Software

ACIW

ACI WORLDWIDE, INC.

Fairly Valued

Technology

Price$54.88

Model IV$51.34

P/IV0.85

Premium +7% Return to IV: -6.5%

Market implies +9.7%/yr vs model +11.2% · in line

ADBE

ADOBE INC.

Deep Undervalued

Technology

Price$219.72

Model IV$651.52

P/IV0.40

Discount 66% Return to IV: +196.5%

Market implies -2.3%/yr vs model +14.1% · below model

ADSK

Autodesk, Inc.

Fairly Valued

Technology

Price$207.48

Model IV$229.20

P/IV1.01

Discount 9% Return to IV: +10.5%

Market implies +10.2%/yr vs model +13.7% · below model

AEYE

AUDIOEYE INC

Deep Overvalued

Technology

Price$6.51

Model IV$4.42

P/IV1.74

Premium +47% Return to IV: -32.1%

Market implies +8.4%/yr vs model +13.3% · below model

AI

C3.ai, Inc.

Deep Overvalued

Technology

Price$9.06

Model IV$2.93

P/IV3.68

Premium +209% Return to IV: -67.7%

Market implies +22.9%/yr vs model +20.7% · in line

AIFF

FIREFLY NEUROSCIENCE, INC.

Valuation N/A

Technology

Price$1.29

Model IV—

P/IV—

Market implies +43.9%/yr vs model +2.0% · above model

AISP

Airship AI Holdings, Inc.

Valuation N/A

Technology

Price$2.24

Model IV—

P/IV—

Market implies +37.3%/yr vs model +15.0% · above model

AISPW

Airship AI Holdings, Inc.

Deep Undervalued

Technology

Price$0.70

Model IV$2.83

P/IV0.24

Discount 75% Return to IV: +304.3%

Market implies -24.6%/yr vs model +25.9% · below model

AIXI

Xiao-I Corp

Valuation N/A

Technology

Price$1.89

Model IV—

P/IV—

Market implies +58.0%/yr vs model +2.0% · above model

ALAR

Alarum Technologies Ltd.

Valuation N/A

Technology

Price$6.35

Model IV—

P/IV—

Limited data — see page

ALKT

ALKAMI TECHNOLOGY, INC.

Fairly Valued

Technology

Price$19.02

Model IV$18.55

P/IV0.98

Premium +3% Return to IV: -2.5%

Market implies -0.7%/yr vs model +30.7% · below model

ALRM

Alarm.com Holdings, Inc.

Deep Overvalued

Technology

Price$49.69

Model IV$33.46

P/IV1.35

Premium +49% Return to IV: -32.7%

Market implies +12.7%/yr vs model +9.1% · above model

AMPL

Amplitude, Inc.

Deep Overvalued

Technology

Price$8.84

Model IV$5.07

P/IV1.54

Premium +74% Return to IV: -42.7%

Market implies +8.1%/yr vs model +19.7% · below model

AMST

Amesite Inc.

Valuation N/A

Technology

Price$1.18

Model IV—

P/IV—

Market implies +39.5%/yr vs model +2.0% · above model

ANSS

ANSYS, Inc.

Deep Overvalued

Technology

Price$374.30

Model IV$150.35

P/IV2.49

Premium +149% Return to IV: -59.8%

Market implies +20.1%/yr vs model +8.6% · above model

API

Agora, Inc.

Valuation N/A

Technology

Price$4.01

Model IV—

P/IV—

Market implies +28.0%/yr vs model +5.7% · above model

APPF

APPFOLIO INC

Deep Undervalued

Technology

Price$170.90

Model IV$246.59

P/IV0.65

Discount 31% Return to IV: +44.3%

Market implies +12.4%/yr vs model +22.9% · below model

APPN

APPIAN CORP

Deep Overvalued

Technology

Price$24.40

Model IV$7.95

P/IV2.94

Premium +207% Return to IV: -67.4%

Market implies +26.7%/yr vs model +16.5% · above model

ARQQ

Arqit Quantum Inc.

Valuation N/A

Technology

Price$23.52

Model IV—

P/IV—

Limited data — see page

ARQQW

Arqit Quantum Inc.

Valuation N/A

Technology

Price$0.06

Model IV—

P/IV—

Limited data — see page

ASAN

Asana, Inc.

