Global Undervalued Small Caps

Orion Group Holdings

Market Cap: US$484.5m

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

FRP Advisory Group

Market Cap: UK£285.1m

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

ProCredit Holding

Market Cap: €487.1m

Provides commercial banking products and services for small and medium enterprises and private clients in Europe, South America, and Germany.

CellaVision

Market Cap: SEK 2.9b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

LiveRamp Holdings

Market Cap: US$1.8b

A technology company, operates a data collaboration platform in the United States, Europe, the Asia-Pacific, and internationally.

SaizeriyaLtd

Market Cap: JP¥254.0b

Operates restaurants in Japan, Australia, Indonesia and Asia.

Tianjin Ringpu Bio-TechnologyLtd

Market Cap: CN¥8.1b

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

Trisul

Market Cap: R$1.2b

Engages in the construction and development of real estate properties in Brazil.

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.6b

Develops and builds residential and non-residential properties primarily in Brazil.

Zevra Therapeutics

Market Cap: US$595.9m

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

Aurelia Metals

Market Cap: AU$448.8m

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

Duc Giang Chemicals Group

Market Cap: ₫20.2t

Manufactures industrial products in Vietnam.

Security Bank

Market Cap: ₱49.1b

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

Nagarro

Market Cap: €558.1m

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

McBride

Market Cap: UK£277.4m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, the Asia-Pacific, and internationally.

Voxel

Market Cap: zł1.1b

Provides medical services in Poland.

Quad/Graphics

Market Cap: US$412.4m

Provides marketing solutions in North America, Mexico, Central America, the Caribbean, Europe, the Middle East, Africa, South America, and Asia.

Village Farms International

Market Cap: US$326.9m

Produces, markets, and distributes greenhouse grown tomatoes, bell peppers, and cucumbers in North America.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Gibraltar Industries

Market Cap: US$1.2b

Manufactures and provides products and services for the residential, agtech, and infrastructure markets in the United States and internationally.

Martinrea International

Market Cap: CA$690.9m

Engages in the design, development, manufacture, and sale of engineered, value-added lightweight structures, and propulsion systems for the automotive sector in North America, Europe, and internationally.

Grupo SBF

Market Cap: R$2.5b

Engages in the sale of sporting goods and leisure products in Brazil.

Equasens Société anonyme

Market Cap: €598.2m

Provides healthcare IT solutions in Europe.

Aviat Networks

Market Cap: US$301.4m

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

Norwegian Air Shuttle

Market Cap: NOK 14.0b

Provides air travel services in Norway and internationally.

Cirrus Aircraft

Market Cap: HK$14.0b

Manufactures and sells piston aircraft and single-engine turbine jets worldwide.

Consun Pharmaceutical Group

Market Cap: HK$13.2b

Researches and develops, manufactures, and sells Chinese medicines and medical contrast medium products in the People’s Republic of China.

VSTECS Holdings

Market Cap: HK$14.0b

An investment holding company, develops information technology IT product channel and provides technical solution integration services in North Asia and Southeast Asia.

Aegean Airlines

Market Cap: €1.1b

Operates as an airline company that engages in the provision of public airline transportation services in Greece and internationally.

Unidata

Market Cap: €87.0m

Provides fiber and networking, cloud and data center, and IoT and smart solutions in Italy.

Tracsis

Market Cap: UK£96.0m

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.

ASROCK Incorporation

Market Cap: NT$29.4b

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

Luk Fook Holdings (International)

Market Cap: HK$13.4b

An investment holding company, engages in sourcing, designing, wholesaling, trademark licensing, and retailing various gold and platinum jewelry, and gem-set jewelry products in Hong Kong and internationally.

Foresight Group Holdings

Market Cap: UK£451.8m

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.

Sichuan Baicha Baidao Industrial

Market Cap: HK$9.0b

An investment holding company, provides tea drink products in the People’s Republic of China.