Stock Analyses

ARGX

ARGENX SE

Valuation N/A

Healthcare

Price$990.32

Model IV—

P/IV—

ARHS

Arhaus, Inc.

Deeply overvalued

Consumer Cyclical

Price$7.79

Model IV$5.99

P/IV1.28

Premium +30% Return to IV: -23.1%

Owner yield 4.5% 10-yr IRR 11.8% · grower

Market implies +13.2%/yr vs model +12.7% · in line

ARI

Apollo Commercial Real Estate Finance, Inc.

Deeply undervalued

Financial Services

Price$6.42

Model IV$12.36

P/IV0.89

Discount 48% Return to IV: +92.5%

ARIS

Aris Mining Corp

Valuation N/A

Basic Materials

Price$19.40

Model IV—

P/IV—

ARKB

Ark 21Shares Bitcoin ETF

Deeply undervalued

Financial Services

Price$26.93

Model IV$41.00

P/IV0.59

Discount 34% Return to IV: +52.2%

ARKO

ARKO Corp.

Valuation N/A

Consumer Defensive

Price$4.22

Model IV—

P/IV—

Owner yield 13.6% 10-yr IRR 23.4% · steady

Market implies -4.8%/yr vs model +5.2% · below model

ARKR

ARK RESTAURANTS CORP

Deeply undervalued

Consumer Cyclical

Price$4.65

Model IV$67.75

P/IV0.09

Discount 93% Return to IV: +1,356.9%

Market implies -50.0%/yr vs model +5.9% · below model

ARL

AMERICAN REALTY INVESTORS INC

Valuation N/A

Real Estate

Price$15.55

Model IV—

P/IV—

Market implies +21.7%/yr vs model +4.4% · above model

ARLO

Arlo Technologies, Inc.

Valuation N/A

Technology

Price$13.24

Model IV—

P/IV—

Market implies +32.2%/yr vs model +7.1% · above model

ARLP

ALLIANCE RESOURCE PARTNERS LP

Deeply undervalued

Energy

Price$25.87

Model IV$104.69

P/IV0.24

Discount 75% Return to IV: +304.7%

Owner yield 12.1% 10-yr IRR 23.1% · moderate

Market implies -12.3%/yr vs model +7.2% · below model

ARM

ARM HOLDINGS PLC /UK

Valuation N/A

Technology

Price$275.61

Model IV—

P/IV—

Market implies +73.9%/yr vs model +8.0% · above model

ARMK

Aramark

Deeply overvalued

Consumer Cyclical

Price$56.45

Model IV$32.00

P/IV1.67

Premium +76% Return to IV: -43.3%

Owner yield 1.9% 10-yr IRR -0.9% · moderate

Market implies +15.7%/yr vs model +10.3% · above model

ARMP

Armata Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$4.18

Model IV—

P/IV—

AROC

Archrock, Inc.

Deeply overvalued

Utilities

Price$31.56

Model IV$18.65

P/IV1.80

Premium +69% Return to IV: -40.9%

AROW

ARROW FINANCIAL CORP

Deeply overvalued

Financial Services

Price$37.92

Model IV$28.33

P/IV1.30

Premium +34% Return to IV: -25.3%

ARQ

Arq, Inc.

Valuation N/A

Basic Materials

Price$2.05

Model IV—

P/IV—

Market implies +47.5%/yr vs model +4.8% · above model

ARQQ

Arqit Quantum Inc.

Valuation N/A

Technology

Price$20.13

Model IV—

P/IV—

ARQQW

Arqit Quantum Inc.

Valuation N/A

Technology

Price$0.00

Model IV—

P/IV—

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

ARQT

Arcutis Biotherapeutics, Inc.

Deeply overvalued

Healthcare

Price$25.38

Model IV$4.46

P/IV4.81

Premium +469% Return to IV: -82.4%

Market implies +24.3%/yr vs model +15.0% · above model

ARR

Armour Residential REIT, Inc.

Valuation N/A

Financial Services

Price$14.68

Model IV—

P/IV—

ARRY

Array Technologies, Inc.

