Stock Analyses

SLI

STANDARD LITHIUM LTD.

Valuation N/A

Basic Materials

Price$2.23

Model IV—

P/IV—

SLM

SLM Corp

Valuation N/A

Financial Services

Price$26.04

Model IV—

P/IV—

SLMBP

SLM Corp

Valuation N/A

Financial Services

Price$74.15

Model IV—

P/IV—

SLMT

Brera Holdings PLC

Valuation N/A

Communication Services

Price$3.57

Model IV—

P/IV—

SLN

Silence Therapeutics plc

Valuation N/A

Healthcare

Price$13.02

Model IV—

P/IV—

Market implies +129.4%/yr vs model +2.0% · above model

SLND

Southland Holdings, Inc.

Valuation N/A

Industrials

Price$0.58

Model IV—

P/IV—

Market implies -25.8%/yr vs model -6.5% · below model

SLNG

Stabilis Solutions, Inc.

Deeply overvalued

Utilities

Price$4.95

Model IV$2.26

P/IV1.63

Premium +119% Return to IV: -54.3%

SLNH

Soluna Holdings, Inc

Valuation N/A

Financial Services

Price$1.19

Model IV—

P/IV—

Market implies +27.5%/yr vs model +20.0% · above model

SLNHP

Soluna Holdings, Inc

Valuation N/A

Financial Services

Price$11.33

Model IV—

P/IV—

Market implies +28.2%/yr vs model +20.0% · above model

SLP

Simulations Plus, Inc.

Deeply overvalued

Technology

Price$18.42

Model IV$10.79

P/IV1.59

Premium +71% Return to IV: -41.4%

Owner yield 4.6% 10-yr IRR 12.8% · grower

Market implies +17.2%/yr vs model +13.6% · above model

SLQT

SelectQuote, Inc.

Valuation N/A

Financial Services

Price$0.49

Model IV—

P/IV—

Market implies -50.0%/yr vs model +13.2% · below model

SLRC

SLR Investment Corp.

Valuation N/A

Unknown

Price$12.08

Model IV—

P/IV—

SLS

SELLAS Life Sciences Group, Inc.

Valuation N/A

Healthcare

Price$11.55

Model IV—

P/IV—

Market implies +114.4%/yr vs model +15.0% · above model

SLSN

SOLESENCE, INC.

Valuation N/A

Consumer Defensive

Price$0.81

Model IV—

P/IV—

Market implies +25.0%/yr vs model +20.5% · above model

SLSR

Solaris Resources Inc.

Valuation N/A

Basic Materials

Price$7.91

Model IV—

P/IV—

SLVM

Sylvamo Corp

Deeply undervalued

Basic Materials

Price$35.25

Model IV$95.34

P/IV0.41

Discount 63% Return to IV: +170.5%

Owner yield 13.6% 10-yr IRR 22.9% · steady

Market implies -11.3%/yr vs model +4.5% · below model

SLVO

CREDIT SUISSE AG

Valuation N/A

Financial Services

Price$69.00

Model IV—

P/IV—

SLXN

Silexion Therapeutics Corp

Valuation N/A

Healthcare

Price$0.39

Model IV—

P/IV—

SLXNW

Silexion Therapeutics Corp

Valuation N/A

Healthcare

Price$0.01

Model IV—

P/IV—

SM

SM Energy Co

Valuation N/A

Energy

Price$41.29

Model IV—

P/IV—

Market implies -21.2%/yr vs model +4.6% · below model

SMA

SmartStop Self Storage REIT, Inc.

Overvalued

Financial Services

Price$32.12

Model IV$24.88

P/IV1.26

Premium +29% Return to IV: -22.5%

SMBC

SOUTHERN MISSOURI BANCORP, INC.

Deeply overvalued

Financial Services

Price$73.26

Model IV$36.64

P/IV1.88

Premium +100% Return to IV: -50.0%

SMBK

SMARTFINANCIAL INC.

