Value Line Inc (VALU)

A. Company Overview

Value Line, Inc. is a New York corporation that was formed in 1982 and is headquartered in New York City. The company's core business involves producing investment periodicals and conducting underlying research. It also makes certain proprietary information, trademarks, and copyrights available to third parties under written agreements for use in investment products and other purposes. Value Line markets its products under well-known brands such as Value Line®, Value Line Investment Survey®, and others. The company holds a registered trademark for the name "Value Line" as used to describe its products and subsidiaries.

The controlling shareholder of Value Line, Inc. is Arnold Bernhard & Co., Inc. ("AB&Co."), which owns 90.79% of the company's outstanding shares.

B. Investment Related Periodicals & Publications

Value Line offers a range of investment periodicals and related publications through its wholly-owned entity, Value Line Publishing LLC ("VLP"). These publications cover various investments including stocks, mutual funds, ETFs, and options. Value Line's periodicals and services cater to individual and professional investors, as well as institutions like libraries and investment firms. The company's services can be categorized into four main types:

1. Comprehensive reference periodical publications.
2. Targeted, niche periodical newsletters.
3. Investment analysis software.
4. Current and historical financial databases.

The comprehensive research services provided by Value Line include The Value Line Investment Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line 600, and The Value Line Fund Advisor Plus. These services offer both statistical and text coverage of a large number of investment securities, with an emphasis on Value Line's proprietary research, analysis, and statistical ranks. The flagship service of Value Line is The Value Line Investment Survey, which is published weekly in print and daily on the web.

The niche newsletters provided by Value Line include Value Line Select®, Value Line Select: Dividend Income & Growth, Value Line Select: ETFs, The Value Line Special Situations Service®, The Value Line M&A Service, The Value Line Climate Change Investing Service, and The Value Line Information You Should Know Wealth Newsletter. These newsletters provide information on specific securities that Value Line believes will be of interest to subscribers. They offer in-depth research analysis and recommendations on topics like dividend income, ETFs, special situations, mergers and acquisitions, climate change investing, and personal finance.

Value Line also offers digital versions of its products through its website, www.valueline.com. Subscribers can access most of the company's research and publications through The Value Line Research Center, the most comprehensive online platform.

Additionally, Value Line provides investment analysis software called The Value Line Investment Analyzer, which includes data sorting and filtering tools. It also offers current and historical financial databases (DataFile, Estimates & Projections, and Mutual Funds) for institutional and professional subscribers via the internet.

C. Copyright Programs

Value Line's copyright programs involve making certain proprietary information, such as the results of proprietary ranking systems, available for use in third-party investment products. These products include ETFs, unit investment trusts, managed accounts, and variable annuities. Value Line's data is used by the sponsors of these products to create portfolios and make investment decisions. The sponsors are granted permission to associate Value Line's trademarks with their products. Value Line receives a copyright fee from each product sponsor, based on the market value of the assets invested in the product's portfolio that utilizes Value Line's proprietary data.

D. Investment Management Services

Value Line is affiliated with EULAV Asset Management Trust ("EAM"), which provides investment management services to the Value Line Funds accounts. EAM also offers distribution, marketing, and administrative services to the Value Line Funds. Value Line holds non-voting revenues and non-voting profits interests in EAM.

E. Trademarks

Value Line holds trademark and service mark registrations for various names and logos in multiple countries. The company considers these trademarks and service marks to be valuable assets that are integral to its marketing efforts. The trademarks are used to promote Value Line's products and services, as well as the Value Line Funds.

F. Investments

As of April 30, 2022, Value Line held investment assets (excluding its interests in EAM) with a fair market value of $28,122,000. These assets include equity securities and available-for-sale fixed income securities, such as those issued by governments within the United States. Value Line's equity securities holdings include investments in Exchange Traded Funds (ETFs) and common stock equity securities.

G. Employees

As of April 30, 2022, Value Line and its subsidiaries employed 140 people.