Global Undervalued Small Caps

Modern Mills

Market Cap: ر.س3.0b

Manufactures and sells flour and animal feed in the Kingdom of Saudi Arabia.

Dicker Data

Market Cap: AU$1.6b

Engages in the wholesale distribution of computer hardware, software, and related products for corporate and commercial markets in Australia and New Zealand.

Firan Technology Group

Market Cap: CA$230.3m

Manufactures and sells aerospace and defense electronic products and subsystems in Canada, the United States, and China.

West Bancorporation

Market Cap: US$330.5m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Intchains Group

Market Cap: US$147.3m

Designs and sells application-specific integrated circuit chips for blockchain applications in the People’s Republic of China.

Metropolitan Bank Holding

Market Cap: US$699.4m

Operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services.

AKVA group

Market Cap: NOK 2.6b

Designs, purchases, manufactures, assembles, sells, and installs technology products; and provides rental and consulting services for the aquaculture industry.

Cadeler

Market Cap: NOK 17.8b

Engages in offshore wind farm installation, operations, and maintenance services in Denmark.

One United Properties

Market Cap: RON 1.9b

Develops and sells real estate properties in Romania.

PORR

Market Cap: €1.2b

Operates as a construction company in Austria, Germany, Poland, the Czech Republic, Italy, Romania, Switzerland, Serbia, Great Britain, Slovakia, Norway, Belgium, and internationally.

M&C Saatchi

Market Cap: UK£194.5m

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

SmartCraft

Market Cap: NOK 3.8b

Provides software solutions to the construction industry in Norway, Sweden, Finland, and the United Kingdom.

Oponeo.pl

Market Cap: zł1.2b

Engages in the online retail of tires and wheels for motor vehicles in Poland and internationally.

USCB Financial Holdings

Market Cap: US$338.6m

Operates as the bank holding company for U.S.

Savills

Market Cap: UK£1.3b

Engages in the provision of real estate services in the United Kingdom, Continental Europe, the Asia Pacific, Africa, North America, and the Middle East.

Cox ABG Group

Market Cap: €649.6m

Operates as an integrated utility of water and energy company.

74Software

Market Cap: €975.1m

Operates as a software company in France.

Orion Group Holdings

Market Cap: US$305.4m

Operates as a specialty construction company in the infrastructure, industrial, and building sectors in the United States, Alaska, Hawaii, Canada, and the Caribbean Basin.

Altea Green Power

Market Cap: €143.1m

Provides renewable energy systems for individuals, companies, institutions and investors in Italy.

Russel Metals

Market Cap: CA$2.2b

Engages in the distribution of steel and other metal products in Canada and the United States.

Savaria

Market Cap: CA$1.4b

Provides accessibility solutions for the elderly and physically challenged people in Canada, the United States, Europe, and internationally.

Alligo

Market Cap: SEK 5.8b

Offers workwear, personal protection equipment, tools, and consumables in Sweden, Norway, and Finland.

Gentherm

Market Cap: US$824.3m

Designs, develops, manufactures, and sells thermal management and pneumatic comfort technologies in the United States and internationally.

Silvercorp Metals

Market Cap: CA$1.1b

Engages in the acquisition, exploration, development, and mining of mineral properties.

Vittia

Market Cap: R$768.3m

Offers fertilizers in Brazil and internationally.

Hong Leong Asia

Market Cap: S$815.5m

An investment holding company, manufactures and distributes powertrain solutions and related products, building materials, and rigid packaging products in the People’s Republic of China, Singapore, Malaysia, and internationally.

Tianjin Ringpu Bio-TechnologyLtd

Market Cap: CN¥9.6b

Engages in the research and development, production, and sale of veterinary raw materials, drug preparation, functional additives, and veterinary biological products.

Rion

Market Cap: JP¥30.6b

Manufactures, sells, and maintains hearing instruments, medical equipment, sound and vibration measuring instruments, particle counters, and related parts and equipment in Japan.

Surya Roshni

Market Cap: ₹57.0b

Manufactures and markets steel pipes and tubes, lighting products, fans, home appliances, and PVC pipes in India.

Arctech Solar Holding

Market Cap: CN¥10.2b

Manufactures and supplies solar trackers, fixed-tilt structures, and building-integrated photovoltaics (BIPV) solutions for utility-scale and commercial solar projects worldwide.

Greenpanel Industries

Market Cap: ₹27.0b

Engages in the manufacturing, marketing, and sale of plywood, medium density fibre board (MDF), and allied products in India and internationally.

Fiem Industries

Market Cap: ₹38.6b

Manufactures and supplies automotive lighting and signaling equipment, rear view mirrors, and sheet metal and plastic parts in India and internationally.

IBJ

Market Cap: JP¥25.4b

Provides marriage hunting services in Japan.

Sakai Moving ServiceLtd

Market Cap: JP¥100.9b

Provides moving transportation services in Japan.

Wuxi NCE PowerLtd

Market Cap: CN¥13.1b

Engages in the research and development, design, and sale of semiconductor power devices and chips in China.

Chugin Financial GroupInc

Market Cap: JP¥279.2b

Through its subsidiary The Chugoku Bank, Limited, provides various financial services to corporate and individual customers in Japan.