Global Undervalued Small Caps

Calfrac Well Services

Market Cap: CA$534.2m

Provides specialized oilfield services in Canada, the United States, and Argentina.

ProCredit Holding

Market Cap: €464.7m

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

Ventura Offshore Holding

Market Cap: NOK 3.2b

A deep-water drilling contractor, provides offshore drilling services to the oil and gas industry in Brazil and internationally.

Grupa Pracuj

Market Cap: zł3.1b

Operates HR technology platform in Poland, Ukraine, 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.

FRP Advisory Group

Market Cap: UK£281.5m

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

Iochpe-Maxion

Market Cap: R$1.5b

Produces and sells automotive wheels and structural components in Brazil, North America, South America, Europe, the Middle East, Africa, Asia, and internationally.

Trisul

Market Cap: R$1.1b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.3b

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

Zevra Therapeutics

Market Cap: US$658.0m

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

Construtora Tenda

Market Cap: R$3.6b

Operates as a construction company for homes in Brazil.

LiveRamp Holdings

Market Cap: US$1.9b

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

Aurelia Metals

Market Cap: AU$541.9m

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

Chongqing Baiya Sanitary Products

Market Cap: CN¥7.6b

Chongqing Baiya Sanitary Products Co., Ltd.

Viva Wine Group

Market Cap: SEK 2.9b

Develops, markets, imports, and sells wines.

SaizeriyaLtd

Market Cap: JP¥254.0b

Operates restaurants in Japan, Australia, Indonesia and Asia.

Security Bank

Market Cap: ₱49.7b

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

Universal Store Holdings

Market Cap: AU$520.2m

Engages in the retail operations in the fashion market in Australia.

Bank BTPN Syariah

Market Cap: Rp7.7t

Operates as a sharia commercial bank providing a comprehensive range of banking products and services in Indonesia.

Industri Jamu dan Farmasi Sido Muncul

Market Cap: Rp14.0t

Provides herbal medicines, cosmetics, and foods and beverage products in Indonesia.

NSL Foods

Market Cap: ฿6.5b

Engages in the manufacture and distribution of bakery and snack products in Thailand.

Equasens Société anonyme

Market Cap: €547.9m

Provides healthcare IT solutions in Europe.

Village Farms International

Market Cap: US$293.7m

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

Palfinger

Market Cap: €1.3b

Provides hydraulic lifting solutions in Austria and internationally.

McBride

Market Cap: UK£275.9m

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.

Martinrea International

Market Cap: CA$765.7m

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$2.3b

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

AddLife

Market Cap: SEK 17.9b

Provides instruments and equipment, consumables, and reagents primarily to medical care, research, colleges, and universities, as well as the food and pharmaceutical industries.

Voxel

Market Cap: zł1.0b

Provides medical services in Poland.

Cirrus Aircraft

Market Cap: HK$13.4b

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

Consun Pharmaceutical Group

Market Cap: HK$13.0b

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

Binastra Corporation Berhad

Market Cap: RM 2.1b

An investment holding company, engages in general contractor and property developer, building and civil engineering works in turnkey projects in Malaysia.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$944.8m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

Aegean Airlines

Market Cap: €997.0m

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

Foresight Group Holdings

Market Cap: UK£469.7m

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

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.