Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings.

MFGI — Fair Value Analysis

Merchants Financial Group, Inc.

Current: $42.80Undervalued

Fair Value Range

Bear Case (25th pct.)

$55.51

29.7% vs price

Base Case (Median)

$59.05

38.0% vs price

Bull Case (75th pct.)

$59.72

39.5% vs price

$55.51$59.05$59.72

◇ = Current price | | Bear | Base | Bull

Method Breakdown

Method	Est. Value	vs Price	Weight
DCF (Discounted Cash Flow)	$59.05	38.0%	High (40%)
PE Comparable	$51.97	21.4%	Medium (25%)
Graham Number	$60.40	41.1%	High (80%)

Interpretation

Based on 3 out of 8 methods, MFGI appears undervalued at the current price of $42.80. The base case fair value of $59.05 implies 38.0% upside.

Bear/base/bull cases represent the 25th, 50th, and 75th percentile of available method estimates. This is not financial advice. Valuation is inherently uncertain.