Mega Cap

AAPL

Apple Inc.

Deep Overvalued

Technology

Price$308.63

Model IV$115.28

P/IV2.71

Premium +168% Return to IV: -62.6%

Market implies +20.9%/yr vs model +8.8% · above model

ABBV

AbbVie Inc.

Fairly Valued

Healthcare

Price$261.07

Model IV$288.36

P/IV0.76

Discount 9% Return to IV: +10.5%

Market implies +2.7%/yr vs model +4.5% · in line

ADI

ANALOG DEVICES INC

Deep Overvalued

Technology

Price$377.16

Model IV$139.94

P/IV2.96

Premium +170% Return to IV: -62.9%

Market implies +23.0%/yr vs model +11.1% · above model

AKTX

Akari Therapeutics Plc

Valuation N/A

Healthcare

Price$10.41

Model IV—

P/IV—

Limited data — see page

AMAT

APPLIED MATERIALS INC /DE

Valuation N/A

Technology

Price$603.04

Model IV—

P/IV—

Market implies +40.3%/yr vs model +10.5% · above model

AMD

ADVANCED MICRO DEVICES INC

Valuation N/A

Technology

Price$517.82

Model IV—

P/IV—

Market implies +41.6%/yr vs model +20.5% · above model

AMX

AMERICA MOVIL SAB DE CV/

Valuation N/A

Communication Services

Price$25.72

Model IV—

P/IV—

Limited data — see page

AMZN

AMAZON COM INC

Valuation N/A

Consumer Cyclical

Price$242.67

Model IV—

P/IV—

Market implies +30.7%/yr vs model +8.0% · above model

ANET

Arista Networks, Inc.

Deep Overvalued

Technology

Price$159.99

Model IV$62.15

P/IV2.57

Premium +157% Return to IV: -61.2%

Market implies +29.8%/yr vs model +20.0% · above model

APP

AppLovin Corp

Deep Overvalued

Technology

Price$527.06

Model IV$179.74

P/IV3.41

Premium +193% Return to IV: -65.9%

Market implies +29.3%/yr vs model +16.5% · above model

ARM

ARM HOLDINGS PLC /UK

Valuation N/A

Technology

Price$315.28

Model IV—

P/IV—

Market implies +76.3%/yr vs model +8.0% · above model

ASML

ASML HOLDING NV

Valuation N/A

Industrials

Price$1,769.32

Model IV—

P/IV—

Limited data — see page

AVGO

Broadcom Inc.

