Global Undervalued Small Caps

Indegene

Market Cap: ₹120.1b

Operates as a digital-first life sciences commercialization company in India, the United States, Europe, and internationally.

Vikram Solar

Market Cap: ₹60.1b

Manufactures and sells solar photovoltaic modules/systems in India and internationally.

FRP Advisory Group

Market Cap: UK£302.0m

Provides business advisory services to companies, lenders, investors, individuals, and other stakeholders in the United Kingdom.

Altea Green Power

Market Cap: €134.2m

Supplies and manages renewable energy plants in Italy and the United States.

Grupa Pracuj

Market Cap: zł3.0b

Operates HR technology platform in Poland, Ukraine, and Germany.

Tennant

Market Cap: US$1.1b

Designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Zevra Therapeutics

Market Cap: US$502.7m

A commercial-stage company, focuses on addressing unmet needs for the treatment of rare diseases in the United States.

Construtora Tenda

Market Cap: R$3.7b

Operates as a construction company in Brazil.

Iochpe-Maxion

Market Cap: R$1.6b

Produces and sells automotive wheels and structural components for commercial and light vehicles in North America, South America, Europe, Asia, and internationally.

Future

Market Cap: JP¥159.3b

Provides IT consulting and services primarily in Japan.

Converge Information and Communications Technology Solutions

Market Cap: ₱104.1b

Converge Information and Communications Technology Solutions, Inc.

Security Bank

Market Cap: ₱56.1b

Provides banking and financial products and services to wholesale and retail clients in the Philippines.

Inspur Digital Enterprise Technology

Market Cap: HK$4.5b

An investment holding company, engages in management software development, cloud services, and sale of Internet of Things (IoT) solutions in the People’s Republic of China.

Nagarro

Market Cap: €677.0m

Provides digital product engineering and technology solutions in Germany, the United States of America, and internationally.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Boozt

Market Cap: SEK 5.5b

Sells fashion, apparel, shoes, accessories, kids, home, sports, and beauty products online.

Voxel

Market Cap: zł1.4b

Provides medical services in Poland.

Grupo SBF

Market Cap: R$2.8b

Grupo SBF S.A. retails and wholesales sports and leisure products in Brazil.

Energy Recovery

Market Cap: US$853.9m

Designs, manufactures, and sells energy efficiency technology solutions in the United States, North, South and Latin America, the Middle East, Northern Africa, Asia, and Europe.

Hacksaw

Market Cap: SEK 17.1b

Operates as a B2B technology platform and game development company in Sweden and Czech Republic.

Warpaint London

Market Cap: UK£193.9m

Produces and sells cosmetics.

North East Rubber

Market Cap: ฿9.2b

Manufactures and sells rubber products in Thailand.

ASROCK Incorporation

Market Cap: NT$28.2b

Designs, develops, and sells motherboards in Asia, Europe, America, and internationally.

Auto Partner

Market Cap: zł2.3b

Imports and distributes parts for passenger cars, delivery vans, and motorcycles in Poland.

Unidata

Market Cap: €97.9m

Operates as an Internet service provider in Italy.

Foresight Group Holdings

Market Cap: UK£469.8m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.

Hugel

Market Cap: ₩2.9t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

Xiaocaiyuan International Holding

Market Cap: HK$9.5b

An investment holding company, engages in the restaurant business in the People’s Republic of China.

Eternal Beauty Holdings

Market Cap: HK$2.8b

An investment holding company, engages in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau.

Nolato

Market Cap: SEK 14.0b

Develops, manufactures, and sells plastic, silicone, and thermoplastic elastomer products in Europe, Asia, North America, and internationally.

Storytel

Market Cap: SEK 6.2b

Provides audiobooks and e-books streaming services.

Sylvamo

Market Cap: US$1.8b

Produces and markets uncoated freesheet for cutsize, offset paper, and pulp in Europe, Latin America, and North America.

Opera

Market Cap: US$1.1b

Provides mobile and PC web browsers and related products and services in Norway and internationally.

Jumbo Interactive

Market Cap: AU$614.2m

Engages in the retail of lottery tickets through the internet and mobile devices in Australia, the United Kingdom, Canada, Fiji, and internationally.

YouYou Foods

Market Cap: CN¥5.3b

Provides food products in China.

CAB Cakaran Corporation Berhad

Market Cap: RM 426.6m

Produces and sells food products in Malaysia, Singapore, Hong Kong, Japan, Brunei, and internationally.