Is SPME or STEP more undervalued in 2026?

CirclFi compares Sound Point Meridian Capital, I (SPME) and StepStone Group Inc. (STEP) using 13 institutional-grade valuation models. SPME has a Quality of Company score of 1.6/10 while STEP scores 5.8/10.

Which is a better buy — SPME or STEP?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do SPME and STEP valuations compare?

SPME at $25.04 and STEP at $50.09 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

SPME vs STEP Valuation Comparison 2026 — Intrinsic Value Analysis

SPME

Asset Management

Sound Point Meridian Capital, I

Quality

1.6

out of 10

Value Trap

—

Price

$25.04

Last close

Models

5/13

Active

STEP

Asset Management

StepStone Group Inc.

Quality

5.8

out of 10

Value Trap

WARN

Price

$50.09

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	SPME Fair Value	SPME Upside	STEP Fair Value	STEP Upside
Bayesian DCF	Intrinsic	—	—	$17.22	-65.6%
Earnings Power Value	Intrinsic	—	—	$34.83	-34.0%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$21.06	-15.9%	$39.79	-20.6%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$84.75	+239.1%	$80.32	+60.4%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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SPME vs STEP — Which Stock Is More Undervalued?

STEP scores higher with a 5.8/10 quality rating vs SPME's 1.6/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Sound Point Meridian Capital, I (SPME) and StepStone Group Inc. (STEP) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

SPME currently trades at $25.04 with a QOC of 1.6/10, while STEP trades at $50.09 with a QOC of 5.8/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).