Fairly Valued

Technology

Price$7.34

Model IV$8.16

P/IV0.94

Discount 10% Return to IV: +11.1%

Market implies -2.8%/yr vs model +20.2% · below model

ATHR

Aether Holdings, Inc.

Valuation N/A

Technology

Price$4.75

Model IV—

P/IV—

Market implies +58.3%/yr vs model +2.0% · above model

AUID

authID Inc.

Deep Overvalued

Technology

Price$1.18

Model IV$0.68

P/IV1.88

Premium +73% Return to IV: -42.2%

Market implies +8.2%/yr vs model +50.0% · below model

AVPT

AvePoint, Inc.

Deep Overvalued

Technology

Price$11.46

Model IV$5.58

P/IV1.96

Premium +105% Return to IV: -51.3%

Market implies +24.4%/yr vs model +18.7% · above model

AWRE

AWARE INC /MA/

Deep Overvalued

Technology

Price$1.35

Model IV$0.63

P/IV2.41

Premium +114% Return to IV: -53.3%

Market implies +5.3%/yr vs model +2.0% · above model

BAND

Bandwidth Inc.

Deep Overvalued

Technology

Price$61.60

Model IV$16.20

P/IV4.01

Premium +280% Return to IV: -73.7%

Market implies +28.1%/yr vs model +11.5% · above model

BB

BLACKBERRY Ltd

Valuation N/A

Technology

Price$11.51

Model IV—

P/IV—

Market implies +32.8%/yr vs model +2.0% · above model

BBAI

BigBear.ai Holdings, Inc.

Valuation N/A

Technology

Price$3.53

Model IV—

P/IV—

Market implies +64.9%/yr vs model +2.0% · above model

BCAR

D. Boral ARC Acquisition I Corp.

Valuation N/A

Technology

Price$10.51

Model IV—

P/IV—

Limited data — see page

BCARU

D. Boral ARC Acquisition I Corp.

Valuation N/A

Technology

Price$12.00

Model IV—

P/IV—

Limited data — see page

BCARW

D. Boral ARC Acquisition I Corp.

Valuation N/A

Technology

Price$1.84

Model IV—

P/IV—

Limited data — see page

BILL

BILL Holdings, Inc.

Deep Overvalued

Technology

Price$40.48

Model IV$29.00

P/IV1.28

Premium +40% Return to IV: -28.4%

Market implies +24.1%/yr vs model +25.0% · in line

BL

BLACKLINE, INC.

Fairly Valued

Technology

Price$29.88

Model IV$28.67

P/IV1.03

Premium +4% Return to IV: -4.0%

Market implies +10.1%/yr vs model +12.9% · in line

BLIN

Bridgeline Digital, Inc.

Undervalued

Technology

Price$1.19

Model IV$1.64

P/IV0.75

Discount 27% Return to IV: +37.4%

Market implies -10.2%/yr vs model +3.8% · below model

BLKB

BLACKBAUD INC

Deep Undervalued

Technology

Price$30.09

Model IV$62.81

P/IV0.49

Discount 52% Return to IV: +108.7%

Market implies -4.9%/yr vs model +7.1% · below model

BLZE

Backblaze, Inc.

Deep Overvalued

Technology

Price$15.62

Model IV$4.63

P/IV1.79

Premium +237% Return to IV: -70.3%

Market implies +22.8%/yr vs model +21.3% · in line

BMR

Beamr Imaging Ltd.

Valuation N/A

Technology

Price$1.43

Model IV—

P/IV—

Market implies +57.0%/yr vs model +2.0% · above model

BNZI

Banzai International, Inc.

Deep Undervalued

Technology

Price$2.98

Model IV$6.99

P/IV0.56

Discount 57% Return to IV: +134.6%

Market implies -20.7%/yr vs model +15.0% · below model

BNZIW

Banzai International, Inc.

Deep Undervalued

Technology

Price$0.01

Model IV$5.47

P/IV0.00

Discount 100% Return to IV: +55,716.3%

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

BOX

BOX INC

Overvalued

Technology

Price$27.89

Model IV$22.48

P/IV1.20

Premium +24% Return to IV: -19.4%

Market implies +11.1%/yr vs model +10.1% · in line

BRZE

Braze, Inc.