Undervalued

Technology

Price$4.06

Model IV$5.02

P/IV1.81

Discount 19% Return to IV: +23.7%

Owner yield 23.8% 10-yr IRR 42.3% · moderate

Market implies +4.6%/yr vs model +11.1% · below model

ARTC

Art Technology Acquisition Corp.

Valuation N/A

Financial Services

Price$9.97

Model IV—

P/IV—

ARTCU

Art Technology Acquisition Corp.

Valuation N/A

Financial Services

Price$10.09

Model IV—

P/IV—

ARTCW

Art Technology Acquisition Corp.

Valuation N/A

Financial Services

Price$0.30

Model IV—

P/IV—

ARTL

ARTELO BIOSCIENCES, INC.

Valuation N/A

Healthcare

Price$3.94

Model IV—

P/IV—

ARTNA

ARTESIAN RESOURCES CORP

Fairly valued

Utilities

Price$34.44

Model IV$39.68

P/IV0.82

Discount 13% Return to IV: +15.2%

ARTV

Artiva Biotherapeutics, Inc.

Valuation N/A

Healthcare

Price$8.61

Model IV—

P/IV—

Market implies +115.7%/yr vs model +15.0% · above model

ARTW

ARTS WAY MANUFACTURING CO INC

Deeply overvalued

Industrials

Price$3.21

Model IV$1.61

P/IV1.61

Premium +100% Return to IV: -50.0%

Market implies +6.3%/yr vs model +2.0% · above model

ARVN

ARVINAS, INC.

Deeply undervalued

Healthcare

Price$8.29

Model IV$26.34

P/IV0.34

Discount 69% Return to IV: +217.7%

Market implies -20.4%/yr vs model +48.8% · below model

ARW

ARROW ELECTRONICS, INC.

Deeply overvalued

Industrials

Price$213.85

Model IV$53.94

P/IV3.98

Premium +296% Return to IV: -74.8%

Owner yield 4.8% 10-yr IRR 3.0% · steady

Market implies +18.2%/yr vs model +0.0% · above model

ARWR

ARROWHEAD PHARMACEUTICALS, INC.

Deeply overvalued

Healthcare

Price$66.48

Model IV$22.52

P/IV0.61

Premium +195% Return to IV: -66.1%

Market implies +33.7%/yr vs model +25.0% · above model

ARX

Accelerant Holdings

Deeply undervalued

Financial Services

Price$19.66

Model IV$158.51

P/IV0.10

Discount 88% Return to IV: +706.3%

Market implies -7.8%/yr vs model +25.0% · below model

ARXS

Arxis, Inc.

Valuation N/A

Industrials

Price$52.02

Model IV—

P/IV—

AS

Amer Sports, Inc.

Valuation N/A

Consumer Cyclical

Price$26.73

Model IV—

P/IV—

ASA

ASA Gold & Precious Metals Ltd

Valuation N/A

Unknown

Price$58.58

Model IV—

P/IV—

ASAN

Asana, Inc.

Overvalued

Technology

Price$9.51

Model IV$8.16

P/IV0.94

Premium +17% Return to IV: -14.2%

Market implies +1.0%/yr vs model +20.2% · below model

ASB

ASSOCIATED BANC-CORP

Overvalued

Financial Services

Price$29.66

Model IV$25.22

P/IV1.10

Premium +18% Return to IV: -15.0%

ASBA

ASSOCIATED BANC-CORP

Undervalued

Financial Services

Price$24.93

Model IV$30.29

P/IV0.82

Discount 18% Return to IV: +21.5%

ASBP

Aspire Biopharma Holdings, Inc.

Valuation N/A

Healthcare

Price$8.54

Model IV—

P/IV—

Market implies +134.0%/yr vs model +15.0% · above model

ASBPW

Aspire Biopharma Holdings, Inc.

