Global Undervalued Small Caps

Tennant

Market Cap: US$1.4b

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

Thryv Holdings

Market Cap: US$193.0m

Provides digital marketing solutions and cloud-based tools to the small-to-medium-sized businesses in the United States.

Construtora Tenda

Market Cap: R$3.5b

Operates as a construction company in Brazil.

Zevra Therapeutics

Market Cap: US$515.7m

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

Assetwise

Market Cap: ฿5.9b

Engages in property development and other real estate activities in Thailand.

Guangdong Mingyang ElectricLtd

Market Cap: CN¥13.8b

Engages in the research, development, production, and sale of high/low voltage switchgear, transformer, and power transmission and distribution equipment in China.

Cheerwin Group

Market Cap: HK$3.1b

An investment holding company, manufactures and trades household insecticides and repellents, household cleaning, air care, personal care, pet stores and pet products, and other products in the People’s Republic of China.

Aurelia Metals

Market Cap: AU$516.2m

Engages in the exploration and production of mineral properties in Australia.

Inspur Digital Enterprise Technology

Market Cap: HK$5.6b

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.

SILICON2

Market Cap: ₩2.6t

Engages in the distribution of cosmetics products worldwide.

Future

Market Cap: JP¥162.9b

Provides IT consulting and services primarily in Japan.

Converge Information and Communications Technology Solutions

Market Cap: ₱104.3b

Converge Information and Communications Technology Solutions, Inc.

Security Bank

Market Cap: ₱49.9b

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

74Software

Market Cap: €945.3m

Operates as a software company in France.

Grupa Pracuj

Market Cap: zł3.1b

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

Altea Green Power

Market Cap: €141.7m

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

Aviat Networks

Market Cap: US$287.9m

Provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific.

Grupo SBF

Market Cap: R$3.1b

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

Byrna Technologies

Market Cap: US$304.1m

A less-lethal self-defense technology company, develops, manufactures, and sells less-lethal personal security solutions in the United States, South Africa, Europe, South America, Asia, and Canada.

Krsnaa Diagnostics

Market Cap: ₹23.4b

Provides diagnostic services in India.

Heidelberger Druckmaschinen

Market Cap: €563.0m

Manufactures, sells, and deals in printing presses and other print media industry products in Europe, the Middle East, Africa, the Asia Pacific, and the Americas.

Afentra

Market Cap: UK£109.5m

Operates as an upstream oil and gas company primarily in Africa.

Voxel

Market Cap: zł1.5b

Provides medical services in Poland.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Hacksaw

Market Cap: SEK 16.2b

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

Qatar National Bank

Market Cap: ج.م91.6b

Engages in the provision of banking services in Egypt.

ASROCK Incorporation

Market Cap: NT$26.6b

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

Hugel

Market Cap: ₩2.7t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

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.

Xiaocaiyuan International Holding

Market Cap: HK$10.4b

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

Catalyst Metals

Market Cap: AU$2.0b

Engages in the mineral exploration and evaluation in Australia.

Austal

Market Cap: AU$2.6b

Engages in the design, manufacture, and support of vessels for commercial and defense customers in the United States, Australia, Europe, Asia, and South America.

Unidata

Market Cap: €101.5m

Operates as an Internet service provider in Italy.

Tracsis

Market Cap: UK£96.7m

Engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.

Auto Partner

Market Cap: zł2.3b

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

Foresight Group Holdings

Market Cap: UK£470.8m

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