Valuation N/A

Technology

Price$360.45

Model IV—

P/IV—

Market implies +32.8%/yr vs model +23.5% · above model

AXP

AMERICAN EXPRESS CO

Deep Undervalued

Financial Services

Price$351.96

Model IV$512.26

P/IV0.62

Discount 31% Return to IV: +45.5%

Market implies +5.0%/yr vs model +12.9% · below model

BABA

Alibaba Group Holding Ltd

Valuation N/A

Technology

Price$96.14

Model IV—

P/IV—

Market implies +29.1%/yr vs model +2.5% · above model

BAC

BANK OF AMERICA CORP /DE/

Deep Overvalued

Financial Services

Price$58.73

Model IV$43.17

P/IV1.20

Premium +36% Return to IV: -26.5%

Market implies +2.6%/yr vs model +6.0% · below model

BCH

BANK OF CHILE

Valuation N/A

Financial Services

Price$39.38

Model IV—

P/IV—

Market implies +88.8%/yr vs model +6.0% · above model

BCS

BARCLAYS PLC

Valuation N/A

Financial Services

Price$27.77

Model IV—

P/IV—

Limited data — see page

BDRX

Biodexa Pharmaceuticals Plc

Valuation N/A

Healthcare

Price$2.94

Model IV—

P/IV—

Limited data — see page

BHP

BHP Group Ltd

Valuation N/A

Basic Materials

Price$83.33

Model IV—

P/IV—

Limited data — see page

BSAC

BANCO SANTANDER CHILE

Valuation N/A

Financial Services

Price$32.66

Model IV—

P/IV—

Limited data — see page

C

CITIGROUP INC

Deep Overvalued

Financial Services

Price$139.97

Model IV$85.38

P/IV1.47

Premium +64% Return to IV: -39.0%

Market implies +9.4%/yr vs model +4.0% · above model

CAT

CATERPILLAR INC

Deep Overvalued

Industrials

Price$963.53

Model IV$299.39

P/IV2.93

Premium +222% Return to IV: -68.9%

Market implies +25.3%/yr vs model +10.6% · above model

CCZ

COMCAST CORP

Deep Undervalued

Communication Services

Price$66.50

Model IV$166.29

P/IV0.38

Discount 60% Return to IV: +150.1%

Market implies -5.3%/yr vs model +7.5% · below model

CHT

CHUNGHWA TELECOM CO LTD

Valuation N/A

Communication Services

Price$44.00

Model IV—

P/IV—

Limited data — see page

COST

COSTCO WHOLESALE CORP /NEW

Deep Overvalued

Consumer Cyclical

Price$951.67

Model IV$470.60

P/IV2.03

Premium +102% Return to IV: -50.6%

Market implies +15.8%/yr vs model +8.6% · above model

CSCO

CISCO SYSTEMS, INC.

Deep Overvalued

Technology

Price$112.69

Model IV$44.50

P/IV2.71

Premium +153% Return to IV: -60.5%

Market implies +19.0%/yr vs model +7.3% · above model

CVX

CHEVRON CORP

Undervalued

Energy

Price$169.20

Model IV$214.37

P/IV0.85

Discount 21% Return to IV: +26.7%

Market implies +0.6%/yr vs model +4.2% · below model

DELL

Dell Technologies Inc.

Deep Overvalued

Technology

Price$394.32

Model IV$149.85

P/IV2.81

Premium +163% Return to IV: -62.0%

Market implies +21.9%/yr vs model +9.2% · above model

DEO

DIAGEO PLC

Valuation N/A

Consumer Defensive

Price$82.16

Model IV—

P/IV—

Limited data — see page

DGP

DEUTSCHE BANK AKTIENGESELLSCHAFT

Valuation N/A

Financial Services

Price$136.40

Model IV—

P/IV—

Limited data — see page

E

ENI SPA

Valuation N/A

Energy

Price$46.87

Model IV—

P/IV—

Limited data — see page

EC

ECOPETROL S.A.

Valuation N/A

Energy

Price$14.70

Model IV—

P/IV—

Limited data — see page

ELVR

Elevra Lithium Ltd

Valuation N/A

Basic Materials

Price$69.67

Model IV—

P/IV—

Limited data — see page

ENIC

Enel Chile S.A.

Deep Overvalued

Utilities

Price$4.41

Model IV$2.02

P/IV2.15

Premium +118% Return to IV: -54.2%

Market implies +13.0%/yr vs model +3.0% · above model

GE

GENERAL ELECTRIC CO

Deep Overvalued

Technology

Price$377.52

Model IV$81.24

P/IV3.99

Premium +365% Return to IV: -78.5%

Market implies +24.9%/yr vs model +3.7% · above model

GEV

GE Vernova Inc.

Valuation N/A

Technology

Price$1,113.11

Model IV—

P/IV—

Market implies +36.4%/yr vs model +9.7% · above model

GLDI

CREDIT SUISSE AG

Valuation N/A

Financial Services

Price$143.03

Model IV—

P/IV—

Limited data — see page

GOOG

Alphabet Inc.

Deep Overvalued

Technology

Price$356.18

Model IV$79.81

P/IV4.72

Premium +346% Return to IV: -77.6%

Market implies +30.4%/yr vs model +11.9% · above model

GOOGL

Alphabet Inc.

Valuation N/A

Technology

Price$359.91

Model IV—

P/IV—

Market implies +31.9%/yr vs model +11.9% · above model

GS

GOLDMAN SACHS GROUP INC

Valuation N/A

Financial Services

Price$1,021.00

Model IV—

P/IV—

Market implies +56.9%/yr vs model +2.0% · above model

GSK

GSK plc

Valuation N/A

Healthcare

Price$53.66

Model IV—

P/IV—

Limited data — see page

HD

HOME DEPOT, INC.

