Data & Analytics

ACVA

ACV Auctions Inc.

Deep Overvalued

Technology

Price$7.30

Model IV$1.80

P/IV3.64

Premium +305% Return to IV: -75.3%

Market implies +32.7%/yr vs model +18.1% · above model

AGPU

Axe Compute Inc.

Valuation N/A

Financial Services

Price$7.08

Model IV—

P/IV—

Market implies +128.4%/yr vs model +2.0% · above model

AIAI

AIAI Holdings Corp

Valuation N/A

Technology

Price$14.15

Model IV—

P/IV—

Limited data — see page

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

ASPSZ

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Valuation N/A

Technology

Price$0.25

Model IV—

P/IV—

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

BGDE

Big Digital Energy, Inc.

Valuation N/A

Financial Services

Price$7.45

Model IV—

P/IV—

Market implies -9.5%/yr vs model +2.0% · below model

BMI

BADGER METER INC

Undervalued

Healthcare

Price$145.87

Model IV$175.15

P/IV0.71

Discount 17% Return to IV: +20.1%

Market implies +8.6%/yr vs model +14.2% · below model

BNAI

Brand Engagement Network Inc.

Valuation N/A

Technology

Price$17.19

Model IV—

P/IV—

Market implies +95.2%/yr vs model +15.0% · above 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

CCG

Cheche Group Inc.

Valuation N/A

Financial Services

Price$0.49

Model IV—

P/IV—

Limited data — see page

CDLX

Cardlytics, Inc.

Deep Overvalued

Technology

Price$4.47

Model IV$1.73

P/IV0.39

Premium +158% Return to IV: -61.2%

Market implies +17.4%/yr vs model +2.0% · 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

CHAI

Core AI Holdings, Inc.

Deep Undervalued

Communication Services

Price$0.65

Model IV$2.03

P/IV0.52

Discount 68% Return to IV: +210.8%

Market implies -20.3%/yr vs model +15.0% · below model

CNET

ZW Data Action Technologies Inc.

Fairly Valued

Technology

Price$1.03

Model IV$0.95

P/IV0.70

Premium +8% Return to IV: -7.8%

Market implies -2.3%/yr vs model +2.0% · below model

DPRO

Draganfly Inc.

Valuation N/A

Industrials

Price$5.12

Model IV—

P/IV—

Limited data — see page

DRCT

Direct Digital Holdings, Inc.

Valuation N/A

Technology

Price$2.85

Model IV—

P/IV—

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

DSP

Viant Technology Inc.

Deep Overvalued

Technology

Price$12.96

Model IV$5.10

P/IV2.50

Premium +154% Return to IV: -60.7%

Market implies +21.3%/yr vs model +11.5% · above model

EDHL

Everbright Digital Holding Ltd.

Deep Undervalued

Technology

Price$3.98

Model IV$6.08

P/IV0.48

Discount 34% Return to IV: +52.6%

Market implies -14.4%/yr vs model +31.7% · below model

EUDA

EUDA Health Holdings Ltd

Deep Overvalued

Healthcare

Price$13.88

Model IV$9.57

P/IV1.89

Premium +45% Return to IV: -31.1%

Market implies -7.9%/yr vs model +10.6% · below model

FNGR

FingerMotion, Inc.

Deep Undervalued

Technology

Price$0.39

Model IV$0.77

P/IV1.00

Discount 50% Return to IV: +98.1%

Market implies -13.3%/yr vs model +20.9% · below model

FTK

FLOTEK INDUSTRIES INC/CN/

Valuation N/A

Basic Materials

Price$22.19

Model IV—

P/IV—

Market implies +88.3%/yr vs model +8.0% · above model

GCTK

Glucotrack, Inc.

Valuation N/A

Healthcare

Price$0.32

Model IV—

P/IV—

Limited data — see page

GDYN

GRID DYNAMICS HOLDINGS, INC.

Deep Undervalued

Technology

Price$6.09

Model IV$11.31

P/IV0.64

Discount 46% Return to IV: +85.7%

Market implies -9.2%/yr vs model +18.2% · below model

GRRR

Gorilla Technology Group Inc.

Valuation N/A

Technology

Price$18.51

Model IV—

P/IV—

Limited data — see page

GXAI

GAXOS.AI INC.

Deep Overvalued

Technology

Price$1.16

Model IV$0.77

P/IV1.54

Premium +52% Return to IV: -34.1%

Market implies -3.5%/yr vs model +15.0% · below model

HCTI

Healthcare Triangle, Inc.

Deep Undervalued

Technology

Price$1.89

Model IV$43.95

P/IV0.06

Discount 96% Return to IV: +2,225.4%

HHS

HARTE HANKS INC

Deep Undervalued

Technology

Price$2.25

Model IV$29.79

P/IV0.08

Discount 92% Return to IV: +1,224.0%

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

HPAI

Helport AI Ltd

Deep Undervalued

Technology

Price$0.61

Model IV$6.38

P/IV0.16

Discount 90% Return to IV: +938.4%

Market implies -15.2%/yr vs model +25.0% · below model

INUV

Inuvo, Inc.

Deep Undervalued

Technology

Price$1.07

Model IV$5.53

P/IV0.29

Discount 81% Return to IV: +416.6%

Market implies -33.2%/yr vs model +9.6% · below model

KARO

Karooooo Ltd.