Deep Undervalued

Technology

Price$23.81

Model IV$39.57

P/IV0.65

Discount 40% Return to IV: +66.2%

Market implies -8.9%/yr vs model +32.7% · below model

BSY

BENTLEY SYSTEMS INC

Fairly Valued

Technology

Price$32.26

Model IV$36.78

P/IV0.89

Discount 12% Return to IV: +14.0%

Market implies +7.9%/yr vs model +11.8% · below model

CCC

CCC Intelligent Solutions Holdings Inc.

Deep Overvalued

Technology

Price$5.58

Model IV$2.29

P/IV2.05

Premium +144% Return to IV: -59.0%

Market implies +21.5%/yr vs model +11.5% · above model

CCLD

CareCloud, Inc.

Deep Undervalued

Technology

Price$2.22

Model IV$6.29

P/IV0.37

Discount 65% Return to IV: +183.3%

Market implies -16.2%/yr vs model +3.0% · below model

CCSI

Consensus Cloud Solutions, Inc.

Undervalued

Technology

Price$37.94

Model IV$48.97

P/IV0.70

Discount 23% Return to IV: +29.1%

Market implies -1.2%/yr vs model +4.1% · below model

CDNS

CADENCE DESIGN SYSTEMS INC

Deep Overvalued

Technology

Price$373.14

Model IV$76.90

P/IV4.88

Premium +385% Return to IV: -79.4%

Market implies +33.5%/yr vs model +13.5% · above model

CERT

Certara, Inc.

Fairly Valued

Technology

Price$6.97

Model IV$6.76

P/IV0.86

Premium +3% Return to IV: -3.0%

Market implies +7.9%/yr vs model +10.6% · in line

CGNT

Cognyte Software Ltd.

Valuation N/A

Technology

Price$8.99

Model IV—

P/IV—

Market implies +29.9%/yr vs model +3.0% · above model

CHKP

CHECK POINT SOFTWARE TECHNOLOGIES LTD

Deep Undervalued

Technology

Price$136.58

Model IV$293.67

P/IV0.46

Discount 53% Return to IV: +115.0%

Market implies -0.5%/yr vs model +11.7% · below model

CHOW

ChowChow Cloud International Holdings Ltd

Deep Undervalued

Technology

Price$0.38

Model IV$3.36

P/IV0.11

Discount 89% Return to IV: +784.2%

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

CLBT

Cellebrite DI Ltd.

Fairly Valued

Technology

Price$15.65

Model IV$14.29

P/IV1.03

Premium +10% Return to IV: -8.7%

Market implies +13.6%/yr vs model +16.1% · in line

CLPS

CLPS Inc

Deep Undervalued

Technology

Price$0.82

Model IV$17.47

P/IV0.05

Discount 95% Return to IV: +2,026.3%

Market implies -50.0%/yr vs model +6.9% · below model

CMCM

Cheetah Mobile Inc.

Valuation N/A

Technology

Price$3.14

Model IV—

P/IV—

Market implies +50.5%/yr vs model +7.5% · above model

CMRC

Commerce.com, Inc.

Deep Undervalued

Technology

Price$3.15

Model IV$6.84

P/IV0.46

Discount 54% Return to IV: +117.2%

Market implies -13.3%/yr vs model +11.7% · below model

COUR

Coursera, Inc.

Deep Undervalued

Technology

Price$5.90

Model IV$18.03

P/IV0.30

Discount 67% Return to IV: +205.6%

Market implies -21.7%/yr vs model +16.2% · below model

CRM

Salesforce, Inc.

Deep Undervalued

Technology

Price$166.11

Model IV$329.80

P/IV0.58

Discount 50% Return to IV: +98.5%

Market implies +0.8%/yr vs model +11.9% · below model

CRNC

Cerence Inc.

Valuation N/A

Technology

Price$10.71

Model IV—

P/IV—

Market implies +20.5%/yr vs model -3.5% · above model

CRWD

CrowdStrike Holdings, Inc.

Valuation N/A

Technology

Price$193.98

Model IV—

P/IV—

Market implies +8.2%/yr vs model +34.9% · below model

CRWV

CoreWeave, Inc.

Deep Overvalued

Technology

Price$81.75

Model IV$24.79

P/IV4.42

Premium +230% Return to IV: -69.7%

Market implies +25.3%/yr vs model +8.0% · above model

CVLT

COMMVAULT SYSTEMS INC

Valuation N/A

Technology

Price$149.98

Model IV—

P/IV—

Market implies +24.2%/yr vs model +12.9% · above model