Deep Overvalued

Consumer Cyclical

Price$357.90

Model IV$207.45

P/IV1.53

Premium +73% Return to IV: -42.0%

Market implies +10.7%/yr vs model +3.9% · above model

HSBC

HSBC HOLDINGS PLC

Valuation N/A

Financial Services

Price$96.78

Model IV—

P/IV—

Market implies +27.1%/yr vs model +6.0% · above model

IBM

INTERNATIONAL BUSINESS MACHINES CORP

Deep Overvalued

Technology

Price$289.52

Model IV$184.09

P/IV1.62

Premium +57% Return to IV: -36.4%

Market implies +11.7%/yr vs model +6.5% · above model

INTC

INTEL CORP

Valuation N/A

Technology

Price$120.35

Model IV—

P/IV—

Market implies +45.1%/yr vs model +0.0% · above model

IWDL

UBS AG

Valuation N/A

Financial Services

Price$64.25

Model IV—

P/IV—

Market implies +27.8%/yr vs model +6.0% · above model

IWFL

UBS AG

Valuation N/A

Financial Services

Price$57.88

Model IV—

P/IV—

Market implies +33.6%/yr vs model +6.0% · above model

JNJ

JOHNSON & JOHNSON

Fairly Valued

Healthcare

Price$263.04

Model IV$252.53

P/IV0.89

Premium +4% Return to IV: -4.0%

Market implies +6.6%/yr vs model +7.3% · in line

JPM

JPMORGAN CHASE & CO

Deep Overvalued

Financial Services

Price$334.47

Model IV$217.53

P/IV1.38

Premium +54% Return to IV: -35.0%

Market implies +4.6%/yr vs model +8.0% · below model

KLAC

KLA CORP

Deep Undervalued

Healthcare

Price$235.55

Model IV$470.80

P/IV4.08

Discount 50% Return to IV: +99.9%

Market implies +3.0%/yr vs model +17.3% · below model

KO

COCA COLA CO

Deep Overvalued

Consumer Defensive

Price$84.14

Model IV$46.29

P/IV1.71

Premium +82% Return to IV: -45.0%

Market implies +11.8%/yr vs model +5.4% · above model

LIN

LINDE PLC

Deep Overvalued

Basic Materials

Price$546.64

Model IV$247.41

P/IV2.01

Premium +121% Return to IV: -54.7%

Market implies +12.9%/yr vs model +3.3% · above model

LLY

ELI LILLY & Co

Deep Overvalued

Healthcare

Price$1,213.91

Model IV$921.91

P/IV1.20

Premium +32% Return to IV: -24.1%

Market implies +18.0%/yr vs model +19.2% · in line

LRCX

LAM RESEARCH CORP

Valuation N/A

Industrials

Price$351.41

Model IV—

P/IV—

Market implies +40.2%/yr vs model +6.0% · above model

LTM

LATAM AIRLINES GROUP S.A.

Valuation N/A

Industrials

Price$56.43

Model IV—

P/IV—

Limited data — see page

LYG

Lloyds Banking Group plc

Valuation N/A

Financial Services

Price$6.06

Model IV—

P/IV—

Limited data — see page

MA

Mastercard Inc

Undervalued

Technology

Price$539.39

Model IV$708.75

P/IV0.70

Discount 24% Return to IV: +31.4%

Market implies +9.4%/yr vs model +16.2% · below model

MCD

MCDONALDS CORP

Fairly Valued

Consumer Cyclical

Price$280.63

Model IV$258.47

P/IV1.09

Premium +9% Return to IV: -7.9%

Market implies +6.3%/yr vs model +6.2% · in line

META

Meta Platforms, Inc.

Deep Overvalued

Technology

Price$582.90

Model IV$263.70

P/IV2.40

Premium +121% Return to IV: -54.8%

Market implies +24.0%/yr vs model +16.2% · above model