Valuation N/A

Technology

Price$53.87

Model IV—

P/IV—

Limited data — see page

KNRX

KNOREX LTD.

Valuation N/A

Technology

Price$0.43

Model IV—

P/IV—

Limited data — see page

KRKR

36Kr Holdings Inc.

Valuation N/A

Technology

Price$2.69

Model IV—

P/IV—

Limited data — see page

LPRO

Open Lending Corp

Valuation N/A

Financial Services

Price$3.11

Model IV—

P/IV—

Market implies +45.9%/yr vs model +2.0% · above model

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

MDAI

Spectral AI, Inc.

Deep Overvalued

Healthcare

Price$1.79

Model IV$0.82

P/IV2.54

Premium +119% Return to IV: -54.4%

Market implies +8.0%/yr vs model +15.0% · below model

MNDR

Mobile-health Network Solutions

Deep Undervalued

Technology

Price$3.28

Model IV$15.08

P/IV0.05

Discount 78% Return to IV: +359.8%

Market implies -35.5%/yr vs model +3.0% · below model

MSTR

Strategy Inc

Valuation N/A

Financial Services

Price$100.77

Model IV—

P/IV—

Market implies +71.1%/yr vs model +2.0% · above model

MYSE

Myseum.AI, Inc.

Valuation N/A

Communication Services

Price$2.39

Model IV—

P/IV—

Market implies +150.0%/yr vs model +2.0% · above model

OCTV

Octave Intelligence plc

Valuation N/A

Technology

Price$17.40

Model IV—

P/IV—

Limited data — see page

PDYN

Palladyne AI Corp.

Valuation N/A

Technology

Price$5.84

Model IV—

P/IV—

Market implies +97.3%/yr vs model +2.0% · above model

PERF

Perfect Corp.

Valuation N/A

Technology

Price$1.69

Model IV—

P/IV—

Limited data — see page

PFSA

Profusa, Inc.

Valuation N/A

Healthcare

Price$0.09

Model IV—

P/IV—

Market implies -10.3%/yr vs model +15.0% · below model

PHUN

Phunware, Inc.

Valuation N/A

Technology

Price$2.04

Model IV—

P/IV—

Market implies +76.8%/yr vs model +2.0% · above model

PLSM

Pulsenmore Ltd.

Valuation N/A

Healthcare

Price$4.54

Model IV—

P/IV—

Limited data — see page

PLTS

Platinum Analytics Cayman Ltd

Valuation N/A

Technology

Price$17.50

Model IV—

P/IV—

Market implies +22.9%/yr vs model +50.0% · below model

QXL

QUANTUM X LABS INC.

Valuation N/A

Technology

Price$5.67

Model IV—

P/IV—

Market implies -4.4%/yr vs model +15.0% · below model

RAMP

LiveRamp Holdings, Inc.

Fairly Valued

Technology

Price$37.73

Model IV$33.97

P/IV1.11

Premium +11% Return to IV: -10.0%

Market implies +11.4%/yr vs model +12.7% · in line

RDZN

Roadzen Inc.

Overvalued

Financial Services

Price$1.34

Model IV$1.13

P/IV1.66

Premium +19% Return to IV: -15.6%

Market implies +6.8%/yr vs model +50.0% · below model

REKR

Rekor Systems, Inc.

Deep Undervalued

Technology

Price$0.68

Model IV$1.06

P/IV0.79

Discount 36% Return to IV: +55.7%

Market implies -3.1%/yr vs model +43.0% · below model

RELX

RELX PLC

Valuation N/A

Technology

Price$31.93

Model IV—

P/IV—

Limited data — see page

RMSG

Real Messenger Corp

Valuation N/A

Technology

Price$0.48

Model IV—

P/IV—

Limited data — see page

RPGL

Republic Power Group Ltd

Valuation N/A

Technology

Price$1.85

Model IV—

P/IV—

Limited data — see page

S

SentinelOne, Inc.

Undervalued

Technology

Price$17.51

Model IV$24.72

P/IV0.67

Discount 29% Return to IV: +41.2%

Market implies -4.3%/yr vs model +48.7% · below model

SHAZ

SharonAI Holdings Inc.

Valuation N/A

Technology

Price$67.91

Model IV—

P/IV—

Market implies +85.5%/yr vs model +50.0% · above model

SNOW

Snowflake Inc.

Valuation N/A

Technology

Price$260.15

Model IV—

P/IV—

Market implies +38.2%/yr vs model +8.0% · above model

SOBR

SOBR Safe, Inc.

Deep Overvalued

Communication Services

Price$0.72

Model IV$0.32

P/IV3.62

Premium +130% Return to IV: -56.5%

Market implies +8.6%/yr vs model +15.0% · below model

SPSC

SPS COMMERCE INC

Undervalued

Technology

Price$59.07

Model IV$84.14

P/IV0.85

Discount 30% Return to IV: +42.5%

Market implies +8.4%/yr vs model +16.3% · below model

TCGL

TechCreate Group Ltd.

Valuation N/A

Technology

Price$172.84

Model IV—

P/IV—

Market implies +65.6%/yr vs model +15.0% · above model

TDC

TERADATA CORP /DE/

Deep Overvalued

Technology

Price$34.56

Model IV$24.51

P/IV1.39

Premium +41% Return to IV: -29.1%

Market implies +10.8%/yr vs model +6.8% · above model