Based on the information on the left, decide whether the stock is overvalued, undervalued, or appropriately valued:

-A stock's intrinsic value is greater than its market price

-Management deliberately understates costs to increase profits, causing the stock price to rise

-Management invests in profitable future ventures, but they are proprietary and therefore not disclosed. The investments cause the company to miss quarterly earnings projections, and the stock price falls

-A stock's market price is above its intrinsic value