Deeply overvalued

Healthcare

Price$0.01

Model IV$0.01

P/IV1.75

Premium +76% Return to IV: -43.2%

Market implies +0.0%/yr vs model +15.0% · below model

ASC

Ardmore Shipping Corp

Deeply undervalued

Industrials

Price$19.05

Model IV$54.00

P/IV0.30

Discount 65% Return to IV: +183.4%

Market implies -5.9%/yr vs model +10.7% · below model

ASG

LIBERTY ALL STAR GROWTH FUND INC.

Valuation N/A

Unknown

Price$5.04

Model IV—

P/IV—

ASGI

abrdn Global Infrastructure Income Fund

Valuation N/A

Unknown

Price$22.21

Model IV—

P/IV—

ASH

ASHLAND INC.

Deeply overvalued

Consumer Defensive

Price$69.06

Model IV$38.31

P/IV1.51

Premium +80% Return to IV: -44.5%

Owner yield 5.1% 10-yr IRR 3.7% · steady

Market implies +6.1%/yr vs model +0.0% · above model

ASIC

Ategrity Specialty Insurance Co Holdings

Deeply overvalued

Financial Services

Price$27.61

Model IV$17.21

P/IV1.13

Premium +60% Return to IV: -37.7%

ASIX

AdvanSix Inc.

Undervalued

Basic Materials

Price$16.21

Model IV$21.04

P/IV1.07

Discount 23% Return to IV: +29.8%

Owner yield 1.4% 10-yr IRR -11.0% · steady

Market implies -7.1%/yr vs model +0.0% · below model

ASLE

AerSale Corp

Deeply overvalued

Industrials

Price$5.47

Model IV$2.41

P/IV2.74

Premium +127% Return to IV: -56.0%

Market implies +11.4%/yr vs model +2.0% · above model

ASM

AVINO SILVER & GOLD MINES LTD

Valuation N/A

Basic Materials

Price$6.38

Model IV—

P/IV—

ASMB

ASSEMBLY BIOSCIENCES, INC.

Undervalued

Healthcare

Price$24.97

Model IV$35.27

P/IV0.78

Discount 29% Return to IV: +41.2%

Market implies -5.2%/yr vs model +50.0% · below model

ASML

ASML HOLDING NV

Deeply overvalued

Industrials

Price$1,679.92

Model IV$433.47

P/IV3.92

Premium +288% Return to IV: -74.2%

Owner yield 1.3% 10-yr IRR -4.3% · moderate

Market implies +29.5%/yr vs model +11.5% · above model

ASND

Ascendis Pharma A/S

Valuation N/A

Healthcare

Price$236.72

Model IV—

P/IV—

ASO

Academy Sports & Outdoors, Inc.

Overvalued

Consumer Cyclical

Price$48.29

Model IV$41.75

P/IV1.26

Premium +16% Return to IV: -13.5%

Owner yield 8.9% 10-yr IRR 17.5% · moderate

Market implies +7.9%/yr vs model +7.0% · in line

ASPC

ASPAC III Acquisition Corp.

Valuation N/A

Financial Services

Price$10.81

Model IV—

P/IV—

ASPCR

ASPAC III Acquisition Corp.

Valuation N/A

Financial Services

Price$0.08

Model IV—

P/IV—

ASPCU

ASPAC III Acquisition Corp.

Valuation N/A

Financial Services

Price$11.99

Model IV—

P/IV—

ASPI

ASP Isotopes Inc.

Valuation N/A

Basic Materials

Price$3.04

Model IV—

P/IV—

Market implies +61.0%/yr vs model +5.0% · above model

ASPN

ASPEN AEROGELS INC

Valuation N/A

Industrials

Price$5.07

Model IV—

P/IV—

Market implies +64.7%/yr vs model +8.0% · above model

ASPS

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Deeply undervalued

Technology

Price$5.73

Model IV$30.74

P/IV0.21

Discount 81% Return to IV: +436.6%

Market implies -35.8%/yr vs model +2.0% · below model

ASPSZ

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Valuation N/A

Technology

Price$0.17

Model IV—

P/IV—

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

ASR

SOUTHEAST AIRPORT GROUP

Valuation N/A

Industrials

Price$243.32

Model IV—

P/IV—