U.K. Undervalued Small Caps

Hollywood Bowl Group

Market Cap: UK£410.9m

Operates ten-pin bowling and mini-golf centers in the United Kingdom and internationally.

Ashtead Technology Holdings

Market Cap: UK£284.6m

Provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East.

Eurocell

Market Cap: UK£151.2m

Engages in manufacture, distribution, and recycling of windows, doors, and roofline polyvinyl chloride (PVC) building products in the United Kingdom and the Republic of Ireland.

Morgan Advanced Materials

Market Cap: UK£628.7m

Manufactures and sells various carbon and ceramic products.

Gooch & Housego

Market Cap: UK£157.3m

Engages in the manufacture and sale of acousto-optics, electro-optics, fiber optics, and precision optics and systems in the United Kingdom, North America, Europe, the Asia Pacific, and internationally.

Warpaint London

Market Cap: UK£286.8m

Produces and sells cosmetics.

Integrated Diagnostics Holdings

Market Cap: US$220.3m

Operates as a consumer healthcare company that provides medical diagnostics services to patients.

CAB Payments Holdings

Market Cap: UK£118.7m

Through its subsidiaries, provides foreign exchange (FX) and cross-border payments services to banks, fintech companies, supranationals, and governments in the United Kingdom and internationally.

LSL Property Services

Market Cap: UK£292.2m

Engages in the provision of business-to-business services to mortgage intermediaries and estate agent franchisees, and valuation services to lenders in the United Kingdom.

Vp

Market Cap: UK£237.0m

Provides equipment rental and related services in the United Kingdom and internationally.

Knights Group Holdings

Market Cap: UK£149.5m

Provides legal and professional services in the United Kingdom.

On the Beach Group

Market Cap: UK£413.1m

Operates as an online retailer of short haul beach holidays under the On the Beach brand name in the United Kingdom.

Elixirr International

Market Cap: UK£341.0m

Through its subsidiaries, provides management consultancy services in the United Kingdom, the United States, and internationally.

Tristel

Market Cap: UK£177.5m

Develops, manufactures, and sells infection prevention products in the United Kingdom, Australia, Germany, Western Europe, and internationally.

M&C Saatchi

Market Cap: UK£232.7m

Provides advertising and marketing communications services in the United Kingdom, Europe, the Middle East, the Asia Pacific, and the Americas.

Multitude

Market Cap: €140.3m

Provides digital lending and online banking services in Finland.

Conduit Holdings

Market Cap: UK£482.0m

Through its subsidiary, provides reinsurance products and services worldwide.

Foresight Group Holdings

Market Cap: UK£515.0m

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

Alfa Financial Software Holdings

Market Cap: UK£684.9m

Through its subsidiaries, provides software and related services to the auto and equipment finance industry in the United Kingdom, North America, Rest of Europe, the Middle East, Africa, and internationally.

Atalaya Mining Copper

Market Cap: UK£638.3m

Engages in the mineral exploration and development in Spain.

Pharos Energy

Market Cap: UK£86.5m

An independent energy company, explores, develops, and produces oil and gas properties in Vietnam and Egypt.

Begbies Traynor Group

Market Cap: UK£193.1m

Provides professional services to businesses, professional advisors, large corporations, and financial institutions in the United Kingdom.

Metro Bank Holdings

Market Cap: UK£756.4m

Operates as the bank holding company for Metro Bank PLC that provides business, commercial, retail and private banking products and services in the United Kingdom.

Nichols

Market Cap: UK£431.5m

Engages in supply of soft drinks to the retail, wholesale, catering, licensed, and leisure industries in the United Kingdom, the Middle East, Africa, and internationally.

Cerillion

Market Cap: UK£444.0m

Provides software for billing, charging, and customer relationship management (CRM) to the telecommunications sector in the United Kingdom, Europe, the Middle East, the Americas, and the Asia Pacific.