Deeply overvalued

Financial Services

Price$52.08

Model IV$27.90

P/IV1.49

Premium +87% Return to IV: -46.4%

SMC

Summit Midstream Corp

Deeply overvalued

Utilities

Price$34.05

Model IV$14.10

P/IV1.89

Premium +141% Return to IV: -58.6%

SMCI

Super Micro Computer, Inc.

Fairly valued

Technology

Price$39.09

Model IV$44.03

P/IV1.05

Discount 11% Return to IV: +12.6%

Market implies +17.7%/yr vs model +25.0% · below model

SMFG

SUMITOMO MITSUI FINANCIAL GROUP, INC.

Valuation N/A

Financial Services

Price$27.29

Model IV—

P/IV—

SMG

SCOTTS MIRACLE-GRO CO

Deeply overvalued

Basic Materials

Price$56.47

Model IV$44.21

P/IV1.33

Premium +28% Return to IV: -21.7%

Owner yield 13.0% 10-yr IRR 17.9% · steady

Market implies +1.5%/yr vs model +0.0% · in line

SMHB

UBS AG

Valuation N/A

Financial Services

Price$3.96

Model IV—

P/IV—

SMHI

SEACOR Marine Holdings Inc.

Deeply overvalued

Industrials

Price$9.44

Model IV$4.22

P/IV1.79

Premium +123% Return to IV: -55.2%

Market implies +5.5%/yr vs model +7.5% · in line

SMID

SMITH MIDLAND CORP

Deeply overvalued

Industrials

Price$24.08

Model IV$15.39

P/IV2.08

Premium +56% Return to IV: -36.1%

Owner yield 1.7% 10-yr IRR 0.1% · grower

Market implies +14.6%/yr vs model +13.4% · in line

SMJF

SMJ International Holdings Inc.

Valuation N/A

Industrials

Price$1.07

Model IV—

P/IV—

SMMT

Summit Therapeutics Inc.

Valuation N/A

Healthcare

Price$17.55

Model IV—

P/IV—

Market implies +150.0%/yr vs model +15.0% · above model

SMP

STANDARD MOTOR PRODUCTS, INC.

Fairly valued

Consumer Cyclical

Price$38.05

Model IV$38.54

P/IV1.02

Discount 1% Return to IV: +1.3%

Owner yield 6.5% 10-yr IRR 13.4% · moderate

Market implies +5.2%/yr vs model +8.0% · in line

SMPL

Simply Good Foods Co

Deeply undervalued

Consumer Defensive

Price$9.84

Model IV$48.96

P/IV0.24

Discount 80% Return to IV: +397.5%

Owner yield 17.6% 10-yr IRR 31.7% · moderate

Market implies -13.8%/yr vs model +8.2% · below model

SMR

NUSCALE POWER Corp

Valuation N/A

Industrials

Price$8.61

Model IV—

P/IV—

Market implies +65.4%/yr vs model +50.0% · above model

SMRT

SmartRent, Inc.

Deeply overvalued

Technology

Price$1.16

Model IV$0.65

P/IV1.95

Premium +80% Return to IV: -44.3%

Market implies +8.6%/yr vs model +8.3% · in line

SMSI

SMITH MICRO SOFTWARE, INC.

Valuation N/A

Technology

Price$2.90

Model IV—

P/IV—

Market implies +26.3%/yr vs model +2.0% · above model

SMTC

SEMTECH CORP

Valuation N/A

Technology

Price$167.24

Model IV—

P/IV—

Owner yield 0.2% 10-yr IRR -21.6% · moderate

Market implies +46.7%/yr vs model +10.0% · above model

SMTI

Sanara MedTech Inc.

Deeply undervalued

Healthcare

Price$34.92

Model IV$68.98

P/IV0.33

Discount 49% Return to IV: +97.5%

Market implies -13.4%/yr vs model +43.8% · below model

SMTK

SmartKem, Inc.

Valuation N/A

Technology

Price$2.24

Model IV—

P/IV—

Market implies +35.5%/yr vs model +50.0% · below model

SMWB

SIMILARWEB LTD.

