Price$11.95

Model IV—

P/IV—

PCT

PureCycle Technologies, Inc.

Valuation N/A

Basic Materials

Price$6.02

Model IV—

P/IV—

Market implies +70.9%/yr vs model +5.0% · above model

PCTTU

PureCycle Technologies, Inc.

Valuation N/A

Basic Materials

Price$11.00

Model IV—

P/IV—

Market implies +58.2%/yr vs model +5.0% · above model

PCTTW

PureCycle Technologies, Inc.

Valuation N/A

Basic Materials

Price$1.47

Model IV—

P/IV—

Market implies +40.8%/yr vs model +5.0% · above model

PCTY

Paylocity Holding Corp

Deeply undervalued

Technology

Price$141.66

Model IV$258.89

P/IV0.44

Discount 45% Return to IV: +82.8%

Owner yield 4.3% 10-yr IRR 12.8% · grower

Market implies +7.4%/yr vs model +20.1% · below model

PCVX

Vaxcyte, Inc.

Valuation N/A

Healthcare

Price$59.54

Model IV—

P/IV—

PCYO

PURE CYCLE CORP

Deeply overvalued

Utilities

Price$11.12

Model IV$4.42

P/IV2.34

Premium +152% Return to IV: -60.3%

PD

PagerDuty, Inc.

Deeply overvalued

Technology

Price$14.09

Model IV$3.25

P/IV3.07

Premium +334% Return to IV: -77.0%

Market implies +30.6%/yr vs model +14.1% · above model

PDC

Perpetuals.com Ltd

Valuation N/A

Technology

Price$3.09

Model IV—

P/IV—

Market implies +36.2%/yr vs model +15.0% · above model

PDCC

Pearl Diver Credit Co Inc.

Valuation N/A

Unknown

Price$9.10

Model IV—

P/IV—

PDD

PDD Holdings Inc.

Fairly valued

Technology

Price$79.38

Model IV$71.92

P/IV1.17

Premium +10% Return to IV: -9.4%

Market implies +16.7%/yr vs model +20.0% · below model

PDEX

PRO DEX INC

Deeply overvalued

Healthcare

Price$62.81

Model IV$44.41

P/IV1.46

Premium +41% Return to IV: -29.3%

Market implies -0.6%/yr vs model +15.0% · below model

PDFS

PDF SOLUTIONS INC

Valuation N/A

Technology

Price$47.77

Model IV—

P/IV—

Market implies +35.4%/yr vs model +18.5% · above model

PDI

PIMCO Dynamic Income Fund

Valuation N/A

Unknown

Price$14.25

Model IV—

P/IV—

PDLB

Ponce Financial Group, Inc.

Deeply overvalued

Financial Services

Price$20.54

Model IV$13.97

P/IV1.35

Premium +47% Return to IV: -32.0%

PDM

Piedmont Realty Trust, Inc.

Deeply overvalued

Real Estate

Price$9.57

Model IV$2.55

P/IV3.26

Premium +276% Return to IV: -73.4%

PDO

PIMCO Dynamic Income Opportunities Fund

Valuation N/A

Unknown

Price$12.36

Model IV—

P/IV—

PDPA

Pearl Diver Credit Co Inc.

Valuation N/A

Unknown

Price$25.17

Model IV—

P/IV—

PDS

PRECISION DRILLING Corp

Valuation N/A

Energy

Price$89.77

Model IV—

P/IV—

PDSB

PDS Biotechnology Corp

Valuation N/A

Healthcare

Price$0.29

Model IV—

P/IV—

PDT

JOHN HANCOCK PREMIUM DIVIDEND FUND

Valuation N/A

Unknown

Price$12.01

Model IV—

P/IV—

PDX

PIMCO Dynamic Income Strategy Fund

Valuation N/A

Unknown

Price$21.63

Model IV—

P/IV—

PDYN

Palladyne AI Corp.

Valuation N/A

Technology

Price$5.77

Model IV—

P/IV—

Market implies +97.1%/yr vs model +2.0% · above model

PDYNW

Palladyne AI Corp.

Valuation N/A

Technology

Price$0.01

Model IV—

P/IV—

Market implies -50.0%/yr vs model +2.0% · below model

PEB

Pebblebrook Hotel Trust

Valuation N/A

Financial Services

Price$17.84

Model IV—

P/IV—

PEBK

PEOPLES BANCORP OF NORTH CAROLINA INC

Deeply overvalued

Financial Services

Price$45.04

Model IV$32.87

P/IV1.28

Premium +37% Return to IV: -27.0%

PEBO

PEOPLES BANCORP INC

Fairly valued

Financial Services

Price$39.81

Model IV$39.15

P/IV0.89

Premium +2% Return to IV: -1.7%

PECO

Phillips Edison & Company, Inc.

Deeply overvalued

Financial Services

Price$38.41

Model IV$30.23

P/IV1.33

Premium +27% Return to IV: -21.3%

PED

PEDEVCO CORP

Deeply undervalued

Energy

Price$14.84

Model IV$51.43

P/IV0.25

Discount 71% Return to IV: +246.5%

Owner yield 22.9% 10-yr IRR 37.9% · moderate

Market implies -11.8%/yr vs model +8.0% · below model

PEG

PUBLIC SERVICE ENTERPRISE GROUP INC

Undervalued

Utilities

Price$69.77

Model IV$82.53

P/IV0.95

Discount 15% Return to IV: +18.3%

PEGA

PEGASYSTEMS INC

Fairly valued

Technology

Price$36.24

Model IV$35.64

P/IV1.00

Premium +2% Return to IV: -1.7%

Owner yield 5.1% 10-yr IRR 11.7% · moderate

Market implies +8.8%/yr vs model +10.3% · in line

PEN

Penumbra Inc

Deeply overvalued

Healthcare

Price$317.73

Model IV$221.14

P/IV1.44

Premium +44% Return to IV: -30.4%

Market implies -4.4%/yr vs model +17.1% · below model

PENG

Penguin Solutions, Inc.

Valuation N/A

Technology

Price$46.59

Model IV—

P/IV—

Owner yield 2.9% 10-yr IRR 2.9% · moderate

Market implies +29.3%/yr vs model +8.3% · above model

PENN

PENN Entertainment, Inc.

Deeply undervalued

Consumer Cyclical

Price$17.82

Model IV$51.51

P/IV0.37

Discount 65% Return to IV: +189.1%

Market implies -8.1%/yr vs model +9.3% · below model

PEO

ADAMS NATURAL RESOURCES FUND, INC.

Valuation N/A

Unknown

Price$29.33

Model IV—

P/IV—

PEP

PEPSICO INC

Overvalued

Consumer Defensive

Price$129.75

Model IV$108.45

P/IV1.26

Premium +20% Return to IV: -16.4%

Owner yield 4.1% 10-yr IRR 4.2% · steady

Market implies +6.3%/yr vs model +4.5% · in line

PEPG

PepGen Inc.

Valuation N/A

Healthcare

Price$2.98

Model IV—

P/IV—

PERF

Perfect Corp.

Valuation N/A

Technology

Price$1.93

Model IV—

P/IV—