Overvalued

Technology

Price$8.61

Model IV$7.40

P/IV0.56

Premium +16% Return to IV: -14.0%

Market implies +4.1%/yr vs model +19.7% · below model

SMX

SMX (Security Matters) Public Ltd Co

Valuation N/A

Industrials

Price$16.69

Model IV—

P/IV—

SMXT

SolarMax Technology, Inc.

Deeply undervalued

Industrials

Price$1.89

Model IV$3.29

P/IV0.17

Discount 43% Return to IV: +74.2%

Market implies -13.9%/yr vs model +26.7% · below model

SMXWW

SMX (Security Matters) Public Ltd Co

Valuation N/A

Industrials

Price$0.02

Model IV—

P/IV—

SN

SharkNinja, Inc.

Deeply overvalued

Technology

Price$167.09

Model IV$53.47

P/IV2.28

Premium +212% Return to IV: -68.0%

Owner yield 1.3% 10-yr IRR -2.5% · grower

Market implies +27.6%/yr vs model +13.7% · above model

SNA

Snap-on Inc

Overvalued

Industrials

Price$372.15

Model IV$313.59

P/IV1.18

Premium +19% Return to IV: -15.7%

Market implies +4.9%/yr vs model +3.0% · in line

SNAL

Snail, Inc.

Valuation N/A

Technology

Price$2.58

Model IV—

P/IV—

SNAP

Snap Inc

Valuation N/A

Technology

Price$5.68

Model IV—

P/IV—

Market implies +35.8%/yr vs model +8.0% · above model

SNBR

Sleep Number Corp

Valuation N/A

Consumer Cyclical

Price$0.13

Model IV—

P/IV—

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

SND

Smart Sand, Inc.

Deeply undervalued

Basic Materials

Price$5.09

Model IV$11.39

P/IV0.38

Discount 55% Return to IV: +123.8%

Owner yield 8.5% 10-yr IRR 17.6% · moderate

Market implies -6.0%/yr vs model +8.0% · below model

SNDA

SONIDA SENIOR LIVING, INC.

Deeply undervalued

Healthcare

Price$39.52

Model IV$52.09

P/IV0.68

Discount 24% Return to IV: +31.8%

Market implies -8.9%/yr vs model +12.9% · below model

SNDK

Sandisk Corp

Valuation N/A

Technology

Price$1,791.82

Model IV—

P/IV—

Market implies +60.9%/yr vs model +9.9% · above model

SNDL

SNDL Inc.

Valuation N/A

Healthcare

Price$1.34

Model IV—

P/IV—

SNDR

Schneider National, Inc.

Deeply overvalued

Industrials

Price$34.15

Model IV$11.91

P/IV2.97

Premium +187% Return to IV: -65.1%

Owner yield 3.2% 10-yr IRR 0.2% · steady

Market implies +17.5%/yr vs model +3.0% · above model

SNDX

Syndax Pharmaceuticals Inc

Valuation N/A

Healthcare

Price$18.35

Model IV—

P/IV—

Market implies +18.0%/yr vs model +5.4% · above model

SNES

SenesTech, Inc.

Valuation N/A

Basic Materials

Price$0.86

Model IV—

P/IV—

Market implies +33.6%/yr vs model +8.0% · above model

SNEX

StoneX Group Inc.

Deeply undervalued

Financial Services

Price$68.53

Model IV$527.79

P/IV0.21

Discount 87% Return to IV: +670.2%

Market implies -25.3%/yr vs model +9.2% · below model

SNFCA

SECURITY NATIONAL FINANCIAL CORP

Undervalued

Financial Services

Price$8.79

Model IV$12.67

P/IV0.77

Discount 31% Return to IV: +44.2%

Owner yield 22.5% 10-yr IRR 26.2% · steady

Market implies -12.1%/yr vs model -2.9% · below model

SNGX

SOLIGENIX, INC.

Valuation N/A

Healthcare

Price$0.36

Model IV—

P/IV—

Market implies +38.9%/yr vs model +15.0% · above model

SNN

SMITH & NEPHEW PLC

Valuation N/A

Healthcare

Price$27.50

Model IV—

P/IV—